Midwest

Marcus & Millichap Brokers $8.1M Sale of Shopping Center in Clarkston, Michigan

by Kristin Harlow July 27, 2018

CLARKSTON, MICH. — Marcus & Millichap has brokered the $8.1 million sale of White Lake Commons in Clarkston, about 35 miles northwest of downtown Detroit. Neiman’s Family Market anchors the 151,201-square-foot shopping center. Other tenants include CVS, Office Depot, Anytime Fitness, Enterprise Rent-A-Car, The UPS Store and Wendy’s. Craig Fuller, Erin Patton and Scott Wiles of Marcus & Millichap marketed the property on behalf of the seller, a publicly traded REIT. A local private buyer purchased the asset.

July 27, 2018

Hospitality Loans Midwest Wisconsin

Axilla Capital Arranges $5.6M Acquisition Loan for Hotel in Wauwatosa, Wisconsin

by Kristin Harlow July 27, 2018

WAUWATOSA, WIS. — Axilla Capital LLC has arranged a $5.6 million loan for the acquisition of the Holiday Inn Express in Wauwatosa. Originally completed in 1984, the 121-room hotel underwent a multi-million dollar renovation in 2017. The three-story property features a fitness center, business center and shuttle service. Tom Fleming of Axilla arranged the loan with a conventional bank on behalf of the undisclosed borrower.

July 27, 2018

Development Michigan Midwest Office

Chemical Bank to Relocate Headquarters to Downtown Detroit

by Kristin Harlow July 26, 2018

DETROIT — Chemical Bank, which has been headquartered in Midland, Michigan, since its founding in 1917, is relocating to downtown Detroit effective immediately. The headquarters will temporarily operate out of the bank’s Detroit office, located at 333 Fort St., while awaiting a new 20-story building to be built at the corner of Woodward Avenue and Elizabeth Street. The move coincides with the city of Detroit’s announcement to name Chemical Bank as the primary banking partner for managing the city’s operating deposit accounts. Chemical Bank plans to add approximately 500 employees to its new Detroit office upon completion of construction. The 240,000-square-foot tower is expected to include street-level retail space, car parking, office floors and condominiums, according to the Detroit Free Press. A timeline for completion was not disclosed. Midland will continue to be home of the company’s corporate operations center. Chemical Financial Corp. is the holding company for Chemical Bank.

July 26, 2018

Development Midwest Missouri Mixed-Use

S.M. Wilson Begins Construction of City Foundry in St. Louis

by Kristin Harlow July 26, 2018

ST. LOUIS — S.M. Wilson has begun construction of Phase I of the City Foundry STL mixed-use project in St. Louis. Plans call for the construction and renovation of six buildings, improvements to the 10-acre site and the construction of more than 60 tenant spaces. The $185 million Phase I includes 122,000 square feet of restaurant and entertainment space, 105,000 square feet of retail space and 110,000 square feet of office space. Steve Smith and London-based Caparo are the developers. Lawrence Group is the architect. Tenants are expected to begin opening at the property in mid-2019. The tenants disclosed by the developer include Alamo Drafthouse Theaters, Punch Bowl Social and McNellies Group. The project is the adaptive reuse of the former Century Electric Foundry complex.

July 26, 2018

Hospitality Loans Michigan Midwest

Berkadia Arranges $87M Bridge Loan for Recapitalization of Hotel in Detroit

by Kristin Harlow July 26, 2018

DETROIT — Berkadia has arranged an $87 million bridge loan for the recapitalization of The Westin Book Cadillac in downtown Detroit. The full-service hotel includes amenities such as a business services center, indoor pool, fitness center and spa. The sponsor is Cleveland-based Ferchill Group, which redeveloped the property in 2006. Apollo Commercial Real Estate Finance Inc. provided the loan.

July 26, 2018

Acquisitions Indiana Midwest Office

Joint Venture Acquires 50,000 SF Office Building in Indianapolis

by Kristin Harlow July 26, 2018

INDIANAPOLIS — A joint venture between Integris Ventures and Starlight Equity Partners has acquired 50 South Meridian, a 50,000-square-foot office building in the heart of downtown Indianapolis. The purchase price was not disclosed. The new owners plan to renovate the main elevator lobby, common corridors and signage. Rich Forslund and Matt Langfeldt of Colliers are marketing the property for lease. Originally constructed in 1985, the property was 75 percent occupied at the time of acquisition.

July 26, 2018

Industrial Leasing Activity Michigan Midwest

Candy Maker Signs 38,361 SF Industrial Lease in Macomb Township, Michigan

by Kristin Harlow July 26, 2018

MACOMB TOWNSHIP, MICH. — Morley Candy Makers has signed a lease to occupy 38,361 square feet of industrial warehouse space at 51640 Quadrate Drive in Macomb Township. Founded in 1919, the company is headquartered in Clinton Township and markets the Sanders Candy confectionary line. Joe DePonio of L. Mason Capitani CORFAC International represented the landlord, Quadrate Holdings, in the lease transaction.

July 26, 2018

Healthcare Market Reports Midwest Midwest Market Reports Wisconsin

Milwaukee Health Systems Expand, Focus on Off-Campus Settings

by Kristin Harlow July 26, 2018

Healthcare properties present a tremendous opportunity for real estate developers in the Milwaukee market and the upper Midwest. The national and regional healthcare real estate sectors remain on solid footing, according to the 2018 Healthcare Marketplace Report from Colliers International. The sector remains attractive in terms of both stability and diversification. There will always be a demand for healthcare services as the U.S. population continues to age at an unprecedented rate. A growing number of Milwaukee-based health systems have announced plans to expand in bids to gain or maintain market share. The merger of Aurora Healthcare with Advocate Health Care Network to create a single health system known as Advocate Aurora Health is a recent example. There’s been a significant expansion of and increased focus on the outpatient ambulatory environment. Health systems face significant capital expenditures in order to maintain aging hospitals. Alternative developments such as specialty outpatient facilities and micro hospitals have gained momentum and allow for expansion to remain competitive while efficient. With the emerging trend toward population health management, hospitals and health systems take on the financial risk of providing care for a certain population across a certain geography. Having to take on the additional risk of …

July 26, 2018

Acquisitions Illinois Industrial Midwest Office

Clear Height Properties Acquires Industrial, Office Portfolio in Suburban Chicago for $30M

by Kristin Harlow July 25, 2018

CHICAGO — Clear Height Properties has acquired a four-property, 522,000-square-foot industrial and office portfolio in suburban Chicago for $30 million. The portfolio includes a 201,800-square-foot office building in Oak Brook as well as more than 320,000 square feet of flex properties in Elmhurst, Bensenville and Willowbrook. The office building was 81 percent leased at the time of acquisition. Clear Height plans to upgrade the amenities, including the fitness center, lobby and conference facilities. The other properties include Elmhurst Metro Court in Elmhurst, Tower Lane Business Park in Bensenville and Willowbrook Court in Willowbrook. Transwestern represented the seller, a private investor.

July 25, 2018

Industrial Leasing Activity Midwest Missouri

Hubbell-Killark, BASF Sign Leases at Fenton Logistics Park in Missouri

by Kristin Harlow July 25, 2018

FENTON, MO. — Hubbell-Killark, a provider of integrated electrical industrial products, and BASF, a chemical producer, have signed leases at Fenton Logistics Park in suburban St. Louis. Hubbell-Killark will occupy a 160,000-square-foot building, while the agricultural services division of BASF will occupy 80,000 square feet at another building. The tenant spaces are slated for delivery by the end of this year. KP Development has invested nearly $75 million in the development of Fenton Logistics Park at the former Chrysler site. Nearly one-third of the park is now leased.

July 25, 2018

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