HUMBLE, TEXAS — Marcus & Millichap has arranged the sale of The Learning Experience, a 10,500-square-foot net leased property in Humble. Taylor Booker and Nate Newman of Marcus & Millichap’s The Woodlands office marketed the property on behalf of the seller, a limited liability company. Keith Lloyd and Christopher Jones of the firm’s Houston office secured and represented the buyer, a partnership. The Learning Experience is located at 7743 N. Sam Houston Parkway East.
CHICAGO — The City of Chicago has unveiled plans for a 200-room hotel at Navy Pier. Construction on the $90 million project is slated to start next year and be complete by the later half of 2018. The five-story hotel will be built next to Festival Hall on the east end of the pier and will anchor the dining and entertainment portion of the Navy Pier’s Centennial Vision, a reimagination and redevelopment of the 100-year-old pier. KOO is the architect for the hotel, and First Hospitality Group will develop and manage the property. James McHugh Construction Co. will build the hotel. The brand of the hotel has yet to be determined. Originally opened in 1916 as a shipping and recreation facility, Navy Pier showcases more than 50 acres of parks, restaurants, attractions, retail shops, sightseeing and dining cruise boats, exposition facilities and more.
ST. PAUL, MINN. — HFF has secured a $48.1 million acquisition loan for a 427-unit apartment property in St. Paul. The borrower is an affiliate of Abacus Capital Group LLC. HFF originated the floating-rate loan through Freddie Mac’s CME Program. The Burlington, located at 1180 Cushing Circle, is 98 percent leased and offers studio, one- and two-bedroom units. Apartments at The Burlington range from 454 to 1,361 square feet. Amenities at the property include a swimming pool, spa, grilling area, tennis court, fitness center and clubhouse with coffee bar. Mona Carton of HFF, which will service the loan, represented the borrower in the transaction.
WASHINGTON AND MUSCATINE, IOWA — Marcus & Millichap has arranged the sale of All-American Care of Washington and All-American Care of Muscatine, both skilled nursing facilities in Iowa, for $7.3 million. The facilities are located approximately 40 miles apart from each other in the southeast corner of the state, near the Illinois border. Mark Myers, Ryan Fleming and Joshua Jandris of Marcus & Millichap represented the seller, a husband and wife partnership exiting the nursing home business. The buyer was a private owner/operator out of the Northeast. All-American Care of Washington, a 90-bed facility on 5.2 acres, sold for $3.1 million. All-American Care of Muscatine, a 100-bed facility on 3.9 acres, sold for $4.1 million. Both facilities were built in the 1970s and renovated in the 1990s and 2000s. The combined sales price equates to approximately $38,000 per bed.
WAUKEGAN, ILL. — HSA Commercial Real Estate has arranged a 120,249-square-foot industrial lease at the Delany Commerce Center in Waukegan, approximately 40 miles north of Chicago. Trifinity Partners, a third-party logistics firm, will occupy space at the distribution center located at 2431 Delany Road. HSA Commercial and Great Point Investors developed the 218,500-square-foot building. There is approximately 100,000 square feet of space still available at the facility, which features 30-foot clear heights, 14 truck docks, a drive-in door and 300 parking spaces. Tim Thompson of HSA Commercial represented the ownership in the transaction, and Tom Boyle and Jared Paff of Transwestern represented the tenant.
BROOKFIELD, WIS. — Siegel-Gallagher has negotiated a 3,335-square-foot office lease in Brookfield, approximately 13 miles west of Milwaukee. Atlas Chiropractic will occupy space at Arbor Terrace I. AH Holding LLC and Wabash Acceptance LLC own the property located at 333 Bishops Way. Shaun Dempsey of Siegel-Gallagher brokered the transaction.
ORLANDO, FLA. — Passco Cos. LLC has purchased The Ivy, a 248-unit, Class A apartment community within the Florida Hospital Health Village in Orlando, for $53.5 million. The newly built property is located at 2650 Dade Ave. within walking distance of a SunRail station. Constructed in 2015 by Atlanta-based Wood Partners, The Ivy features multi-level pool decks with a resort-style swimming pool, fitness center and a yoga studio. Passco has retained Wood Partners to manage the property. Shelton Granade of CBRE represented Passco and the undisclosed seller in the transaction. Chris Black of KeyBank Real Estate Capital arranged a Fannie Mae loan to finance the acquisition.
WINDERMERE, FLA. — Orlando-based Roger B. Kennedy Construction has started construction on the upscale Venetian Isles Apartments & Townhomes located at 6506 San Francesco Way and 10006 St. Marks Blvd. in Windermere, a suburb of Orlando. The $42 million community will span 302 apartment residences in 19 buildings and 44 townhomes in nine buildings. The townhomes and apartments are scheduled for completion in June 2017 and December 2017, respectively. The design team includes Orlando-based developer UNICORP National Developments Inc. and Orlando-based architect Slocum Platts Architects.
ROCKY POINT, FLA. — ZOM Florida and Northwestern Mutual plan to break ground on SEAZEN, a 323-unit waterfront apartment community located near Tampa on the island of Rocky Point. Currently home to a Chart House restaurant, the site features 750 linear feet of direct waterfront on Tampa Bay. ZOM and Northwestern Mutual plan to begin construction in August and deliver the asset in summer 2018. The companies plan to begin pre-leasing SEAZEN in late 2017.
ATLANTA — Atlanta-based Bauman & Co. has purchased three medical office buildings in Orlando; Macon, Ga., and Chattanooga, Tenn., for a combined $25 million. The properties include the Lake Lurna Professional Center in downtown Orlando, the Coliseum Cancer Center in Macon that is being renamed the Coliseum Drive Physicians Building and the Spring Creek Medical Center in Chattanooga that is being renamed the Spring Creek Physicians Building. The Orlando and Macon buildings were fully leased at the time of sale and the Chattanooga property was 82 percent leased. Bauman & Co., Siemens Financial Services, Capital One Healthcare and a small group of private investors provided acquisition financing for the portfolio transaction.