Property Type

The Missner Group Completes Build-Out for Illinois Bone & Joint Institute

by Christina Cannon April 28, 2016

GLENVIEW, ILL. — The Missner Group has completed a medical office build-out for Illinois Bone & Joint Institute (IBJI) OrthoAccess. The property, located at 2401 Ravine Way in Glenview approximately 20 miles northwest of Chicago, is a walk-in clinic designed to treat sports injuries and minor auto accident injuries. The build-out included the addition of an entire floor of exam rooms, nursing stations and three waiting areas. The new space for IBJI also features an on-site X-ray suite and renovated reception area. Stephen Rankin Associates provided the architectural services for the project.

April 28, 2016

Florida Loans Seniors Housing Southeast

SunTrust Provides $39M Loan for Seniors Housing Expansion in Orlando

by John Nelson April 28, 2016

ORLANDO, FLA. — SunTrust Bank has provided a $39 million loan to Orlando Senior Health Network, which the owner-operator will use to expand Orlando Lutheran Towers in Orlando. The project will add 33 skilled nursing beds to the continuing care retirement community, along with 45 new full-time employees to serve the new residents. The $39 million loan includes both funds for capital improvements and refinancing of existing debt. Renovations are scheduled to begin this summer with the project scheduled for completion in 2018.

April 28, 2016

Retail Southeast Tennessee

Marcus & Millichap Brokers Sale of Franklin Square in Johnson City

by John Nelson April 28, 2016

JOHNSON CITY, TENN. — Marcus & Millichap has arranged the sale of Franklin Square, an 85,000-square-foot, grocery-anchored shopping center located at 1805 W. State of Franklin Road in Johnson City. Anchored by a 55,000-square-foot Kroger, Franklin Square was 93 percent leased at the time of sale to tenants such as Citizens Bank, Cost Cutters, Giovanni’s, Iron Horse, Jersey Mike’s and Miso Teriyaki House. Brian Munn of Marcus & Millichap’s Atlanta office procured the buyer, a 1031 exchange investor. Farhan Kabani of Mark One Capital, a subsidiary of Marcus & Millichap, arranged acquisition financing. Jody McKibben of Marcus & Millichap’s Nashville office is the firm’s broker of record in Tennessee.

April 28, 2016

North Carolina Retail Southeast

Lincoln Harris Arranges Five Leases at the Arboretum at Weston in Cary

by John Nelson April 28, 2016

CARY, N.C. — Lincoln Harris’ Raleigh office has brokered five leases totaling nearly 14,000 square feet at The Arboretum at Weston, an 80,000-square-foot mixed-use development located at the intersection of Harrison Avenue and Weston Parkway in Cary. Kaler Walker and John Mikels of Lincoln Harris represented the landlord, The Arboretum at Weston Holdings LLC, on all five leases. The deals include M/I Homes leasing 4,739 square feet for a sales center; Moe’s Southwest Grill renewed its 3,812-square-foot lease; GolfTEC renewed its 2,420-square-foot lease; Le Coiffure Hair Studio signed a lease for 1,571 square feet; and Dream Home Design for a 1,272-square-foot sales center and showroom. Michael Deaton of Deaton Investment Real Estate represented Le Coiffure Hair Studio in its lease deal. With the recent signings, the retail space at The Arboretum is almost fully leased. The center has two spaces totaling approximately 3,800 square feet available.

April 28, 2016

Hospitality Top Stories

Chinese Investment Group Agrees to Acquire Carlson Hotels

by John Nelson April 28, 2016

BEIJING AND MINNETONKA, MINN. — HNA Tourism Group Co. Ltd., a Chinese conglomerate with stakes in industries such as aviation and real estate, has entered into an agreement to purchase Carlson Hotels Inc., which owns the Radisson and Country Inns & Suites hotel brands. The purchase price for the Minnetonka-based hotel company and its hotels was undisclosed. “Carlson Hotels owns a powerful set of global brands and this historic agreement provides tremendous opportunities for growth,” says David Berg, CEO of Carlson Hospitality Group. “We look forward to working within HNA Tourism Group, a greatly respected global enterprise, in what will be an exciting new chapter in the history of Carlson Hotels. As part of HNA Tourism Group, Carlson Hotels will have an opportunity to advance our commitment to providing guests with hospitality worldwide.” Founded in 1938 by Curt Carlson, Carlson Hotels’ portfolio now spans 1,400 hotels in operation and under development with more than 220,000 rooms. The hotels are spread across 115 countries and territories. The company and its branded hotels employ roughly 90,000 people. “We have great respect for the Carlson family and a deep appreciation for its history and special culture,” says Bai Haibo, board member of HNA …

April 28, 2016

Multifamily New York Northeast

IPA Brokers $33M Sale of 56-Unit Apartment Building in Manhattan

by Amy Works April 28, 2016

NEW YORK CITY — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of an apartment building located at 15 E. 36th St. in Manhattan’s Midtown South neighborhood. The eight-story property sold for $33 million, or just under $590,000 per unit. The building features 16 one-bedroom apartments, 39 studios and a basement apartment. The property features 34 free-market apartments and 21 rent-stabilized units. Peter Von Der Ahe, Joe Koicim, David Lloyd and Corey Isdaner of IPA represented the seller and procured the buyer in the transaction. The names of the seller and buyer were not released.

April 28, 2016

Hospitality New York Northeast

Riverside Developers to Open The William Vale Hotel in Brooklyn

by Amy Works April 28, 2016

NEW YORK CITY — Riverside Developers is constructing The William Vale, a 21-story boutique hotel in Brooklyn’s Williamsburg neighborhood. Slated to open in late June, the hotel will feature 183 rooms with floor-to-ceiling windows, complimentary WiFi, smart television systems and turndown service. Additional hotel features include a 60-foot pool and deck, rooftop lounge, 24-hour fitness center, a ballroom and meeting rooms, as well as food and beverage options led by NoHo Hospitality Group and Chef Andrew Carmellini. Albo Liberis designed the hotel, which is located on Wythe Avenue between 12th and 13th streets.

April 28, 2016

New York Northeast Office Retail

Avison Young Negotiates $21M Sale of Office/Retail Building in Manhattan

by Amy Works April 28, 2016

NEW YORK CITY — Avison Young has arranged the sale of an office and retail building located at 310 Lenox Ave. in Manhattan’s Central Harlem section. A group of New York-based real estate investors acquired the property for $21 million. Built in 1940 and improved in 2006, the three-story building consists of approximately 24,659 gross square feet of above-grade space and a full basement of approximately 8,493 square feet. Additionally, the property has approximately 9,313 square feet of additional zoning floor area that is expected to be accessed by the new ownership entity. The property’s best-known tenant is Red Rooster, a restaurant led by chef Marcus Samuelsson. Neil Helman, Charles Kingsley, Jon Epstein and Vincent Carrega of Avison Young represented the seller, National Basketball Players Association, in the transaction.

April 28, 2016

Delaware Industrial Northeast Office

NAI Emory Hill Brokers Sale of White Clay Corporate Center in Delaware

by Amy Works April 28, 2016

NEWARK, DEL. — The Emory Hill Companies has completed the second phase of the sale of White Clay Corporate Center, an office and industrial complex in Newark. Shelbourne Global Solutions LLC purchased four of the seven buildings at the complex in 2015, and recently purchased the remaining three buildings to complete the acquisition for an undisclosed sum. The campus totals 493,581 square feet. Neil Killian of NAI Emory Hill represented the undisclosed seller in the transaction. NAI Emory Hill manages the property.

April 28, 2016

New York Northeast Retail

Flexible Format Target Joins Shopping Center on Long Island

by Amy Works April 28, 2016

ELMONT, N.Y. — Target is opening a flexible format store as an anchor tenant at the Home Depot shopping center located at 600 Hempstead Turnpike in Elmont. The 24,500-square-foot store is slated to open late this fall or early spring 2017 in a space formerly occupied by OfficeMax. The new format stores vary in size and assortment, allowing for smaller footprints and locally relevant experiences for shoppers. Jeffrey Howard of Ripco Realty represented the tenant, while Randall Briskin provided in-house representation for the landlord, The Feil Organization.

April 28, 2016

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