Property Type

Double-Tree-Suites-by-Hilton-Hotel-McAllen

DoubleTree by Hilton Opens New Hotel in Metro Dallas

by Haisten Willis June 2, 2015

MCALLEN, TEXAS — DoubleTree Suites by Hilton McAllen is now open. The property is a renovated nine-story, 262-room hotel located one mile from the McAllen International Airport. The former Embassy Suites hotel reopens following a $10 million renovation that includes updates to the lobby, atrium, restaurant, lounge, guest rooms, meeting rooms and indoor pool. DoubleTree Suites by Hilton McAllen is owned by Calmac Suites LTD and managed by Phoenix Hospitality Group. The hotel’s guestrooms include new furnishings, a microwave, mini refrigerator, coffee maker and two TVs. The hotel features more than 6,000 square feet of flexible meeting space, including six meeting rooms and one boardroom.

June 2, 2015

VertsKebap to Open New Location in Metro Austin

by Haisten Willis June 2, 2015

GEORGETOWN, TEXAS —VertsKebap has leased 1,500 square feet of retail space in Republic Square, a shopping center located at 900-930 N. Austin Ave. near IH-35, for a new location. The fast-casual restaurant specializes in kebap, a rotisserie meat served with fresh vegetables in a variety of ways. Republic Square recently underwent a remodel to improve the center’s façade and signage. Brett Maze and Campbell Anderson with the Commercial Retail Division of The Weitzman Group handled negotiations as leasing agents for Republic Square. John Heffington with CBRE handled negotiations for the restaurant.

June 2, 2015

Midwest Ohio Retail

CBL & Associates Sells Eastgate Crossing in Cincinnati for $22.8M

by Amy Works June 2, 2015

CINCINNATI — CBL & Associates has completed the disposition of Eastgate Crossing, a retail center located on Eastgate Boulevard in Cincinnati. A joint venture of Inland Real Estate Corp. purchased the 174,700-square-foot property for $22.8 million, including $1.7 million of future earn-out payments and the assumption of a $14.6 million loan secured by the property. The property is 97 percent leased to a mix of national and regional tenants, including Kroger, Marshalls, Ashley Furniture, Jo-Ann Fabrics and Dollar Tree. Margaret Caldwell of Jones Lang LaSalle represented CBL in the transaction.

June 2, 2015

Midwest Ohio Retail

Cooper Commercial Brokers Sale of 14,545 SF Retail Plaza in Akron

by Amy Works June 2, 2015

AKRON, OHIO — Cooper Commercial Investment Group has brokered the sale of Chapel Center, a retail plaza located in the Chapel Hill shopping district of Akron. A New York-based private investment group bought the 14,545-square-foot property for $2.4 million, which was 97 percent of the original list price. The center is tenanted by Men’s Wearhouse, Sprint, H&R Block, Mattress Warehouse and Check n’ Go. Bob Havasi and Dan Cooper of Cooper Commercial represented the seller, a private Ohio-based investment group, and the buyer in the transaction.

June 2, 2015

Industrial Loans Michigan Midwest Office

Bernard Financial Arranges $5.7M Loan for Office/Industrial Property in Michigan

by Amy Works June 2, 2015

LAKE ORION, MICH. — Bernard Financial Group has arranged a $5.7 million non-recourse loan for BKG Orion, a 115,545-square-foot office and industrial property located in Lake Orion. The borrower is BKGE Orion LLC. Dennis Bernard and Kevin Kovachevich of Bernard Financial, which will service the loan, arranged the financing, which was provided by a national CMBS lender.

June 2, 2015

Illinois Industrial Midwest

LG Electronics Extends 377,630 SF Lease in Bolingbrook, Ill.

by Amy Works June 2, 2015

BOLINGBROOK, ILL. — LG Electronics has extended its lease of 377,630 square feet at 1251 115th St. in Bolingbrook. The property is located within Highland Corporate Center and owned by ML Realty Partners. James Frank and Jason West of Cushman & Wakefield represented the tenant in the transaction. Terms of the lease were not released.

June 2, 2015

Illinois Midwest Multifamily

Marcus & Millichap Brokers Sale of 12-Unit Apartment Building in Illinois

by Amy Works June 2, 2015

TINLEY PARK, ILL. — Marcus & Millichap has brokered the sale of an apartment building located at 7351 Sandalwood Drive in Tinley Park. The 12-unit property sold for $845,000. The property comprises four one-bedroom/one-bath units, measuring 600 square feet, and eight two-bedroom/one-bath units, measuring approximately 875 square feet. Each unit has storage, a dishwasher, access to on-site laundry and a balcony or patio. Jordan Gilbert, Andrean Angelov and Ryan Engle of Marcus & Millichap’s Chicago Oak Brook office represented the seller, a private investor, and secured the buyer, a limited liability company, in the transaction.

June 2, 2015

Florida Industrial Southeast

Ridge Development, AEW Capital Break Ground on 490,000 SF Industrial Project in Lakeland

by John Nelson June 2, 2015

LAKELAND, FLA. — Ridge Development, the industrial development arm of Transwestern Development Co., has begun construction on a 245,000-square-foot Class A distribution center — the first of two buildings in a new 46.5-acre business park called Lakeland Logistics Center. The speculative building is slated for delivery by year-end, and the second 245,000-square-foot building is being marketed as a build-to-suit opportunity. Located at 2011–2211 W. Memorial Blvd. in Lakeland, the project is owned by a joint venture between Ridge Development and AEW Capital Management. AEW is developing the project on behalf of one of its separate account clients. Lakeland Logistics Center is situated within two miles of Interstate 4 near the intersection of U.S. Highway 92 West and Wabash Avenue. Each building is divisible to 44,000 square feet and features front-load or cross-dock capability, 74 dock doors, 32-foot clear heights, 45 trailer parking spaces and a six-acre staging base for trailer storage or parking. Julia Silva Rettig, Jeff Lamm, Jared Bonshire and David Perez of Cushman & Wakefield are providing leasing services.

June 2, 2015

Alabama Multifamily Southeast

Passco Cos. Acquires Apartment Community in Metro Mobile for $43M

by John Nelson June 2, 2015

SPANISH FORT, ALA. — Passco Cos. LLC has purchased The Arlington at Eastern Shore, a 300-unit, Class A multifamily community located at 10558 Eastern Shore Blvd. in Mobile’s Spanish Fort suburb, for $43 million. Built in 2009, the property was designed to where each multi-unit apartment building resembles a large single-family home. The property features attached garages, an indoor basketball court, stocked fishing pond, pool with a sundeck, resident lounge, car care center and a fitness center. Passco plans to improve the apartment community with new exterior paint and the addition of a dog park. Passco funded its purchase of The Arlington at Eastern Shore using Fannie Mae debt. Rock Apartment Advisors brokered the transaction.

June 2, 2015

Florida Hospitality Southeast

Hyatt Hotels Corp. Opens Hyatt Centric South Beach Miami Hotel

by John Nelson June 2, 2015

MIAMI BEACH, FLA. — Hyatt Hotels Corp. has opened Hyatt Centric South Beach Miami, a 105-room hotel in Miami Beach’s South Beach neighborhood. The property is the first Hyatt Centric in the region and only the second one worldwide. The 10-story hotel is located at 1600 Collins Ave. and features a central lobby lounge, local artwork, an indoor/outdoor lobby on the third floor, fitness center and an open-air deck with a swimming pool and cabanas. Hyatt Hotels developed the hotel in conjunction with Miami-based Robert Finvarb Cos. and its partner David Martins. Architect Kobi Karp designed the hotel.

June 2, 2015

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