sales_and_leases

HREC Arranges Sale of Embassy Suites St. Louis Airport  in Bridgeton, Mo.

by Jonathan Mehall August 4, 2015

BRIDGETON, MO. — HREC has arranged the sale of a 163-room, full-service Embassy Suites St. Louis Airport Hotel in Bridgeton, located about 20 miles northwest of St. Louis. Terms of the transaction were not disclosed. The hotel is situated immediately off I-70 and is less than two miles from Lambert-St. Louis International Airport, a major hub for Southwest Airlines. Monty Levy, Jeff Preston and Scott Stephens of HREC represented the seller, Fairwood Capital LLC, in the transaction. The property was purchased by an institutional buyer and will be managed by Schulte Hospitality Group.

August 4, 2015

Midwest Ohio Retail

Marcus & Millichap Brokers Sale of a 6,100 SF Retail Property in Hilliard, Ohio

by Jonathan Mehall August 4, 2015

HILLIARD, OHIO — Marcus & Millichap has brokered the sale of a 6,100-square-foot retail center to an undisclosed buyer for $3.6 million in Hilliard. The center is located at 1593 Hilliard Rome Road, about 14 miles northwest of Columbus. A Starbucks and Mattress Firm occupy the property. Construction on the retail center was completed this summer. Lisa Sickinger of Marcus & Millichap’s Cincinnati office represented the seller, a limited liability company.

August 4, 2015

Mixed-Use Office Texas

Texas Children’s Pediatrics Signs on at Mixed-Use Development in Houston

by Haisten Willis August 4, 2015

HOUSTON — Texas Children’s Pediatrics has agreed to open a new pediatric center in The Boardwalk at Towne Lake in Houston. Texas Children’s Pediatrics will occupy the top floor of one of the four Boardwalk buildings. Located off Highway 290 and Barker Cypress Road, the mixed-use waterfront development offers retail and restaurant spaces, as well as a central green area for events and boat slips for lake access. The Boardwalk at Towne Lake serves as an amenity the 3,000 residents of Towne Lake, a 2,400-acre master planned community connected by a 300-acre recreational lake. Texas Children’s Pediatrics is the largest pediatric primary care network in the country with 50 practices throughout the Houston area. Boardwalk at Towne Lake’s four buildings feature 40,000 square feet of waterfront office space and 60,000 square feet of retail space.

August 4, 2015

Affordable Housing California Multifamily Western

Affordable Housing Portfolio Near Hollywood Park Sells for $24.8M

by Nellie Day August 4, 2015

LOS ANGELES – A local investment firm has acquired a three-property multifamily portfolio in the Hollywood Park area of Los Angeles for $24.8 million. The portfolio contains a total of 150 affordable apartment units. They are located on or near the part of Normandie Avenue that buttresses Inglewood. The buyer plans to use government incentives to upgrade and renovate the buildings. The company also intends to manage the properties as a scattered-site portfolio. Kitty Wallace and Rob Shiels of Colliers International represented the seller.

August 4, 2015

California Multifamily Seniors Housing Western

Granite Sells Plot in California to Seniors Housing Developer for $5.7M

by Nellie Day August 4, 2015

PALM DESERT, CALIF. — An affiliate of Granite Investment Group has sold 6.8 acres of land in Palm Desert for $5.7 million to WL Palm Desert Property LLC, a wholly owned subsidiary of seniors housing developer and operator West Living LLC. West Living has designed a prominent 150-unit assisted living facility, with a memory care component, which it will construct on the property. Located at the southwest corner of the intersection at Country Club Drive and Portola Avenue, an additional 6.4 acres of land zoned for seniors-related use remains available for sale. Based in Irvine, Calif., Granite Investment Group currently manages a portfolio of commercial real estate assets valued at approximately $540 million, primarily comprised of seniors housing communities that offer a total of 4,442 licensed beds.

August 4, 2015

Nevada Retail Western

Miller’s Ale House Restaurant in Las Vegas Sells for $5.2M

by Nellie Day August 4, 2015

LAS VEGAS — The 9,500-square-foot Miller’s Ale House Restaurant located in the Las Vegas submarket of Henderson was sold for $5.25 million. Miller’s Ale House has 14 years remaining on its triple-net lease. Rob Moore of Faris Lee represented the seller, Sunstone Arroyo LLC, and StreetView Realty represented the buyer, FL Grandland LLC.

August 4, 2015

Northeast Pennsylvania Retail

The Shopping Center Group Brokers Sale of Scranton Regional Mall

by Amy Works August 4, 2015

SCRANTON, PA. — The Shopping Center Group has brokered the sale of The Mall at Steamtown, located at 300 Lackawanna Ave. in Scranton. Steamtown 300 LLC purchased the property for an undisclosed sum. Situated adjacent to the Steamtown National Historical Site, a railroad museum, the 558,816-square-foot enclosed regional mall was developed in the early 1990s as part of the revitalization of downtown Scranton. The mall is anchored by Boscov’s Department Store. The Shopping Center Group represented the undisclosed seller in the transaction.

August 4, 2015

Multifamily South Carolina Southeast

CBRE Brokers $44.7M Sale of Apartment Community in Downtown Greenville

by John Nelson August 4, 2015

GREENVILLE, S.C. — CBRE has brokered the $44.7 million sale of McBee Station Apartments, a 197-unit, Class A apartment community in downtown Greenville. The property is located adjacent to a Publix-anchored shopping center, the Swamp Rabbit Trail, Cleveland Park and Falls Park. Atlanta-based TriBridge Residential purchased McBee Station from an undisclosed seller. Phil Brosseau, Kevin Kempf and Malcolm McComb of CBRE represented the seller in the transaction. Steve Haffner and Nate Sittema of CBRE arranged $29 million in acquisition financing through Allianz Real Estate of America on behalf of TriBridge Residential.

August 4, 2015

Hospitality Illinois Midwest

Hyatt Centric The Loop Chicago Celebrates Grand Opening

by Jonathan Mehall August 3, 2015

CHICAGO — Hyatt Centric The Loop Chicago, located downtown at 100 W. Monroe St., celebrated its grand opening on Thursday, July 30. The 22-story historic building was originally constructed in 1927. Hyatt Centric The Loop Chicago features 257 guestrooms, 2,500 square feet of meeting space, a 24-hour fitness center, rooftop bar and a French bistro restaurant. Located in the Loop district, the hotel puts guests near many external attractions such as Millennium Park, Navy Pier and The Art Institute of Chicago. Integrated Clark Monroe LLC owns Hyatt Centric The Loop Chicago, which is operated by Interstate Hotels & Resorts.

August 3, 2015

Loans Michigan Midwest Retail

Integra Real Estate Capital secures $5.6M loan for Shopping Center in Wayland, Mich.

by Jonathan Mehall August 3, 2015

WAYLAND, MICH. — Integra Real Estate Capital has secured a $5.6 million acquisition loan for Chambers Corners, a neighborhood shopping center located at Reno Drive off Highway 131 in Wayland, approximately 21 miles south of Grand Rapids. Meyer Perlman of Integra Real Estate Capital negotiated the 10-year, non-recourse loan provided by an undisclosed lender. Built in 2000, the 99,600-square-foot Chambers Corners is anchored by Harding’s Market and Family Dollar.

August 3, 2015

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