Property Type

JV BREAKS GROUND ON $11.1M ATL HYATT

by admin April 17, 2012

ATLANTA — A joint venture between Atlanta-based Noble Investments and an affiliate of Hyatt Hotels Corp. has broken ground on the $11.1 million, 149-room HYATT house Atlanta Cobb Galleria, located at 3625 Cumberland Blvd. in Atlanta. The hotel will be the first HYATT house in Atlanta, and will include amenities such as a pool, fitness center and dining space. Evergreen Construction is building the hotel, which was designed by Lawrenceville, Ga.-based Lindsay Pope Brayfield Clifford & Associates. Completion is slated for spring 2013.

April 17, 2012

ARIES CAPITAL SECURES $57M HOTEL LOAN

by admin April 17, 2012

ORANGE BEACH, ALA., AND PENSACOLA BEACH, FLA. — Aries Capital has arranged a $57 million non-recourse loan to refinance existing debt and fund seasonality reserves for three Gulf Coast hotels. The properties include a Hilton Garden Inn and a Holiday Inn Express in Orange Beach and a Hampton Inn in Pensacola. Jeff Bucaro of Aries Capital's Chicago office arranged the 10-year CMBS loan on behalf of the borrower, Innisfree Hotels.

April 17, 2012

Office Southeast

HFF ARRANGES $30.75M OFFICE LOAN

by admin April 17, 2012

ST. PETERSBURG, FLA. — HFF has secured $30.75 million in financing for the 295,200-square-foot One Progress Plaza, a Class A office building located at 200 Central Ave. in St. Petersburg. Paul Stasaitis, Chris Drew and Kim Flores of HFF's Miami office arranged the 10-year, fixed-rate loan through American National Insurance Co. on behalf of the borrower, Kucera Properties.

April 17, 2012

Multifamily Southeast

BEECH STREET PROVIDES $14.9M APT. LOAN

by admin April 17, 2012

WASHINGTON, D.C. — Beech Street Capital has secured $14.9 million in FHA loans to refinance the 119-unti Capitol East Apartments, located at 518 9th St. NW in Washington, D.C., and the 48-unit Lexington Apartments, located at 1114 F. St. NE in Washington, D.C. Brian Sykes of Beech Street Capital's Boston office originated the 35-year, fully amortized loan on behalf of the borrower, Glenside, Pa.-based Wexford Property Management. Larry Paul of Frankel Financial Corp. served as financial advisor to Wexford.

April 17, 2012

Industrial Midwest

M. BLOCK & SONS LEASES 915,600 SF IN TINLEY PARK

by admin April 17, 2012

TINLEY PARK, ILL. — M. Block & Sons has signed a lease for 915,643 square feet of industrial space at 18801 Oak Park Ave. in Tinley Park, a south Chicago suburb. The building is located within the Tinley Park Corporate Center and includes 314 parking spaces, 211 loading doors and 32-foot clear ceiling heights. Jeff Locascio of Newmark Knight Frank Epic's Chicago office represented the tenant in the transaction. Larry Johnson of CBRE represented the building owner. M. Block & Sons is a supply chain solutions company that offers traditional warehousing, distribution and logistics services.

April 17, 2012

Hospitality Midwest

EM PROPERTIES BUYS HISTORIC ILLINOIS HOTEL

by admin April 17, 2012

PEORIA, ILL. — EM Properties, a Peoria-based developer, has purchased the Hotel Pere Marquette in Peoria for an undisclosed amount. The company plans to begin a $92.8 million redevelopment of the property. The project will include transforming the 10-story landmark into a Marriott Hotel with renovated guest rooms and public spaces. The company also plans to build an adjacent Courtyard by Marriott, as well as a five-story parking garage. Husch Blackwell LP arranged the financing for the deal.

April 17, 2012

Midwest Multifamily

NORTHMARQ ARRANGES $14.2M LOAN TO REFINANCE OHIO APARTMENTS

by admin April 17, 2012

NORTH OLMSTED, OHIO —NorthMarq Capital has arranged $14.2 million loan for the first mortgage refinancing of Butternut Ridge Apartments, a 261-unit property at 5800 Great Northern Blvd. in North Olmsted. Sue Blumberg of NorthMarq’s Chicago office arranged the loan through Freddie Mac for the borrower, JVM Butternut Apartments. The 7-year loan has a 30-year amortization schedule.

April 17, 2012

Midwest Retail

PARMA RETAIL CENTER SELLS FOR $3.7M

by admin April 17, 2012

PARMA, OHIO — A private investment group has purchased a 48,320-square-foot retail center for $3.7 million in Parma. The property is leased to Toys/Babies “R” Us and Mr. Hero, both of which signed 10-year lease extensions prior to the sale. Mark Luttner of Luttner Real Estate Investment Services represented the seller, the Ratner Family Trust, in the deal. He also procured the buyer.

April 17, 2012

Industrial Northeast

JOINT VENTURE BUYS NEW JERSEY FLEX SPACE

by admin April 17, 2012

ALLENDALE, N.J. — In a joint venture, Loeb Partners Realty and Red Pine Capital Partners have purchased 75 Commerce Dr., an industrial facility in Allendale for $15.85 million. The 114,206-square-foot flex property includes 90,22 square feet of office and lab space and 23,984 square feet of warehouse space. At the time of sale, the property was leased to two tenants: Aptuit, a pharmaceutical company; and Energizer Holdings' Playtex Division, a personal care products company. Andrew Merin, David Bernhaut, Gary Gabriel, Jared Zimmel, Frank Caccavo, Jason Goldman, Marc Petrella and Andrew Siemsen of Cushman & Wakefield represented the seller in the transaction.

April 17, 2012

Multifamily Northeast

DEVELOPMENT SITE SELLS FOR $15.4M

by admin April 17, 2012

NEW YORK CITY — An out-of-state developer has purchased a development site at 301 E. 61st St. in Manhattan's Upper East Side for $15.4 million. The area of the lot is approximately 3,781 square feet and a five-story apartment building is currently situated on the site. The property allows for 45,812 buildable square feet. Louise Beit of Sotheby's International represented the buyer in the deal. Bob Knakal and Clint Olsen of Massey Knakal Realty Services represented the seller.

April 17, 2012

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