MENOMONEE FALLS, WIS. — The Dickman Co. Inc./CORFAC International has brokered the sale of a 42,590-square-foot industrial building in Menomonee Falls, about 20 miles northwest of Milwaukee. The price was not disclosed. The property is located on Garwin Mace Drive. Keebler Co. sold the property to AJR Properties South LLC. TJ Huenerbein, Samuel M. Dickman Jr. and Samuel D. Dickman of the Dickman Co. represented the buyer in the transaction.
LIVONIA, MICH. — MSC Industrial Supply Co. has signed a 14,334-square-foot industrial lease in Livonia, a western suburb of Detroit. The warehouse property is located at 37007 Industrial Road. The building will serve as MSC’s vending machine division beginning in November. Gary Glotzhober of Colliers International represented the tenant in the lease transaction. MSC currently operates five locations in Michigan.
CHICAGO — The Habitat Co. has acquired 1333 S. Wabash in Chicago’s South Loop for an undisclosed price from CMK Cos. The company acquired the 305-unit luxury apartment tower in a joint venture with Pacific Life and Township Capital. Designed by Chicago-based Brininstool & Lynch, the 28-story building opened in August 2016 and is currently 75 percent leased. The property features a mix of one-, two- and three-bedroom units, including nine duplex penthouses. Building amenities include a courtyard on the fourth floor that features a lounge area, fire pit and grill stations. Inside, the building features a workout facility, demonstration kitchen and lounge area. Habitat will also handle leasing and management for the property.
MINNEAPOLIS — Dominium has completed the rehabilitation of the historic Millworks Lofts in Minneapolis. The renovation process included transforming two run-down buildings into 78 affordable apartment units. The building dates back to the 1920s and was formerly home to Lake Street Sash & Door Co., according to Minneapolis Business Journal. Many of the building’s historic features were preserved as part of the renovation, including the original windows. Paint was removed from the exterior brick to expose the original shell and the shed building was restored to its original cedar look. Amenities include a fitness center, yoga room, package room and rooftop clubrooms. The property features a geothermal power system, which will heat and cool the building. Millworks Lofts is the first affordable housing property in southern Minneapolis to have this infrastructure, according to Dominium. A grand opening celebration is scheduled for Friday, Sept. 22.
LONG GROVE, ILL. — Capital One has provided a $21.5 million HUD 232/223(f) loan for the refinancing of Avantara Long Grove. The 195-bed skilled nursing facility is located in Long Grove, about 35 miles northwest of Chicago. The property was built in 1995 with additions in 2006 and 2007. The borrower, Cascade Capital Group, purchased the facility in 2016 and completed $3 million in improvements to the rehabilitation wing, therapy gym, front lobby, offices and conference room. Joshua Rosen of Capital One originated the 35-year loan.
CHICAGO — The Joseph J. Duffy Co. has broken ground on Brainerd Park Apartments, a $12 million affordable housing project in Chicago’s 21st ward. The 36-unit property is located at 8920 S. Loomis St. The two-story building features one-, two-, three- and four-bedroom units. The property will serve families earning at or below 60 percent of the area median income. Chicago Housing Authority rental assistance will cover 25 percent of the units. Safeway Construction Co. Inc. is a partner in the construction of the building. Two nonprofit organizations, Full Circle Communities Inc. and Christian Community Health Center, are the co-owners and developers. Hooker DeJong Inc. is providing architectural services.
GREEN BAY, WIS. — Peachtree Hotel Group has acquired the Hampton Inn Green Bay Downtown in Green Bay for an undisclosed price. The 135-room hotel is located at 201 Main St. near Lambeau Field, home of the National Football League’s Green Bay Packers. Amenities include an indoor pool, fitness center, business center and meeting space. The seller was not disclosed.
The Kansas City office market is poised for increasing rental rates and decreasing vacancy rates for the remainder of 2017 and into 2018. Kansas City has realized its 14th consecutive quarter of increased rental rates (through March 2017), while vacancy has decreased in the overall metro area due to lack of new office construction and a steady pace of absorption. Several factors contribute to the complexity of why the market is good but not great, steady but not dynamic, with no one factor driving the steady upward climb. It has been like a plane taking off but never reaching full altitude. A contradiction of sorts is contributing to the rental rate increases and vacancy decline, while there is still a lack of newly constructed space. Bread-and-butter leasing absorption and a lack of new speculative development have been the main ingredients in the overall solid market for office activity. The velocity in the market is doing its job of generating positive absorption each quarter while rates inch up. The lack of large blocks of space has created a few new construction projects, but not as many as experts had predicted and hoped for. Costs on the rise Higher construction costs and …
PAPILLION, NEB. — NorthMarq Capital has arranged a $22 million loan for the refinancing of Shadow Lake Square Apartments in Papillion, a southern suburb of Omaha. The 264-unit property is located at 7451 Shadow Lake Plaza. Floor plans at the property, completed earlier this year, range from 606 to 1,260 square feet. Jason Kinnison of NorthMarq arranged the loan. A life insurance company provided the loan.
WOODBURY, MINN. — Kraus-Anderson Construction Co. (KA) has completed Brookview Elementary School in Woodbury, about 10 miles east of St. Paul. The 74,000-square-foot property is located at 11099 Brookview Road. Serving up to 600 students, the new school features individual classrooms that open to a common learning space. A 6,000-square-foot gymnasium with an open cafeteria overlooks playgrounds and a baseball field. BWBR Architects designed the $18.6 million project. In addition, KA recently completed renovations at Stillwater High School in Oak Park Heights, Minn. New features include an 80,000-square-foot activity center, practice field and weight room.
