sales_and_leases

Central Wire Purchases Industrial Building in Houston

by Haisten Willis July 14, 2015

HOUSTON — Central Wire Inc. has purchased a 30,000-square-foot, crane-ready industrial building on nine acres located at Kieth Harrow Boulevard and Barker Cypress in Houston. The property is known as Bear Creek Industrial Park. The general contractor, Finial Development & Construction, is building the development on spec. Keith Bilski, Neil Martin and Mike Sperandio, with Finial’s in-house brokerage company, represented the seller, FDC Bear Creek LP, in the transaction. Janae Evans and Joe Evans of Evtex Cos. represented the buyer. Central Wire is a producer of specialty wire products.

July 14, 2015

HFF Arranges $42.2M Sale of Multi-Anchor Retail Center in New Jersey

by Amy Works July 14, 2015

MANAHAWKIN, N.J. — HFF has arranged the sale of Manahawkin Commons, a 318,100-square-foot retail center in Manahawkin. The Hampshire Companies, in a joint venture with MCB Real Estate and One Liberty Properties, purchased the property for $42.2 million from ACI Manahawkin LLC. The 95-percent-leased property is occupied by Kmart, TJ Maxx, Regal Cinemas, Staples, Michaels, Pier 1 Imports, Famous Footwear, Great Clips, Five Below, McDonald’s, Verizon Wireless, Game Stop, Subway and Dunkin’ Donuts. Mitchell Greene, Robert Sasloff and Lori Schwartz of Robinson Brog Leinwand Greene Genovese & Gluck provided legal counsel to ACI Manahawkin LLC during the transaction. Jose Cruz and Kevin O’Hearn of HFF represented the seller in the transaction.

July 14, 2015

Michigan Midwest

University of Michigan Receives $60 Million Gift From Zell Family Foundation

by Jonathan Mehall July 13, 2015

ANN ARBOR, MICH. — The University of Michigan’s Samuel Zell and Robert H. Lurie Institute for Entrepreneurial Studies at the Stephen M. Ross School of Business has received a pledge of $60 million from the Zell Family Foundation. The funds will provide endowed support to the institute for the continued delivery and development of entrepreneurship programs for students and alumni. This includes $10 million dedicated to a new fund that will invest in new student business ventures. “Our goal is to accelerate the learning curve and the opportunities for budding entrepreneurs, as well as to build a powerful alumni network,” says Sam Zell, chairman of Equity Group Investments and a University of Michigan alumnus who graduated with a bachelor’s degree in 1963 and a law degree in 1966 from the Big Ten school. “Entrepreneurs have always been a primary driver of growth for this country. I believe that fostering entrepreneurial education is an investment in the future.” The Zell Lurie Institute is consistently ranked among the top graduate programs in entrepreneurship education by The Princeton Review and Entrepreneur Magazine, and has remained in the top three national programs for three consecutive years. According to Forbes magazine, Zell had an estimated …

July 13, 2015

Hospitality Illinois Midwest

First Hospitality Group Completes Renovation of Hampton Inn & Suites in Central Illinois

by Jonathan Mehall July 13, 2015

NORMAL, ILL. — First Hospitality Group Inc. has completed the renovation of Hampton Inn & Suites of Bloomington-Normal in Normal. Located at 320 S. Towanda Ave., the hotel is within the Shoppes at College Hills, minutes north of downtown Bloomington, Illinois State University, Illinois Wesleyan University and Mitsubishi Motors North American Headquarters. During the six-month renovation project that began late last year, interior features were updated throughout the property, including new carpet and wall vinyl. All of the 128 guestrooms were appointed with new sofas, desk chairs, mattresses, box springs and bedding. Starwood Capital Group owns the hotel, which is managed by First Hospitality Group.

July 13, 2015

Midwest Ohio Retail

Integra Real Estate Secures $6.7 Million Refinance Loan for Tipp City Plaza in Ohio

by Jonathan Mehall July 13, 2015

TIPP CITY, OHIO — Integra Real Estate Capital has secured a $6.7 million refinance loan through a Wall Street conduit lender for Tipp City Plaza. Russell Kimyagarov of Integra arranged the non-recourse, 10-year loan for the borrower, TCP Center. Located in Tipp City, 15 miles north of Dayton, the 114,850-square-foot shopping center was remodeled in 2004. Foodtown, CVS Pharmacy, and Family Dollar anchor the shopping center.

July 13, 2015

Midwest Minnesota Multifamily Student Housing

Dougherty Closes $2.5 Million Loan for Student Housing Property in Minnesota

by Jonathan Mehall July 13, 2015

ST. CLOUD, MINN. — Dougherty Mortgage LLC has provided Apartments on 12th LLC with a $2.5 Fannie Mae loan for the refinancing of Charlamain & Montaje Apartment Homes. Located at 505 12th St., the 36-unit student housing property along the Mississippi River provides residency for students at St. Cloud State University. Dougherty’s Minneapolis office arranged the fully amortizing 20-year loan.

July 13, 2015

Arizona Retail Western

DTZ Arranges $54.1M Sale of the Summit at Scottsdale

by Nellie Day July 13, 2015

SCOTTSDALE, ARIZ. — DTZ has arranged the sale of The Summit at Scottsdale, a 190,408-square-foot shopping center located in Scottsdale, for $54.1 million. Safeway and Target anchor the center. Ryan Schubert, Michael Hackett and Dan Wald of DTZ worked on behalf of the seller. The center was 97 percent leased at the time of sale to tenants including CVS/pharmacy, Office Max, PetSmart, Starbucks Coffee, Bath & Body Works, Verizon Wireless and Chico’s.

July 13, 2015

District of Columbia Multifamily Southeast

Mill Creek Acquires Former Italian Embassy Building in D.C. for $16.2M

by John Nelson July 13, 2015

WASHINGTON, D.C. — Mill Creek Residential has purchased the former Italian Embassy in Washington, D.C., which it plans to convert into luxury apartment homes. The sales price was $16.2 million, according to the Washington Business Journal. Originally built in 1925, the property is located at 2700 16th St. N.W. The building served as the diplomatic mission of the Italian Republic to the United States until 2002. The new chancery is located about two miles away at 3000 Whitehaven St. Mill Creek Residential’s designs for redevelopment will aim to satisfy the guidelines set forth by the Historic Preservation Review Board, and Mill Creek plans to begin construction on the community in 2016. Plans include the renovation of the existing building, as well as construction of a nine-story high-rise with two levels of below-grade parking. The community will consist of studio, one-, two- and three-bedroom apartment homes and feature a resident clubhouse, business center, rooftop terrace, fitness center and landscaped outdoor terraces. Dallas-based Mill Creek Residential owns and operates 2,671 apartment homes in the D.C. metropolitan area and has begun construction on more than 1,400 additional apartments, not including the Italian Embassy project.

July 13, 2015

Hospitality Illinois Midwest

Hostmark Hospitality Will Operate Dual-Branded Hotel in Chicago

by Jonathan Mehall July 10, 2015

CHICAGO — Hostmark Hospitality Group has been selected to operate a Hilton dual-branded hotel in Chicago’s West Loop neighborhood at 118 N. Jefferson St. The 210-room Hampton Inn and 126-room Homewood Suites, which are currently under construction, will open in the fall of 2016. Each hotel will have its own lobby. The Hampton Inn/Homewood Suites will be within close distance of the Illinois Medical District and offers easy access to I-90/94.

July 10, 2015

Healthcare Midwest Minnesota Office

Kraus-Anderson Breaks Ground on 130,000 SF Neuroscience Center

by Jonathan Mehall July 10, 2015

ST. PAUL, MINN. — Kraus Anderson Construction Co. has broken ground on a new 130,000-square-foot neuroscience building for HealthPartners in St. Paul. The medical center will be the largest freestanding neuroscience facility in the Upper Midwest, according to Kraus-Anderson. Located at 295 Phalen Blvd. near I-35E, the four-story medical building will include administration offices and a four-story, 298,000-square-foot parking ramp. Architectural firm BWBR is designing the building to accommodate future expansion. The neuroscience building is expected to be complete in early 2017.

July 10, 2015

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