Midwest

Beef Jerky Experience opens at Corbin Park in Overland Park, KS

by Kristin Harlow August 14, 2017

OVERLAND PARK, KAN. — Beef Jerky Experience has opened at the Corbin Park shopping center in Overland Park. The 1,329-square-foot retail store is located at 6301 W. 135th St. Other tenants within the 16,500-square-foot pad building include 810 Restaurant, Joplimo Mattress and Light Rx. Beef Jerky Experience sells jerky from a variety of animals as well as hot sauces and edible insects. David M. Block and Max Kosoglad of Block & Co. Inc. Realtors negotiated the lease transaction. Block & Co. handles all leasing, management and construction management for the pad building.

August 14, 2017

Illinois Loans Michigan Midwest Multifamily

Love Funding Secures $97M in FHA Financing for Multifamily Properties in Michigan

by Kristin Harlow August 11, 2017

NOVI, UTICA AND SUPERIOR TOWNSHIP, MICH. — Love Funding has secured $97 million in FHA financing for five multifamily properties in Michigan and Illinois. The five loans will be used for the construction, rehabilitation or refinancing of the properties. Bruce Gerhart of Love Funding secured a $33.3 million FHA 221(d)(4) new construction loan for Manchester, a market-rate apartment community in the Detroit suburb of Novi adding 172 units. A $22.5 million FHA 221(d)(4) new construction loan will be used for Encore Townhomes, a market-rate townhouse community being developed in Utica, Mich. An $11.2 million FHA (223)(f) loan will refinance Danbury Park Manor, an existing 151-unit Section 8 multifamily community in Superior Township, Mich. The two remaining FHA (223)(f) loans will be used for the refinancing of two seniors housing Section 8 communities in Illinois. The borrower was not disclosed.

August 11, 2017

Illinois Midwest Office

Northern Trust Signs 462,000 SF Office Lease in Chicago

by Kristin Harlow August 11, 2017

CHICAGO — Northern Trust has signed a 462,000-square-foot office lease at 333 South Wabash in Chicago. The global financial services company will move some of its Chicago staff to the office property in 2020, upon completion of building renovations planned by ownership. Northern Trust will have the option to expand its footprint in the building up to 750,000 square feet at a future date. Northern Trust’s global headquarters will remain unchanged, located at 50 S. LaSalle St. Affiliates of The John Buck Co. and Morgan Stanley purchased 333 South Wabash from CNA Financial Corp. (CNA) last year, after CNA signed a lease to relocate its offices and left a 750,000-square-foot vacancy in the 1.2 million-square-foot office tower. The property was originally constructed in 1972 and is known for its red exterior. Renovations are planned for the property, including construction of a new building lobby, an upgraded fitness center, day care and tenant lounge. Completion of the renovations is slated for 2019. Bill Rolander and Jon Cordell of Newmark Knight Frank negotiated the lease transaction on behalf of The John Buck Co. and Morgan Stanley. Todd Lippman, Todd Doney, James Whalen, Maura Mahoney and Scott Brandwein of CBRE represented Northern Trust. Rolander and Cordell …

August 11, 2017

Michigan Midwest Multifamily Seniors Housing

Greystone Arranges $33M Sale of Two Seniors Housing Properties in Metro Detroit

by Kristin Harlow August 11, 2017

SOUTHFIELD AND WESTLAND, MICH. — Greystone Real Estate Advisors has arranged the sale of two seniors housing properties in the Detroit metropolitan area for $33 million in a single transaction. Ashford Court, located in Westland and built in 1986, consists of 143 independent living, assisted living and memory care units. Sterling Place, located in Southfield and built in 1987, consists of 156 independent living units. The portfolio is almost fully occupied and consists of approximately 250,000 square feet. Amenities include libraries, lounge areas, hair salons and landscaped grounds. Cody Tremper and Mike Garbers of Greystone represented the seller, New Senior Investment Group. Chevalier International Holdings Ltd. purchased the properties.

August 11, 2017

Loans Midwest Multifamily Wisconsin

KeyBank Provides $23.8M Acquisition Financing for Affordable and Seniors Housing Communities in Madison, Wisconsin

by Kristin Harlow August 11, 2017

MADISON, WIS. — KeyBank Real Estate Capital has provided $23.8 million in Fannie Mae loans for the acquisition of Hanover Square Apartments and Prairie Park Senior Apartments in Madison. Hanover Square is an affordable housing property built in 2002. Of its 65 units, 57 are set aside for households earning from 30 to 60 percent of the area median income. Prairie Park is a seniors housing property constructed in 2003. Of its 96 units, 90 are set aside for seniors earning 30 to 60 percent of the area median income. KeyBank also refinanced Hollow Creek in Conroe, Texas. John Gilmore of KeyBank arranged the financing for the borrower, Harmony Housing.

August 11, 2017

Midwest Ohio Retail

Colliers Brokers $2.4M Sale of Shopping Center in Bellbrook, Ohio

by Kristin Harlow August 11, 2017

DAYTON, OHIO — Colliers International has brokered the sale of The Sugar Bell shopping center in Bellbrook, about 15 miles south of Dayton, for $2.4 million. The 19,904-square-foot property, constructed in 1997, is 100 percent leased. Tenants include El Toro, Cassano’s, Capital Cleaners and Crafters Lodge. Chris Prosser, Jeff Johnston and Steve Timmel of Colliers represented the seller, Belle Ventures. The Sun Moon Light Trust purchased the property.

August 11, 2017

Michigan Midwest Office

CBRE Arranges Sale of Two-Building Office Portfolio in Troy, Michigan

by Kristin Harlow August 10, 2017

TROY, MICH. — CBRE has arranged the sale of Wilshire Plaza North and West in Troy, a northern suburb of Detroit. The sales price was $33 million, according to CoStar Group Inc. The two office buildings, comprising 349,625 square feet, are located at 900 and 1050 Wilshire Drive. The Class A portfolio was 90 percent leased at the time of sale. Tenants include SSOE Group, Meredith Corp., Harvey Kruse PC, Tyco Electronics Corp. and MasterCard, according to CoStar. Anne Galbraith Kohn of CBRE represented the seller, an international institutional owner. Group RMC purchased the portfolio, the company’s first office acquisition in Michigan.

August 10, 2017

Midwest Minnesota Multifamily Seniors Housing

Dominium Breaks Ground on 194-Unit Affordable Seniors Housing Community Near Minneapolis

by Kristin Harlow August 10, 2017

SPRING LAKE PARK, MINN. — Dominium has broken ground on the Legends of Spring Lake Park, a 194-unit affordable seniors housing community in Spring Lake Park, which is located 12 miles north of Minneapolis. The property will be situated on the former site of Goony Golf at 1066 County Highway 10 NE. The community will feature two- and three-bedroom units, along with amenities such as a community room, kitchen, craft room, beauty salon, library and fitness room. Completion is slated for fall 2018. Residents age 55 and older making less than 60 percent of the area median income will qualify for living at the community.

August 10, 2017

Industrial Midwest Wisconsin

Dickman Co. Negotiates Sale of 12,208 SF Industrial Building in Germantown, Wisconsin

by Kristin Harlow August 10, 2017

GERMANTOWN, WIS. — The Dickman Co. Inc. has negotiated the sale of a 12,208-square-foot industrial building in Germantown, about 25 miles northwest of Milwaukee. The sales price was not disclosed. The property is located on Fulton Drive. Price Properties LLC purchased the building from Moldmakers Leasing & Investments LLC. Nick Keys, Samuel M. Dickman Jr. and Samuel D. Dickman brokered the transaction.

August 10, 2017

Midwest Missouri Net Lease Retail

Pinnacle Brokers Sale of 9,100 SF Property Net Leased to Dollar General in Gravois Mills, Missouri

by Kristin Harlow August 10, 2017

GRAVOIS MILLS, MO. — Pinnacle Real Estate Advisors LLC has brokered the sale of a single-tenant retail property net leased to Dollar General in Gravois Mills, located in central Missouri. The sales price was not disclosed. The 9,100-square-foot property was constructed this year on a 4.4-acre site at 25568 Highway 5. The property is located on the Lake of the Ozarks, a Midwest lake resort destination. Dollar General has signed a 15-year lease, which features 10 percent rental escalations in each of the renewal option periods. Zach Wright and Jeff Johnson of Pinnacle represented the seller, a Midwest-based developer. Kevin Calame and Matt Lewallen of Pinnacle represented the purchaser, a Colorado-based 1031 exchange investor.

August 10, 2017

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