Midwest

Dominium Opens 163-Unit Affordable Seniors Housing Property in Suburban Minneapolis

by Kristin Harlow July 24, 2018

APPLE VALLEY, MINN. — Dominium has completed development of The Legends of Apple Valley, a 163-unit affordable seniors housing property located 20 miles south of Minneapolis. Residents who are 55 and older and who earn up to 60 percent of the area median income are eligible to live at the property. Amenities include a fitness center, community room, theater room and a beauty salon. Eagle Building Co. was the general contractor. Dominium’s Legends portfolio comprises 2,100 units of affordable senior apartments across the metro area.

July 24, 2018

Illinois Leasing Activity Midwest Office

Chicago Trading Co. Signs 114,186 SF Office Lease Renewal, Expansion in Chicago

by Kristin Harlow July 24, 2018

CHICAGO — Chicago Trading Co. (CTC) has signed a 114,186-square-foot office lease renewal and expansion at 425 Financial Place in Chicago. CTC, a derivatives trading firm, has expanded its lease by 26,768 square feet. Mark Keebler and Brad Serot of CBRE represented CTC in the lease transaction. Mike Curran of JLL represented the undisclosed landlord. Owner CIM Group has committed to investing significantly in the property, formerly known as 440 S. LaSalle St., to upgrade amenities and improve common areas.

July 24, 2018

Acquisitions Illinois Midwest Net Lease Retail

Boulder Group Arranges $15.5M Sale of Property Net Leased to Jewel-Osco in Metro Chicago

by Kristin Harlow July 24, 2018

PALOS HEIGHTS, ILL. — The Boulder Group has arranged the $15.5 million sale of a single-tenant property net leased to Jewel-Osco in Palos Heights, about 25 miles southwest of Chicago. The 57,685-square-foot building is located on a nearly 10-acre parcel at 12803 Harlem Ave. Randy Blankstein and Jimmy Goodman of Boulder Group represented the seller, a Southwest-based private real estate investment company. A Midwest-based family partnership purchased the asset.

July 24, 2018

Acquisitions Midwest Minnesota Multifamily

Marcus & Millichap Brokers $4.5M Sale of Apartment Property in South St. Paul

by Kristin Harlow July 24, 2018

SOUTH ST. PAUL, MINN. — Marcus & Millichap has brokered the sale of The Hillcrest Apartments in South St. Paul for $4.5 million. The 53-unit apartment property is located at 219 3rd Ave. The seven-building property features a mix of studios, one- and two-bedroom units. The property was fully occupied and had been under the same ownership and management since the 1960s. Evan Miller of Marcus & Millichap marketed the property on behalf of the undisclosed seller. A private investor purchased the asset.

July 24, 2018

Industrial Leasing Activity Michigan Midwest

Colliers Negotiates 70,186 SF Industrial Lease in Taylor, Michigan

by Kristin Harlow July 24, 2018

TAYLOR, MICH. — Colliers International has negotiated the lease of a 70,186-square-foot industrial warehouse in Taylor. The property is located at 8555-8625 Inkster Road. Sheridan Burton of Colliers represented the tenant, Production Management One. This will be the first Michigan location for the traveling concert staging company, which has three locations nationwide. The company will occupy the space on Sept. 1. Paul Choukourian, Peter E. Kepic and Peter J. Kepic of Colliers represented the undisclosed landlord.

July 24, 2018

Acquisitions Midwest Missouri Office

Lingerfelt, CrossHarbor Acquire Office Tower in Kansas City

by Kristin Harlow July 23, 2018

KANSAS CITY, MO. — Lingerfelt CommonWealth Partners LLC, in a joint venture with CrossHarbor Capital Partners LLC, has acquired a 28-story, 538,741-square-foot office tower in Kansas City. The purchase price was not disclosed. The seller was Franklin Street Partners, according to the Kansas City Business Journal. Gina Anderson, Gary Carr, Robert Hill and Russell Ingrum of CBRE arranged the transaction on behalf of the seller. The Class A property, located at 2345 Grand Blvd., includes a parking garage and an adjacent four-story annex building. Architect Mies van der Rohe designed the property, which was developed by Shorenstein Co. in 1977. Anchored by law firm Lathrop Gage, the tower is approximately 73 percent occupied. Lingerfelt plans to make a capital investment in the building with a renovation of the lobby and common areas, as well as a reconfiguration and renovation of the ground-floor retail portion of the annex building. Upgrades are planned for the fitness center, locker room, conference center and tenant lounge. Commonwealth Commercial Partners, the company’s property management affiliate, will handle all aspects of the day-to-day asset and property management. Miles McCune, Jeff Winters and Travis Helgeson of Cushman & Wakefield will handle the leasing and marketing of the building’s available …

July 23, 2018

Loans Midwest Minnesota Multifamily Seniors Housing

Dougherty Provides $34M HUD-Insured Loan for Construction of Seniors Housing Property in St. Paul

by Kristin Harlow July 23, 2018

ST. PAUL, MINN. — Dougherty Mortgage LLC has provided a $34 million HUD-insured loan for the construction of The Legends at Berry Senior in St. Paul. The 241-unit affordable seniors housing property will be situated on the former Weyerhaesuer Lumber site. All of the units will be restricted to persons age 62 and older who earn 60 percent or less of the area median income. Amenities will include a beauty salon, craft room, community room, fitness room, theater room, courtyard and patio. The FHA 221(d)(4) loan guaranteed by HUD is fully amortized over 40 years. Financing also involves 4 percent low-income housing tax credits. St. Paul Leased Housing Associates IX LLLP was the borrower.

July 23, 2018

Illinois Leasing Activity Midwest Retail

Mercedes Benz to Open Pop-up Store on Chicago’s Magnificent Mile

by Kristin Harlow July 23, 2018

CHICAGO — Mercedes Benz has signed a 3,700-square-foot lease to open a pop-up store at 401 N. Michigan Ave. on Chicago’s Magnificent Mile. The automaker will begin occupying the space late this month for a three-month period. Mercedes will offer a rotating display of new models in the building’s plaza. Danny Jacobson, Luke Molloy and Stephen Ansani of CBRE represented Walton Street Capital in the lease transaction. Walton Street recently purchased the 737,000-square-foot office tower, which features 30,000 square feet of retail space. An Apple store currently occupies 22,000 square feet of the retail space.

July 23, 2018

Acquisitions Industrial Midwest Minnesota

Coldwell Banker Arranges Sale of 821,190 SF Industrial Warehouse in Waseca, Minnesota

by Kristin Harlow July 23, 2018

WASECA, MINN. — Coldwell Banker Commercial Fisher Group (CBCFG) has arranged the sale of an 821,190-square-foot industrial warehouse in Waseca, which is located in southern Minnesota. The sales price was not disclosed. The property, located at 2300 Brown Ave., features 54,000 square feet of office space as well as climate-controlled storage and rail access. A group of Minnesota-based developers purchased the asset. The seller was not disclosed. David Schooff of CBCFG is marketing the property for lease. Brown Printing occupied the building upon its opening in 1949, and Quad/Graphics occupied the property until about four years ago, according to local media. The building now sits vacant.

July 23, 2018

Illinois Industrial Leasing Activity Midwest

Third-Party Logistics Company Signs 371,994 SF Industrial Lease in Lockport, Illinois

by Kristin Harlow July 23, 2018

LOCKPORT, ILL. — Kane Is Able Inc. has signed a 371,994-square-foot industrial lease at Heritage Crossing in Lockport, about 30 miles southwest of Chicago. The third-party logistics warehousing, transportation and supply chain company will occupy the space at 14630 S. 147th Court. The property features a clear height of 36 feet and is located near I-355. Trent Smith and Eric Beichler of Mohr Partners represented the tenant in the lease transaction. Dan Leahy, Mark Moran and John Whitehead of NAI Hiffman represented the landlord, ML Realty Partners.

July 23, 2018

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