APPLETON, WIS. — CBRE has brokered the sale of a 226-room hotel property in Appleton, approximately 30 miles southwest of Green Bay, for an undisclosed price. Bridge Investments sold the Holiday Inn to Batra Hospitality Group Inc. The buyer plans to renovate the property, which is located at 150 S. Nicolet Road. Brian Silberman, Nate Sahn, Stanley Wang and Scott Miller of CBRE represented the seller in the transaction.
KANSAS CITY, MO. — Real Estate Equities Development, a Minnesota-based development and management firm, has announced plans for The Village Cooperative of Verona Hills, a 63-unit seniors housing cooperative in Kansas City. Cooperatives are a type of active adult community that allows residents to share the costs of common amenities. The three-story community is age restricted for residents 62 and older. The amenities include a community room with kitchen, guest suite, club room, reading areas, outdoor gardening beds, workshop, fitness center, an on-site manager and heated underground parking. Units range from 876 to 1,602 square feet.
CARTER LAKE, IOWA — Capital One has provided a $6 million adjustable-rate Fannie Mae loan to refinance a 329-space manufactured housing community in Carter Lake, approximately six miles northeast of Omaha, Neb. The undisclosed borrower will use the loan proceeds to retire an existing loan, complete capital improvements and purchase new homes. Lakeside Mobile Home Community was constructed in 1973 and 1974 and features a swimming pool, playground, clubhouse, outdoor basketball court and a storm shelter. The loan features a seven-year term and 30-year amortization schedule. Damon Reed of Capital One originated the transaction.
ELGIN, ILL. — Morgan/Harbour Construction will build a 257,344-square-foot distribution facility in Elgin, approximately 40 miles northwest of Chicago. The speculative development will be located on a 16.8-acre site at 2650 Automall Drive. Morgan/Harbour is expected to break ground on the project this May and complete the facility by the end of the year. Features will include 32-foot clear heights, an ESFR sprinkler system, 24 exterior docks, four drive-in doors and parking. Zilber Property Group is the developer, and Cornerstone Architects Ltd. will provide the architectural services. Pinnacle Engineering Group LLC will provide civil design services.
GRAND RAPIDS, MICH. — Gentiva Hospice has signed a lease to occupy 5,740 square feet at a medical office property in Grand Rapids. The property, located at 625 Kenmoor Ave. SE, is currently being built out and is expected to open this July. The new lease is serving as a relocation and is Gentiva’s third location in west Michigan. Mary Anne Wisinski-Rosely of NAI Wisinski of West Michigan represented Gentiva Hospice in the transaction. Rachel Sal of Realvesco represented the landlord. Gentiva Hospice has over 490 locations nationwide.
NEW YORK CITY — Welltower Inc. (NYSE: HCN) and Hines have purchased a development site at 139 E. 56th St. in Midtown Manhattan for an undisclosed price. The new owners plan to build a 15-story assisted living and memory care community on the site. Design and development plans are in progress and will be released at a later date. One known detail is that the ground floor will contain retail. Eastern Consolidated represented the sellers, Stephen Meringoff and Dennis Riese, the owners of the two existing properties that comprise the site, in the transaction. The existing buildings will be demolished to make way for the new community. This is the first venture into senior living for Hines, an international real estate development, investment and management company. Although the company is based in Houston, this deal was made through the New York office. Toledo, Ohio-based Welltower, meanwhile, is the largest healthcare REIT in the United States by market cap. Formerly known as Health Care REIT, the company was the third-largest owner of seniors housing properties in the country as of June 1, according to the American Seniors Housing Association.
JERSEY CITY, N.J. — BelovED Community Charter School has acquired a half-acre parcel of land located at 535 Grand St. in Jersey City. Friends of the BelovED Charter School, a non-profit organization to support the development of the school and other charter schools, will develop a 40,000-square-foot middle school on the site. The non-profit is expected to obtain a mortgage and construction financing of $12 million from New Jersey Community Capital for the project. Designed by Urbahn Architects, the four-story school will serve 240 students in grades six to nine and feature 15 classrooms, four half classrooms, two science rooms, two art rooms, a music room, a cafetorium with warming kitchen, a gymnasium with a mezzanine, a media center/library, administrative offices and a large sub-dividable multipurpose room, as well as a 31-car parking lot and an outdoor assembly/recreation space.
BASKING RIDGE, N.J. — Daiichi Sankyo Inc. has signed a long-term lease for an office property located at 211 Mount Airy Road in Basking Ridge. The pharmaceutical firm plans to relocate its U.S. headquarters to the three-building campus, which was the former Avaya campus. The property features a full cafeteria, state-of-the-art fitness facilities, a 127-seat auditorium and an on-site conference center. After acquiring the property in 2013, Rubenstein Partners and Onyx Equities upgraded and repositioned the facility for modern office needs.
NEW ROCHELLE, N.Y. — GHP Office Realty has acquired an office building located at 140 Huguenot St. in New Rochelle. The asset sold for $6.4 million. The three-story building features 64,000 square feet of Class A office space, a 34-car on-site parking garage and a 26-car parking lot. At the time of sale, the property was 80 percent occupied by a variety of tenants, including Mary Ann Liebert Inc. and Monroe College. The buyer plans to upgrade the property including building systems, security and cosmetic changes to the façade and lobby. The name of the seller was not released. Elizabeth Smith of Goldberg Weprin Finkle Goldstein provided legal representation, and Ray Cohen of Chicago Title Co. provided title services for GHP in the transaction.
NATICK, MASS. — New Dover Associates has arranged the sale of an office/R&D building located at 2-4 Mercer Road in Natick. Nivek Investments I LLC sold the 17,875-square-foot building to 2-4 Mercer Road LLC for $3.9 million. Situated on 1.4 acres, the building is located within the Natick Business Park. Scott Hughes of New Dover Associates represented the seller and procured the buyer in the transaction.
