MIAMI — InterContinental Hotels Group’s (IHG) Hotel Indigo plans to open its third location in Miami in late 2016. Hotel Indigo Miami Brickell, located at 145 S.W. 11th St., is near the famous Brickell Avenue and downtown Miami. The $48 million hotel will have approximately 2,000 square feet of meeting space, a full restaurant, fitness center and an outdoor pool with its own bar and grill. The 24-story, 140-room hotel is a joint venture between HES Group and Sunview Cos. An affiliate of IHG has franchised the hotel.
Property Type
RALEIGH, N.C. — Grubb Properties, a Charlotte-based commercial real estate company, and Rubenstein Partners, a Philadelphia-based real estate fund manager, have sold Newcastle North, an 112,340-square-foot laboratory and office building at the Imperial Center Campus in Raleigh. The two-building portfolio was sold for $14.5 million to Capital Square Holdings, a real estate investment and advisory firm based in Glen Allen, Va. The building, located at 1035 Swabia Court at the intersection of I-40 and I-540, was originally acquired in September 2012 from GlaxoSmithKline. The building was fully leased to Reichhold Industries within its first year of ownership. Scot Humphrey, Chris Norvell and Bill Simerville of Cushman & Wakefield | Thalhimer’s capital markets group, along with Samir Idris of Cushman & Wakefield’s Atlanta office, handled the negotiations on behalf of the seller. The building was 100 percent leased at the time of sale. The second building, Newcastle South at 1015 Swabia Court, features 86,895-square-feet of office space.
JOHNSON CITY, TENN. — Chase Properties, an Ohio-based owner and operator of shopping centers, has announced the acquisition of Johnson City Crossing, a 240,000-square-foot shopping center in Johnson City, from Ronus Properties. The shopping center, located on State of Franklin Road, is anchored by Ross Dress for Less, Bed Bath & Beyond, Michaels, PetSmart, HH Gregg, Stein Mart and Old Navy. Other tenants at the center include Shoe Carnival, Dress Barn, Lifeway Christian and Rugged Warehouse. David Webb with Berkeley Capital Advisors brokered the sale. Johnson City Crossing is Chase Properties’ first acquisition in Tennessee.
ALPHARETTA, GA. — Phillips Edison-ARC Grocery Center REIT II has announced the acquisition of its first grocery-anchored shopping center, Bethany Village, an 81,674-square-foot shopping center in Alpharetta, an affluent suburb of Atlanta. Bethany Village is anchored by a 51,674-square-foot Publix grocery store. Other tenants include Marco’s Pizza, Subway and Workout Anytime. Bentall Kennedy, a Canadian-based real estate advisory and services organization, sold the property to the public, non-traded REIT. The sales price has not been disclosed.
CHAMPAIGN, ILL. — CA Student Living is developing a 27-story student housing community in conjunction with HERE Enterprises that will open in July 2015. The property will include 143 units and 526 beds and is located off-campus on E. Green Street. The architect is Hartshorne Plunkard Architecture and the general contractor is Clayco Construction. According to CA Student Living, HERE Champaign will be the nation's first all-duplex apartment student housing high-rise and will feature amenities such as a fitness center, golf practice bays, a sauna, Internet café and a rooftop deck with hot tub and grills. The property will also include a four-story parking garage with space for approximately 250 vehicles, as well as a robotic valet parking system.
MENDOTA HEIGHTS, MINN. — The Opus Group has completed a 31,100-square-foot expansion and renovation for Visitation School in Mendota Heights, a southeast suburb of Minneapolis. Phase I, completed in January 2013, included constructing a new 4,000-square-foot Science, Technology, Engineering and Math (STEM) building, known as Opus Hall. The first phase also included a 1,800-square-foot expansion to the school’s dining area and the creation of an interior courtyard. Construction of Phase II began in June 2013 and included 14,300 square feet of new construction, including the addition of a third level and 11,000 square feet of renovations. The project created a new entryway and commons for the school, including a three-story atrium space, new classrooms and breakout and study areas. Opus Design Build LLC was the design-builder and Opus AE Group LLC served as the design architect and architect of record. NELSON provided interior design services.
NAPERVILLE, ILL. — CenterPoint Properties has sold a 152,859-square-foot industrial building in suburban Chicago to Tri-Ring American Corp. The building is located at 820 Frontenac Road in Naperville and situated on 11.6 acres. Tri-Ring American Corp., a manufacturer of automotive components, will use the property for its distribution facility. Eric Tresslar, Joe Bronson and Kyle Barrett with NAI Hiffman’s industrial services group represented CenterPoint Properties in the transaction. Jeff Gilbert of Wagener Equities represented Tri-Ring.
NILES, ILL. — Scannell Properties has selected Meridian Design Build to provide design-build services for a new 306,448-square-foot package sorting and distribution center in Niles. The scope of the project includes the redevelopment of a 34-acre site at the northeast corner of Howard and Lehigh that was home for more than 50 years to a Grainger Industrial Supply distribution center. The project will include demolition of an existing 756,000-square-foot building and adjacent parking lots. The new automated sort facility will include 249 exterior trailer stalls and 556 employee parking stalls. Additional improvements include a vehicle maintenance garage and gateway security building designed to support daily operations at the facility. Precept Design LLC is providing architectural services. Spaceco Inc. is completing civil engineering work.
NEW YORK CITY — RKF has arranged the $60 million sale of a 322,390-square-foot industrial property located at 47-25 34th St. in Long Island City. RKF previously represented the owner of the building 13 months ago when they acquired the property for $40.7 million. In this latest transaction, Jeff Fishman of RKF represented the seller of the building, a pair of tenants-in-common entities managed by BLDG Associates Inc. Empire Leasing and Development Inc. represented the buyer, Brickman 34th St LIC LLC. The three-story building is located between Queens Boulevard and the Long Island Expressway.
NEW YORK CITY — Mission Capital Advisors has arranged $33 million in financing on behalf of New York-based investment and management company Icon Realty Management. The financing, a combination of CMBS and mezzanine, was arranged to refinance The GEM Hotel Chelsea, an 81-key, upscale boutique hotel located at 300 West 22nd St. in Manhattan. Gemini Real Estate Advisors manages the hotel. Jordan Ray, Jason Cohen and Ari Hirt of Mission Capital secured the five-year loan. The first-mortgage financing includes a CMBS loan with a 30-year amortization schedule and interest-only mezzanine financing. In addition to 81 hotel rooms, the five-story building features retail space leased to Forager’s Counter, a high-end gourmet market.