Property Type

Hendricks Commercial Properties to Develop $260M Mixed-Use Project in Indianapolis

by Christina Cannon June 8, 2016

INDIANAPOLIS — Indianapolis Public Schools has selected Hendricks Commercial Properties to develop a former Coca-Cola bottling plant in downtown Indianapolis. The $260 million mixed-use project will encompass over 1 million square feet of space and be situated on 11 acres. The proposed development will include a boutique hotel, retail, residential units, entertainment options, creative office spaces, educational facilities and structured parking. The development will be located along Massachusetts Avenue, an arts and entertainment district.

June 8, 2016

Midwest Minnesota Retail

Marcus & Millichap Arranges $11.5M Sale of Walgreens in Sauk Rapids, Minnesota

by Christina Cannon June 8, 2016

SAUK RAPIDS, MINN. — Marcus & Millichap has arranged the $11.5 million sale of a 14,490-square-foot store net leased to Walgreens. The sales price equates to $795 per square foot. A private 1031 exchange investor purchased the building in Sauk Rapids, located approximately 68 miles northwest of Minneapolis, from an undisclosed seller. Brian Parmacek and Joshua Hergott of Marcus & Millichap represented the buyer in the transaction. Dean Giannakopoulos of Marcus & Millichap Capital Corp. arranged $5.3 million in acquisition financing.

June 8, 2016

Illinois Midwest Retail

Cooper Commercial Brokers $4.3M Sale of Retail Property in Huntley, Illinois

by Christina Cannon June 8, 2016

HUNTLEY, ILL. — The Cooper Commercial Investment Group has brokered the sale of a 14,366-square-foot retail property in Huntley, approximately 50 miles northwest of Chicago, for $4.3 million. Huntley Grove, built in 2008, is 93 percent occupied by tenants such as AT&T, The UPS Store, Sprint, Tropical Smoothie, Great Clips and ATI Physical Therapy. Dan Cooper of Cooper Commercial represented the seller, an Ohio-based private investment group, in the transaction. Cooper Commercial also secured the Pennsylvania-based buyer.

June 8, 2016

Illinois Midwest Restaurant Retail

Novak Construction Completes Renovation for Panera Bread in Downers Grove, Illinois

by Christina Cannon June 8, 2016

DOWNERS GROVE, ILL. — Novak Construction has finished remodeling a 5,000-square-foot Panera Bread restaurant in Downers Grove, approximately 25 miles west of Chicago. Interior renovations included demolition, new millwork, fabric panels and wall coverings, new ceilings, light fixtures, specialty artwork installations, flooring, bathrooms and kitchen line equipment. Exterior renovations included new signage, metal canopies, ornamental and decorative façade elements and outdoor seating with an overhead trellis.

June 8, 2016

Multifamily Washington Western

Heitman Sells Overlook at Lakemont Apartments in Bellevue for $118M

by Nellie Day June 8, 2016

BELLEVUE, WASH. — A joint venture between Security Properties and Pacific Life Insurance Co. has purchased the 400-unit Overlook at Lakemont apartment complex in Bellevue for $118 million. The community is located at 5305 Lakemont Blvd. S.E. Overlook at Lakemont was built in 1992. Madrona Ridge Residential, an affiliate of Security Properties, will manage the property. The seller was Heitman. Jeff Williams, Chris Ross and Tim Brown of Moran & Co. executed the sale.

June 8, 2016

Industrial Nevada Western

Brennan Investment Group Buys Industrial Portfolio Near Reno

by Nellie Day June 8, 2016

SPARKS, NEV. — Brennan Investment Group has purchased a seven-building industrial portfolio in Sparks for an undisclosed sum. The portfolio contains a total of 584,866 square feet. Sparks is the largest industrial submarket in the Reno metropolitan area, according to the firm.

June 8, 2016

California Industrial Western

Thibodo Ranch Business Center Industrial Park in Vista Trades for $7.5M

by Nellie Day June 8, 2016

VISTA, CALIF. — La Mirada Drive LLC has acquired Thibodo Ranch Business Center, a 53,572-square-foot industrial business park in the San Diego submarket of Vista, for $7.5 million. The park is located at 2330, 2332, 2336 La Mirada Drive. The LLC plans to stabilize the project and hold as a long-term investment property. Isaac Little, Marko Dragovic, Matt Weaver and Al Apuzzo of Lee & Associates – North San Diego County represented the buyer. Little, Dragovic and Larry Strickland represented the seller, Thibodo Ranch LLC, in this transaction.

June 8, 2016

Arizona Office Western

VenSure Employer Services Leases Space at Chandler Freeway Crossing

by Nellie Day June 8, 2016

CHANDLER, ARIZ. — VenSure Employer Services has leased 25,000 square feet at Chandler Freeway Crossing. The Class A office space is located in Building One at the intersection of the Loop 101 and Loop 202 freeways in Chandler. All three buildings at Chandler Freeway Crossing are now fully occupied. VenSure will relocate from Mesa to the new space this September. Hani Aldulaimi of KW Commercial represented the firm. JLL’s Dave Seeger, Karsten Peterson, Mark Gustin and Elizabeth Collins are the exclusive leasing brokers for Chandler Freeway Crossing and represented Mark IV Capital in the lease transaction.

June 8, 2016

Colorado Multifamily Western

Apartment Building in Arvada Sells for $2.4M

by Nellie Day June 8, 2016

ARVADA, COLO. — An unnamed buyer has purchased a 20-unit apartment building in Arvada for $2.4 million. The community is located at 5351-5361 Everett St. It was originally built in 1961 and renovated in 2014. The building is just off West 52nd Avenue near Olde Town Arvada. Josh Newell of Pinnacle Real Estate Advisors’ The Newell Team represented the buyer. The firm’s Jeff Johnson and Matt Ritter of the Johnson Ritter Team represented the seller in this transaction.

June 8, 2016

Hospitality Top Stories

Wyndham Plans Rebranding for Its 16 Hotel Chains

by Haisten Willis June 8, 2016

PARSIPPANY, N.J. — Wyndham Hotel Group (WHG) has unveiled a rebranding plan for all 16 of its brands, including Days Inn, Travelodge, Howard Johnson, Dolce Hotels and Resorts, Wyndham Grand, Wyndham Garden, TRYP by Wyndham, Wingate by Wyndham, Hawthorn Suites, Microtel Inn & Suites, Baymont Inn & Suites, Super 8, Knights Inn and Ramada Worldwide. All of the brands will see a revitalization effort aimed at younger, middle-income travelers. The Parsippany-based company conducted an 18-month study with brand strategy firm Siegel+Gale to assess the hotel landscape and the needs of business and leisure travelers. Changes will begin as early as this summer. The rebranding targets what WHG describes as the “everyday traveler,” as the global middle class grows from a population of 2 billion to 4.9 billion over the next decade, according to the company. WHG has a portfolio of nearly 8,000 hotels worldwide in the economy, midscale and upscale segments. WHG is also refreshing its loyalty program, Wyndham Rewards, and aims to more clearly define each brand in its portfolio. Super 8 will have a new slogan of “An American Road Original.” Travelodge’s new slogan will be “Your Basecamp for Adventure.” The new slogan for Microtel Inn & Suites …

June 8, 2016

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