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How Slate Asset Management Pulled Off a 97-Property Deal With Cominar

Brady (left) and Blair Welch, co-founders of Slate Asset Management.With 97 properties selling for 1.12 billion Canadian dollars, it was one of the most complex deals of the past year in the United States or Canada.

But it was when Slate Asset Management immediately turned around and started selling the real estate it had just agreed to buy from Quebec City-based Cominar Real Estate Investment Trust that some eyebrows immediately raised.

Exactly…

Chicago’s Largest Condo Deconversion Signals Post-Recession Push To Rent

Condominium owners in a high-profile Chicago neighborhood voted to convert their building back to apartments, the latest move of its kind as more baby boomers and millennials choose renting over owning in the wake of the Great Recession.

A second vote was the charm for ESG Kellen, the New York-based multifamily ownership group that won approval by the condominium owners of 1400 N. Lake Shore Drive in Chicago to buy out their units for an estimated…

7 Shuttered Bon-Ton Stores Going on Auction Block in September

An Elder-Beerman located within Colony Square Mall in Zanesville, a suburb of Columbus, Ohio.Seven department stores in six states that fell under the now-defunct Bon-Ton Stores flag are being put on the auction block as the parent of some of the most-recognized mid-priced department stores cleans up the last remnants of its commercial real estate portfolio.

Bids for what were once Bon-Ton, Carson’s, Elder-Beerman and Younkers stores are due Sept…

London’s BrickVest Opens Fund, Takes Stake in Planned Hilton Hotel on Navy Pier

Foreign investors could soon be taking a stake in the planned Hilton Hotel on Chicago’s Navy Pier.

For the first time, BrickVest, a London-based alternative property investment platform, is offering exposure to U.S. commercial real estate by launching a fund that has chosen the hotel as its first asset, underscoring the ongoing influx of foreign capital into domestic projects.

The 222-room hotel at the east end of Navy Pier on Lake Michigan…

Venture Secures $30.5M Refinancing Loan for Kinzie Hotel in Chicago

Bixby Bridge Capital and Urbana Holdings secured $30.5 million in refinancing for Kinzie Hotel, the venture’s 215-room boutique hotel located in Chicago’s River North area.

The property occupies the first six floors of the 17-story, 385,000-square-foot office building at 20 Kinzie St., blocks from the Magnificent Mile’s luxury shopping district. The hotel delivered in 2003 as an Amalfi Hotel. After a renovation in 2014, it reopened as the Kinzie…

Sources: Hyatt Looking Into Bringing Luxury Brand Andaz to Toronto’s The One Tower

Scott Richer, Hyatt’s Canadian vice president of real estate and development.
Chicago-based Hyatt’s continued expansion in Canada could include a deal for its boutique brand, Andaz, to locate in what is being described as the country’s tallest residential tower, according to sources.

No deal has closed, but industry sources tell CoStar News that the hotel group is close to inking a deal for Andaz at The One, the 85-storey tower under development…

North Jersey’s First Dual-Branded Hotel Opens in Teaneck

The new, dual-branded Hampton Inn & Suites and Homewood Suites at Teaneck opened its doors Thursday. Executives from Alfred Sanzari Enterprises, White Lodging, M&T Bank and local Township of Teaneck officials including Mayor Hameeduddin celebrated the first of its kind hotel with a ribbon cutting ceremony.

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