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Leasing ActivityMidwestMultifamilyOhio

City Club Apartments Negotiates Leases for Restaurant, Market at Cincinnati Property

by Kristin Harlow

CINCINNATI — City Club Apartments has executed a lease for a 6,000-square-foot rooftop restaurant and bar at its apartment property in Cincinnati. Scheduled to open in spring 2019, the 10th-floor restaurant will include indoor and outdoor seating, as well as handcrafted cocktails, wine and craft beer. The owners will share the concept’s name and additional details at a later date, according to Jonathan Holtzman, CEO of City Club Apartments. The apartment property includes 294 units and penthouses with 50 different floor plans. City Club Apartments had previously announced a 10,000-square-foot specialty market and a 1,000-square-foot wellness café on the first floor.

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AcquisitionsMidwestOhioRetail

Eidi Properties Acquires Two Shopping Centers in Rossford, Ohio

by Kristin Harlow

ROSSFORD, OHIO — Eidi Properties has acquired Crossroads Centre and Rossford Pointe near Toledo for an undisclosed price. RPT Realty, a publicly traded real estate investment trust, was the seller, according to The Blade, Toledo’s daily newspaper.Crossroads Centre is a 470,225-square-foot power center anchored by Target and Home Depot. Rossford Pointe spans 47,477 square feet. Toledo-based Eidi Properties now owns 40 shopping centers.

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IllinoisLoansMidwestMultifamily

Allstate Provides $27.5M Acquisition Loan for Multifamily Property in Glenview, Illinois

by Kristin Harlow

GLENVIEW, ILL. — Allstate Investments has provided a $27.5 million acquisition loan for Valley Lo Tower II, a 112-unit, mid-rise multifamily property in the northern Chicago suburb of Glenview. Valley Lo offers a mix of one-, two- and three-bedroom floor plans. Community amenities currently include a 2,300-square-foot clubhouse, an outdoor swimming pool and tennis court. Matthew Schoenfeldt of HFF arranged the loan on behalf of the borrowers, The Marquette Companies and LEM Capital. The buyer plans to make upgrades to the amenities.

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AcquisitionsIllinoisMidwestRetail

Thor Equities Sells Retail Property in Chicago for $26M

by Kristin Harlow

CHICAGO — Thor Equities Group has sold its two-level retail property at 36 S. State St. in Chicago for $26 million. Jenel Management Corp. purchased the asset. Verizon, T-Mobile and Blick Art Materials fully occupy the 18,800-square-foot property. Thor Equities purchased the entire 19-story building for $10.3 million in 2004, before selling the upper floors to a developer for conversion to residential condominiums.

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AcquisitionsIllinoisMidwestNet LeaseRetail

Adelphia Properties Brokers $4.4M Sale of Property Net Leased to CVS in Taylorville, Illinois

by Kristin Harlow

TAYLORVILLE, ILL. — Adelphia Properties has brokered the $4.4 million sale of a single-tenant property net leased to CVS Pharmacy in Taylorville, about 25 miles southeast of Springfield. The 13,255-square-foot building is located at 401 N. Webster St. George Spirrison and Simeon Spirrison of Adelphia represented the buyer, a private investor. CVS has more than 22 years remaining on its lease.

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AcquisitionsIndianaIndustrialMidwest

Shelbyville Redevelopment Commission Purchases 184-Acre Industrial Site in Indiana

by Kristin Harlow

SHELBYVILLE, IND. —Shelbyville Redevelopment Commission has purchased a 184-acre industrial site along I-74 in Shelbyville, about 30 miles southeast of Indianapolis, for $3.9 million. The organization plans to develop an industrial park. The site was assembled from two tracts owned by First Presbyterian Church of Shelbyville and Krone, a German farm equipment manufacturer. Shelbyville and Shelby County equally funded the acquisition through a 10-year bond sale.

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DevelopmentMidwestMinnesotaOffice

Opus Acquires Former Target Campus in Minneapolis, Begins Renovation

by Kristin Harlow

MINNEAPOLIS — The Opus Group has acquired Target Corp.’s former west corporate campus in Minneapolis. Opus plans to convert the single-tenant office building into multi-tenant office space. Tactile Medical will anchor the development, according to the Minneapolis/St. Paul Business Journal. The building spans 310,000 square feet and is situated on 24 acres. In addition to the conversion project, Opus will also modernize and improve the common areas. Plans call for improved lighting, a new cafeteria and a rooftop amenities deck with a clubhouse, entertainment space, pool table and conference room. The improvements are slated for completion by spring 2019. Perkins+Will provided interior design consulting services for the project. Paige Rickert and David Marschinke of CBRE will market the property for lease on behalf of Opus and also represented Target in the sale. Target still maintains its headquarters in Minneapolis along Nicollet Mall.

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Company NewsMidwestOfficeOhio

PGIM Real Estate Finance Opens Cleveland Office

by Kristin Harlow

CLEVELAND — PGIM Real Estate Finance has opened a new Cleveland office and hired an originations team led by Bruce Gerhart and David Strachan. PGIM Real Estate Finance is the commercial mortgage finance business of PGIM, the $1 trillion global investment management business of Prudential Financial Inc. (NYSE: PRU). The new team will be responsible for sourcing and originating loans for affordable housing, Federal Housing Administration (FHA) multifamily, healthcare and seniors housing with a focus on Ohio, Michigan and the Midwest region. The team will report to Hal Collett, head of FHA and affordable lending for PGIM Real Estate Finance. Gerhart, Strachan and their production team of Thomas Bruce and Troy Buckley formerly worked together at Love Funding Corp.

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LoansMidwestMultifamilyOhio

Dougherty Provides $6.8M Refinancing for Apartment Building in Cleveland

by Kristin Harlow

CLEVELAND — Dougherty Mortgage LLC has provided a $6.8 million Fannie Mae loan for the refinancing of Perry Payne Apartments in downtown Cleveland. The 148-unit apartment building includes amenities such as a rooftop deck, fitness center, self-storage suites and on-site laundry. The 10-year loan includes a 30-year amortization schedule. Perry Payne Ltd. was the borrower.

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IllinoisIndustrialLeasing ActivityMidwest

Noel Transportation Signs 42,141 SF Industrial Lease in McCook, Illinois

by Kristin Harlow

MCCOOK, ILL. — Noel Transportation has signed a 42,141-square-foot industrial lease at 4800 S. Vernon Ave. in McCook. The third-party logistics company is more than doubling its square footage and will use the space as a regional distribution center for its Midwest operations. Chris Lydon and Chris Tecu of Avison Young represented the tenant in the lease transaction. Cushman & Wakefield represented the landlord. The 189,216-square-foot building is now fully leased. Constructed in 2007, the building has a clear height of 32 feet.

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