IRVINGTON, N.J. — Marcus & Millichap has brokered the $3.2 million sale of a portfolio of three apartment buildings totaling 26 units in the Northern New Jersey community of Irvington. The buildings are collectively known as the Ellis Apartment Portfolio and house a mix of studio, one-, two- and three-bedroom units. Jed Matricaria and Daniel Aviles of Marcus & Millichap represented the seller and procured the buyer, both of which were private investment firms that requested anonymity, in the transaction.
PEORIA, ILL. — Mid-America Real Estate Corp. has negotiated the sale of Metro Centre, a 166,290-square-foot shopping center located at the intersection of University Street and Glen Avenue in Peoria. The sales price was undisclosed. The property is home to JoAnn, Noodles & Co., Sunrise Health Foods, PNC, Great Clips, WW Studio, Kay’s Hallmark, Merle Norman, Homes Shoes, Le Bakery, Pottstown Meat & Deli and 50’s Diner. A Schnucks Market shadow anchors the asset. Ben Wineman of Mid-America represented the seller, a family owner that developed the property in 1971. A private family office was the buyer.
FITCHBURG, WIS. — Marcus & Millichap has arranged the sale of Sun Valley Apartments in Fitchburg, a southern suburb of Madison. The sales price was undisclosed. Built in 1975 and renovated in 2011, the multifamily property consists of 204 units across 12 buildings. Amenities include a fitness center, playground, leasing office and wooded green spaces. Matthew Whiteside of Marcus & Millichap represented the seller, Sierra West LLC, and procured the buyer, Monarch Investment and Management Group.
RIVERVIEW, MICH. — Friedman Real Estate has brokered the $10.5 million sale of Huntington House Apartments in Riverview, a southwest suburb of Detroit. The 129-unit multifamily property is located at 17400 Fort St. Peter Jankowski and Rich Deptula of Friedman represented the undisclosed seller. The buyer was also undisclosed.
Choice Hotels International, Highside Cos. Break Ground on 123-Room Everhome Suites Hotel in Wichita
WICHITA, KAN. — Choice Hotels International Inc. (NYSE: CHH) and Highside Cos. have broken ground on Everhome Suites Wichita, a 123-room hotel. The extended-stay property is located at 3880 N. Rock Road about three miles west of Wichita State University. Completion is slated for fall 2025. Everhome Suites amenities include weekly housekeeping, free WiFi, an outdoor amenity area, Homebase Market, fitness center and guest laundry facilities. The hotel marks Choice’s first Everhome Suites in Kansas.
NEW HOPE, MINN. — Blueprint Healthcare Real Estate Advisors has negotiated the sale of Saint Therese of New Hope, a continuing care retirement community in New Hope, a northwest suburb of Minneapolis. The seller was Saint Therese, a Minnesota-based nonprofit that originally built the community. The campus first opened in 1967. Starting in 1979, the property underwent extensive senior living expansion and renovation projects over the years. The community features 221 independent and assisted living units and 168 licensed skilled nursing beds. Compass Healthcare acquired the asset for an undisclosed price and will rebrand it as Woodlake Healthcare and Rehabilitation Center and Woodlake Residences. Saint Therese will continue to provide spiritual and pastoral care for the residents.
CHICAGO AND NEW YORK CITY — Hyatt Hotels Corp. (NYSE: H) has agreed to acquire the brands and most of the affiliates of lifestyle hospitality company Standard International, parent company of The Standard and Bunkhouse Hotels brands. The transaction is anticipated to close later this year. The acquired portfolio will be 100 percent asset-light and includes management, franchise and license contracts for 11 open hotels with approximately 2,000 rooms, including The Standard, London; The Standard, High Line in New York City; The Standard, Bangkok Mahanakhon; and boutique properties like Hotel Saint Cecilia in Austin, Texas; and Hotel San Cristóbal in Baja California, Mexico. Upon closing, Hyatt will pay a base purchase price of $150 million, with up to an additional $185 million over time as additional properties enter the portfolio. The Standard hotels have attracted a loyal following among the most discerning lifestyle guests, says Mark Hoplamazian, president and CEO of Chicago-based Hyatt. “These properties truly drive the zeitgeist, creating destinations unto themselves with celebrated and talked-about programming and events, such as the Met Gala afterparty.” With this acquisition, Hyatt will form a new dedicated lifestyle group that will be headquartered in New York City and led by Amar Lalvani, …
WASHINGTON, D.C. — The U.S. General Services Administration (GSA), along with the U.S. Department of Homeland Security, has awarded Clark Construction the $524 million contract to build the new headquarters for the Cybersecurity and Infrastructure Security Agency (CISA). The new 630,000-square-foot federal building will be located at the St. Elizabeths West Campus in Washington, D.C. As part of the Biden Administration’s goal to achieve net-zero emissions from federal buildings by 2045, the contract features $80 million to purchase low-embodied carbon construction materials including asphalt, concrete, glass and steel, as well as $35 million to meet high-performance green building standards. The new CISA building is designed to meet LEED Gold certification standards with sustainable features including chilled beams, a dedicated outside air system with energy recovery and demand-controlled ventilation, advanced lighting controls and a high-performance building envelope. The contract includes a nearly $115.9 million investment via the Inflation Reduction Act (IRA), making it the GSA’s largest single IRA investment to date. CNBC, citing data from the Massachusetts Institute of Technology (MIT) and the Rhodium Group, reports that companies have announced approximately $493 billion of investments in clean energy tech, infrastructure and electric vehicle manufacturing since the IRA was signed into law …
MIAMI — PMG and Greybrook have obtained $178 million for the refinancing of Society Wynwood, a 10-story mixed-use property located at 176 N.W. 25th St. in Miami’s Wynwood Arts District. Eastdil Secured arranged the financing through funds managed by Ares Management and Monarch Alternative Capital on behalf of the borrowers. Randy Barcelo of Stearns Weaver Miller advised PMG in the transaction. Society Wynwood, which opened in March, features 318 luxury apartments and co-living units, 50,210 square feet of retail space and 82,000 square feet of amenities, including a rooftop pool, theater lawn, outdoor gym and coworking spaces. PMG expects the multifamily component to reach full stabilization by spring 2025. Retail tenants include Dave’s Hot Chicken, Bodega Taqueria, Chama de Fogo’s Brazilian steakhouse, Nacho Daddy, Starbucks, Voodoo Donuts and I Scream Gelato.
RICHMOND, VA. — Pinecrest has delivered Parc View at Commonwealth, a 509-bed student housing development located pedestrian to the Virginia Commonwealth University (VCU) campus in Richmond. The 16-story community spans 275,000 square feet and offers units in one-, two-, three- and four-bedroom configurations with bed-to-bath parity. Shared amenities include a rooftop sky deck, art room, fitness center and collaborative study spaces. The development team for the project included Rycon Construction Inc. as general contractor; Hickok Cole Architects; Timmons Group as civil engineer; and University Partners as managing operator. CIBC Bank USA provided construction financing for the development.