Midwest

47-Unit Luxury Apartment Building Opens in Evanston, Illinois

by Kristin Harlow August 21, 2017

EVANSTON, ILL. — Real Capital Solutions Inc. and RMK Management Corp. have opened 1620 Central, a 47-unit luxury apartment building in Evanston. The four-story property, located at 1620 Central St., is 40 percent leased. Floor plans include one-, two- and three-bedroom units ranging from 601 to 1,297 square feet. Monthly rents range from $2,020 to $3,287. Amenities include a bike storage room, electronic package management system and dry cleaning drop-off and pick-up. TJM Development Inc. and Real Capital Solutions developed the property. First National Bank provided project financing, while McHugh Homes was the general contractor.

August 21, 2017

Kansas Midwest Multifamily

CBRE Arranges Sale of Two Multifamily Properties Near Major Universities in Kansas

by Kristin Harlow August 21, 2017

TOPEKA AND MANHATTAN, KAN. — CBRE has arranged the sale of two multifamily properties near major universities in Kansas for an undisclosed price. Constructed between 2009 and 2014, the Lofts at College Hill is a 220-unit property located near Washburn University in Topeka. Amenities include a clubhouse, fitness facility, resort-style pool, media room, game room and business room. The Campus East Apartments consists of 110 units and is located one block from Kansas State University in Manhattan. Amenities include a pool, on-site laundry and on-site storage areas. A private equity group led by Oklahoma City-based real estate investor Lew McGinnis acquired the properties. Jeff Lamott of CBRE arranged the transaction on behalf of the sellers, Newsome Development and First Management.

August 21, 2017

Industrial Michigan Midwest

Zolman Restoration Signs 30,690 SF Industrial Lease in Midland, Michigan

by Kristin Harlow August 21, 2017

MIDLAND, MICH. — Zolman Restoration has signed a 30,690-square-foot industrial lease in Midland, about 27 miles east of Mt. Pleasant. The property is located at 2520 Schuette Road. Zolman Restoration is a fire, flood and storm damage repair company. The company needed the space to house furnishings, equipment and fixtures while repairing a building damaged from fire. John Hamburger and Julie Strong of Signature Associates represented the tenant in the lease transaction. The landlord was not disclosed.

August 21, 2017

Illinois Midwest Restaurant Retail

Joe & The Juice to Open First Three Locations in Chicago

by Kristin Harlow August 21, 2017

CHICAGO — Joe & The Juice has signed three leases to open its first locations in Chicago. The properties are located at 10 E. Delaware Place, 412 N. Wells St. and 8 E. Huron St. The Denmark-based company is known for its natural and organic ingredients in freshly prepared juices, coffee, shakes and sandwiches. The locations, the company’s first in the Midwest, are slated to open later this year and in 2018. Phil Golding, Todd Siegel and Amira Yunis of CBRE represented Joe & The Juice in the lease transactions.

August 21, 2017

Illinois Industrial Midwest

Bridge Sells 491,010 SF Industrial Portfolio in Chicago Area for $69M, Acquires 48-Acre Land Site for $27M

by Kristin Harlow August 18, 2017

CHICAGO — Bridge Development Partners LLC has sold four industrial buildings totaling 491,010 square feet in Chicago’s O’Hare market for $69 million. The properties include: 1701 Nicholas Blvd. in Elk Grove Village; 11600 Grand Ave. in Northlake; and 9555 and 9655 Soreng Ave. in Schiller Park. With buildings constructed between 2014 and 2017, the property was 78 percent leased at the time of sale. Tenants include Pilot Air Freight Corp., NNR Global Logistics USA Inc. and Fujitrans USA Inc. The buyer was an institutional investor. Bridge has also acquired a 48-acre land site located at 10601 Franklin Ave. in Franklin Park, Ill. Bridge purchased the property from Magellan Pipeline Co., a division of Magellan Midstream Partners, which is an oil pipeline, storage and transportation company. Currently, the site houses 14 storage tanks and multiple smaller buildings associated with the seller’s use of the site. Within the next few weeks, Bridge will begin demolition activities and other site remediation work on the 48-acre site. The development plans call for 656,189 square feet of industrial space spanning three buildings of 174,625 square feet, 277,762 square feet and 203,802 square feet, respectively. All three buildings will be delivered in the third quarter of 2018, and …

August 18, 2017

Midwest Minnesota Multifamily

Joint Venture Breaks Ground on 322-Unit Apartment Community Near Minneapolis

by Kristin Harlow August 18, 2017

MINNETONKA, MINN. — A joint venture between LeCesse Development Corp., Morgan Management and UC Funds has broken ground on RiZE at Opus Park, a 322-unit apartment community in Minnetonka, a western suburb of Minneapolis. The $73 million project is a redevelopment of the Opus Business Park. The property will feature studio, one- and two-bedroom units. Plans call for construction of a six-story building and a 492-car parking garage. Amenities will include a clubhouse, fitness center, movie theater, resort-style pool and courtyards. US Bank provided construction financing. Humphreys & Partners Architects is the project architect, while Stonebridge Construction is the general contractor. Loucks Engineering is providing civil engineering services and Terracon is serving as environmental consultant. Completion is slated for winter 2018.

August 18, 2017

Midwest Missouri Retail

First Tenants at The Shoppes at Mid Rivers Near St. Louis to Open in September

by Kristin Harlow August 18, 2017

ST. PETERS, MO. — Developer GBT Realty Corp. is nearing completion of The Shoppes at Mid Rivers, a 270,000-square-foot shopping center in St. Peters, a suburb of St. Louis. The project is the largest retail development in the St. Louis metro area in nearly a decade, according to GBT. Burlington, Marshalls, HomeGoods and Aspen Dental are set to open at the property in September. Academy Sports + Outdoors and Famous Footwear will open in October. Ross, OshKosh B’gosh, Five Below and Nail Lounge will open in the first quarter of 2018. Approximately 30,000 square feet of space remain available for lease. Knoebel Construction Inc. served as general contractor.

August 18, 2017

Loans Midwest Minnesota Multifamily Student Housing

Deering Commercial Mortgage Arranges $16.5M Refinancing Loan for Student Housing Property in Minneapolis

by Kristin Harlow August 18, 2017

MINNEAPOLIS — Deering Commercial Mortgage LLC has arranged a $16.5 million loan for the refinancing of a student housing property in Minneapolis. The 92-unit property, called 1301 University, is located near the University of Minnesota. The building features studio, one-, two-, three- and four-bedroom units. Amenities include a fitness center and underground parking. Len Deering of Deering Commercial Mortgage arranged the 10-year loan. Goldman Sachs provided the loan.

August 18, 2017

Industrial Midwest Minnesota

Marcus & Millichap Brokers $3M Industrial Sale-Leaseback in Bloomington, Minnesota

by Kristin Harlow August 18, 2017

BLOOMINGTON, MINN. — Marcus & Millichap has brokered the sale of an 82,350-square-foot industrial building in Bloomington for $3 million. The property is located at 8301 Grand Avenue South. U.S. Venture, a distributor of energy, automotive and lubricants products, was the seller. As part of the sale, U.S. Venture executed a 10-year, triple-net lease and will remain in the building. U.S. Lubricants, a division of U.S. Venture, will continue to use the building as a bulk storage and distribution center. Other tenants include Nikolas Bakery and Companies to Classrooms, a non-profit organization that donates office supplies and furniture to local schools. Marc Paylor and Claire Roberts of Marcus & Millichap represented the seller in the transaction. Nick Leviton of Colliers International secured and represented the buyer, a limited liability company.

August 18, 2017

Illinois Midwest Mixed-Use

Structured Development Acquires Office Building in Chicago, Plans 200,000 SF Mixed-Use Development

by Kristin Harlow August 17, 2017

CHICAGO — Structured Development has acquired a 40,000-square-foot loft office building in Chicago’s Lincoln Park for an undisclosed price. The property is located at 855 W. Blackhawk St., adjacent to another property that Structured Development purchased in 2015. Together, the sites will be redeveloped as The Shops at Big Deahl, a 200,000-square-foot mixed-use property. Demolition of the building located at 1450 N. Dayton St. is underway, with construction of The Shops slated to begin in early 2018. Callison RTKL is the project architect.

August 17, 2017

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