Midwest

Brain Development Group Purchases 80,615 SF Office Building in Kansas City

by Kristin Harlow July 2, 2018

KANSAS CITY, MO. — Brain Development Group has purchased Belletower, a five-story, 80,615-square-foot office building in Kansas City. The purchase price was not disclosed. The property is located in Country Club Plaza, five miles south of the city’s central business district. The property, built in 1986, includes a 180-space, four-level parking garage beneath the building and an additional 41-space surface parking lot. At the time of sale, Belletower was 67 percent leased to tenants such as MidCountry Bank and Reynolds Law Firm LLC. Two new tenants have since boosted occupancy to 76 percent, according to the Kansas City Business Journal. Amenities include a fitness center and tenant storage. Gina Anderson, Gary Carr and Robert Hill of CBRE represented the seller, Advent Belleview LLC.

July 2, 2018

Acquisitions Illinois Midwest Retail

HFF Arranges $16M Sale of Retail Portion of Historic Chicago Building

by Kristin Harlow July 2, 2018

CHICAGO — HFF has arranged the $16 million sale of a 13,062-square-foot retail space in the heart of Chicago’s financial district. The space is part of the Roanoke Building, a historic office tower located at 11 S. LaSalle St. Originally constructed in 1915 and renovated in 2015, the tower is 91 percent occupied. Tenants of the retail portion include Citibank, Roanoke Restaurant, 7-Eleven and T-Mobile. Amy Sands and Clinton Mitchell of HFF represented the seller, an affiliate of The Prime Group Inc. The buyer was not disclosed.

July 2, 2018

Indiana Industrial Leasing Activity Midwest

HSA Commercial Negotiates 49,977 SF Industrial Lease for Pelican BioThermal in Suburban Indianapolis

by Kristin Harlow July 2, 2018

PLAINFIELD, IND. — HSA Commercial Real Estate has negotiated a 49,977-square-foot industrial lease for Pelican BioThermal at Gateway Business Park in Plainfield, a suburb of Indianapolis. The company provides thermal packaging solutions for the safe transportation of pharmaceutical and medical materials. Pelican BioThermal will begin occupying space at Gateway II, a 121,800-square-foot building, in July. HSA Commercial has developed five buildings totaling approximately 630,000 square feet at the 55-acre Gateway Business Park. Terry Busch and Jared Scaringe of CBRE represented ownership in the lease transaction with Pelican BioThermal. Bryan Augustin of Alliance Commercial Group represented the tenant.

July 2, 2018

Loans Midwest Minnesota Multifamily

Dougherty Provides $4.8M HUD Loan for Acquisition of Apartment Property in Suburban Minneapolis

by Kristin Harlow July 2, 2018

COON RAPIDS, MINN. — Dougherty Mortgage LLC has provided a $4.8 million HUD 223(f) loan for the acquisition and rehabilitation of Drake Apartments in Coon Rapids, a northern suburb of Minneapolis. The 48-unit affordable housing property was originally constructed in 1978 and underwent a partial renovation in 2001. As part of this acquisition, the property will undergo a rehabilitation of approximately $34,000 per unit. The loan is fully amortized over 35 years. Drake MDG LP was the borrower.

July 2, 2018

Acquisitions Healthcare Indiana Midwest

MedEquities Acquires Rehabilitation Hospital in New Albany, Indiana for $23.4M

by Kristin Harlow June 29, 2018

NEW ALBANY, IND. — MedEquities Realty Trust Inc. (NYSE: MRT) has acquired Southern Indiana Rehabilitation Hospital in New Albany near Louisville for $23.4 million. The company also executed a 15-year lease with Vibra Rehabilitation Hospital of Southern Indiana LLC for the 60-bed inpatient rehabilitation facility (IRF). Vibra will convert the 26 beds currently in use as skilled nursing in order to operate the entire 64,380-square-foot facility as an IRF, which is the original design of the facility. The seller was not disclosed.

June 29, 2018

Development Illinois Midwest Office

Core Acquisitions to Complete $7M Renovation of Office Building in Schaumburg, Illinois

by Kristin Harlow June 29, 2018

SCHAUMBURG, ILL. — Core Acquisitions has unveiled plans to complete a $7 million renovation of Chatham Centre in Schaumburg. The 10-story, 205,000-square-foot office building is located at 1901 N. Roselle Road. Core plans to upgrade the lobby and outdoor terrace spaces, enhance the onsite food service operations and complete tenant build-outs. The lobby will feature a bleacher-style seating area where employees can work, eat or socialize. Construction of the new improvements is scheduled to begin immediately and be completed by year-end. Chatham Centre is currently 70 percent leased. Colliers International is the leasing agent and property manager. D+K Architects is the design and architecture firm. Core financed its acquisition of the property with New York-based Prime Finance.

June 29, 2018

Illinois Leasing Activity Midwest Office

Strive Logistics Signs 20,033 SF Headquarters Lease in Chicago’s Lincoln Park

by Kristin Harlow June 29, 2018

CHICAGO — Strive Logistics has signed a 20,033-square-foot office lease for its headquarters at 1457 N. Halsted St. in Chicago. The third-party logistics provider will move into its space in the NEWCITY development in November. The company will relocate from 3008 N. Lincoln Ave. Kevin McLennan and David Saad of CBRE represented Strive in the lease transaction. Jake Ehrenberg and Scott Brandwein of CBRE represented the landlord, Bucksbaum Retail Management. NEWCITY is a mixed-use development located at the intersection of Halsted Street and Clybourn Avenue in the Lincoln Park neighborhood.

June 29, 2018

Development Illinois Midwest Office

Morgan/Harbour Completes 19,640 SF Office Renovation for Riddell in Des Plaines, Illinois

by Kristin Harlow June 29, 2018

DES PLAINES, ILL. — Morgan/Harbour Construction has completed an office and lab space renovation for Riddell Sports in Des Plaines, a suburb of Chicago. Riddell is a manufacturer of football helmets, pads and other football-related equipment. The scope of the project included a 19,640-square-foot interior office build-out on the fifth floor, including 3,325 square feet of testing laboratory space. New partitions, doors and ceilings as well as upgraded finishes and new furnishings were part of the renovation. Partners by Design provided architectural services. CBRE is the property manager. Riddell moved its corporate headquarters from Rosemont to 1700 Higgins Centre in Des Plaines.

June 29, 2018

Acquisitions Indiana Midwest Retail

Cooper Group Arranges $5M Sale of 12,408 SF Retail Property in Warsaw, Indiana

by Kristin Harlow June 29, 2018

WARSAW, IND. — The Cooper Commercial Investment Group has arranged the $5 million sale of Lake City Plaza in Warsaw, about 40 miles west of Fort Wayne. The 12,408-square-foot retail property is fully leased. Tenants include Starbucks, Verizon Wireless, Moe’s Southwest Grill and McAlister’s, all of which are on 10-year leases. The new property is located directly in front of a Meijer superstore. Dan Cooper of Cooper Group represented the seller, an Indiana-based private investor. An Ohio-based group purchased the asset.

June 29, 2018

Loans Midwest Multifamily Ohio

NorthMarq Arranges $31M Construction Financing for Apartment Property in Cincinnati

by Kristin Harlow June 28, 2018

CINCINNATI — NorthMarq Capital has arranged $31 million in construction financing for Encore Apartments at 716 Sycamore St. in Cincinnati. The 133-unit apartment property, which is now in the lease-up phase, features amenities such as a pool, observation lounge, outdoor kitchen, pet spa, clubroom and fitness center. Construction completed in 2017. Susan Branscome of NorthMarq arranged the 10-year loan, which features a 25-year amortization schedule. A life insurance company provided the loan on behalf of the undisclosed borrower.

June 28, 2018

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