CINCINNATI — Bellwether Enterprise has arranged a $22.7 million loan for the acquisition of Vantage Pointe West Apartments in Cincinnati. The complex consists of 775 one-, two- and three-bedroom units across 11 residential buildings. Of the 775 units, 500 are reserved for very low-income tenants. The building underwent a $5 million renovation in 2014. Elmer B. Cole Jr. of Bellwether Enterprise arranged the 12-year, fixed-rate loan for the borrower, Four Towers Apartments LLC.
ELK GROVE VILLAGE, ILL. — Quantum Real Estate Advisors Inc. has brokered the sale of an industrial building in Elk Grove Village, adjacent to O’Hare International Airport, for $2.2 million. The 34,856-square-foot, single-tenant property is located at 1331 Greenleaf Ave. Jason Caplan of Quantum represented the buyer, a Chicago-based, private real estate investor. An investment group based in the northern suburbs was the seller.
BOARDMAN TOWNSHIP, OHIO — Marcus & Millichap has arranged the sale of a net-leased medical office building in northeastern Ohio for $1.1 million. U.S. Oncology Inc. is located at 835 Southwestern Run. The 10,140-sqaure-foot building was upgraded in 2007. Ryan E. Moore, Paul Kerber and Christopher Mitchel marketed the property on behalf of the seller, a developer. The buyer was not disclosed.
NEW YORK — SL Green Realty Corp. (NYSE: SLG), the largest office landlord in New York City, has sold a 29 percent interest in One Vanderbilt, a 58-story office tower under construction in Midtown Manhattan. SL Green sold a 27.6 percent interest to the National Pension Service of Korea (NPS) and a 1.4 percent interest to Hines Interest LP. NPS and Hines have committed no less than $525 million in combined equity to the project. “NPS is an extraordinary partner for us at One Vanderbilt and will help realize our shared vision for developing the best building in New York City,” says Marc Holliday, CEO of SL Green. “Hines has been with us at One Vanderbilt from the beginning and will be a terrific addition to the joint venture.” SL Green Realty Corp. and Hines are co-developing the building, and AECOM’s Tishman Construction is serving as the general contractor. Tishman broke ground on the project in October 2016. Upon completion in 2020, the skyscraper will be located adjacent to Grand Central Terminal. As part of the development, SL Green has committed $220 million for public improvements to the mass transit hub. In September 2016, SL Green closed on $1.5 billion …
Without a doubt, 2016 was a year to remember for the Kansas City apartment market. Employers, builders, operators and investors all had an eye on the flourishing metropolitan area and contributed to its ongoing strength, leading to a 20-year high for apartment occupancy. But in order to assess if 2017 will be as fruitful, a review of how each of these groups fared in 2016 and an analysis of the current economic climate should be taken into account. Employers A healthy economy underscored by an active employment market generates a cyclical effect whereby employers seek talent, talent seeks housing, and developers seek residents. According to Moody’s Analytics, total nonfarm payroll employment in the Kansas City metropolitan area in 2016 expanded by 1.5 percent following a 1.3 percent increase in 2015. Virgin Mobile USA, to name one active area employer, relocated its corporate headquarters from Warren, N.J., to downtown Kansas City as part of the company’s re-launch of its new brand under Sprint. The long-term location for the new headquarters is undetermined, but temporarily at least 50 new employees now work out of the One Kansas City Place building at 12th and Main streets. By year-end 2017, Berkadia Research projects total …
SAN FRANCISCO — A partnership between Blatteis & Schnur and Morgan Stanley Real Estate Investing has acquired the 250,000-square-foot Macy’s Men’s Store located on Union Square in San Francisco for $250 million. The joint venture will redevelop the eight-story property, located at 120 Stockton St., into a mixed-use, retail-driven center. Anticipated uses for the development include flagship retail, art galleries, artisanal food, upscale restaurants and creative office space. A rooftop amenity is also being considered for the project, scheduled to open in 2021. Macy’s Men’s Store will remain as a tenant while the design, renovation and leasing of the new development progresses. Eastdil Secured acted as advisor to Macy’s Inc. in the transaction.
TEMPE, ARIZ. — A joint venture between EdR and Opus Development Co. LLC has broken ground on a $164.9 million development adjacent to the Arizona State University campus in Tempe. The 407-unit student housing community will offer community amenities including a 24-hour fitness center, yoga studio, grilling area, dog park, club rooms, bike storage, terrace deck cabanas and 31,000 square feet of retail. EdR will own a 90 percent stake in the community, and will manage it upon completion in summer 2018.
LONG BEACH, CALIF. — ValueRock Realty Partners has purchased a 76,939-square-foot office building in Long Beach for $24 million. The coastal infill property, known as Congressional Place, is located at 6700 E. Pacific Coast Highway. Congressional Place is fully leased to Morgan Stanley, Wells Fargo and others. It was built in 1983. The seller was Colton Cos. The acquisition is part of a 1031 exchange for ValueRock.
LAS VEGAS — A China-based international investment group has purchased the 150-room Rumor Boutique Hotel in Las Vegas for $18 million. The hotel is situated directly across Harmon Avenue from the Hard Rock Hotel & Casino. The property will soon be rebranded, as the Rumor brand was not part of the sale and will remain under the Siegel Group Nevada Inc. ownership. The Siegel Group plans to relocate the brand to an alternate location within the Las Vegas market. Cathy Jones and Josh Smith of Sun Commercial Real Estate represented The Siegel Group in the transaction.
FOSTER CITY, CALIF. — Atria Senior Living has opened Atria at Foster Square, a 155-unit independent living, assisted living and memory care community in Foster City, located between San Francisco and San Jose. The six-story building totals 190,000 square feet. Atria is seeking LEED Silver certification for the community. The property is part of a larger multi-building development that includes additional housing and retail space aimed at seniors. Architecture firm Perkins Eastman designed the property, which San Francisco-based Webcor Builders constructed. Based in Louisville, Ky., Atria Senior Living is the eighth largest operator of seniors housing properties in the United States, according to 2016 numbers by the American Seniors Housing Association. The company totals 196 communities in 27 states and seven Canadian provinces, serving more than 21,000 residents.