Shopping center sells for over $47 million
A Tinley Park shopping center sold for $47.4 million in a deal between two real estate firms based in the Midwest, says Oakbrook Terrace-based Mid-America Real Estate Corp., which brokered the sale. Minneapolis-based Ryan Cos. sold the 560,695-square foot center, called Brookside Marketplace, to Beachwood, Ohio-based retail investor DDR Corp., Mid-America said Thursday. Brookside, near the intersection of Interstate 80 and Harlem Avenue, is about 95 percent leased and anchored by Best Buy and Dick's Sporting Goods, among other retailers, according to DDR's website.
Abu Dhabi sells Hyatt stake
The government of Abu Dhabi sold its entire stake of more than 10 percent of Hyatt Hotels Corp.'s Class A stock, according to regulatory filings. The United Arab Emirates nation sold almost 4.76 million shares at $41.72 a share for a total almost $198.5 million, a filing with the Securities and Exchange Commission shows. Abu Dhabi bought an almost 11 percent stake in Chicago-based Hyatt at the time of the hotel company's initial public offering in late 2009.
Lisle office complex on the market
Suburban office complex Central Park of Lisle is being offered for sale by a venture of White Oak Realty Partners LLC, which bought the west suburban complex in March 2010 shortly after the Skokie-based real estate firm was formed. The other owners are New York-based Angelo Gordon & Co. and Chicago-based Fulcrum Asset Advisors LLC. The building owners have hired CBRE Inc. to market the property, which includes two office buildings, 4225 Naperville Road and 3333 Warrenville Road, with about 690,000 combined square feet and a 7½-acre development parcel. Paul Lundstedt, a CBRE executive vice president, declines to name an expected price, but the sellers are likely to seek considerably more than their roughly $77 million purchase price because of improved leasing in the complex and in the west suburbs overall. Islandia, N.Y.-based software company CA Technologies signed a lease for 84,000 square feet in the fall. When they bought the complex, the owners knew occupancy was set to fall to about 76 percent when oil company BP PLC's 76,000-square-foot lease expired at the end of 2011. Central Park of Lisle is now about 86 percent leased, with minimal lease expirations for the next six years, Mr. Lundstedt says. “There's stable rent roll, with the opportunity to improve your income through some more leasing and utilizing the development land,” he says.
B of A looks to sell loans on 2 office buildings
Bank of America N.A. hired CBRE Inc. to sell loans on two Schaumburg office buildings on which the bank is suing to foreclose, sources say. CBRE executives involved in the deal did not return calls, and a spokeswoman for Charlotte, N.C.-based B of A declines to comment. The bank sued Woodland Hills, Calif.-based Younan Properties Inc. last September for nearly $12 million owed on Embassy Plaza, a 140,000-square-foot structure at 1933 N. Meacham Road. In February, the bank sued Lakewood, Colo.-based Alliance Commercial Partners for $15.7 million owed on a loan for One Woodfield Lake, a 204,885-square-foot building at 1000 E. Woodfield Road.
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