Midwest

Carter Validus Mission Critical REIT Sells Data Centers for $1B in Two Separate Deals

by Kristin Harlow October 25, 2017

CHICAGO — Carter Validus Mission Critical REIT Inc. has entered into a definitive agreement in two separate transactions to sell data centers for a combined $1 billion. The REIT will sell a 251,141-square-foot data center in metro Chicago for $315 million. An affiliate of Digital Realty Trust LP has purchased the property, which is situated on 19 acres of land. Carter Validus has also entered into a definitive agreement to sell a 14-property data center portfolio to Singapore-based Mapletree Industrial Trust for $750 million. The transactions are expected to close in the fourth quarter. Moelis & Co. LLC served as lead financial advisor, along with KeyBanc Capital Markets Inc. and SunTrust Robinson Humphrey Inc. serving as co-advisors. Morris, Manning & Martin LLP served as legal counsel.

October 25, 2017

Michigan Midwest

Detroit Pistons, Henry Ford Health System Break Ground on 175,000 SF Training Facility

by Kristin Harlow October 25, 2017

DETROIT — The Detroit Pistons and Henry Ford Health System have broken ground on a 175,000-square-foot training, rehabilitation and sports medicine complex in the New Center area of Detroit. The Henry Ford – Detroit Pistons Performance Center, slated to open during the summer of 2019, will house a new training facility and corporate headquarters for the NBA franchise. A comprehensive sports medicine, treatment and rehabilitation facility will be managed by the health system. The property will also incorporate public spaces for community relations, networking receptions and team hosted events. The facility is located on a land parcel owned by Henry Ford one block north of its corporate offices and approximately two miles north of the new Little Caesars Arena. Project costs are estimated at $65 million, according to Crain’s Detroit Business.

October 25, 2017

Illinois Loans Midwest Multifamily

Associated Bank Arranges $66.8M Construction Loan for Apartment Property in Lincolnshire, Illinois

by Kristin Harlow October 25, 2017

LINCOLNSHIRE, ILL. — Associated Bank has arranged a $66.8 million syndicated loan for the construction of 444 Social, a 302-unit luxury apartment property in Lincolnshire, a northern suburb of Chicago. The Class A property will be located at 444 Parkway Drive. The property will feature 127 one-bedroom units, 126 two-bedroom units and 15 three-bedroom units. Completion is slated for spring 2019. Associated Bank, which served as the lead arranger on the deal, provided $20 million of the loan package. Krista Casper of Associated Bank originated the loan for the borrower, SMASH Residential Chicago LLC, an affiliate of ECD Co.

October 25, 2017

Midwest Missouri Office

Franklin Partners Acquires 325,172 SF Office Building in Clayton, Missouri

by Kristin Harlow October 25, 2017

CLAYTON, MO. — Franklin Partners has acquired The Plaza in Clayton, a 325,172-square-foot office building in Clayton, about nine miles west of St. Louis. The purchase price was not disclosed. The 16-story property is located at 190 Carondelet Plaza. Smallwood, Reynolds, Stewart, Stewart designed the building, while St. Louis-based THF Realty developed the property in 2001. Paul Lundstedt, Dan Deuter, Mark Palmer, Artie Kerckoff and TJ Redmond of CBRE represented the seller, KBS REIT.

October 25, 2017

Illinois Midwest Multifamily

AIA Brokers $8.2M Sale of Apartment Building in Chicago

by Kristin Harlow October 25, 2017

CHICAGO — Apartment Investment Advisers (AIA) has brokered the sale of a 67-unit apartment building in Chicago’s Uptown neighborhood for $8.2 million. The eight-story property is located at 940 W. Winona St. A Chicago-based multifamily investment and management firm acquired the building with plans to complete a modernization and repositioning program. Bill Cassin of AIA represented the seller, a private investor that had owned and operated the building since the mid-1990s.

October 25, 2017

Midwest Missouri Mixed-Use

Cullinan Properties Unveils Plans for Second Phase of Streets of St. Charles in Missouri

by Kristin Harlow October 24, 2017

ST. CHARLES, MO. — Cullinan Properties Ltd. has unveiled plans for the next phase of construction at Streets of St. Charles, which is located about 25 miles northwest of St. Louis. Phase II will include a 60,000-square-foot, three-story building designed to accommodate more retail and office tenants. Construction is slated to begin in spring 2018. The building, located at the northeast corner of Beale and Lombard streets, will incorporate 20,000 square feet of ground-floor retail space and 40,000 square feet of office space. Cullinan Properties will handle leasing efforts for the retail space, while Balke Brown Transwestern will market the office space. Streets of St. Charles, which opened in 2012, features tenants such as Prasino, Tucanos Brazilian Grill, Firebirds Wood Fired Grill, Leopard Boutique, Olivino Tasting Bar and Sole & Blues.

October 24, 2017

Illinois Midwest Multifamily

Interra Negotiates $4.3M Sale of Apartment Property in Hillside, Illinois

by Kristin Harlow October 24, 2017

HILLSIDE, ILL. — Interra Realty has negotiated the sale of Hillside Park Apartments in Hillside, about 15 miles west of Chicago, for $4.3 million. The 71-unit apartment property is located at 600 Wolf Road. The seven-building property consists of 27 one-bedroom units and 44 two-bedroom units. James Clough of Interra represented the undisclosed seller and procured the buyer, R&R Luxury Apartments.

October 24, 2017

Kansas Midwest Net Lease Restaurant Retail

Marcus & Millichap Arranges $2.6M Sale of Net Leased Property in Topeka, Kansas

by Kristin Harlow October 24, 2017

TOPEKA, KAN. — Marcus & Millichap has arranged the sale of a 4,828-square-foot property net leased to IHOP in Topeka for $2.6 million. The restaurant is located at the intersection of U.S. Highway 24 and Topeka Boulevard. Jamie Medress, Mark Ruble and Chris Lind of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Kirk Trammell, David Cutler and Joshua Johnson of Marcus & Millichap secured and represented the buyer, also a limited liability company. Richard Matricaria and Greg Bates assisted in closing the transaction.

October 24, 2017

Hospitality Indiana Midwest

Mumford Co. Brokers Sale of 63-Room Hotel in Greenfield, Indiana

by Kristin Harlow October 24, 2017

GREENFIELD, IND. — Mumford Co. has brokered the sale of Country Inn & Suites in Greenfield, about 25 miles east of Indianapolis. The sales price was not disclosed. The 63-room hotel features an indoor pool, business center and meeting space. David Mumford and George Arvanitis represented the seller, RP Investments LLC. Indiana-based Everest Hotel Group Inc. purchased the asset.

October 24, 2017

Illinois Midwest Office

J.C. Anderson Completes 11,000 SF Office Renovation for Athenex in Schaumburg, Illinois

by Kristin Harlow October 24, 2017

SCHAUMBURG, ILL. — J.C. Anderson Inc. has completed an 11,000-square-foot office renovation for Athenex in Schaumburg, a northwest suburb of Chicago. New York-based Athenex is a biopharmaceutical company. The property is located at 10 N. Martingale Road. J.C. Anderson added conference rooms, a videoconference boardroom, open offices and a pantry. Matt Kantro and Bob Hickey of J.C. Anderson led the project team, while Whitney Architects provided architectural services.

October 24, 2017

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