NEW YORK CITY — Ariel Property Advisors has brokered the sale of 1227 Broadway in Brooklyn’s Bushwick neighborhood. The 7,065-square-foot building sold to a private investor for $2.7 million or $382 per foot. Renovated in 2006, the mixed-used building offers six free-market residential units and one retail unit. Daniel Tropp, Jonathan Berman and Mark Spinelli of Ariel Property Advisors represented the seller, a private investor, and procured the buyer in the transaction.
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CHICAGO — A new hotel, Hyatt The Loop Chicago, is set to open in February. Developer John Murphy is currently converting the historic office building, located at 100 W. Monroe St., into a hotel. Architect Frank Chase designed the building in 1927. Upon completion, the 22-story building will feature 257 guest rooms, 2,540 square feet of meeting space, a 24-hour fitness center, a new French restaurant, Cochon Volant Market, Bakery, Brasserie and Bar, and a rooftop bar. Integrated Clark Monroe LLC owns Hyatt The Loop Chicago. Interstate Hotels and Resorts, a U.S.-based global hotel management company, will operate the hotel. Hyatt The Loop Chicago will join five Hyatt-branded hotels in downtown Chicago, including Park Hyatt Chicago, Hyatt Regency Chicago, Hyatt Regency McCormick Place, Hyatt Chicago Magnificent Mile, and Hyatt Place Chicago/River North.
EDEN PRAIRIE, MINN. — NorthMarq Capital has arranged an $11 million loan for an undisclosed borrower to refinance Prairieview Shopping Center, a 114,646-square-foot retail property in Eden Prairie, approximately 17 miles southwest of Minneapolis. Patrick Minea of NorthMarq Capital’s Minneapolis office structured the loan with a 25-year term and 25-year amortization schedule. NorthMarq arranged financing through its correspondent relationship with Thrivent Financial.
OAK BROOK, ILL. — Rosemont, Ill.-based First Hospitality Group (FHG) Inc. will manage The Drake Oak Brook Hotel in Oak Brook, the suburban counterpart of Chicago’s famous Drake Hotel. Originally built in 1961, The Drake Oak Brook is currently closed and is undergoing a significant revitalization of the exterior, entrance, public space, office space and guest rooms. Under FHG’s management, the property will offer 80 guest rooms and 50 suites for long-term stays that are designated as Residences at the Drake. The renovation also includes 11,300 square feet of meeting space and a 2,000-square-foot outdoor patio overlooking the fountain, along with several ballrooms and meeting rooms. The Drake Oak Brook Hotelis scheduled to reopen as an independent hotel this fall. The hotel is in close proximity to O’Hare International Airport and more than five luxury golf resorts. The Drake Oak Brook joins 20 other Illinois hotels in FHG’s growing national management portfolio.
BANNOCKBURN, ILL. — NAI Hiffman has won the assignment to manage and lease a 210,000-square-foot, Class A office asset located at 3000 Lakeside Drive in Bannockburn, 30 miles north of Chicago. Bannockburn Corporate Center, located directly off the intersection of Half Day Road and I-94, is currently 62 percent occupied. The building includes indoor executive parking, ample natural light and adjoining blocks of available space. Linda Garske and Jason Wurtz with NAI Hiffman’s leasing team will market existing and upcoming availabilities at the property. The assignment of Bannockburn Corporate Center comes after NAI Hiffman won the assignment to manage and lease the 486,000-square-foot Naperville Woods Office Center in Naperville, Ill. With the two properties added to its portfolio, NAI Hiffman leases and manages more than 56.6 million square feet of office, industrial and retail space in the Chicagoland region.
TUSTIN, CALIF. — CapRock Partners LLC has acquired a 110,000-square-foot, high-image industrial/R&D building in Tustin for an undisclosed sum. The building includes a second story, which features 10,000 square feet of office space. The asset is located at 14191 Myford Road. It resides within the Jamboree/5 Freeway and 261 Toll Road corridor, near Tustin Legacy and Tustin Marketplace. The building is home to one tenant, which occupies 40 percent of the space. The remaining 69,000 square feet will be converted into creative office space. CapRock will invest more than $1 million in this conversion to create a modern, open office layout. The funds will also be used for additional improvements, including collaborative outdoor work areas and outdoor entertainment amenities. Improvements are scheduled to commence this fall. The building recently underwent additional renovations, including the installation of a new façade with an expansive glass curtain wall, resurfaced entry parking lot, attractive landscaping and a seismic retrofit. The transaction was executed by Scott Read of Newmark Knight Grubb Frank. Read will also lead CapRock’s marketing efforts.
CHINO HILLS, CALIF. — Chino Hills Professional Plaza, a 40,000-square-foot medical office facility in the Los Angeles submarket of Chino Hills, has received an $8-million loan. The plaza is located at the intersection of Grand Avenue and Chino Hills Parkway. The fixed-to-floating rate loan will be used to refinance the asset and pay off an existing CMBS note for the owner, StoneCreek Company. Financing was secured by Greg Greene and CBRE Capital Market’s Debt & Structured Finance team in Dallas. It was provided by Everbank.
LOS ANGELES – A 36,000-square-foot flex property in the Los Angeles submarket of Thousand Oaks has sold to Chase Partners, LTD for $4 million. The property is located at 2610 Conejo Spectrum. It is situated within a 100-acre, master-planned business park. The property contains 8,500 square feet of office space. The remaining square footage is dedicated to warehouse space. David Parker of Chase Partners represented his investment group in this transaction, while the receiver was represented by John Anthony and Chris Steck with Charles Dunn Company. Jerry Wang was the receiver on the property, which was in foreclosure by Bank of America.
SAN DIEGO – A 16-unit apartment building in San Diego has sold to Toremi 1994 Revocable Trust for $4 million. The community is located at 1827 Reed Ave. The two-story building contains a total of 12,069 square feet. Toremi was represented by Daniel Foley and Savvas Marinos of Colliers International. The seller, Machado Family Trust, was represented by Mark Friedman of Realty World.
LOS ANGELES — DLJ Real Estate Capital Partners has acquired the 10-unit Thornton Lofts in the Los Angeles submarket of Venice Beach for an undisclosed sum. The live-work community is located at 619 and 701 Ocean Front Walk. It was built in 2008.