sales_and_leases

HREC Arranges Sale of Two TownPlace Suites Hotel Properties in Indianapolis

by Jeff Shaw August 10, 2015

INDIANAPOLIS — HREC Investment Advisors has arranged the sale of the 82-suite TownePlace Suites Indianapolis Keystone and the 94-suite TownePlace Suites Indianapolis Park 100, both Marriott-branded properties. The purchase price of the hotels was not disclosed. The TownePlace Suites Indianapolis Keystone is located on the north side of Indianapolis in the city’s most prestigious area, Keystone at the Crossing. The hotel is situated minutes from downtown Indianapolis and the Indianapolis International Airport. The TownePlace Suites Indianapolis Park 100 hotel is situated on the northwest side of Indianapolis. Local demand generators include downtown Indianapolis, Indianapolis Motor Speedway, Traders Point shopping and Eagle Creek Park. Ted Anka, vice president in HREC Investment Advisors’ Chicago and Miami offices, worked with both the buyer, Arbor Lodging Partners, and seller, First Hospitality Group (FHG), to complete the transaction. Chicago-based Arbor Lodging Partners is a national debt and equity investor in the hospitality industry. FHG, based in Rosemont, Ill., specializes in hotel management, acquisitions and development throughout the Midwest.

August 10, 2015

1941-2019 Johns Drive in Glenview, Ill.,

Illinois Industrial Midwest

Marcus & Millichap Arranges $3.87M Sale of Industrial Building in Metro Chicago

by Jeff Shaw August 10, 2015

GLENVIEW, ILL. — Marcus & Millichap has brokered the sale of 1941-2019 Johns Drive, a 68,075-square-foot industrial building located in Glenview, a northern Chicago suburb. The purchase price was $3.87 million. Built in 1980, 1941-2019 Johns Drive is a combined two-building portfolio. The one-story multi-tenant asset includes 68,075 square feet of rentable space and is currently operating at 81 percent occupancy. Stephen Lieberman and Paul Tesdal, investment specialists in Marcus & Millichap’s downtown Chicago office, marketed the property on behalf of the seller, a local private investor. Lieberman and Tesdal also secured and represented the buyer, a local investor, in the transaction.

August 10, 2015

Industrial Midwest Wisconsin

The Dickman Company Brokers Sale of 34,370 SF Industrial Building in Milwaukee

by Jeff Shaw August 10, 2015

MILWAUKEE, WIS. — The Dickman Company Inc./CORFAC International has arranged the sale of a 34,370-square-foot industrial building located at 2737 S. 31st St. in Milwaukee. The purchase price was not disclosed. K3 Cos. LLC purchased the building from the Tri-Capital Investment Group. Anthony Huenerbein of The Dickman Company brokered the transaction.

August 10, 2015

California Multifamily Seniors Housing Western

TeamHealth to Acquire Skilled Nursing Provider IPC Healthcare for $1.6B

by Nellie Day August 10, 2015

NORTH HOLLYWOOD, CALIF. — Team Health Holdings Inc. (NYSE: TMH), a provider of outsourced physician staffing solutions for hospitals, will acquire IPC Healthcare Inc. (Nasdaq: IPCM), a post-acute provider, in an all-cash transaction totaling approximately $1.6 billion. The boards of directors of both companies have approved the transaction. The purchase price represents $80.25 per IPC share based on the closing cost on Aug. 3. Knoxville-based TeamHealth suggests the addition of IPC’s service network will increase the company’s reach. With 15,000 healthcare professionals nationwide, the combined company will have more capability to manage patient care and influence outcomes across the continuum of care. North Hollywood-based IPC currently provides services in approximately 2,000 post-acute facilities in 28 states. Accounting for operational overlap, TeamHealth expects to realize $60 million in cost savings during the first three years. The transaction, which is expected to close during the fourth quarter of 2015, is subject to regulatory approval and customary closing conditions. Citi is serving as financial advisor to TeamHealth and providing the committed financing in connection with the transaction. MTS Health Partners is also serving as financial advisor to TeamHealth. Simpson Thacher & Bartlett LLP is serving as TeamHealth’s legal counsel. Credit Suisse is serving …

August 10, 2015

Colorado Retail Western

Cushman & Wakefield Arranges $20.1M Sale of City Center Marketplace

by Nellie Day August 10, 2015

AURORA, COLO. — Cushman & Wakefield has arranged the $20.1 million sale of City Center Marketplace, a 234,255-square-foot shopping center located in the Denver suburb of Aurora. The center is home to tenants including 24 Hour Fitness, Office Depot, Sherwin Williams, DaVita and Family Dollar. Jon Hendrickson and Aaron Johnson of Cushman & Wakefield represented the seller, a Colorado-based private partnership, in the transaction.

August 10, 2015

California Retail Western

Clarion Partners Acquires 294,428-SF Portfolio in San Diego

by Nellie Day August 10, 2015

SAN DIEGO — A comingled fund managed by New York-based Clarion Partners has acquired a 294,428-square-foot portfolio from the McGrath Family located in San Diego. The 29.1-acre portfolio consists of six single-tenant leased retail properties and one retail strip center. At the time of sale, the portfolio was 100 percent occupied by tenants including Walmart, LA Fitness, McDonald’s, Food 4 Less, Starbucks Coffee, Verizon and Chipotle. Randy LaChance and Mark Caston of Voit Real Estate Services represented the seller, and Clarion was self-represented in the transaction.

August 10, 2015

Arizona Retail Western

DTZ Arranges $13.7M Sale of Pioneer Shopping Center

by Nellie Day August 10, 2015

YUMA, ARIZ. — DTZ has arranged the $13.7 million sale of Pioneer Shopping Center, a 140,610-square-foot shopping center located in Yuma. Ryan Schubert, Michael Hackett, Dan Salley and Jack Wilson of DTZ represented the seller, Realty Resolution Advisors LLC, and Sanford Burstyn of Marcus & Millichap represented the buyer, Los Angeles-based Pioneer Shopping Center LLC, in the transaction. Tenants at the center include 99 Cents Only, O’Reilly Auto Parts, Applebee’s, Subway, The UPS Store and Dairy Queen.

August 10, 2015

Maplewood, Omega to Develop $246M Senior Living Luxury Community in Manhattan

by Jonathan Mehall August 7, 2015

NEW YORK CITY — Maplewood Senior Living and Omega Healthcare Investors (NYSE: OHI) have unveiled plans for the development of a luxury senior living residence on five plots that subsidiaries of Omega purchased on the Upper East Side of Manhattan for $112 million. The development plan is to raze the buildings currently on the site to build a single tower. The luxury senior living community will be a 20-story, 201,000-square-foot high-rise featuring 214 units of independent living, assisted living and memory care. The total project cost will be $246 million, including land costs. The luxury residence will be developed on a site comprising 1802, 1804-06, 1808 and 1810 Second Ave. and 303-305 E. 93rd St. The properties were purchased in an all-cash transaction from five separate sellers. Michael Besen and Rolfe Haas of Besen & Associates represented all five of the sellers. Demolition and site preparation is slated to begin mid-year 2016 with the tower completion expected by early 2018. Westport, Conn.-based Maplewood Senior Living currently operates 11 facilities in Connecticut, Massachusetts and Ohio. This will be the first Maplewood facility in the state of New York. “We are excited to be able to provide true luxury senior living to the Upper East …

August 7, 2015

Illinois Loans Midwest Mixed-Use

NorthMarq Capital Secures $13.3M Refinancing Loan for Kingsbury Center in Chicago

by Jonathan Mehall August 7, 2015

CHICAGO — NorthMarq Capital has secured a $13.3 million refinancing loan for the Kingsbury Center, a mixed-used property in Chicago’s River North neighborhood. The 10-year loan includes a 25-year amortization schedule. Sue Blumberg and Eric Kanz of NorthMarq Capital’s Chicago office arranged the financing for the borrower, which includes the Hochberg family, through its correspondent relationship with a life insurance company. The 135,256-square-foot property, located at 344 W. Hubbard St., was 100 percent occupied at the time of sale. Tenants in the Kingsbury Center include Petco, Ace Hardware and CVS as retailers. Related Companies and The Habitat Company hold office space.

August 7, 2015

Midwest Restaurant Retail Wisconsin

Noble Chef Hospitality Opens First Restaurant in Milwaukee at 833 East

by Jonathan Mehall August 7, 2015

MILWAUKEE — Madison-based Noble Chef Hospitality will open its first Milwaukee restaurant, Rare Steakhouse, in Milwaukee’s newest downtown office building, located at 833 E. Michigan St. The white tablecloth steak and seafood restaurant will feature dry-aged Allen Brothers steaks along with more than 400 different wines. Noble Chef Hospitality also operates Rare Steakhouse On the Square in Madison, in addition to four other restaurants and bars in Madison. The 18-floor, 833 East building is expected to be completed by February 2016. Rare is expected to open in early 2016 and will feature seasonal outdoor seating. Josh Minkin of Alpine Commercial Real Estate is serving as procuring broker on the project.

August 7, 2015

Newer Posts

Older Posts