Midwest

NKF Arranges $74.8M Loan to Reposition Chicago’s Hard Rock Hotel

by Kristin Harlow September 22, 2017

CHICAGO — Newmark Knight Frank (NKF) has arranged a $74.8 million loan for the repositioning of the Hard Rock Hotel located at 230 N. Michigan Ave. in Chicago. Property owner Becker Ventures and manager Aparium Hotel Group plan to reposition the property as the St. Jane Chicago hotel following the closing of the Hard Rock Hotel on Dec.1. The newly branded property is scheduled to reopen in spring 2018. The new name is a nod to social worker Jane Addams, who co-founded Chicago’s Hull House in 1889. The settlement house opened to European immigrants and provided social and educational programs. Built in 1929 and designed by the Burnham Brothers, the historic Carbide & Carbon building features 37 stories. Renovations will consist of updated interiors with the addition of a rooftop bar and lounge, full-service restaurant, market café, cocktail bar and 11,000 square feet of meeting and event space. In addition to 363 guest rooms, St. Jane Chicago will feature luxury suites on floors 25 and above known as The Tower at St. Jane. A reason for the repositioning was not provided, but Crain’s Chicago Business reports that competition in the neighborhood was the catalyst for the makeover. Ben Greazel of …

September 22, 2017

Midwest Minnesota Office

Ackerberg Breaks Ground on 193,000 SF Office Project in Minneapolis

by Kristin Harlow September 21, 2017

MINNEAPOLIS — Ackerberg has broken ground on MoZaic East, an eight-story, 193,000-square-foot office and retail project in the Uptown neighborhood of Minneapolis. The property, located at 2900 Fremont Ave., will encompass 180,000 square feet of office space and 13,000 square feet of retail space. The project is an expansion of the MoZaic Art Plaza, as MoZaic West was completed in 2012. MoZaic East, slated for completion in the fourth quarter of 2018, will feature bike amenities and rooftop patios. The project team includes Ackerberg as developer, Opus AE Group as architect and The Opus Group as general contractor. First National Bank of Omaha, MidCountry Bank and First Western Bank and Trust are providing project financing.

September 21, 2017

Illinois Midwest Retail

CBRE Arranges $13.6M Sale of Retail Property in Chicago

by Kristin Harlow September 21, 2017

CHICAGO — CBRE has arranged the sale of Block Y in Chicago for $13.6 million. The 24,863-square-foot retail property is located at 1301 W. Madison St. The property is 100 percent leased to three tenants. Keely Polczynski of CBRE represented the seller, 1940 Y Century Associates LLC, which is an entity controlled by Los Angeles-based Blatteis & Schnur Inc. An affiliate of Renaissance Capital LLC purchased the asset.

September 21, 2017

Midwest Multifamily Ohio

Joint Venture Breaks Ground on Luxury Apartment Complex in Centerville, Ohio

by Kristin Harlow September 21, 2017

CENTERVILLE, OHIO — A joint venture between Mills Development and Hills Properties has broken ground on Allure Luxury Apartments, a seven-building apartment property in Centerville. The 312-unit community is located at 350 Arden Way adjacent to Cross Pointe Shopping Center. Amenities will include a two-story fitness center, executive conference room, cyber café, pool and bark park. Hills Properties will manage the property. First move-ins are slated for late 2018.

September 21, 2017

Illinois Midwest

Harold E. Eisenberg Foundation Dinner Set for Sept. 26 to Benefit Cancer Research

by Kristin Harlow September 21, 2017

CHICAGO — The Harold E. Eisenberg Foundation will hold its 19th annual dinner on Tuesday, Sept. 26. The fundraiser hosts commercial real estate professionals for an evening of cocktails, dinner and networking. Proceeds from the event — held the evening before the ICSC Chicago Deal Making show — will benefit the foundation’s real estate education programs and gastrointestinal cancer research. The event takes place from 5:30 p.m. to 10 p.m. at the Hilton Chicago, located at 720 S. Michigan Ave. Tickets are still available for purchase. For more information, visit eisenbergfoundation.org.

September 21, 2017

Michigan Midwest Office

Farbman Group to Renovate 500,000 SF Office Complex in Troy, Michigan

by Kristin Harlow September 21, 2017

TROY, MICH. — Farbman Group has unveiled plans to renovate Sheffield Office Park, a three-building, 500,000-square-foot office complex in Troy. The property is located at 3290 W. Big Beaver Road. Renovations will be made to the 3310 building, including an updated lobby space and deli as well as new interior finishings. The exteriors to all three buildings will be refaced and repainted different colors. Renovations were previously made to the 3250 and 3290 buildings.

September 21, 2017

Michigan Midwest Mixed-Use Top Stories

Bedrock Plans $2.1B in Developments in Downtown Detroit Totaling 3.2 MSF

by John Nelson September 21, 2017

DETROIT — Bedrock, Dan Gilbert’s Detroit-based commercial real estate development and investment firm, has unveiled a package of four developments totaling $2.1 billion in new investment that will add to Detroit’s skyline. Totaling 3.2 million square feet, Bedrock expects to create both construction and permanent jobs totaling up to 24,000. “Detroit is going vertical,” says Gilbert, who also founded Quicken Loans Inc. and owns the Cleveland Cavaliers of the National Basketball Association. “In fact, that is the only way to create any type of significant expansion in the city because we are virtually at full occupancy for residential and commercial space in both downtown and midtown.” Gilbert adds that “transformational” projects like these are necessary to both accommodate the expansion of current downtown businesses and make Detroit a legitimate competitor for new businesses and massive opportunities, including Amazon’s HQ2. Gilbert, Detroit Mayor Mike Duggan and other elected officials and community members gathered at the historic Book Tower to unveil the following projects: The Hudson’s Site — The approximately $900 million, 1 million square-foot redevelopment of the old Hudson’s site will include the tallest tower in Detroit. Crain’s Detroit Business reports that the building will rise 80 stories, which would top …

September 21, 2017

Kansas Market Reports Midwest Midwest Market Reports Missouri Retail

National Retail Tenants Enter, Expand Into Kansas City Market

by Kristin Harlow September 21, 2017

The greater Kansas City area retail market remains solid as a rock, despite CoStar Group’s mid-year report showing a slight decline in the average asking rental rate and a slight increase in vacancy. The retail vacancy rate in the second quarter of 2017 stood at 5.7 percent, up slightly from the previous quarter’s 5.5 percent. The average asking rental rate for retail is $13.05 per square foot, down from $13.07 in the previous quarter. Local, regional and national restaurant chains continue to expand with strong success throughout all areas of the Kansas City market, and “new-to-market” users continue to open their doors. Currently, there is approximately 570,000 square feet of retail space under construction in the Kansas City area and various mixed-use projects under development. Additionally, several new shopping center projects have recently been announced and are quickly gaining traction with restaurant and retail users. One of the major catalysts for the widespread retail and mixed-use boom throughout greater Kansas City is the various incentives that have been made available to developers including tax increment financing, community improvement districts, transportation development districts, tax abatement and other incentives. On both sides of the state line, as sites become more expensive and …

September 21, 2017

Michigan Midwest

Stephen Ross Gives Additional $50M to University of Michigan, Brings Total Giving to $378M

by Kristin Harlow September 20, 2017

ANN ARBOR, MICH. — Real estate developer and alumnus Stephen Ross has donated an additional $50 million to the University of Michigan, bringing his total lifetime giving to the academic institution to $378 million. The majority of the gift will support career development programs for students, learning experiences such as student-run investment funds and new business ventures as well as resources for attracting and developing junior faculty. The rest will go toward completing and maintaining the Ross School of Business. Ross continues to be the single largest donor to the university. He also chairs U-M’s Victors for Michigan Campaign, which has raised more than $4 billion since its beginnings in 2013. Ross is founder and chairman of the Related Cos. and owner of the Miami Dolphins. The Related Cos. is best known for the development of Time Warner Center in New York City and the 28-acre Hudson Yards development on Manhattan’s west side, and is also one of the largest owners of affordable housing nationally.

September 20, 2017

Industrial Midwest Ohio

Monmouth Acquires 298,472 SF Industrial Building in Kenton, Ohio for $18M

by Kristin Harlow September 20, 2017

KENTON, OHIO — Monmouth Real Estate Investment Corp. has acquired a new 298,472-square-foot industrial building in Kenton for $18 million. The property is located on 46 acres at 2465 Fontaine St., approximately 28 miles south of Findlay. The building is net leased to International Paper Co., a paper and packaging manufacturer, for 10 years. The building has full rail access and is adjacent to one of International Paper Co.’s manufacturing plants.

September 20, 2017

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