Midwest

Doran, KM2 to Develop 185-Unit Luxury Apartment Property in Edina, Minnesota

by Kristin Harlow December 11, 2017

EDINA, MINN. — Doran Cos. and KM2 Development are developing a 185-unit luxury apartment property in Edina, a southwest suburb of Minneapolis. Known as ENVi, the property will be situated on a site formerly occupied by Best Buy, which closed in 2012. The store will be demolished in order to make room for the apartment property. Designed by Doran Architecture, the building will have environmental features such as a white roof to reduce the heat island effect, increased thermal building design, Energy Star appliances and electric car-charging stations. Slated for completion in summer 2019, the project will include a mix of studio, one-, two- and three-bedroom apartments as well as 13 townhomes. Amenities will include an entertainment clubroom, outdoor pool, grills, bocce ball, business center, fitness center, spa, sauna and golf simulator. Mike Mikan and Kurt Krumenauer of KM2 purchased the property and an adjacent single-family home in 2016.

December 11, 2017

Illinois Industrial Midwest

NAI Hiffman Brokers Sale of 161,740 SF Industrial Building in Bridgeview, Illinois

by Kristin Harlow December 11, 2017

BRIDGEVIEW, ILL. — NAI Hiffman has brokered the sale of a 161,740-square-foot industrial building in Bridgeview, about 13 miles southwest of Chicago. The sales price was not disclosed. The property is situated along I-294 at 7400-7420 Richards Road. The building features 18 exterior docks, one drive-in door, 24-foot clear heights and parking for 60 cars. Chris Gary and Jay Maher of NAI Hiffman represented the seller, Transwestern Investment Group. Adam Haefner of Darwin Realty & Development Corp. represented the buyer, Rex Carton Co., a manufacturer of corrugated boxes and custom shipping containers.

December 11, 2017

Midwest Minnesota Office

Elion, Kraus-Anderson to Develop 54,000 SF Office Building at CityPlace in Woodbury, Minnesota

by Kristin Harlow December 11, 2017

WOODBURY, MINN. — Elion Partners and Kraus-Anderson have unveiled plans to develop a 54,000-square-foot office building in Woodbury, an eastern suburb of St. Paul. The three-story Class A building will be the third office building situated within CityPlace, a 100-acre mixed-use development. Transwestern will represent Elion Partners in the lease-up of the building. The office portion of CityPlace began with the development of TRIA Orthopedic Center, a partnership between The Orthopedic Center, Park Nicollet & Health Partners and University of Minnesota Physicians. Earlier this year, The Davis Group unveiled plans to develop CityPlace’s second office building, a two-story, 50,000-square-foot medical office building, slated to open in July 2018.

December 11, 2017

Hospitality Michigan Midwest

CBRE Arranges Sale of 129-Room Hotel in Lansing, Michigan

by Kristin Harlow December 11, 2017

LANSING, MICH. — CBRE Hotels has arranged the sale of the Courtyard by Marriott Lansing for an undisclosed price. The 129-room hotel is located at 2710 Lake Lansing Road near the Michigan State University campus and Capital Region International Airport. Amenities include an indoor heated pool, fitness center and pet-friendly rooms. Nate Sahn of CBRE represented the seller, Lansing-based Wickens Group. Lansing Hotel Owners LLC, an affiliate of the Banyan Investment Group, purchased the property.

December 11, 2017

Affordable Housing Loans Midwest Minnesota Multifamily

Dougherty Provides $4.8M HUD Loan for Construction of Affordable Housing Property in Ramsey, Minnesota

by Kristin Harlow December 8, 2017

RAMSEY, MINN. — Dougherty Mortgage LLC has provided a $4.8 million HUD 221(d)(4) loan for the construction of Greenway Terrace in Ramsey, about 30 miles north of Minneapolis. All 54 of the property’s units will be restricted to individuals and families earning 50 percent or less of the area median income. The project will feature six one-bedroom units, 21 two-bedroom units, 21 three-bedroom units and six four-bedroom units. Dougherty arranged the 40-year loan on behalf of the borrower, Ramsey Station Apartments Limited Partnership. In addition to the HUD-insured first mortgage, the borrower obtained capital via the Low-Income Housing Tax Credit (LIHTC) program as well as funds from Anoka County and the Metropolitan Council.

December 8, 2017

Illinois Industrial Midwest

Midwest Industrial Funds Sells 84,000 SF Industrial Building in Chicago

by Kristin Harlow December 8, 2017

CHICAGO — Midwest Industrial Funds has sold an 84,000-square-foot industrial building in Chicago for an undisclosed price. The food production building is located at 4300 S. Morgan St. within the Stockyards Business Park. The property features 17- to 28-foot ceilings, seven exterior docks, parking for 150 cars and freezer space on a nine-acre site. An affiliate of WP Carey, which had a long-term lease agreement in place with Griffith Foods at closing, purchased the property. Scott Duerkop, Jason Volpe and Sean Devaney of JLL represented the buyer and Griffith Foods in the transaction. Brian Vanosky, Tom Condon and Tim McCahill of Lee & Associates represented Midwest Industrial Funds.

December 8, 2017

Illinois Midwest Self-Storage

Marcus & Millichap Arranges $4.4M Sale of Self-Storage Facility in Romeoville, Illinois

by Kristin Harlow December 8, 2017

ROMEOVILLE, ILL. — Marcus & Millichap has arranged the sale of Space Savers Self Storage in Romeoville for $4.4 million. The 44,000-square-foot self-storage facility is located at 645 S. Weber Road. Built in 2005, the facility offers climate-controlled, indoor, outdoor and portable storage units. For security, the facility features 24-hour surveillance and all units are electronically controlled. Sean Delaney and Michael Male of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The team also procured the buyer, a private investor.

December 8, 2017

Midwest Office Ohio

Enervise Signs 12,700 SF Office Lease in Blue Ash, Ohio

by Kristin Harlow December 8, 2017

BLUE ASH, OHIO — Enervise has signed a 12,700-square-foot office lease at Vista Business Center II in Blue Ash, about 15 miles northeast of Cincinnati. Vista Business Center II, totaling 57,000 square feet, is part of a two-building office campus located along Alliance Road. Enervise, a commercial HVAC services company, is relocating from Evendale, Ohio, and will use the building as its new headquarters. Other tenants at the property include The Urology Group and Technical Training Associates. John Eckert, Travis Likes and Scott Yards of CBRE represented the landlord, Neyer Properties, in the lease transaction.

December 8, 2017

Midwest Ohio Retail

Confluent Development Completes Two Verizon Wireless Stores in Ohio

by Kristin Harlow December 8, 2017

CINCINNATI AND DAYTON, OHIO — Confluent Development has completed two Verizon Wireless stores in Cincinnati and Dayton. The Cincinnati project is a renovation of a 4,522-square-foot freestanding, renovated facility along a retail corridor in the Western Hills area. Verizon relocated the Cincinnati store for a larger space. The renovation included the expansion of the sales floor area to enhance customer service. The store is located at 6211 Glenway Ave. The Dayton store is a 4,983-square-foot ground-up, build-to-suit development. Verizon decided to relocate the store in favor of the new facility’s more functional layout. Located at 2340 Miamisburg Centerville Road, the freestanding facility is in the Centerville neighborhood immediately adjacent to Target and near South Dayton Mall. The project marks one of the first Verizon Wireless locations built under the company’s new “Next Generation” store design, which incorporates the latest digital technology and merchandising concepts under Verizon’s new retail vision, according to Confluent.

December 8, 2017

Loans Midwest Multifamily Ohio

KeyBank Provides $163.1M Refinancing for Manufactured Housing Portfolio

by Kristin Harlow December 7, 2017

CLEVELAND, OHIO — KeyBank Real Estate Capital has provided $163.1 million in financing through a Fannie Mae credit facility for the recapitalization of 14 manufactured housing properties in six states. Totaling 5,013 combined pad sites, the properties are part of a 23-property portfolio owned and operated by Inspire Communities. The property names were not disclosed. Todd Linehan of Key structured the financing with a 10-year term, five-year interest only period and 30-year amortization schedule. The loan will be cross-collateralized and cross-defaulted.

December 7, 2017

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