MINNEAPOLIS — Doran Cos. has acquired a 90,000-square-foot retail property in Minneapolis for $24.9 million. Pfaff Calhoun LLC sold Calhoun Village Shopping Center, which is located at 3200 W. Lake St. The center is over 90 percent occupied and includes tenants such as Walgreens, Punch Pizza, Burger Jones and Barnes & Noble.
MILWAUKEE — The Boulder Group has brokered the sale of a 110,636-square-foot office building net leased to US Bank for $14 million. The property, located a 615 E. Michigan St. in Milwaukee, is connected via a sky-walk to US Bank regional headquarters building. A Midwest-based partnership in a 1031 exchange purchased the facility from Oak Street Real Estate Capital. US Bank’s lease expires in December 2026. Randy Blankstein and Jimmy Goodman of The Boulder Group represented both parties in the transaction.
SUNSET HILLS, MO. — Senior Lifestyle Corp. has broken ground on The Sheridan at Laumeier Park, a 69,000-square-foot seniors housing community in Sunset Hills, approximately 15 miles southwest of St. Louis. The project, expected to be complete in early 2017, will feature 43 assisted-living apartments plus 41 memory care residences. The Sheridan at Laumeier Park will be situated on 3.9 acres at 12470 Rott Road. Residents will have access to nearly 38,000 square feet of amenity space, which will include living rooms, a dining room, entertainment room, fitness center and art studio.
ROCHESTER, MINN. — NorthMarq Capital has arranged a $3.5 million acquisition loan for a 72-unit multifamily property in Rochester, approximately 85 miles southeast of Minneapolis. Bear Creek Apartments is located at 1405, 1455 and 1505 Marion Road SE. The 10-year loan features a 25-year amortization schedule. Michael Padilla of NorthMarq placed the financing with a local bank on behalf of the undisclosed borrower.
SAN FRANCISCO — Kilroy Realty LP, the operating arm of Kilroy Realty Corp. (NYSE: KRC), has agreed to sell minority interests in two Class A office towers in San Francisco to Norges Bank Real Estate Management for $452.9 million. Norges Bank is the real estate investment arm of the government pension fund of Norway. Under the terms of the agreement, Norges Bank will invest in a 44 percent common equity interest in two existing companies that own the towers, which are located at 100 First St. and 303 Second St. in San Francisco’s SOMA district. The sales price is based on an appraisal value of $1.16 billion for both assets and includes Norges Bank’s proportionate assumption of the existing mortgage debt, or $55.3 million. Kilroy will remain the majority owner of the two office towers and will continue to provide property management, leasing and construction management services for the properties. The two office towers span approximately 1.2 million square feet combined. The assets were 96.4 percent leased as of July 31. The transaction was structured with a staggered closing, whereby the 100 First St. venture closed on Aug. 30 with a contribution by Norges Bank of $191.4 million. The 303 …
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Sioux City Experiences ‘Crane Craze’ Across Property Types
The skies are dotted with cranes — not the type you would find on route west to the Sandhills of Nebraska, but the type synonymous with a robust economy. It is safe to say there have never been so many cranes at work in the history of Sioux City. Several large industrial projects are resulting in further development of retail and multifamily space that has been in demand for some time in Sioux City. Retail, entertainment wave Helping to draw residents and visitors alike out into the streets of Sioux City is the $130 million Hard Rock Hotel & Casino. The Hard Rock replaced the floating Argosy riverboat casino in a first-in-the-state competitive bidding war for a land-based casino. Due to the popularity of the development since it opened in August 2014, the Hard Rock already has plans to add an $8 million casino expansion by the end of the year. Hard Rock has played a vital role in making Sioux City a regional, cultural and entertainment destination. Dallas-based Anthony Properties is planning to deliver 350,000 square feet of retail space by the summer of 2018. The 64-acre site, located at the intersection of Sunnybrook Drive and Sergeant Road, is …
LITTLETON, MASS. — Colony Capital has completed the sale of Potpourri | Littleton, a newly completed industrial facility located in Littleton. Gramercy Property Trust acquired the built-to-suit, 450,000-square-foot facility for $39.7 million. The property is fully leased to Potpourri Group on a long-term basis and will serve as the company’s regional fulfillment center. Robert Griffin, Edward Maher and Matthew Pullen of NGKF Capital Markets represented the seller in the deal.
FOXBOROUGH, MASS. — Colliers International has brokered the sale of an office building located at 33 Commercial St. in Foxborough. An affiliate of Lexington Realty Trust sold the property for an undisclosed sum. Situated on approximately 18 acres, the property features 80,000 square feet of office space. Caleb Hudak, P.J. Foster and Steve Woelfel of Colliers handled the transaction. The name of the buyer was not released.
NEW YORK CITY — Thorofare Capital has secured a $15.3 million fixed-rate bridge loan for a mixed-use property in Brooklyn’s Gowanus section. The property features 57,050 square feet of mixed-use space. Kevin Miller and Felix Gutnikov of Thorofare Capital arranged the recapitalization and tenant improvement/leasing commissions facility for the undisclosed borrower.
WEST NEW YORK, N.J. — Gebroe-Hammer Associates has arranged the sale of 45 multifamily units at 5907 Boulevard East, a five-story multifamily property located in West New York. A private investor acquired the assets for $8 million, or $177,777 per unit. The property features a mix of one- and two-bedroom layouts. Nicholas Nicolaou of Gebroe-Hammer Associates represented the buyer and seller, a private investor, in the deal.