Midwest

HFF Arranges $18M Refinancing for 307,138 SF Shopping Center in Berwyn, Illinois

by Kristin Harlow July 18, 2018

BERWYN, ILL. — HFF has arranged an $18 million loan for the refinancing of Cermak Plaza in Berwyn, a western suburb of Chicago. The 307,138-square-foot shopping center is 95 percent leased to tenants including Walgreens, Marshalls, Ross Dress for Less, The Gap, McDonald’s, Office Depot, Dollar Tree, Party City and Shoe Carnival. The borrower, Cermak Plaza Associates LLC, originally developed the center in 1955. The property has undergone several renovations and expansions with the most recent being in 2014. Matthew Schoenfeldt of HFF represented the borrower. An insurance company provided the 10-year, fixed-rate loan. Loan proceeds were used to retire an existing loan and fund capital improvements in conjunction with the termination of a lease with Meijer and a new lease with Tony’s Finer Foods.

July 18, 2018

Development Illinois Midwest Multifamily

Opus Begins Construction of 113-Unit Luxury Apartment Project in Des Plaines, Illinois

by Kristin Harlow July 18, 2018

DES PLAINES, ILL. — The Opus Group has begun construction of a 113-unit luxury apartment project in Des Plaines. Located at 1555 Ellinwood Ave., the transit-oriented development will feature 1,400 square feet of ground-floor retail space. The project is a joint venture with Berkshire Group. Amenities will include a fitness center, yoga studio, clubroom, dog spa, outdoor amenity deck and bike storage. One- and two-bedroom units will vary in size. The property is being constructed on the former Sim’s Bowl site, which closed in 2009 and demolished two years later, according to the Daily Herald. Opus Development Co. is the developer while Opus Design Build is the builder. Opus AE Group is the structural engineer and ESG Architects is the architect. Completion is slated for the second quarter of 2019.

July 18, 2018

Acquisitions Illinois Midwest Office

Millennium Brokers $2.6M Sale of Coworking Space in Chicago

by Kristin Harlow July 18, 2018

CHICAGO — Millennium Properties R/E has brokered the sale of a 14,383-square-foot office condo in Chicago’s Central Loop for $2.6 million. The buyer was Rent24, an international co-working company. This location will serve as the company’s third location since it entered the Chicago market in May. The coworking space features a mix of desk stations, private suites and three conference rooms. Recently updated, the unit has a dedicated office entrance, allowing secure access for tenants. Greg Block brokered the sale. The seller was not disclosed.

July 18, 2018

Industrial Leasing Activity Midwest Wisconsin

Anderson Manufacturing Signs 19,370 SF Industrial Lease in Lake Geneva, Wisconsin

by Kristin Harlow July 18, 2018

LAKE GENEVA, WIS. — Anderson Manufacturing LLC has signed a 19,370-square-foot industrial lease in Lake Geneva. The manufacturer of screws, rivets and other fastener solutions will occupy the space at 999 S. Wells St. Nick Keys of the Dickman Co. Inc./CORFAC International brokered the lease transaction. The landlord is 999 Wells LLC.

July 18, 2018

Development Midwest Minnesota Multifamily

Kraus-Anderson, Inland Break Ground on $53M Apartment Project in Richfield, Minnesota

by Kristin Harlow July 17, 2018

RICHFIELD, MINN. — Kraus-Anderson and Inland Development Partners have broken ground on a $53 million apartment project in Richfield, about nine miles south of Minneapolis. The three-story, 316-unit property will be located at 6745 18th Ave. The project includes six buildings, three of which are new construction. Approximately 20 percent of the units will be designated as affordable housing. Dougherty Mortgage arranged HUD financing for the project. The City of Richfield sold the property to the developers. Kraus-Anderson Construction is the general contractor. The first units are slated to open in the fall of 2019.

July 17, 2018

Acquisitions Illinois Industrial Midwest

Midwest Industrial Funds Acquires 600,000 SF Industrial Complex in Hodgkins, Illinois for $17M

by Kristin Harlow July 17, 2018

HODGKINS, ILL. — Midwest Industrial Funds has purchased a 600,000-square-foot, two-building industrial complex in Hodgkins, about 17 miles southwest of Chicago, for more than $17 million. The company plans to renovate and reposition both buildings at a total cost of $15 million. Midwest Industrial plans to tear down part of the building at 6600 River Road in order to modernize the property with 45 additional exterior docks, new glass façade, new office space, a new roof and HVAC. Once renovated, the 408,000-square-foot building will be named Hodgkins Center of Commerce and feature 62 dock doors, onsite trailer parking and a clear height of 26 feet. The smaller property at 6620 River Road will remain 110,000 square feet and undergo an exterior renovation. Walter Murphy of Lee & Associates represented the undisclosed seller. Steve Roth of CBRE secured construction financing for the project. Harris Architects will provide architectural services and Spaceco is the civil engineer.

July 17, 2018

Loans Midwest Nebraska Office

NorthMarq Arranges $14M Acquisition Loan for Office Property in Omaha

by Kristin Harlow July 17, 2018

OMAHA, NEB. — NorthMarq Capital has arranged a $14 million loan for the acquisition of North Park Office in northwest Omaha. The office property spans 177,323 square feet. Steve Ruff of NorthMarq arranged the 25-year loan, which is fully amortized. A life insurance company provided the loan. The borrower was not disclosed.

July 17, 2018

Acquisitions Illinois Industrial Midwest

Amerco Purchases Two Industrial Buildings in Libertyville, Illinois

by Kristin Harlow July 17, 2018

LIBERTYVILLE, ILL. — Amerco Real Estate Co. has purchased two industrial buildings in Libertyville, about 40 miles northwest of Chicago. The purchase price was not disclosed. Amerco is the parent company of U-Haul and provides real estate and development services to U-Haul. The company purchased a 48,439-square-foot building at 14045 Rockland Road as well as a 12,000-square-foot building located next door. Both properties will serve as storage and truck rentals for U-Haul. Brian Bocci of Entre Commercial Realty represented the buyer in both transactions. John Hauser of Avison & Young represented the undisclosed seller of the larger building. The second building was not officially on the market, but JLL represented its seller.

July 17, 2018

Development Hospitality Illinois Midwest

Summit Begins Renovation of Swissôtel Chicago

by Kristin Harlow July 17, 2018

CHICAGO — Summit Design + Build has begun to renovate a portion of the Swissôtel Chicago, a 44-story hotel located at 323 E. Wacker Drive in Chicago. The company is renovating the amenity spaces on the 42nd and 43rd floors for a total project size of 13,200 square feet. The hotel will remain operational throughout renovations. Summit’s work includes relocating the fitness center, building a new ballroom and meeting space, installing new windows, replacing doors and renovating lobby bathrooms. The ballroom will feature a 150-foot chandelier. The fitness center will feature new bathrooms, a crossfit studio and juice bar. AccorHotels operates the hotel. JLL is the owner’s representative, while Design One Studio is the project architect and Gettys Group is the interior designer. Swissôtel Chicago was built in 1989.

July 17, 2018

Development Illinois Industrial Midwest

Meridian Completes 75,000 SF Industrial Build-to-Suit in Chicago

by Kristin Harlow July 16, 2018

CHICAGO — Meridian Design Build has completed construction of a 75,000-square-foot industrial build-to-suit for Banner Wholesale Grocers in Chicago. The new facility is located on the north bank of the Chicago River at 2639 S. Damen Ave. The property features a clear height of 36 feet, LED lighting, a fully air-conditioned sales floor, freezer space, eight loading docks and a covered van platform with 16 loading positions. Banner Wholesale Grocers has been servicing independent grocers since 1926. Schmidt Design Inc. provided architectural services while Kimley-Horn performed civil engineering work. Baker Development Corp. was the developer.

July 16, 2018

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