Midwest

Fifield, Terraco Begin Development of Logan’s Crossing Mixed-Use Project in Chicago

by Kristin Harlow June 26, 2018

CHICAGO — Fifield Realty Corp. and Terraco Real Estate have begun development of Logan’s Crossing, a mixed-use project in Chicago’s Logan Square neighborhood. Located at 2500 N. Milwaukee Ave., the development will include 220 apartment units and 62,000 square feet of retail space, including a 27,000-square-foot Target store. The property will span two buildings connected by a sky bridge. Amenities for apartment residents will include a sun terrace, pool, dog run, bocce ball court, fitness center, coffee bar and conference center. The project is being constructed on the site of the former Mega Mall indoor flea market, which was demolished in January 2017. Move-ins are slated for November 2019, with Target’s opening expected in summer 2020. Antunovich Associates is the project architect and Focus Construction is the general contractor.

June 26, 2018

Illinois Loans Midwest Multifamily

Pembrook Provides $20.3M Bridge Loan for Multifamily Portfolio in Chicago

by Kristin Harlow June 26, 2018

CHICAGO — Pembrook Capital Management LLC has provided a $20.3 million bridge loan for the acquisition and renovation of a 325-unit multifamily portfolio in southwest Chicago. Icarus Investment Group was the borrower. The portfolio, formerly owned by Cano Properties, consists of 23 Naturally Occurring Affordable Rental Housing (NOAH) properties. NOAH properties are generally considered to be affordable to families earning less than 80 percent of the area median income. HUD deems rents to be affordable if they are at or below 30 percent of a household’s median income. Icarus intends to complete improvements at the buildings and has agreed to continue to operate the properties as NOAH throughout the term of Pembrook’s loan. The properties feature ground-floor retail spaces. Currently the residential portion is 94.2 percent occupied.

June 26, 2018

Leasing Activity Midwest Missouri Retail

GBT Realty Unveils New Tenants at the Shoppes of Mid Rivers in St. Peters, Missouri

by Kristin Harlow June 26, 2018

ST. PETERS, MO. — GBT Realty Corp. has unveiled new tenants at the Shoppes of Mid Rivers in the suburban St. Louis community of St. Peters. Outback Steakhouse is currently under construction and a Blaze Fast Fire’d Pizza is slated to join the tenant lineup. Other new leases include Nail Lounge, SSM Physical Therapy and Uptown Cheapskate. These tenants are expected to open later this year. Current tenants at the 270,000-square-foot retail center include Academy Sports + Outdoor, HomeGoods, Ross Dress for Less, Marshalls and Ulta Beauty. The property is currently 92 percent leased.

June 26, 2018

Development Michigan Midwest Multifamily

NAI Wisinski Brokers Sale of 1.5-Acre Development Site for Apartment Project in Grand Rapids, Michigan

by Kristin Harlow June 26, 2018

GRAND RAPIDS, MICH. — NAI Wisinski of West Michigan has brokered the sale of a 1.5-acre development site located at 745 Stocking Ave. in Grand Rapids. The sales price was not disclosed. The buyer, Woda Cooper Cos., plans to tear down the current building onsite and develop a four-story, 50-unit apartment complex. Known as Seven45, the property will feature affordable apartments intended for those who make 30 to 60 percent of the area median income. The unit mix will include one-, two- and three-bedroom units. Stan Wisinski of NAI Wisinski represented the buyer and the seller, John VanTongeren, president of Ferris Nut & Coffee.

June 26, 2018

Development Midwest Missouri Restaurant Retail

Dairy Queen to Open in Kearney, Missouri

by Kristin Harlow June 26, 2018

KEARNEY, MO. — A Dairy Queen Grill & Chill franchisee has purchased 33,685 square feet of land for $775,000 to build a new ground-up Dairy Queen in Kearney, about 25 miles north of Kansas City. The property is located on the southeast corner of I-35 and Highway 92. The Dairy Queen is slated to open in September. Tony DeTommaso of Block & Co. Inc. Realtors represented the buyer. The seller was not disclosed.

June 26, 2018

Development Midwest Minnesota Office

Joint Venture Acquires 140,000 SF Office Building in Minneapolis, Plans Renovation

by Kristin Harlow June 25, 2018

MINNEAPOLIS — A joint venture between TriCoastal Group and The Davis Companies has acquired Renaissance Square in Minneapolis for an undisclosed price. The companies plan to renovate the 140,000-square-foot office building and rename it The Andrus in homage to the building’s first owner, John Emory Andrus. The scope of the renovation includes a new street-level façade and retail space, a new tenant lounge, upgraded lobby and conference facility. RSP Architects will manage the design and renovation work for the 11-story building. Construction is expected to begin this summer and be completed by early 2019. Cushman & Wakefield is providing leasing, property management, engineering and construction management services. WSP, Sedgwick, Cue Inc., Genus Technologies, Fastbridge, CBX and DLR Group currently occupy the property, which first opened in 1898.

June 25, 2018

Development Hospitality Midwest Missouri

87-Room Tru by Hilton Opens in St. Charles, Missouri

by Kristin Harlow June 25, 2018

ST. CHARLES, MO. — Tru by Hilton has opened in St. Charles, a suburb of St. Louis. The five-story, limited-service hotel features 87 rooms. St. Charles Hotel Associates owns the property, while Kinseth Hospitality Cos. is managing the hotel. Amenities include complimentary breakfast, Wi-Fi and a fitness center. An open lobby features four areas where guests can work, lounge or eat. The hotel is part of The Streets of St. Charles, a mixed-use community comprised of retail, dining, entertainment, hospitality, residential and office space. Cullinan Properties is the developer and owner of the 27-acre development.

June 25, 2018

Acquisitions Illinois Midwest Mixed-Use

Interra Arranges $16.5M Sale of Adjacent Mixed-Use Buildings in Chicago

by Kristin Harlow June 25, 2018

CHICAGO — Interra Realty has arranged the sale of two adjacent mixed-use buildings in Chicago’s Edgewater neighborhood for $16.5 million. Located on North Broadway Avenue, a 95,000-square-foot building is comprised of 42 apartment units and two street-level retail spaces, one of which is leased to a daycare center. The asset sold for $15.8 million. An adjacent mixed-use building includes two apartment units and 1,800 square feet of ground-floor retail space. The asset sold for $745,000. A private buyer purchased both of the properties. The seller was not disclosed. Craig Martin and Brian DiBasilio of Interra represented both parties in the sale.

June 25, 2018

Acquisitions Midwest Multifamily Ohio

Colliers Negotiates $2.1M Sale of Apartment Building in Columbus, Ohio

by Kristin Harlow June 25, 2018

COLUMBUS, OHIO — Colliers International has negotiated the sale of Cambridge Apartments in Columbus for $2.1 million. The apartment building, located at 3170 Cleveland Ave., includes 66 units. Will Mathews, Russ Williamson, Carter Brehm, Tyler Hague and Jack Maloney of Colliers represented the seller, AMG Mario LLC. Ravi Chenna, a private buyer, purchased the asset.

June 25, 2018

Acquisitions Illinois Industrial Midwest

Colliers Brokers Sale of 486,062 SF Industrial Portfolio in Metro Chicago

by Kristin Harlow June 22, 2018

CHICAGO — Colliers International has brokered the sale of a three-building, 486,062-square-foot industrial portfolio in metro Chicago for an undisclosed price. Built between 1972 and 1984, the properties have been updated with truck docking, trailer parking and new lighting. The facilities include a 212,728-square-foot warehouse in Batavia, a 204,586-square-foot warehouse in Alsip, and a 68,728-square-foot property in St. Charles. The buildings are fully leased to four tenants. Jeff Devine and Steve Disse of Colliers represented the seller, DCT Industrial Trust (NYSE: DCT). Cabot Properties was the buyer.

June 22, 2018

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