Midwest

Dougherty Arranges $31.5M HUD Loan for Construction of Affordable Housing Property in St. Paul

by Kristin Harlow September 29, 2017

ST. PAUL, MINN. — Dougherty Mortgage has arranged a $31.5 million HUD 221(d)(4) loan for the construction of Union Flats in St. Paul. The 217-unit affordable housing property will be located at the intersection of Territorial Road and Hampden Avenue. All units will be restricted to residents earning 60 percent or less of the area median income. The project will be constructed on a site currently occupied by the Hunt Electric Corp. building, which will be demolished. Amenities will include a community room with kitchen, outdoor patio, fitness room, rooftop deck, dog park and storage lockers. Dougherty arranged the 40-year loan for the borrower, St. Paul Leased Housing Associates VIII LLLP. The project will also receive equity through the Low Income Housing Tax Credit (LIHTC) program, as well as funds from the Metropolitan Council (a regional government agency), the Minnesota Department of Employment and Economic Development, and Ramsey County, to be used for environmental cleanup costs.

September 29, 2017

Illinois Industrial Midwest

Meridian Finishes Construction of 271,000 SF Distribution Building in Romeoville, Illinois

by Kristin Harlow September 29, 2017

ROMEOVILLE, ILL. — Meridian Design Build has completed construction of a 271,000-square-foot distribution building for Venture One in Romeoville, about 26 miles southwest of Chicago. The speculative industrial facility is located at 1200 Schmidt Road. The property features 32-foot clear heights, 27 truck docks, two drive-in doors and parking for 200 vehicles and 56 trailers. Ware Malcomb provided architectural services and Jacob & Hefner Associates completed civil engineering work. MB Financial provided the construction financing. Keith Stauber, Steve Ostrowski and Matt Rakowich of JLL are the property’s leasing agents.

September 29, 2017

Illinois Midwest Office

J.C. Anderson Completes Office Renovation for Pernod Ricard in Oakbrook Terrace, Illinois

by Kristin Harlow September 29, 2017

OAKBROOK TERRACE, ILL. — J.C. Anderson Inc. has completed interior renovations on behalf of Pernod Ricard USA LLC within the Oakbrook Terrace Tower in Oakbrook Terrace, a suburb of Chicago. Property owner and manager Equity Office selected J.C. Anderson to complete the tenant improvements to the space on the 21st floor within the 31-story building. Renovations of the office space for the wine and spirits company included the construction of workstations, phone rooms, a newly renovated kitchen and conference rooms. Seth Erlich, Andrew Mott and Bill Dennison led the project team on behalf of J.C. Anderson. Whitney Architects provided architectural services.

September 29, 2017

Healthcare Kansas Midwest

Joint Venture to Develop 89,500 SF Hospital in Derby, Kansas

by Kristin Harlow September 28, 2017

DERBY, KAN. — MedProperties Holdings LLC, CarrBaierCrandall Real Estate Group (CBC) and Candor Healthcare LLC have formed a joint venture to develop Rock Regional Hospital in Derby, a southern suburb of Wichita. The 31-bed, 89,500-square-foot facility will be located near Rock Road and Patriot Avenue on a 15-acre parcel. The site includes two additional land parcels for future healthcare facilities, such as a medical office building and a freestanding inpatient rehabilitation hospital. Other development team partners include architect ACI Boland, general contractor McCownGordon Construction and engineer Renaissance Infrastructure Consulting. The project is slated for completion in late 2018.

September 28, 2017

Industrial Loans Midwest Wisconsin

Walker & Dunlop Arranges $39.3M Refinancing for Industrial Properties in Wisconsin

by Kristin Harlow September 28, 2017

WISCONSIN — Walker & Dunlop Inc. has arranged a portfolio of loans totaling $39.3 million for the refinancing of four industrial properties in Wisconsin. WOW Logistics, a private warehousing company serving the dairy and paper industries, was the borrower. One property located in Idaho was also part of the loan transaction. The buildings are all owner-occupied, but some facilities are leased to subtenants. Matthew Lund of Walker & Dunlop arranged the fixed-rate loans with separate lenders, including three life insurance companies and two banks.

September 28, 2017

Industrial Midwest Ohio

Opus to Build 250,050 SF Industrial Building in Columbus, Ohio

by Kristin Harlow September 28, 2017

COLUMBUS, OHIO — The Meritex Co. has selected The Opus Group to build a 250,050-square-foot industrial building in Columbus. The speculative building, which will feature 32-foot clear heights and truck ports, will accommodate up to four tenants. The project is slated for completion in May 2018. Opus Design Build LLC will serve as design-builder and Opus AE Group will serve as the architect and structural engineer. Rick Trott and Kevin McGrath of CBRE will market the property for lease on behalf of developer Meritex.

September 28, 2017

Hospitality Midwest Missouri

Salina Hotel Corp. to Develop 83-Room Hotel in Belton, Missouri

by Kristin Harlow September 28, 2017

BELTON, MO. — Salina Hotel Corp. will develop an 83-room Fairfield Inn & Suites in Belton, about 20 miles south of Kansas City. The 48,000-square-foot hotel, located between Mullen Road and I-49, is slated for completion by the end of 2018. The project includes construction of a new road, which will be funded by a newly established Community Improvement District (CID). Project partners include the City of Belton and Belton Economic Development Corp.

September 28, 2017

Illinois Midwest Office

Podolsky Circle to Manage 135,151 SF Office Building in Des Plaines, Illinois

by Kristin Harlow September 28, 2017

DES PLAINES, ILL. — Podolsky Circle has been awarded the management of a 135,151-square-foot office building in Des Plaines, a suburb of Chicago. The brokerage recently relocated its entire company office within the building, which is located at 1700 W. Higgins Road. Australia-based Quattro Asset Management owns the property, which was built in 1986. The building underwent renovations to the lobby, corridors, café and restrooms. Additional building enhancements are planned. Melissa Podolsky of Podolsky Circle will lead the property management team. The property is currently 69 percent leased to other tenants including Riddell and Batory Foods. Approximately 43,235 square feet is available for lease.

September 28, 2017

Industrial Market Reports Midwest Midwest Market Reports Missouri

St. Louis Industrial Market Is a Force to Be Reckoned With

by Kristin Harlow September 28, 2017

The St. Louis industrial market has enjoyed robust growth in recent years in part because of a growing economy, the rise of e-commerce and 3PL activity, favorable tax incentives and abatement packages and a movement to quality from existing users. With a population of 37.5 million in a 300-mile radius and over 96 million in a 500-mile radius, St. Louis is a distribution force to be reckoned with. Over the past five years, vacancy has dropped from 9 percent to 4.1 percent as of the second quarter of 2017. This number, paired with asking lease rates rising 9 percent during that same time frame, illustrate the health of the market. With more than 2.7 million square feet of space absorbed already this year, the 4.2 million square feet currently under construction will be absorbed quickly. Low vacancies have spurred the need for speculative space, which has increased at a rate not seen before in this market. Recent ongoing or completed projects include a 548,850-square-foot space at Aviator Business Park, 158,000 square feet at Fenton Logistics Park and two 100,000-square-foot buildings at Hazelwood Logistics Center. Having spec product on the market places St. Louis on the radars of users that require …

September 28, 2017

Midwest Minnesota Multifamily

CBRE Arranges $87M Sale of Luxury Multifamily Property in St. Paul

by Kristin Harlow September 27, 2017

ST. PAUL, MINN. — CBRE has arranged the sale of the Vintage on Selby in St. Paul for $87 million. The 210-unit multifamily property features a 39,506-square-foot Whole Foods Market on the first floor. Completed in 2015, the property is located at the intersection of Snelling and Selby avenues. The building features a mix of units ranging from studios to three-bedroom units. Amenities include a rooftop terrace with swimming pool, fitness center and yoga room, club room, electric car charging stations and bike storage. Abe Appert, Keith Collins, Ted Abramson and Laura Hanneman of CBRE represented the seller, The Vintage on Selby LLC. The entity is related to Ryan Cos. and The Excelsior Group, which developed the property. An affiliate of Zurich North America purchased the property.

September 27, 2017

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