Midwest

ECA Capital Receives $77M Loan for Refinancing of Two Retail Properties in Chicago

by Kristin Harlow November 3, 2017

CHICAGO — ECA Capital Ltd., an Irish partnership, has received a $77 million loan for the refinancing of two adjacent retail properties along Chicago’s Magnificent Mile. The properties, located at 545 and 555 N. Michigan Ave., total 61,909 square feet. Completed in 1998, the 45,904-square-foot, three-story 555 North Michigan building is home to The Gap. Ugg boots recently leased the five-story 545 North Michigan building, which includes 16,005 square feet. Christopher Knight and Timothy Joyce of HFF arranged the 10-year loan with a fund managed by Apollo Global Management.

November 3, 2017

Loans Midwest Multifamily Ohio

KeyBank Arranges $20.7M Refinancing for Apartment Property in Gahanna, Ohio

by Kristin Harlow November 3, 2017

GAHANNA, OHIO — KeyBank Real Estate Capital has arranged a $20.7 million Fannie Mae loan for the refinancing of Parc Apartments in Gahanna, about nine miles northeast of Columbus. The 180-unit property is comprised of six, three-story buildings situated on 7.8 acres of land. Tim Weldon of Key arranged the 12-year loan, which features a 30-year amortization schedule.

November 3, 2017

Illinois Midwest Multifamily

Kiser Group Brokers $4.9M Sale of Multifamily Property in Chicago

by Kristin Harlow November 3, 2017

CHICAGO — Kiser Group has brokered the sale of a 41-unit multifamily property in Chicago’s Uptown neighborhood for $4.8 million. The property is located at 4866 N. Magnolia Ave. The building, constructed in the 1920s, consists of mostly studio apartment units. Ben Smith, Rick Ofman and Lee Kiser of Kiser Group brokered the transaction. Local private investor Sandy Kahn purchased the asset from another local investor.

November 3, 2017

Iowa Midwest Self-Storage

Bellomy & Co. Negotiates Sale of 64,517 SF Self-Storage Facility in Waukee, Iowa

by Kristin Harlow November 3, 2017

WAUKEE, IOWA — Bellomy & Co. has negotiated the sale of Waukee Storage Masters in Waukee, about 20 miles west of Des Moines. The sales price was not disclosed. The 64,517-square-foot self-storage facility features 462 climate-controlled units. The Class A property is located near Grand Prairie Parkway and I-80. Bill Bellomy, Michael Johnson and John Arnold of Bellomy & Co. represented the Waukee-based seller. The team also procured the buyer, StorageMart.

November 3, 2017

Industrial Midwest Wisconsin

Dickman Co. Arranges Sale of 53,000 SF Industrial Building in Slinger, Wisconsin

by Kristin Harlow November 3, 2017

SLINGER, WIS. — The Dickman Co. Inc./CORFAC International has arranged the sale of a 53,000-square-foot industrial building in Slinger, about 35 miles northwest of Milwaukee. The sales price was not disclosed. The property is located at 3767 Scenic Road. Scenic Cedar Creek LLC purchased the asset from the sellers, Robert and Ann Schoenke. Nick Keys, Samuel M. Dickman Jr. and Samuel D. Dickman of the Dickman Co. brokered the transaction.

November 3, 2017

Illinois Michigan Midwest Multifamily Top Stories

CCA Sells Three Apartment Properties in Illinois, Michigan for $125M

by Kristin Harlow November 3, 2017

ANN ARBOR, MICH., PALATINE, ILL., AND HOFFMAN ESTATES, ILL. — City Club Apartments (CCA) has sold three apartment properties in Illinois and Michigan for $125 million. The properties include Village Park of Ann Arbor, Village Park of Palatine and Village Park of Hoffman Estates in Illinois. The buyers were not disclosed. Village Park of Ann Arbor consists of 520 units and is located adjacent to U.S. Route 23 near The University of Michigan. Village Park of Palatine consists of 448 units and is located in the northwest suburb of Chicago. The 221-unit Village of Hoffman Estates is also located northwest of Chicago. These three communities no longer fit the vision of the company, which has shifted to developing and managing midrise, high-rise and historic mixed-use apartment and penthouse communities, according to CEO Jonathan Holtzman. Prior to launching CCA in early 2016, Holtzman served as chairman, CEO and 50 percent owner of Village Green Holdings. CCA began transferring the management of its entire portfolio from Village Green to City Club management in June of this year. With offices in Detroit, Chicago and Toronto, CCA has a portfolio of approximately 10,000 apartments in 30 communities, $2 billion in real estate assets and …

November 3, 2017

Midwest Minnesota Multifamily

CBRE Arranges $77M Sale of 10-Property Apartment Portfolio in Suburban Minneapolis

by Kristin Harlow November 2, 2017

MINNEAPOLIS — CBRE has arranged the sale of a 10-property apartment portfolio in suburban Minneapolis for $77 million. The portfolio spans 768 units in Bloomington, Brooklyn Center, New Hope and St. Paul. Aeon, a local nonprofit affordable housing developer and owner, purchased the portfolio. Constructed between 1964 and 1970, the units range in size from studios to three-bedroom units and average 1,012 square feet. Keith Collins, Ted Abramson, Abe Appert and Laura Hanneman of CBRE represented the seller, Hillaway Investments LLC. Prior to the sale, the seller completed $2.4 million in capital improvement projects over the past three years.

November 2, 2017

Illinois Midwest Office

Principal Real Estate Investors Sells 559,204 SF Office Property in Lincolnshire, Illinois

by Kristin Harlow November 2, 2017

LINCOLNSHIRE, ILL. — Principal Real Estate Investors has sold Tri-State International Office Center in Lincolnshire, a northern suburb of Chicago. The sales price was $75 million, according to local media reports. The Class A office park spans five buildings and 559,204 square feet. The buildings are 79.3 percent leased to tenants such as CDW Corp., LTD Commodities, Solo Cup and Wells Fargo Bank NA. CDW, a computer hardware and software company, occupies two buildings at the property for its corporate headquarters. Amenities include a conference center, 135-seat auditorium, fitness center and deli. Patrick Shields, Bryan Rosenberg, Jaime Fink, Jeff Bramson and Mark Katz of HFF represented Principal Real Estate Investors. Bradford Allen Investment Advisors represented the undisclosed buyer.

November 2, 2017

Illinois Midwest Multifamily

Related Midwest Opens 300-Unit Luxury Apartment Tower in Chicago

by Kristin Harlow November 2, 2017

CHICAGO — Developer Related Midwest has opened Landmark West Loop in Chicago’s West Loop. The 31-story, 300-unit apartment tower is located at 1035 W. Van Buren St. Designed by Morris Adjimi Architects, Landmark West Loop features a mix of studio, convertible, one-, and two-bedroom apartments, along with two- and three-bedroom penthouses. Residences range in size from 500 to 1,960 square feet. Rents start at $1,740 per month. The nearly 12,000 square feet of amenity space features a sun deck with pool, spa, cabanas, lounge areas, fire pit, outdoor kitchens and dog run. Indoor amenities include ping-pong, shuffleboard and arcade games, a 3,500-square-foot fitness center, lounge and library. This is the developer’s third luxury rental property in downtown Chicago.

November 2, 2017

Loans Midwest Multifamily Nebraska

NorthMarq Arranges $14.2M Refinancing of Apartment Property in Omaha, Nebraska

by Kristin Harlow November 2, 2017

OMAHA, NEB. — NorthMarq Capital has arranged a $14.2 million Fannie Mae loan for the refinancing of Chateau at Hillsborough in Omaha. The 114-unit apartment property is located at 4804 North 133rd Plaza. Amenities include a fitness center, clubhouse, dog park and dry-cleaning pick-up. John Reed of NorthMarq arranged the 10-year loan, which features a 30-year amortization schedule. The borrower was not disclosed.

November 2, 2017

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