Midwest

Rose Community Capital Provides $16.1M FHA Loan for Rehabilitation of Affordable Housing Property in Cleveland

by Kristin Harlow June 14, 2018

CLEVELAND — Rose Community Capital has provided a $16.1 million 221(d)4 loan for the rehabilitation of Fenway Manor in Cleveland. The 143-unit affordable housing property was originally constructed in 1923 as a residential hotel and rehabbed in 1974 for low-income seniors. Plans call for a new roof, windows, elevators, entrance, HVAC, flooring and paint. Individual units will be updated with new kitchens, bathrooms, flooring, paint and doors. The borrowers included Orlean Company and Renewal Housing Associates. Rose Community Capital is the financing arm of Jonathan Rose Cos.

June 14, 2018

Acquisitions Illinois Midwest Multifamily

Marcus & Millichap Brokers $10.3M Condo Deconversion Sale in Chicago

by Kristin Harlow June 14, 2018

CHICAGO — Marcus & Millichap has brokered the $10.3 million sale of 227 East Walton Place in Chicago’s Streeterville neighborhood. The buyers, a group of California-based private investors, plan to convert the property’s 25 condos into rental units. Built in 1956, the property is located at 227 E. Walton St. Kyle Stengle, Austin Weisenbeck, Sean Sharko and Brewster Hague of Marcus & Millichap brokered the transaction. The sale price equates to $412,000 per unit. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a condo property if 75 percent or more are in agreement. Sellers then have the option to either move out of their units or lease them back from the new owner.

June 14, 2018

Illinois Leasing Activity Midwest Retail

Planet Granite to Open 40,000 SF Climbing Gym at Planned Development in Chicago’s Lincoln Park

by Kristin Harlow June 14, 2018

CHICAGO — Planet Granite has signed a 40,000-square-foot lease to open a climbing gym at The Shops at Big Deahl in Chicago’s Lincoln Park. The freestanding facility, which will be located at the corner of Blackhawk and Dayton streets, is scheduled to open in spring 2020. The three-level gym will feature climbing walls as high as 55 feet. The facility will include roped climbing, bouldering, yoga and a retail shop. Groundbreaking is slated for spring 2019. The Shops at Big Deahl, from developer Structured Development, is slated to include 150,000 square feet of retail and commercial space.

June 14, 2018

Illinois Market Reports Midwest Midwest Market Reports Office

New Chicago Office Markets Shape Perception of the City

by Kristin Harlow June 14, 2018

It’s an exciting time to be part of the action in Chicago’s real estate market. While Illinois remains an “outflow” state, construction cranes dot the Chicago skyline and the city’s inflow numbers remain positive. Large employers are considering Chicago for campus-like headquarters operations and exciting markets are continuing to grow. In particular, west side blight continues to be replaced by residential growth in the West Loop, with retail services finally gaining momentum despite slow adoption by soft goods merchants. The West Loop’s immediate neighbor to the north, Fulton Market, maintains its buzz as the popular new kid in town, demonstrated by its ability to attract office tenants. Yes, office tenants. Transportation for workers, the primary objection to Fulton Market that has previously knocked it out of contention, will continue to be a challenge as public options slowly catch up to the development in the area. Employers will have to be creative in providing alternatives for new talent not within reasonable cycling or ride-sharing range. How did this happen when a decade ago the notion of office space west of the expressway was thought to be an absurd one? Because Chicago is not landlocked to the west by any natural barriers, …

June 14, 2018

Development Midwest Missouri Multifamily

Flaherty & Collins Opens $72M Luxury Apartment Development in Kansas City

by Kristin Harlow June 13, 2018

KANSAS CITY, MO. — Flaherty & Collins Properties and Port KC have opened Union Berkley Riverfront, a $72 million mixed-use development along the Missouri River in Kansas City. Union consists of 407 luxury apartment units and 12,400 square feet of retail space. Indoor amenities include a first-floor bar and coffee shop, a library with co-working and private conference space and 24-hour package center access. A 1,600-square-foot fitness center will include a yoga studio and group cycling. Outdoor amenities include a saltwater pool, dog park, bike storage and courtyard space. TCF Bank provided financing for the 664,812-square-foot project. MW Builders was the general contractor for the project.

June 13, 2018

Illinois Loans Midwest Office

HFF Arranges $59.6M Refinancing for Office Complex in Skokie, Illinois

by Kristin Harlow June 13, 2018

SKOKIE, ILL. — HFF has arranged a $59.6 million refinancing for Old Orchard Towers in Skokie in suburban Chicago. The 349,814-square-foot Class A office complex consists of two seven-story towers. Located at 5202 and 5250 Old Orchard Road, the property is approximately 13 miles from Chicago O’Hare International Airport. The towers are 91 percent leased to 16 tenants, including National Louis University, healthcare consultant Sg2 and management consulting firm Kaufman, Hall & Associates. The property also includes a vacant 2.5-acre parcel for future development. Christopher Carroll of HFF represented the borrower, Zeller Realty Group. Ares Commercial Real Estate Corp. provided the three-year loan.

June 13, 2018

Acquisitions Illinois Industrial Midwest

Binswanger Brokers Sale of 1 MSF Distribution Center in Marion, Illinois

by Kristin Harlow June 13, 2018

MARION, ILL. — Binswanger has brokered the sale of a 1 million-square-foot distribution center in Marion in southern Illinois. The sales price was not disclosed. The Class A facility is located on 72 acres at 1100 Glen Clarida Drive. The building, originally constructed in 1999, underwent an expansion in 2004 and a renovation in 2013. Clear heights range from 32 to 37 feet. Zach Binswanger of Binswanger represented the seller in the transaction. Neither the buyer nor the seller was disclosed.

June 13, 2018

Loans Midwest Multifamily Ohio

Columbia Pacific Advisors Provides $25M Acquisition Loan for Multifamily Portfolio in Cincinnati

by Kristin Harlow June 13, 2018

CINCINNATI — Columbia Pacific Advisors LLC has provided a $25 million bridge loan primarily for the acquisition of a nine-property, 435-unit multifamily portfolio in Cincinnati. Kentucky-based Blue Tide Partners was the borrower. A portion of the loan proceeds will be used to refinance existing debt on nine similar properties totaling 212 units in Cincinnati that Blue Tide acquired in 2014 and 2015. Together, the 18-property portfolio is 55 percent occupied.

June 13, 2018

Industrial Leasing Activity Midwest Wisconsin

Colliers Negotiates 534,384 SF Industrial Lease Renewal for Arvato in Southeast Wisconsin

by Kristin Harlow June 13, 2018

PLEASANT PRAIRIE, WIS. — Colliers International has negotiated a 534,384-square-foot industrial lease renewal on behalf of Arvato Digital Services in Pleasant Prairie, approximately 37 miles south of Milwaukee. Located at 11500 80th Ave., the property features 20,000 square feet of office space, 40 exterior docks, four drive-in doors and a clear height of 32 feet. CenterPoint has owned the property since 2009. Fred Regnery and Jack Rosenberg of the Chicago office of Colliers represented Arvato in the lease transaction. Arvato distributes consumer products to retail store distribution centers as well as directly to consumers.

June 13, 2018

Acquisitions Michigan Midwest

Ford Acquires Former Train Station in Detroit, Plans Revitalization

by Kristin Harlow June 12, 2018

DETROIT — Ford Motor Co. has acquired Michigan Central Station and the adjacent book depository building in Detroit, according to local media reports. The purchase price was not disclosed. The 18-story building opened in late December of 1913 as a passenger rail depot. Ford will revitalize the long-vacant property into the hub of a Corktown campus focused on advanced automotive technology. The property, which had become synonymous with urban blight, will give the automaker a hub near downtown and the ability to add hundreds of employees to the neighborhood. The seller, the Moroun family, has owned the station since the early 1990s. Executive Chairman Bill Ford Jr. will discuss plans for the building at an event on June 19. Ford’s operations will remain headquartered in Dearborn.

June 12, 2018

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