July 17, 2014 | ISSUE 354
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Newly Renovated DoubleTree By Hilton Hotel Opens in Newark, Ohio

The newly renovated six-floor, 117-room hotel includes a redesigned lobby featuring an expanded business center and work stations, and 5,000 square feet of flexible meeting and event space.

 

NEWARK, OHIO -- DoubleTree by Hilton and Hilton Worldwide have opened a new DoubleTree by Hilton hotel in Newark, approximately 39 miles east of Columbus. The full-service hotel, formally known as the Newark Metropolitan Hotel, is located at 50 N. 2nd St. The property is within walking distance of downtown Newark and is a 35-mile drive from Columbus International Airport. 

  

The newly renovated six-floor, 117-room hotel includes a redesigned lobby featuring an expanded business center and work stations; guest rooms and suites equipped with modern furnishings and signature amenities; 5,000 square feet of flexible meeting and event space; a 24-hour fully-equipped fitness center, heated indoor pool, and an outside patio with fireplace. The Jerry McClain Co. will own and operate the hotel.

U.S. Equities Realty, CBRE Group Combine Chicago Operations

Bob Wislow, chairman and CEO of U.S. Equities
CHICAGO -- CBRE Group Inc. and U.S. Equities Realty LLC have announced they will combine their Chicago area operations. U.S. Equities Realty leases and manages 17 million square feet of commercial space in Chicago, including the Willis Tower (formerly Sears Tower) and 2.5 million square feet along Michigan Avenue.

 

The company has also completed real estate transactions with companies such as Winston & Strawn, Boston Consulting Group, IBM, Hinshaw & Culbertson, Ventas, Lurie Children's Hospital, Taft, Stettinus & Hollister, Nike, Verizon Wireless and Crate & Barrel.

 

"Throughout our 36-year history, U.S. Equities has aggressively pursued every opportunity to anticipate the changing needs of our clients. CBRE's global platform, along with its extensive service offering and broad expertise, will expand and enhance our ability to serve clients -- in Chicago and around the world -- and to provide additional growth opportunities for our professionals," says Bob Wislow, chairman and CEO of U.S. Equities.

  

"In turn, the development/program management, owner's representation and consulting services we provide will strengthen the services CBRE can provide to its clients. Joining CBRE builds upon our solid foundation of success while enabling us to continue our strong, historic commitment to the city of Chicago and its important civic, professional and cultural institutions." 

 

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Opus to Develop On-Campus Inn 

at Shattuck-St. Mary's School 

The Inn at Shattuck-St. Mary's will include meeting and conference space for the school and community.  

  

FARIBAULT, MINN. -- The Opus Group has begun construction on the renovation and expansion of an 18,500-square-foot project for Shattuck-St. Mary, an Episcopal boarding and day school in Faribault, approximately 50 miles south of Minneapolis. 

  

The project, which upon completion will be known as The Inn at Shattuck-St. Mary's, will repurpose the historic Phelps Infirmary building into an on-campus inn. The new facility will include meeting and conference space for the school and community. 

  

The project will include a complete remodel of the 147-year-old building and will add 10,200 square feet of new space to the two-story complex. The first floor of the building will feature a large meeting room with adjustable partitions, a catering kitchen, and a bar and lounge area that can be used for meetings and events. The second floor will provide a total of 12 guest suites. 

  

Opus Design Build LLC is the general contractor on this project. Construction is scheduled for completion this fall. 

Arbor Commercial Funding Finances $35.7M in Midwest Multifamily Deals

Greenway Villas Apartments, a 51-unit multifamily property in Raymore, Mo., is one of the 10 properties in the Midwest recently financed by Arbor Commercial Funding.

 

BLOOMFIELD HILLS, MICH. -- Arbor Commercial Funding LLC has funded 10 loans totaling $35.7 million in the Midwest under several of the company's financing programs. The loans included:

 

* a $7.9 Fannie Mae DUS dedicated student housing loan for       Americana on the River Apartments, a 90-unit multifamily property in East Lansing, Mich.; 
 
* a $6.8 million Fannie Mae loan for a Michigan portfolio of 190-unit multifamily properties (Tree Top Meadows in Novi; Peppertree Park Townhomes in Lansing; and Maple Road Townes in Birmingham);
 
* a $5.6 million Fannie Mae loan for Bloomfield Hills Townhouses Cooperative, 283-unit multifamily property in Pontiac, Mich.; 
 
* a $4 million FHA loan for Lexington Apartments, an 84-unit community in East Lansing; 
 
* a $3 million Fannie Mae DUS Dedicated Student Housing loan for Haslett Arms Apartments, a 41-unit multifamily property in East Lansing; 
 
* a $3.1 million Fannie Mae loan for Northcrest Apartments, a 151-unit multifamily property in Riverside, Mo.; 
 
* a $3 million Fannie Mae loan for Greenway Villas Apartments, a 51-unit multifamily property in Raymore, Mo.; and
 
* a $2.1 million Fannie Mae loan for the 116-unit Rowanoake Apartments in Streetsboro, Ohio. 

 

Michael Jehle of Arbor's Bloomfield Hills, Mich. office originated all the loans. 

Stewart Capital Partners Arranges Lease Extension in Minnesota 

The Brookdale Corporate Center II is a recently renovated, two-building office campus approximately 10 miles from downtown Minneapolis. 

  

BROOKLYN CENTER, MINN. -- Stewart Capital Partners has arranged a 10-year lease extension at Brookdale Corporate Center II, a recently renovated two-building office campus approximately 10 miles from downtown Minneapolis. 

 

Kidney Specialists of Minnesota will occupy space in the center located at 6200 Shingle Creek Parkway. KSM has been a tenant at Brookdale Corporate Center since 2000 and currently occupies 9,223 square feet. Each building in the center is comprised of six stories totaling 228,000 square feet. 

 

In addition to KSM, major tenants include University of Minnesota Physicians, Merkle, Savvy Sherpa, National American University, Carson, Clelland & Schreder Law Offices, Endodontic Associates Limited and FirstStep Group. 

 

Ann Hansen and Steve Strom of Cresa Partners represented KSM in the lease transaction. Dick Schadegg of Schadegg Commercial Real Estate Inc. represented the building's owner, Stewart Capital Partners.

M&M Arranges Sale Of Three-Property Dialysis Portfolio in Dayton, Ohio

DAYTON, OHIO -- Marcus & Millichap has arranged the $4.1 million sale of three dialysis centers totaling 35,670 square feet. Dialysis Centers of Dayton occupies two of the three buildings; one as the sole tenant and the other as co-tenant along with Renal Physicians Inc.  

 

DaVita Dialysis anchors the third facility with Renal Physicians Inc. occupying the remaining space. The anchor tenants, DaVita Dialysis and Dialysis Centers of Dayton (Miami Valley Hospital), each have more than nine years remaining on their leases along with two, five-year renewal options. 

  

Gino Lollio, Christopher Mitchel and Scott Niedergang of Marcus & Millichap's national healthcare real estate group represented the seller, Premier Health Partners, a medical network of five hospitals and two major health centers in the Dayton region, including Miami Valley Hospital. 

  

The Marcus & Millichap team also represented the buyer, a private healthcare-focused real estate fund. Michael Glass of Marcus & Millichap's Ohio office also assisted in the transaction.

C&W Arranges Industrial Lease 

in Carol Stream, Ill.

Diamond Marketing Solutions leased space within the Carol Point Business Park located at 900-910 Kimberly Drive.

 

CAROL STREAM, ILL. -- Cushman & Wakefield has arranged a long-term, 185,000-square-foot industrial lease in Carol Stream, approximately 35 miles west of Chicago. Diamond Marketing Solutions, which creates data-driven communications in print and digital response media, leased the space within the Carol Point Business Park located at 900-910 Kimberly Drive. 

 

The lease brought the 275,000-square-foot industrial property to 100 percent occupancy. Britt Casey and Chris Lydon of Cushman & Wakefield's Rosemont, Ill., office represented the property owner, TA Associates Realty. John Gearen of Nicolson, Porter & List served as tenant broker in the transaction. Diamond Marketing Solutions is relocating its headquarters to the property from Bloomingdale, Ill. 

SNL: Development Influx Could Threaten Apartment REIT Occupancies


The U.S. apartment market may be well on its way to record-high occupancies, but new development activity poses risks for its strong markets, according to SNL Real Estate. 

 

Data from Axiometrics shows a May national occupancy rate of 95 percent, the highest monthly rate it has recorded since it began tracking apartment properties in April 2008. The firm has called 2014 a "top recovery year" as the annualized effective growth rate moves upward, recording its strongest rate in May at 3.5 percent - the highest since February 2013.

 

Second-quarter occupancy figures for multifamily REITs had not been released as of this writing, but the sector delivered a median occupancy rate of 94.8 percent in the first quarter. Over the past three years, the median occupancy rate among multifamily REITs averaged 94.9 percent.

 

The lowest median quarterly occupancy rate during the past three years was recorded in the fourth quarter of 2011, at 94.3 percent. The highest median quarterly occupancy rate over the three-year period was 95.4 percent, recorded in the second quarter of 2011.

 

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Danielle Everson, Associate Editor
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