Midwest

Contegra Completes $26M Distribution Facility Near St. Louis

by Kristin Harlow May 15, 2018

EDWARDSVILLE, ILL. — Contegra Construction Co. has completed a new $26 million distribution facility at Gateway Commerce Center near St. Louis. Dubbed Gateway East 594, the 593,940-square-foot property features a clear height of 36 feet, 66 dock doors and two drive-in doors. This is the fifth distribution facility jointly developed by TriStar Properties and PCCP at Gateway Commerce Center, which now spans more than 15.2 million square feet. Ed Lampitt of Cushman & Wakefield is handling lease-up of the property. Gray Design Group was the project architect while Stock & Associates Consulting Engineers Inc. was the civil engineer.

May 15, 2018

Industrial Loans Michigan Midwest Self-Storage

KeyBank Provides $18.8M CMBS Loan for Refinancing of Self-Storage Portfolio in Michigan

by Kristin Harlow May 15, 2018

MICHIGAN — KeyBank Real Estate Capital has provided an $18.8 million CMBS loan for the refinancing of an eight-property self-storage portfolio in Michigan. Known as Berger U-Store Portfolio, the assets total 3,176 units and 431,755 square feet. Dennis Bernard and Kevin Kovachevich of Bernard Financial arranged the 10-year loan, which will be used to refinance existing debt on seven of the properties and acquire the remaining property.

May 15, 2018

Darlington Court Apartments, Crystal Lake, Ill.

Acquisitions Illinois Midwest Multifamily

Greystone Brokers $16M Sale of 235-Unit Multifamily Property in Crystal Lake, Illinois

by Jeff Shaw May 14, 2018

CRYSTAL LAKE, ILL. — Greystone Real Estate Advisors has brokered the $16 million sale of Darlington Court Apartments, a multifamily property in Crystal Lake that includes 209 apartments and 26 privately owned condominiums. Situated 45 miles northwest of Chicago and built in the 1970s, Darlington Court Apartments features one- and two-bedroom units ranging in size from 681 to 942 square feet, as well as laundry facilities, a children’s play area, swimming pool and storage units. The undisclosed buyer plans to convert the condo units into rental apartments. The buyer also plans to renovate the interiors of the apartment units and the common areas across the complex. Bill Montana and Chris Sackley of Greystone brokered the transaction on behalf of the seller, Darlington Properties LLC.

May 14, 2018

Healthcare Loans Michigan Midwest Seniors Housing

Capital One Provides $13.2M HUD Refinancing for Skilled Nursing Facility in Michigan

by Jeff Shaw May 14, 2018

HOWELL, MICH. — Capital One has provided a $13.2 million, fixed-rate HUD loan to refinance an 88-bed skilled nursing facility in Howell, approximately 50 miles northwest of Detroit. The unnamed facility has earned a five-star rating from Medicare, and was 98.9 percent occupied at the time of refinancing. The name of the facility and borrower were not disclosed. Joshua Rosen of Capital One originated the loan. The transaction enabled the borrower to replace bank debt with long-term financing and to recoup capital expenditures. “The substantial additional cash flow that this transaction frees up illustrates the benefits of HUD’s 232/223(f) program,” says Rosen. “The borrowers are benefiting from both a lower rate and an extended amortization period, which in the case of this loan is 35 years.”

May 14, 2018

Development Illinois Industrial Midwest Office Retail

Krusinski Breaks Ground on 112,505 SF Flex Building in Chicago’s Northwest Suburbs

by Jeff Shaw May 14, 2018

ROLLING MEADOWS, ILL. — Krusinski Construction Co. has broken ground on a 112,505-square-foot flex facility for School Health Corp. at 5600 Apollo Drive in Rolling Meadows. School Health is a national, full-service provider of health supplies, services and solutions. Construction on the distribution, shop and office facility began May 1. Ware Malcomb is the project architect and the Trammell Crow Co. is serving as project consultant. When completed, the new structure will include a two-story, 24,700-square-foot office space, plus a state-of-the-art warehouse with a dozen dock doors, a clear height of 32 feet, LED lighting and modern material handling equipment to service more than 100,000 customer orders per year. The new LEED-certified building will be centrally located among various retail restaurants and shopping centers, with close proximity to I-290 and I-90 situated directly north. The project is scheduled for completion this fall.

May 14, 2018

Acquisitions Hospitality Michigan Midwest

CBRE|Martin Arranges Sale of 66,603 SF Hospitality Asset near Kalamazoo, Michigan

by Jeff Shaw May 14, 2018

AUGUSTA, MICHIGAN — CBRE|Martin has arranged the $950,000 sale of Brook Lodge, a 66,603-square-foot hotel and conference center in Augusta, about 15 miles east of Kalamazoo. Situated on 82.6 acres, the property consists of eight cottages totaling 48 guestrooms. CBRE|Martin represented the seller, Michigan State University (MSU), which acquired the property in 2000, in the transaction. The buyer was not disclosed. Prior to MSU’s acquisition of Brook Lodge, the property served as a conference center for employees of Upjohn Co., a pharmaceutical manufacturing firm that was established in Kalamazoo in the late 19th century. In the early 2000s, pharmaceutical giant Pfizer acquired Upjohn, which had previously merged with Sweden-based Pharmacia in 1995.

May 14, 2018

Iowa Leasing Activity Midwest Retail

Lucky Brand Opens at 300,000 SF Outlets of Des Moines

by Jeff Shaw May 14, 2018

ALTOONA, IOWA — Fashion retailer Lucky Brand has opened at the 300,000-square-foot Outlets of Des Moines in Altoona. The 5,500-square-foot store is the first Iowa location for the retailer, according to the Des Moines Register. Lucky Brand will carry vintage-inspired denim, apparel and accessories for men and women at the new location. New England Development opened the Outlets of Des Moines in October 2017. Lucky Brand joins tenants such as Nike Factory Store, LOFT Outlet, Brooks Brothers, Converse, Tommy Hilfiger and Vera Bradley.

May 14, 2018

Acquisitions Healthcare Illinois Midwest Multifamily Self-Storage Seniors Housing Student Housing Top Stories

Colliers to Acquire 75 Percent Stake in Harrison Street for $450M

by Taylor Williams May 14, 2018

TORONTO AND CHICAGO — In an effort to expand its global investment management platform, Colliers International Group Inc. (NASDAQ: CIGI) has agreed to acquire 75 percent of Harrison Street Real Estate Capital LLC for $450 million. Under the terms of the transaction, which is expected to close during the third quarter, the senior management team of Harrison Street will hold the remaining 25 percent of equity. An additional $100 million will be payable to Harrison Street in 2022 based on the achievement certain performance targets. Chicago-based Harrison Street currently manages about $14.6 billion worth of assets, primarily in the seniors housing, student housing, medical office and self-storage sectors. The company’s senior management team will continue to handle its day-to-day operations. No changes to the company name have been announced at this time. According to CEO Christopher Merrill, Harrison Street was seeking an outside investment partner to assist with its global positioning strategy. Harrison Street was drawn to the depth of Colliers’ relationships on a global scale, as well as the brokerage firm’s decentralized management style and track record in investment sales. For its part, Toronto-based Colliers was in the market for a new platform that would enable global investment growth. …

May 14, 2018

Development Illinois Midwest Multifamily

Belgravia Tops Off 18-Story Luxury Condominium Building in Chicago

by Kristin Harlow May 11, 2018

CHICAGO — Belgravia Group has completed the topping-off ceremony for Renelle on the River in Chicago’s River North neighborhood. The 18-story luxury condominium building is located at 403 N. Wabash Ave. The 50-unit property, designed by bKL Architects, features five different floor plans. Listing prices start at $1.3 million. Amenities include a game room, fitness center, outdoor dog run and a 4,500-square-foot terrace. Completion is slated for early 2019.

May 11, 2018

Development Industrial Michigan Midwest

CORE BKG Purchases 30-Acre Site, Plans Industrial Development in Southeast Michigan

by Kristin Harlow May 11, 2018

LYON TOWNSHIP, MICH. — Investment group CORE BKG has purchased a 30-acre site located at 54500 and 54650 Grand River Ave. in southeast Michigan’s Lyon Township. CORE BKG plans to develop Lyon Commerce Center, which will consist of three industrial buildings totaling 450,300 square feet. The buildings will be suited for distribution, high-tech and light manufacturing uses. Construction is scheduled to begin in June. CORE BKG includes principals form both CORE Partners and Burton-Katzman.

May 11, 2018

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