Midwest

Avison Young Brokers Sale of 451,215 SF Industrial Portfolio Near Columbus, Ohio

by Kristin Harlow December 13, 2017

COLUMBUS, OHIO — Avison Young has brokered the sale of a two-building industrial portfolio spanning 451,215 square feet near Columbus. The sales price was not disclosed. Both buildings are located in Rickenbacker Global Logistics Park, a 1,777-acre park with 30 million square feet of development. The portfolio includes Rickenbacker IV, a 330,179-square-foot distribution center located at 2400 Spiegel Drive in Groveport, Ohio, and Creekside V, a 121,036-square-foot corporate laboratory facility located at 2150 Bixby Road in Lockbourne. Creekside V is 100 percent leased to Luxottica, a global eyewear company, which utilizes the space for its U.S. manufacturing and distribution operations. Luxottica has occupied the building since 2007 and has invested nearly $30 million in specialized equipment within the space. Rickenbacker IV is 70 percent leased to Essilor of America, an optical-lens manufacturer and distributor. Essilor moved to the property in 1999 and has increased its space by 46 percent since then. Erik Foster and Mike Wilson of Avison Young represented the seller, institutional investors advised by J.P. Morgan Asset Management. Exeter Property Group purchased the portfolio.

December 13, 2017

Loans Midwest Multifamily Ohio

Dougherty Provides $24.8M Refinancing for Apartment Property in Willowick, Ohio

by Kristin Harlow December 13, 2017

WILLOWICK, OHIO — Dougherty Mortgage LLC has provided a $24.8 million Fannie Mae loan for the refinancing of Shoregate Towers in Willowick, about 16 miles northeast of Cleveland. The 404-unit property is located at 30901 Lakeshore Blvd. Dougherty’s Minneapolis office arranged the 15-year loan, which features a 30-year amortization schedule. Shoregate Towers NS LLC was the borrower.

December 13, 2017

Midwest Office Wisconsin

CBRE Arranges $4.5M Sale of Office Complex Near Milwaukee

by Kristin Harlow December 13, 2017

GLENDALE, WIS. — CBRE Capital Markets has arranged the sale of the Barnabas Business Center in Glendale, about 10 miles north of Milwaukee, for $4.5 million. Constructed in 1920 and formerly home to Eline’s Chocolate Co., the office complex spans four buildings totaling 114,682 square feet. The property is situated on a 9.5-acre campus at 4650 N. Port Washington Road. Patrick Gallagher, Peter Langhoff and Max Schultz of CBRE represented the seller, Barnabas Building Properties LLC. The buyer was not disclosed.

December 13, 2017

Illinois Midwest Restaurant Retail

Time Out Group to Open 50,000 SF Food Hall in Chicago’s Fulton Market

by Kristin Harlow December 13, 2017

CHICAGO — Time Out Group, a London-based media company, has unveiled plans to open a 50,000-square-foot food hall in Chicago’s Fulton Market. Time Out Market Chicago is slated to open in 2019. The vendor lineup will feature several of the city’s top restaurants and bars. The three-story space will include 16 chef-driven counters, three bars, a demonstration kitchen, a retail area, outdoor dining space and seating for 600 people. The first market from Time Out, located in Lisbon, Portugal, opened in 2014. Additional markets are slated to open in the United States in Miami (2018) and Boston (2019).

December 13, 2017

Illinois Midwest Office

Balfour Pacific, Hamilton Partners Acquire Office Campus in Suburban Chicago for $78.3M

by Kristin Harlow December 12, 2017

ITASCA, ILL. — A partnership between a private equity real estate fund of Balfour Pacific Capital Inc. and Hamilton Partners has acquired One Pierce Place and 500 Park Boulevard in Itasca for $78.3 million. The two buildings span 976,000 square feet within the Hamilton Lakes Business Park. Amenities include an athletic club, restaurant and deli, conference facilities and direct access to the adjacent Westin Hotel. Renovated in 2012, One Pierce Place is 91 percent leased by tenants such as Houghton Mifflin Harcort and Epsilon. Renovated in 2015, 500 Park Boulevard is 94 percent leased by tenants such as Keyence Corp., The Boler Co. and Hitachi. Bryan Rosenberg and Patrick Shields, Mark Katz, Jeff Bramson and Jaime Fink of HFF represented the seller, a partnership between Long Wharf Capital LLC and Hamilton Partners.

December 12, 2017

Hospitality Illinois Midwest

Planned Hotel for Navy Pier to Operate Under Curio Collection by Hilton Brand

by Kristin Harlow December 12, 2017

CHICAGO — Developer First Hospitality Group Inc. (FHG) and Navy Pier have unveiled the brand for the first hotel on Navy Pier. Slated to open in summer 2019, the 222-room hotel will operate under the Curio Collection by Hilton brand. Construction is expected to begin in January 2018. Situated at the eastern end of Navy Pier, the hotel will feature floor-to-ceiling windows and a 30,000-square-foot rooftop restaurant bar. Acron, a Switzerland-based real estate company, is funding the project. Jackie Koo of KOO LLC is designing the project, and James McHugh Construction Co. is the builder. The project is expected to generate 600 construction jobs and create 300 permanent jobs, according to FHG. Hilton operates more than 40 Curio Collection independent hotels globally.

December 12, 2017

Illinois Industrial Midwest

CBRE Arranges Over 1.3 MSF of Industrial Leases in Chicago Area

by Kristin Harlow December 12, 2017

BOLINGBROOK, ELK GROVE VILLAGE AND MCHENRY, ILL. — CBRE has arranged three industrial leases totaling 1.3 million square feet for separate tenants in the Chicago area. Brake Parts Inc. signed an eight-year extension for 378,350 square feet at 1100 Corporate Drive and 228,000 square feet at 4400 Prime Parkway in McHenry. The company is a manufacturer and supplier of brake parts. Greencore, a London-based international producer of convenience foods, inked a five-year extension for 443,010 square feet at 1100 Remington Blvd. in Bolingbrook. In the final lease transaction, St. George Logistics signed a five-year renewal for 268,645 square feet at 875 Devon Ave. in Elk Grove Village. The company is a provider of ocean and air container freight stations, distribution, transportation and value-added services in North America. Matt Mulvihill, Kevin Segerson, Cal Payne and Philip DeBoer of CBRE represented the tenants in each lease transaction.

December 12, 2017

Indiana Industrial Midwest

HSA Commercial Purchases 19-Acre Land Site in Suburban Indianapolis, Plans 262,758 SF Distribution Center

by Kristin Harlow December 12, 2017

PLAINFIELD, IND. — HSA Commercial Real Estate has purchased a 19-acre land site in Plainfield, a suburb of Indianapolis near the Indianapolis International Airport. The company plans to develop a 262,758-square-foot distribution center featuring 32-foot clear heights, 30 truck doors and four drive-in doors. Construction is slated to begin in early 2018 with tenant occupancy scheduled for the fall. John Hanley and Terry Busch of CBRE will market the new building for lease. HSA Commercial has previously developed five buildings totaling approximately 630,000 square feet at the nearby Gateway Business Park.

December 12, 2017

Midwest Missouri

McCarthy Breaks Ground on $25M Renovation of Science Building at Saint Louis University

by Kristin Harlow December 12, 2017

ST. LOUIS — McCarthy Building Cos. Inc. has broken ground on a $25 million renovation of Macelwane Hall, a four-story science building on the campus of Saint Louis University. The 82,770-square-foot project includes the complete renovation of all four floors of the facility after a May 2017 fire and subsequent water damage resulted in the temporary closure of the original building. The facility will include laboratories, classrooms and office space. Completion is slated for December 2018. McCarthy has completed previous work for Saint Louis University. The general contractor oversaw the conversion of a former charter elementary school into an interim science building to accommodate students, faculty and staff while Macelwane Hall remained closed. McCarthy completed that project in seven weeks to ensure the building would be available for the start of fall 2017 classes. Hastings + Chivetta is serving as architect on the Macelwane Hall renovation. Other project team members include 8760 Engineering (MEP engineer), CR2 Engineering (systems engineer), Alper Audi (structural engineer), Rock Hill Mechanical Corp. (mechanical design-build contractor), Guarantee Electric (electrical design-build contractor) and Gateway Fire Protection Systems (fire protection design-build contractor).

December 12, 2017

Kansas Loans Midwest Multifamily

KeyBank Arranges $24.9M Acquisition Loan for Multifamily Property in Olathe, Kansas

by Kristin Harlow December 11, 2017

OLATHE, KAN. — KeyBank Real Estate Capital has arranged a $24.9 million Fannie Mae loan for the acquisition of Greenwood Reserve Apartment Homes in Olathe, about 22 miles southwest of Kansas City. The 228-unit apartment property consists of seven buildings. Built in 2016, the Class A property is situated on 13.2 acres. Chris Black and Caleb Morton of KeyBank arranged the 10-year loan, which features a 30-year amortization schedule. The borrower was not disclosed.

December 11, 2017

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