ST. LOUIS — Marcus & Millichap has brokered the $11.8 million sale of a four-property portfolio of La Quinta Inns. Two of the hotels are located in St. Louis, Mo., one is in Tallahassee, Fla. and one is in Knoxville, Tenn. The St. Louis properties include a 136-room hotel in the Maryland Heights suburb; and a 104-room hotel in proximity to Lambert St. Louis International Airport. Two of the properties will be rebranded into Baymont Inn & Suites hotels and two will take the name Motel 6. Marcus & Millichap represented the seller, a Dallas-based hospitality firm and the undisclosed California-based buyer.
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LINCOLNWOOD, ILL. — The Missner Group has been selected to renovate a 15,500-square-foot existing building into a new medical office facility for the Illinois Bone & Joint Institute. The property is located at 6540 N. Lincoln Ave. in Lincolnwood, a northern suburb of Chicago. The building was formerly a small auto dealership and showroom. The Missner Group will demolish components of the property, leaving the exterior shell intact. Renovations will include the addition of a new roof, the incorporation of windows along both sides of the building and the construction of an entrance canopy. New mechanical, electrical and plumbing systems will also be added throughout the space. Upon completion, the new building will feature private offices, meeting and conference rooms, medical exam rooms, physical and occupational therapy facilities, X-ray suites and medical storage space. Construction is scheduled for completion in fall 2014. Debb Kosich LLC is the developer and Stephen Rankin & Associates is providing the architectural services for the project. Chicago-based Illinois Bone & Joint Institute specializes in the diagnosis, treatment and management of injuries and diseases of the musculoskeletal system. The orthopedic care center has more than 20 locations. This is The Missner Group’s fourth project for the …
CHICAGO — The Boulder Group has arranged the $1.6 million sale of a retail condo in Chicago. The property is located at 3718 N. Southport Ave. in the Lakeview neighborhood’s Southport Corridor, a popular shopping destination. Tenants at the retail condo include Bank of America and Massage Envy. Bank of America recently exercised its first renewal option and has two years remaining on their lease. Massage Envy has more than eight years remaining on its recently signed lease. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Chicago-based developer, in the transaction. A West Coast-based investor purchased the property in an all-cash transaction.
ROSEMONT, ILL. — Morgan / Harbour has completed an office build-out for the Chicago offices of Hanley Wood, a national design and construction media firm. The new offices are within Columbia Centre I at 5600 N. River Road in Rosemont. The media firm is relocating from another location within the O’Hare submarket. The construction featured 8,200 square feet of improvements including new private offices with sidelights, conference rooms and a 3,600-square-foot open work area. The new space also features new energy code-compliant lighting controls. The project was completed in eight weeks. Morgan / Harbour provided construction services for the project. Newman Architects provided architectural services and Cushman & Wakefield represented Hanley Wood in the relocation.
READING, MASS. — Cushman & Wakefield Senior Housing Capital Markets has arranged $19.6 million in senior financing and joint venture equity capital for LCB Senior Living’s acquisition of a seniors housing property in Reading. M&T Bank provided $13.5 million in acquisition financing, and Virtus Real Estate Capital provided the joint venture equity. LCB plans to rebrand the newly acquired property as The Residence at Pearl Street. The 86-unit assisted living community is situated in a former school building that was converted into seniors housing in 1997 by the previous owner. LCB plans to convert the first-floor units into memory-care units and continue to rehabilitate the property. Richard Swartz, Jay Wagner, Aaron Rosenzweig and Stuart Kim of Cushman & Wakefield arranged the financing on behalf of LCB Senior Living.
EAST TEXAS, PA. — Smooth-On Inc. has acquired 5700 Lower Macungie Road in East Texas for $3.5 million. Located in the Lehigh Valley region, the 358,000-square-foot property features 10 interconnected industrial and flex buildings with ceilings ranging from 16 to 22 feet. Additionally, the 31-acre property site offers more than 740 parking spaces. Smooth-On plans to expand and relocate from its current location in Easton, Pa. Mike Adams of NAI Summit represented the buyer in the transaction. The seller, Day-Timer, a division of ACCO Brands, was represented by the Cushman & Wakefield team of Gerry Blinebury, Patrick McBride, Adam Campbell, Leah Balerno, Marie Connell, Lou Hall and Daniel Wilkins.
WHITE PLAINS, N.Y. — Houlihan-Parnes Realtors has placed a $13.12 million first mortgage on a property located at 4 West Red Oak Lane in White Plains. The property features a 135,000-square-foot office building, which is occupied by 21 tenants. GHP Office Realty, the office building division of Houlihan-Parnes Realtors, manages and leases the building. Provided by a local bank, the loan has a 4 percent interest rate for a 5-year term on a 30-year amortization schedule. Additionally, the loan features a renewal option and flexible pre-pay schedule. Elizabeth Smith of Goldberg Weprin Finkel Goldstein LLP represented the borrower in the transaction.
ELIZABETH AND IRVINGTON, N.J. — Gebroe-Hammer Associates has completed three multifamily sales totaling $5.76 million and 86 units in Northern New Jersey. In Elizabeth, Stephen Tragash and Steven Follman of Gebroe-Hammer arranged the sale of 1009-1015 East Jersey Street, a 34-unit apartment property. The low-rise, garden-style property sold for $2.2 million. Also in Elizabeth, David Oropeza and Tragash brokered the $1.9 million sale of 409-421 Jefferson Avenue. A private equity fund sold the 34-unit property, which was built in 1971. In Irvington, Joseph Brecher and David Jarvis of Gebroe-Hammer arranged the sale of Gold Haven Commons, an 18-unit condominium apartment property located at 512-516 Union Ave. Featuring one-bedroom and three-bedroom units, the property sold for $1.65 million.
BALA CYNWYD, PA. — Philadelphia-based Binswanger has brokered a 20,479-square-foot lease at 401 City Ave. in Bala Cynwyd. LF Driscoll Co LLC will occupy the space at the 400,000-square-foot Class A office building. Nick Sannelli and Josh Haber of Binswanger represented the tenant in the long-term lease.
HOUSTON — Copeland Commercial LLC, in a joint venture with Hillwood Investment Properties, will break ground next month on the 414,106-square-foot first phase of Interstate Commerce Center, a planned 717,706-square-foot office and industrial park in Houston. The first phase of the development, slated for completion in the fourth quarter of this year, will include a 284,170-square-foot cross-dock building with 32-foot ceiling clear heights, as well as a 129,936-square-foot front-load building. Interstate Commerce Center will be located south of FM 1960, in proximity to I-45 and the George Bush Intercontinental Airport. Stream Realty Partners will manage and lease the complex.