MIAMI — Aztec Group has brokered the $8.6 million sale of Miami River Inn, Miami’s longest operating hotel. Vagabond Group, led by developer Avra Jain, purchased the 58-room hotel, which is located along the Miami River at 118 S.W. South River Drive. Vagabond Group plans to renovate the hotel, which was built in 1906. Jason Katz of Aztec Group represented Vagabond in the transaction. Alfonso Jaramillo of Fortune International Realty represented the seller, Habitat Group.
Just like Omaha’s diverse and strong economy — a 3.2 percent unemployment rate as of December 2014 — the local apartment market continues to shine. Occupancy remains high, rents are up significantly over the past year as additional charges continue to be passed through to tenants, and new construction has not yet overtaken demand. In short, 2014 was another golden year for apartments. We expect more of the same in 2015 because the market has not yet peaked. The latest estimate by the Institute of Real Estate Management (IREM) is that there are now 95,128 apartment units in the Omaha metro area, with an overall occupancy level of nearly 96 percent as of fall 2014. This strong occupancy level is virtually unchanged from the fall of 2013 when it stood at 96.17 percent. From a historical perspective, the occupancy level for Omaha’s market over the past decade has remained strong, ranging from a low of 92 percent to a high of 96 percent. We expect Omaha’s occupancy rate in 2015 to remain strong, likely in the 95 to 96 percent range. Rents on the Rise Not surprisingly, the higher occupancy gives landlords greater pricing power. Historically we have observed about …
CHICAGO — Related Cos., an owner of affordable housing in the United States, is in the process of acquiring 17 properties totaling 3,062 affordable housing units across the Midwest for $270 million. In addition, the company has acquired Metroplex Inc., an affordable property management company in Illinois. Through a public-private partnership with the city of Chicago and Illinois Housing Development Authority (IHDA), affordability of the units will be preserved for an additional 30 years and more than $262 million will be invested in the rehabilitation of the properties. The portfolio acquisition by Related Affordable and Related Midwest, divisions of Related Cos., includes more than 1,500 units in the city of Chicago, including the 628-unit Marshall Field Garden Apartments. The community was due to lose its affordable designation in 2017, but has been extended three more decades as a result of Related’s acquisition. “Related has preserved more than 35,000 affordable housing units, and we have never converted a single unit to market-rate,” says Matthew Finkle, president of Related Affordable. “Through public-private partnerships like this, we will be able to significantly improve the lives of the residents who call these communities home, and ensure that thousands of residences in the city of …
CARMEL, IND. — Mainstreet and Trilogy Health Services have completed construction on a transitional care facility in Carmel. Wellbrooke of Carmel is located at 12315 Pennsylvania St. The new facility will provide transitional care (short-stay rehabilitation and therapy) and assisted living. Construction on Wellbrooke of Carmel started in April 2014. The 68,590-square-foot property includes 94 beds. Amenities include a therapy gym, an outdoor rehabilitation courtyard, a movie theatre, a game room, a spa and an on-site chef. The project, which represents a total investment of $15 million in the community, created 374 construction jobs and 120 permanent jobs. A community open house for Wellbrooke of Carmel will take place on May 3.
DES MOINES, IOWA — The Weitz Co. has been selected to build the $101 million Iowa Events Center Hotel at Fifth Avenue and Park Street in Des Moines. The Iowa Events Center Hotel will include a build-out of a 330-room convention hotel, which will be connected to the Iowa Events Center, a multi-venue convention center and entertainment complex. Weitz will work with Des Moines-area architectural and engineering firms to complete the project.
AURORA, ILL. — The Chicago office of Duke Realty Corp. is developing a 242,372-square-foot, build-to-suit corporate headquarters and warehouse for Shorr Packaging Corp, a distributor of packaging products, equipment and services. The new facility is being constructed on 13 acres in Butterfield Corporate Park, Duke Realty’s multi-building industrial campus located off I-88 in Aurora. Shorr Packaging will consolidate operations from a 120,000-square-foot building it owns in Meridian Business Park, a 34,000-square-foot space in the Meridian Business Park it leases from Duke Realty and 36,127 square feet it leases in another building in Aurora. Trevor Ragsdale of JLL represented Shorr Packaging. Susan Bergdoll of Duke Realty, along with Traci Payette, David Prell and John Suerth of CBRE, represented Duke Realty. Construction on Shorr Packaging’s new facility in Butterfield Corporate Park is slated to begin this summer with delivery in spring 2016.
LOVELAND, OHIO — Marcus & Millichap has brokered the $6.6 million sale of Symmes Gate Station, a 40,313-square-foot shopping center located in Loveland. CVS anchors the property, which is located at Madeira Road. Burger King and US Bank are out-parcels at the asset. Craig Fuller, Scott Wiles and Erin Patton of Marcus & Millichap’s Cleveland and Columbus offices represented the seller, an Ohio-based developer and the buyer, a Connecticut-based private real estate company.
MANSFIELD, OHIO — Namdar Realty Group has acquired a 158,000-square-foot shopping center in Mansfield from a private trust for an undisclosed sales price. The West Park Shopping Center is located at 1157 Park Ave. W. Tenants at the property include Dollar General Market, Citi-Trends, Rent-A-Car, Midas and Rose’s Beauty Supply. Joel Gorjian of Namdar Realty Group represented the firm.
DALLAS — Hilton Worldwide and Dallas-based Centurion American Development have signed a franchise license agreement to open The Statler Hotel & Residences in Dallas. Opening in October 2016, the refurbished hotel will be part of Curio by Hilton, a brand of upscale and luxury hotels for travelers. The original Dallas Statler Hilton was located at 1914 Commerce St. in downtown Dallas. Centurion American Development Group’s master plan includes 161 hotel rooms on the lower five floors and 219 residences on the top 11 floors. The building will include meeting space, retail and office space, four restaurants and a hotel lounge. A new music venue is also planned in the 14,500-square-foot ballroom. Development of the building is set to start at the beginning of May. Plano-based Aimbridge Hospitality will manage the hotel.
HARLINGEN, TEXAS — The Harlingen Aerotropolis at Valley International Airport has been designated as a Certified Site by McCallum-Sweeney Consultants, a selection and economic development consulting firm. American Electric Power hired McCallum-Sweeny Consulting Services to help develop and manage the process. After the applicant completes certification requirements, McCallum-Sweeney certifies that the property is ready for development, enhancing the marketability of the site. Harlingen Aerotropolis at Valley International Airport (formerly Harlingen Industrial Airpark) includes 479.5 acres.
