Midwest

JDL Opens 250-Unit Luxury Apartment Tower in Chicago

by Kristin Harlow October 9, 2017

CHICAGO — JDL Development has opened SixForty North Wells, a 250-unit luxury apartment tower in Chicago’s River North neighborhood. The 23-story building is currently 41 percent leased and 37 percent occupied. Floor plans vary from studios to three-bedroom units and range in size from 500 to 1,600 square feet. Rents range from $1,850 to $5,820. Amenities include a rooftop deck, kitchen, gaming lounge, fitness center, golf simulator and grill area with fire pits. The Habitat Co. manages the property.

October 9, 2017

Illinois Midwest Retail

Realty Metrix Negotiates Sale of 103,266 SF Shopping Center in Algonquin, Illinois

by Kristin Harlow October 9, 2017

ALGONQUIN, ILL. — Realty Metrix Commercial has negotiated the sale of Algonquin Town Center in Algonquin, a northwest suburb of Chicago. The sales price was not disclosed. The 103,266-square-foot center is located at 3120-1440 E. Algonquin Road. Built in 1988, the property sits on 11 acres. Chase Bank, Dollar Tree, Goodwill and the U.S. Post Office anchor the property. Linda Kost and Dave Schmidt of Realty Metrix represented the seller, Nickels Quarters LLC. Millennium Properties represented the buyer, RMS Properties.

October 9, 2017

Loans Michigan Midwest Office

Bernard Financial Arranges $2.9M Refinancing for Office Building in Sterling Heights, Michigan

by Kristin Harlow October 9, 2017

STERLING HEIGHTS, MICH. — Bernard Financial Group has arranged a $2.9 million loan for the refinancing of a 37,321-square-foot office building in Sterling Heights. David Dismondy of Bernard Financial arranged the loan for the borrower, Roncelli Investment Co. LLC. General contractor Roncelli Inc. occupies the property, which is located at 6471 Metro Parkway. Symetra Life Insurance Co. provided the loan.

October 9, 2017

Illinois Industrial Midwest

Westmount Realty Capital Acquires 2.3 MSF Industrial Portfolio in Metro Chicago

by Kristin Harlow October 6, 2017

CHICAGO — Westmount Realty Capital has acquired a 21-building, 2.3 million-square-foot industrial portfolio in the greater Chicago area. Sixteen of the properties are located in close proximity to Chicago O’Hare International Airport and the Illinois International Port District. The other five are situated north of Chicago from Lake County, Ill., to Kenosha, Wis. The portfolio is currently 82 percent occupied. This acquisition brings Westmount’s Chicago area assets to more than 5 million square feet of industrial space. Including this acquisition, Dallas-based Westmount now has nearly 8 million square feet of industrial space in the Midwest region within its portfolio. To accommodate the company’s growth in the region, Westmount will expand its local property management office into a regional office in Chicago.

October 6, 2017

Midwest Minnesota Multifamily

Doran Completes 241-Unit Apartment Property in Hopkins, Minnesota

by Kristin Harlow October 6, 2017

HOPKINS, MINN. — Doran Cos. has completed The Moline in downtown Hopkins, a western suburb of Minneapolis. The 241-unit apartment property features more than 35,000 square feet of amenity space, including a club room, fitness center, business office, pet run, rooftop lounge and pool deck. The name pays homage to the community’s history as home of the Minneapolis-Moline Co., a large tractor and machinery producer. The first-floor lobby features an antique tractor display open to the public.

October 6, 2017

Indiana Industrial Midwest

Opus Begins Construction of 495,977 SF Industrial Building in Greenwood, Indiana

by Kristin Harlow October 6, 2017

GREENWOOD, IND. — The Opus Group has begun construction of a 495,977-square-foot speculative industrial building in Greenwood, about 14 miles south of Indianapolis. Opus is developing the project, known as Greenpointe Logistics Center, in a joint venture with Diamond Realty Investments Inc. The building will feature 36-foot clear heights and will be able to accommodate up to two tenants. Completion is slated for late spring 2018. Luke Wessel of Cushman & Wakefield will market the property for lease.

October 6, 2017

Industrial Midwest Wisconsin

Colliers Brokers Sale of 146,532 SF Industrial Building in Milwaukee

by Kristin Harlow October 6, 2017

MILWAUKEE — Colliers International has brokered the sale of Canal Street Commerce Center in the Menomonee Valley near downtown Milwaukee. The sales price was not disclosed. The 146,532-square-foot infill industrial building is located at 1301 W. Canal St. Milsco Manufacturing and Stamm Technologies recently signed anchor leases, bringing the property to 100 percent occupancy. Other tenants include Prolitec, Pittsburgh Glassworks, Rexnord, Industrial Controls and Bence-Build. A group led by LCM Funds Real Estate LLC acquired the building. Tom Shepherd and Mark Schnoll of Colliers represented the seller, Ziegler/Bence Partners 5 LLC, which developed the property in 2007. The site had previously been part of the Milwaukee stockyards.

October 6, 2017

Loans Midwest Wisconsin

Associated Bank Provides $2.3M Equity for Renovation of Green Bay YMCA

by Kristin Harlow October 6, 2017

GREEN BAY, WIS. — Associated Bank has provided $2.3 million of Wisconsin Historic Tax Credit (HTC) equity for the renovation of the Green Bay Ferguson Family YMCA. The 112,000-square-foot building is located at 235 N. Jefferson St. The building received extensive structural and mechanical improvements, as well as updates to the gymnastics center and pool. A new family adventure center was also constructed. Associated Bank also provided a $7 million loan last year when renovations at the facility began. Teresa Gutierrez of Associated Bank managed the equity investment, while Julian Lamue handled the loan arrangements and closing.

October 6, 2017

Midwest Minnesota

Kraus-Anderson Completes Phase I of $10M Terminal at Falls International Airport in Minnesota

by Kristin Harlow October 5, 2017

INTERNATIONAL FALLS, MINN. — Kraus-Anderson has completed Phase I construction of the new passenger air service terminal building at the Falls International Airport in International Falls, located near the border of Canada. The $10 million project replaces approximately two-thirds of the old terminal. Architecture firm Alliiance designed the 17,894-square-foot building. Phase I includes new arrival and departure services with check-in ticketing counters and kiosks, a secured gate lounge, baggage handling, passenger boarding bridge, TSA screening area, car rental services and waiting area. Phase II of the construction — a separately funded project — will complete the full replacement of the old terminal, and provide new space for U.S. Customs processing, the Weather Bureau office, Transportation Security Administration (TSA) offices and Airport Commission conference room. Construction is scheduled to begin in the spring of 2018 and is slated for completion in March 2019.

October 5, 2017

Industrial Midwest Ohio

Becknell to Develop 176,800 SF Speculative Industrial Building in Fairfield, Ohio

by Kristin Harlow October 5, 2017

FAIRFIELD, OHIO — Becknell Industrial has purchased a 14-acre site to develop a 176,800-square-foot speculative industrial building in Fairfield, a northern suburb of Cincinnati. Completion is slated for the first quarter of 2018. The building, located on Commerce Center Drive, will feature 32-foot clear heights, 18 docks and two drive-in doors.

October 5, 2017

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