Midwest

ASC Arranges $3.5M Bridge Loan for Acquisition of 25,000 SF Office Building in Chicago

by Kristin Harlow July 11, 2018

CHICAGO — American Street Capital (ASC) has arranged a $3.5 million bridge loan for the acquisition of a 25,000-square-foot office building in Chicago’s River North neighborhood. Built in 1920, the five-story building is currently vacant and in need of repairs. The buyer plans to renovate the property to include modern floor plans and amenities for tenants. Igor Zhizhin of ASC arranged the floating-rate loan, which features a full term 18 month interest reserve. A commercial bank provided the loan.

July 11, 2018

Development Midwest Mixed-Use Ohio

Blue Horseshoe Ventures to Develop $2B Entertainment Project Near Columbus, Ohio

by Kristin Harlow July 10, 2018

NEW ALBANY, OHIO — Blue Horseshoe Ventures Ltd. has unveiled plans to develop Planet Oasis, a combined entertainment, attraction, action sport, food and beverage and health wellness venue. Project costs are estimated at $2 billion, according to local media reports. The 350-acre development will be located at the intersection of I-71 and State Route 36 in Delaware County and Berkshire Township near Columbus. Plans call for a 200,000-square-foot UltraStar Multi-tainment Center, which will house bowling, laser tag, video games, virtual golf, a movie theater and sports restaurant and bar. It will also house a “Uni-coaster” within a glass cylinder that will extend 150 to 200 feet in the air. Other attractions will include a 90,000-square-foot go-kart venue, a 10,000-square-foot indoor skydiving experience and a shooting gallery. The Mirage Entertainment District will be built around Lake Mirage, a 20-acre saltwater lake with sand beaches. The District will also feature an indoor waterpark and an indoor sports facility. The project will feature at least 15 hotels offering 4,000 rooms as well as 75 restaurants. A wellness resort known as Bloom will feature a 100-key hotel on its own lake. Blue Horseshoe expects to break ground in December, with a planned opening date of December 2019 …

July 10, 2018

Loans Midwest Missouri Multifamily

NorthMarq Arranges $251.3M Refinancing for Multifamily Portfolio in Kansas City, Dallas

by Kristin Harlow July 10, 2018

KANSAS CITY, MO. — NorthMarq Capital has arranged a $251.3 million Fannie Mae loan for the refinancing of a 12-property multifamily portfolio located in metro Kansas City and Dallas. The portfolio totals 3,165 units. Price Brothers was the borrower, but property names were not disclosed. The 15-year loan features a 30-year amortization schedule. Greg Duvall of NorthMarq’s Kansas City regional office arranged the loan.

July 10, 2018

Acquisitions Hospitality Midwest Wisconsin

Cambridge Landmark Purchases Hyatt Regency Hotel in Milwaukee, Plans Renovation

by Kristin Harlow July 10, 2018

MILWAUKEE — Cambridge Landmark has purchased the Hyatt Regency hotel in downtown Milwaukee. The sales price was $37.3 million, according to the Milwaukee Business Journal. The 481-room, full-service hotel is connected to the Wisconsin Convention Center. The hotel will undergo a multi-million dollar renovation focused on upgrading the rooms, lobby, meeting space and other new amenities. The seller was not disclosed. Cambridge Landmark is a Miami-based investor.

July 10, 2018

Acquisitions Midwest Ohio

Broadstone Acquires 210,497 SF Distribution Center in Lordstown, Ohio

by Kristin Harlow July 10, 2018

LORDSTOWN, OHIO — Broadstone Net Lease Inc. has acquired a 210,497-square-foot distribution center in Lordstown, about 60 miles southeast of Cleveland. The purchase price was not disclosed. The property is fully occupied by The Anderson-DuBose Company, which distributes frozen, refrigerated and dry foods as well as paper goods to restaurants throughout Ohio, Pennsylvania, New York and West Virginia. Constructed in 2012 as a build-to-suit for the company, the property was expanded in 2017. Jeffrey Shell, Amie Sweeney, Michael Hines, Brian Fiumara, Brad Ruppel and Lauren Dawicki of CBRE represented the seller, a REIT managed by U.S. Realty Advisors LLC. Steve Roth of CBRE secured financing on behalf of Broadstone.

July 10, 2018

Industrial Leasing Activity Midwest Minnesota

Cushman & Wakefield Negotiates 134,000 SF Industrial Lease in Minneapolis

by Kristin Harlow July 10, 2018

MINNEAPOLIS — Cushman & Wakefield has negotiated a 134,000-square-foot industrial lease on behalf of Canteen, a food service company. The property is located at 700 24th Ave. SE in Minneapolis. The landlord, Interstate Development, plans to demolish part of the property and reposition the remainder in order to meet Canteen’s needs. Significant landscaping and parking improvements will also be made to the property. Canteen, a division of Compass Group, is a vending, office coffee and refreshments services company. Canteen will move into the new space in October. David Stokes and Chris Weirens of Cushman & Wakefield represented Canteen in the lease transaction.

July 10, 2018

Acquisitions Company News Illinois Midwest

Colliers Finalizes $450M Harrison Street Investment

by Kristin Harlow July 9, 2018

CHICAGO — Colliers International has finalized its previously announced strategic investment in Harrison Street Real Estate Capital LLC for $450 million. An additional $100 million will be payable to Harrison Street in 2022 based on the achievement of certain performance targets. Colliers has acquired 75 percent of the Chicago-based real estate investment firm, which focuses on the education, healthcare and self-storage sectors. The senior management team of Harrison Street owns the balance of the equity. Christopher Merrill, Harrison Street’s co-founder and CEO, will lead operations and remain the largest individual shareholder. Colliers expects annual revenue from management fees to range between $100 million and $115 million. Harrison Street currently maintains approximately $14.6 billion in assets under management.

July 9, 2018

Development Illinois Midwest Multifamily

Baker Completes 191-Unit Apartment Building in Chicago’s Lincoln Park Neighborhood

by Kristin Harlow July 9, 2018

CHICAGO — Baker Development Corp. has completed ELEVATE Lincoln Park located at 930 W. Altgeld St. in Chicago. The 11-story luxury apartment building includes 191 units. The property features a pool, grill area, demonstration kitchen, fitness center and dog run. Floor plans include studios, one- and two-bedroom units, as well as penthouse units. Monthly rents start at $1,985.

July 9, 2018

Development Healthcare Midwest Minnesota

Kraus-Anderson Constructs $2.1M Health Center Expansion in Hutchinson, Minnesota

by Kristin Harlow July 9, 2018

HUTCHINSON, MINN. — Kraus-Anderson has completed a $2.1 million expansion for Hutchinson Health. The 9,600-square-foot project includes a new 5,103-square-foot cancer center as well as a cardiac rehab area and on-call suites. The property is located at 1095 Highway 15 South in Hutchinson, about 60 miles west of Minneapolis. Designed by Wold Architects and Engineers, the expansion triples the size of the existing center and integrates all of Hutchinson Health’s cancer services into one location. The project includes three additional exam rooms, six infusion therapy rooms and a procedure room.

July 9, 2018

Acquisitions Midwest Minnesota Multifamily

Marcus & Millichap Arranges $1.5M Sale of Apartment Property in North Saint Paul, Minnesota

by Kristin Harlow July 9, 2018

NORTH SAINT PAUL, MINN. — Marcus & Millichap has arranged the sale of Division Street Apartments in North Saint Paul for $1.5 million. The three-building apartment property is located at 2633 Division St. All of the property’s 21 units are one-bedroom units averaging 400 square feet. Evan Miller of Marcus & Millichap marketed the property on behalf of the undisclosed seller. He also procured the buyer.

July 9, 2018

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