REBusinessOnline

Author Archives

CoreSite to Build 175,000 SF Data Center in Downtown Chicago

CHICAGO — CoreSite Realty Corp. has acquired a two-acre land parcel in downtown Chicago to build CH2, a 175,000-square-foot data center. The four-story facility will support 18 megawatts of power capacity. CoreSite expects to begin construction on the project at the end of 2018 or the beginning of 2019. The company plans to construct the building in three phases, consisting of six megawatts of capacity per phase, with a total estimated cost of $190 million to $210 million. CH2 will be located..

February 16, 2018

Kroger Opens Culinary Innovation Center in Downtown Cincinnati

CINCINNATI — Kroger has opened its Culinary Innovation Center in downtown Cincinnati. Construction began on the 12,000-square-foot test kitchen and education center in March 2017. The facility will be used for accelerating product development, producing new recipes for Prep + Pared Meal Kits, exploring new restaurant concepts, hosting food tastings and focus groups and increasing associates’ culinary knowledge, according to Daniel Hammer, Kroger’s vice president of culinary development..

February 16, 2018

Hubbard Street Nears Completion of Second Phase of Mixed-Use Development in Chicago

CHICAGO — Hubbard Street Group is nearing completion of the second phase of Wicker Park Connection in Chicago’s Wicker Park neighborhood. Phase II consists of a 15-story, 146-unit apartment building and is expected to open this June. Phase I, a 60-unit apartment building, was completed in 2016. A small-format Target store, totaling 12,800 square feet, is slated to open in the retail portion of Phase I this summer after recently receiving formal approval from the area community group...

February 16, 2018

McShane Construction Opens New Office in Madison, Wisconsin

MADISON, WIS. — McShane Construction Co. has opened a new office in Madison. The company will occupy space on the fifth floor of a property located at 25 W. Main St. A native of Madison, Alison Gorham will lead the office and business development efforts in the Wisconsin market. “Our expansion into Madison was prompted by our growing presence in the area and the consistent construction growth within the region,” says Jeff Raday, president of McShane. Rosemont, Illinois-based McShane..

February 16, 2018

Marcus & Millichap Arranges $1.4M Sale of Apartment Building in St. Paul, Minnesota

ST. PAUL, MINN. — Marcus & Millichap has arranged the sale of 615 Hall Avenue in St. Paul for $1.4 million. The 20-unit apartment building was constructed in 1969. Units average 700 square feet. Dan Linnell, Josh Talberg, Mox Gunderson and Evan Miller of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The team also secured the buyer, a private investor.

February 16, 2018

Ashford Prime to Acquire Ritz-Carlton Sarasota in Florida for $171M

SARASOTA, FLA. — Ashford Hospitality Prime Inc. (NYSE: AHP) has agreed to acquire the 266-room Ritz-Carlton Sarasota, located approximately 60 miles south of Tampa, for $171 million. The transaction equates to $643,000 per room. Ashford Prime is also acquiring a 22-acre plot of vacant land adjacent to the hotel for $9.7 million with plans for residential development adjacent to a golf course. The acquisitions are expected to close in early April. Built in 2001, Ritz-Carlton Sarasota..

February 16, 2018

NorthMarq Arranges $20M Construction Loan for Apartment Property in St. Louis

ST. LOUIS — NorthMarq Capital has arranged a $20 million construction loan for Hibernia Apartments in the Dogtown neighborhood of St. Louis. The 100-unit apartment property will include 16,000 square feet of retail space to be occupied by a local grocer. David Garfinkel and Dan Baker of NorthMarq arranged the loan through The Bank of Washington. Indianapolis-based Pearl Cos. is developing the project. Completion is slated for the end of this year, according to the St. Louis Post Dispatch...

February 15, 2018

Summit Completes Two Office Build-Outs in Chicago

CHICAGO — Summit Design + Build LLC has completed two office build-outs for Level Office, a company that rents private offices, co-working desks and meeting space. Summit renovated and expanded two of the company’s four Chicago locations. The 21,348-square-foot Level Office River North features private offices, office suites, co-working desks, reception, event space and conference rooms. This location also features a unique space off the first floor where a loading dock was converted to..

February 15, 2018

Gershman Brokers $8.9M Sale of Two Office Buildings Near St. Louis

CLAYTON AND MARYLAND HEIGHTS, MO. — Gershman Commercial Real Estate has brokered the sale of two office buildings near St. Louis. Tim Balk of Gershman represented the seller, CUNA Mutual Financial Group Inc., in both transactions. BMO-1 The Westport LLC purchased a 91,131-square-foot building located at 11960 Westline Industrial Drive in Maryland Heights for $6.2 million. The property was 78 percent leased at the time of sale to tenants such as Kantar Health, YOH Services and Lindenwood..

February 15, 2018

Boulder Group Arranges $4M Sale of PNC Bank Ground Lease in Chicago

CHICAGO — The Boulder Group has arranged the sale of a PNC Bank ground lease in Chicago for $4 million. The single-tenant property is located at 8700 S. Cottage Grove Ave. near I-94. There are 22 years remaining on the original 30-year PNC Bank ground lease. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, an East Coast-based real estate partnership. Jon Busse of Colliers International represented the buyer, Burlingame Midland LLC. The new owner completed..

February 15, 2018