PROSPECT HEIGHTS, ILL. — Greenbrier Senior Living has broken ground on Greenbrier of Prospect Heights, a 101-unit assisted living and memory care community in the northwest Chicago suburb of Prospect Heights. Greenbrier, a division of Evergreen Real Estate Group that specializes in the development and management of senior living communities, estimates development costs at $30 million. Located on five acres, Greenbrier of Prospect Heights will include a three-story, 69-unit assisted living facility, as well as a one-story, 32-unit building for memory care. Chicago-based Pathway Senior Living will operate the community once it’s complete.
ST. CHARLES, MO. — Cullinan Properties will construct a 180-room Drury Inn and Suites hotel, which will be part of the Streets of St. Charles, a 27-acre mixed-use community. In addition to the seven-story hotel, a second parking deck will be added to the development providing over 300 additional spaces. Construction of the parking deck is already underway, and work on the hotel is expected to start in April. Both projects are slated for completion by the summer of 2017. The Drury Inn and Suites at Streets of St. Charles will feature king and queen suites and deluxe two-room suites. The hotel will offer meeting space, an indoor/outdoor pool, Wi-Fi and hot breakfast. Drury Inn and Suites is the latest of several new tenants to be announced at Streets of St. Charles including Orangetheory Fitness, PF Changs, Firebirds Wood Fired Grill and Noodles & Co. which are all currently under construction and scheduled to open this summer.
MILWAUKEE — Home2 Suites by Hilton has opened a new 110-room hotel in Milwaukee. Raymond Management Co. will own and manage the Home2 Suites by Hilton Milwaukee Airport. The pet-friendly hotel will feature fully equipped kitchens, modular furniture, Internet access, a combined laundry and fitness area, complimentary breakfast, indoor pool and outdoor grill area. The hotel also provides a 24-hour shuttle to and from the General Mitchell International Airport, which is one mile away. The hotel is located at 5880 S. Howell Ave.
BATAVIA, ILL. — Transwestern has arranged the lease of a 107,800-square-foot distribution center in Batavia, approximately 45 miles west of Chicago. PDS, a transportation and logistics provider, will consolidate its existing locations at the new headquarters facility, which will be located at the building at 1070 Swanson Drive. PDS expects to move into the building this May. Liberty Property Trust owns the property, which was built in 1999 and is located in the Batavia Industrial Center. The asset features 30-foot clear heights, 10 exterior docks, one drive-in door, 69 auto parking spaces and 17 trailer spaces. Michael Marconi of Transwestern represented the tenant in the transaction. Marconi, along with Joe Karmin of Transwestern, also represented the landlord.
NEW YORK CITY — American Realty Capital New York City REIT Inc. has entered into an agreement to acquire an office building located at 1140 Avenue of the Americas in Midtown Manhattan. An affiliate of Blackstone Real Estate Partners VI is selling the property for $180 million, exclusive of closing costs. The transaction is expected to close in the second quarter, subject to customary closing conditions. The 22-story, 250,000-square-foot property is currently 91 percent leased, with City National Bank being the largest tenant.
RARITAN, N.J. — Castle Lanterra Properties has acquired River Park, a multifamily property located at 100 River Park Drive in Raritan, for $56 million. Constructed in 2007, the property features 224 multifamily units. Cushman & Wakefield’s Metropolitan Area Capital Markets Group represented the seller, a global insurance group, and procured the buyer in the transaction. This transaction is Castle Lanterra’s second New Jersey acquisition in the past five months, following the purchase of Harbor Pointe, a 544-unit property acquired for $147.5 million in October 2015.
LEOMINSTER, MASS. — Calare Properties has completed the disposition of an industrial property located at 25 Tucker Drive in Leominster. An undisclosed buyer acquired the 588,000-square-foot building for $31.5 million. Situated on 24 acres, the manufacturing, distribution and office property is fully occupied by Affordable Interior Systems. Calare Properties, in partnership with Fir Tree Partners, originally acquired the property in 2012.
BOSTON — ClearRock Properties and Juster Properties have partnered to acquire an office building located at 201-207 South St. in downtown Boston’s Leather District. Meritage Properties sold the six-story property for $27.5 million. Built in 1909, the 73,689-square-foot property was recently revitalized with a full façade restoration; renovation of the entry, lobby, elevator cabs and common areas; and the conversion of a 4,000-square-foot storage area into quality office space. Current tenants include Credo Mobile, Publishers Clearing House, BlueConic and Evidox. Under the new ownership, JLL will continue as leasing agent and Lincoln Property Co. will continue as property manager. Jessica Hughes of JLL represented the seller in the transaction.
NEW YORK CITY — Cushman & Wakefield has arranged the sale of a multifamily property located at 331 E. 89th St. in Manhattan’s Upper East Side. ACNY Developers Inc. acquired the property from E-Wei Tao for $7.3 million, or $862 per square foot. The five-story, 8,500-square-foot building features 11 residential units divided into eight free-market and two rent-stabilized units and one rent-controlled unit. The property also features approximately 1,567 square feet of remaining development rights. Thomas Gammino and Brett Weisblum of Cushman & Wakefield brokered the transaction.
SAN FRANCISCO — Lennar Urban has won approval for its updated development plans for Candlestick Point, a massive mixed-use development planned for the site of Candlestick Park, former home of the San Francisco 49ers football team. San Francisco’s Commission on Community Investment and Infrastructure and the San Francisco Planning Commission unanimously approved the amended plans for the first phase of the development. Phase I is expected to cost between $2 billion and $3 billion, according to the San Francisco Business Times. The first phase of Candlestick Point includes: 16 city blocks anchored by an outdoor urban outlet retail district. 2,214 housing units, including the transformation and redevelopment of the 256-unit Alice Griffith public housing complex into a mixed-income housing development. The multifamily complex will be completely reconstructed without dislocating current residents. More than 1 million square feet of commercial space including a hotel, offices, a regional outlet shopping center and neighborhood retail, which will feature locally owned shops, a grocery store, restaurants and entertainment. A film and arts center. Sites for community services, including a new community garden for residents of Alice Griffith. Nine acres of parks and open space. Payments to the state for improvements, operations and maintenance at …