HOUSTON — Commercial lender Q10 Kinghorn, Driver, Hough & Co. (Q10 KDH) has arranged acquisition and rehab financing for five multifamily properties in Montrose, a neighborhood on Houston’s south side. Among the properties financed are a 16-unit, 15,454-square-footcommunity at 400 Westmoreland St. and a 16-unit, 11,450-square-foot building at 1717 Norfolk St.. Emily Zarcaro of Q10 KDH sourced the loans from local banks and bridge lenders that chose to remain anonymous. The borrower and loan amounts were undisclosed.
IRVINE, CALIF. — A partnership between R.D. Olson Construction and DKN Hotels has completed construction of the 161-room Homewood Suites by Hilton Irvine/John Wayne Airport in Irvine. The hotel is situated in the Airport submarket near Newport Beach, Corona del Mar and Laguna Beach. The hotel features more than 1,500 square feet of meeting space equipped with high-speed internet access, audio-visual equipment and natural lighting. Lee & Sakahara Architects designed the project.
DENVER — Buchanan Street Partners has purchased a 224,015-square-foot, transit-oriented office tower in Denver for an undisclosed sum. The 12-story tower is located at 5613 DTC Parkway within the Denver Technological Center in the city’s southeast region. The building is currently 80 percent occupied. Buchanan plans to complete improvements to attract and retain tenants. The company will focus on the asset’s tenant spaces, common areas and building systems. It will also look into improving the tower’s fitness center, lobby, elevators, cafe, conference center, parking deck and outdoor patios. Buchanan Street represented itself in this transaction, while CBRE’s Tim Richey, Mike Winn and Chad Flynn represented the seller, SteelWave LLC.
PORTLAND, ORE. — Rosendin Electric has leased 91,650 square feet of office space at Majestic Brookwood Business Park in the Portland submarket of Hillsboro. The park is located at 23677 N.W. Huffman St. The space will serve as Rosendin’s division headquarters. Majestic Brookwood Business Park is a master-planned, 73-acre commercial development that will include up to 1 million square feet of industrial, retail and office space. CBRE’s Scott Weigel represented Rosendin. Colliers’ Mike Thomas and Mark McClung represented the landlord, Majestic Realty Co., in this transaction.
OVERLAND PARK, KAN. — Fogelman Properties has acquired Sandstone Creek Apartments in Overland Park for $48.1 million. The 368-unit, Class A luxury apartment community was built in 2000. The community features one-, two- and three-bedroom apartments, with rental rates ranging from $854 to $1,477 per month. The community is currently 93 percent occupied. Fogelman acquired Sandstone Creek in a joint venture with New York-based DRA Advisors.
CHICAGO — An affiliate of Switzerland-based Credit Suisse Group has acquired a 100,000-square-foot office building in Chicago’s Clybourn Corridor for $27.8 million. The four-story building is located at 1333 N. Kingsbury St. Everbury Partners, a partnership managed by Structured Development, was the seller. Prior to being purchased by Structured Development’s J. Michael Drew in 1991, the building housed manufacturing operations for Peppers Waterbeds. Drew subsequently converted the building into a multi-tenant loft office building that, at the time of the most recent sale, was 95 percent leased. Current tenants include National Collegiate Scouting Association and TrueBlue, a recruiting and staffing firm. Cody Hundertmark and Blake Johnson of CBRE represented the seller.
CHICAGO — The Chicago operations of the National Restaurant Association has signed a long-term office lease totaling 50,852 square feet of space at Willis Tower in Chicago. This is the first major lease since owner Equity Office unveiled plans for a $500 million modernization at the tower. The National Restaurant Association will occupy the 36th floor and will be in close proximity to some of the new office amenities, including Tower House, a two-story tenant lounge and café, and Tone, a 30,000-square-foot, full-service fitness area. Willis Tower currently has an 85 percent occupancy rate and includes companies such as United Airlines, Dentons, Korn Ferry and Oracle. Jamey Dix, Maggie Brophy and Joy Jordan of Telos represented Equity Office in the transaction. The CBRE Non-Profit Practice Group represented the National Restaurant Association.
MONROE, OHIO — IDI Gazeley has unveiled plans to develop Park North at Monroe Building 10, a 755,911-square-foot warehouse facility in Monroe, about 30 miles north of Cincinnati. Building 10 will be the largest 36-foot-clear-height availability in greater Cincinnati, according to CBRE. The facility is slated for completion in the fourth quarter of 2017. Jeremy Kraus of CBRE is marketing the building for lease. Park North at Monroe is a master-planned park located between Cincinnati and Dayton, with access to I-75. Tenants within the park include Home Depot, Cornerstone Brands and Hayneedle.
MANITOWOC, WIS. — MBH Investment Real Estate LLC has arranged the sale of Meadowbrook Apartments in Manitowoc, in eastern Wisconsin, for $3.4 million. The 94-unit apartment property is located at 1704 Meadowbrook Drive. The complex features seven two-story buildings consisting of one- and two-bedroom units. The property was constructed in the late 1970s. Amenities include patios, a picnic pavilion, storage units and 40 garage parking spaces. The property was approximately 85 percent occupied at the time of sale. A private partnership of TW Meadowbrook LLC and CD Meadowbrook LLC purchased the property. Matson Holbrook of MBH brokered the transaction on behalf of the seller, Doneff Asset Co. LLC.
DENVER — The Denver Scholarship Foundation has signed a seven-year lease for 7,586 square feet of office space in the Golden Triangle area of Denver. The space is located at 789 Sherman St. The move will allow the nonproft to operate in a larger space with higher cost-savings compared to its current location near downtown Denver. The space is currently being built out, shifting from isolated offices to a more open floorplan to foster collaboration across departments. WinterRidge Builders Corp. is leading the build-out, which Elsy Studios designed. The property also houses the Colorado Collaborative for Nonprofits, which includes the Colorado Nonprofit Association, allowing the Denver Scholarship Foundation to collaborate with neighboring nonprofit organizations. The foundation will also be able to use Colorado Collaborative’s first-floor training center for various events. JLL’s Andy Cullen and Barry Dorfman represented the foundation. Alan Bruno of Centrepoint Properties represented the landlord in this transaction.