OMAHA, NEB. — NorthMarq Capital has arranged a $24.4 million Freddie Mac loan for the refinancing of Broadmoor Hills Phase III in Omaha. The 192-unit apartment building is located at 18440 West Dodge Hills Plaza. Community amenities include a fitness center, pool, indoor basketball court and resident movie theater. Jason Kinnison of NorthMarq arranged the loan for the borrower through its seller/servicer relationship with Freddie Mac.
CEDAR RAPIDS, IOWA — CBRE Hotels has brokered the sale of the Holiday Inn Express South in Cedar Rapids for an undisclosed price. The 83-room hotel is located on 33rd Avenue. Amenities include a fitness center and indoor pool. Nate Sahn and Douglas Johnson of CBRE represented the seller, Amana-Nordstrom Inc. Sioux Falls, S.D.-based Bird Dog Equity Partners purchased the asset.
Steady employment gains and new households in metro Detroit have boosted optimism in the retail sector. The local economy added 36,500 nonfarm payroll jobs in the 12-month period that ended September 30, 2017, an expansion of 1.8 percent and in line with employment growth nationally. Job gains were led by the professional and business services sector, which filled more than 12,400 positions. This segment includes many well-paying tech jobs as companies such as Penske Logistics and Lear Corp. increase staffing. As of August, Detroit’s seasonally adjusted unemployment rate stood at 3.2 percent, down from 5.3 percent a year earlier, according to the Bureau of Labor Statistics. Amazon.com is rapidly expanding in the metro area. Amazon opened a fulfillment center in Livonia this fall, creating 1,000 positions, and has additional facilities planned in 2018 for Romulus and Shelby Township that will create a combined 2,600 jobs when fully staffed. The combination of job creation and increasing wages is boosting household incomes and contributing to rising retail sales. The median household income in the third quarter stood at $59,600 per year, slightly higher than the U.S. level. The gain in spending power is benefiting existing retail operations and attracting new businesses such …
KANSAS CITY, MO. — A partnership between United Development Co. and Falcon Realty Advisors has purchased Barry Towne Center in Kansas City for an undisclosed price. The partnership will undertake a $15 million renovation of the retail center, which is anchored by Target, Kohl’s and Babies “R” Us. An additional $30 million will be invested in developing the remaining 13 acres on the east side of the property. The shopping center has been renamed Twin Creeks Center and will be expanded by an additional 200,000 square feet. Jay Ferguson of Ferguson Properties represented the buyers, while Garry Hayes of MD Management Real Estate Development represented the sellers, the Morgan and Davis builder-developer families. Metropolitan Capital Advisors arranged the financing via lender Centennial Bank. MD Management Real Estate Development has been retained to continue management of Twin Creeks Center and Lane4 Property Group is the leasing agent.
LISLE, ILL. — The Missner Group has completed the renovation of the Olympian Office Center in Lisle. The 168,000-square-foot office building was formerly the headquarters of Porsche Cars North America. The Missner Group acquired the seven-story building, located at 4343 Commerce Court, in 2016. New features include a Wi-Fi lounge, new lighting, finishes and lobby improvements. The renovation also included painting of the property’s exterior. Olympian Office Center was constructed in 1987 and sits on 7.4 acres. The property is currently 30 percent occupied by tenants such as FBI and Hinshaw & Culbertson. Kent Nepras and Scott Nomellini of The Missner Group oversaw the construction team. Interior Design Group Ltd. provided architectural services. Francis Prock and David Florent of Colliers International will market the renovated property for lease.
LIBERTYVILLE, ILL. — Marcus & Millichap has arranged the sale of Cook Apartments in Libertyville, a northern suburb of Chicago, for $11.3 million. The 86-unit apartment building is located at 201 E. Cook Ave. Built in 1972, the five-story property features a mix of studios, one- and two-bedroom units. The building was fully leased at the time of sale. Andrean Angelov and Ryan Engle of Marcus & Millichap represented the seller, a limited liability company. Scott Harris of Marcus & Millichap represented the buyer, also a limited liability company.
HAZEN, N.D. — The Neenan Co. has completed construction of a new 55,300-square-foot medical facility for Sakakawea Medical Center in Hazen in central North Dakota. The new facility integrates both a critical access hospital and a community health center. As a comprehensive medical center, the new facility will enable Sakakawea Medical Center to meet the primary care, diagnostic, emergency, surgical and acute care needs of the rural community while promoting the long-term well-being of the region through wellness and prevention programs. The facility has replaced a previous medical center built in 1969.
KANSAS CITY, MO. — Newmark Grubb Zimmer (NGZ) has brokered the sale of a historic, 32,624-square-foot office building in downtown Kansas City. The sales price was not disclosed. Originally constructed in 1903, the property is located at 908 Broadway Blvd. Google Fiber is the anchor tenant and occupies more than 23,000 square feet. Kansas City-based ER Marketing also occupies a full floor. After a full-floor lease to Coury Hospitality, the property is now fully leased. Michael VanBuskirk and Chris Robertson of NGZ brokered the sale on behalf of the seller, a California-based private investor group. A Colorado-based private investor purchased the property.
BROOKFIELD, WIS. — Blue Vista Finance LLC has provided a $19.5 million loan for the refinancing of the Sheraton Milwaukee Brookfield Hotel in the Milwaukee suburb of Brookfield. The six-story hotel features 389 rooms. Built in 1972, the hotel underwent a $4.3 million renovation in 2014. The property features more than 19,000 square feet of meeting space, a 24-hour business center, fitness center, indoor and outdoor heated pools and The Craft Room restaurant. Located at 375 South Moorland Road, the hotel is just off I-94 and adjacent to the Brookfield Square Mall. Scott Hall, Jeff Bucaro and Aaron Lapping of HFF arranged the three-year loan on behalf of the borrower, LLJ Ventures. Loan proceeds will be used to pay off the hotel’s existing loan and to fund additional strategic capital improvements.
LOMBARD, ILL. — M & J Wilkow has sold a 174,098-square-foot office complex in Lombard, 20 miles west of Chicago, for an undisclosed price. A joint venture between Red Rock and Lincoln Property Co. purchased the property, which is located at 701 E. 22nd St. M & J Wilkow acquired the office complex in September 2014 with a fund managed by DRA Advisors. The property was 81 percent leased at the time. The company renovated the lobby atrium, corridors and fitness center. The property was 97 percent leased at the time of sale.
