Midwest

Construction Begins at Innovation and Research Park at Rosalind Franklin University in North Chicago

by Kristin Harlow June 12, 2018

NORTH CHICAGO, ILL. — Construction is underway at the new Innovation and Research Park at Rosalind Franklin University of Medicine and Science in North Chicago. Academic and industry scientists and entrepreneurs will use the property to translate the university’s biomedical research into new treatments for disease. The university hired Cushman & Wakefield to attract international and national bioscience companies to the new science park. The four-story, 100,000-square-foot addition to the campus will feature laboratories as well as conferencing and office space for faculty, commercial startups, and healthcare and life science companies. The University Finance Foundation and Gateway Development completed the $53 million financing for the expansion late last year. Completion is expected by summer 2019.

June 12, 2018

Development Illinois Midwest Multifamily

Contegra Breaks Ground on $26M Apartment Complex in Shiloh, Illinois

by Kristin Harlow June 12, 2018

SHILOH, ILL. — Contegra Construction Co. has broken ground on a $26 million apartment development in Shiloh, about 20 miles east of St. Louis. Known as Thirteen01 at Hartman Lakes, the property will include 216 units on 17 acres. The first of nine apartment buildings in Phase I is scheduled to be available for lease by November. The entire community is slated for completion in July 2019. Community amenities will include a fitness room, pool, fire pit, walking trail and two lakes. One-bedroom apartment rents will start at $950 per month and two-bedroom units at $1,250 per month. Greenmount Retail Center LLC is the developer.

June 12, 2018

Acquisitions Midwest Missouri Multifamily

City Club Apartments Sells 401-Unit Asset in St. Louis, Plans Development in Cleveland

by Kristin Harlow June 12, 2018

ST. LOUIS — City Club Apartments has sold the 401-unit Central West End City Club Apartments in St. Louis, marking the company’s exit from the market. The sales price was not disclosed. City Club Apartments says that it has sold the community to focus on development in Cleveland and other Midwest and East Coast markets. This year, City Club Apartments has broken ground on communities in Detroit, Minneapolis and Cincinnati. All of the communities will feature retail space. “We have a responsibility to our investors, lenders and partners to perform at the highest level and we are reallocating our financial and human capital to several accelerating markets, including Cleveland,” says Jonathan Holtzman, CEO of City Club Apartments.

June 12, 2018

Development Hospitality Midwest Ohio

145-Room AC Hotel Set to Open at New Development in Suburban Cleveland

by Kristin Harlow June 12, 2018

ORANGE VILLAGE, OHIO — AC Hotel Cleveland Beachwood will open at the new Pinecrest development in Orange Village, a suburb of Cleveland, this August. The 145-room hotel, designed by Meyers + Associates Architecture, will be owned and operated by DelMonte Hotel Group. The hotel will include a cocktail bar, library, business center, fitness center and ballroom. Pinecrest is an 80-acre, mixed-use project that includes apartment and office space.

June 12, 2018

Features Heartland Feature Archive Midwest Multifamily

Midwest Apartment Demand Isn’t Dropping Anytime Soon, Says JVM Realty CEO

by Kristin Harlow June 12, 2018

Apartment rents in Detroit are now the fastest rising in the United States among the nation’s largest cities, growing at an annual rate of 5.3 percent as of May 2018, according to Yardi Matrix and RENTCafé. Across the Midwest, the apartment market remains very strong with high demand and therefore increasing rents. Jay Madary, president and CEO of Oak Brook, Ill.-based JVM Realty, spoke with REBusinessOnline to discuss the state of the market, including the pace of investment sales. JVM owns and operates Class A and B apartment communities in Midwest markets such as Cleveland, Indianapolis, Kansas City and suburban Chicago. REBusinessOnline: How would you assess the overall state of the apartment market in the Midwest? Jay Madary: I think it’s really strong. In general, supply and demand remain balanced. We’ve certainly seen a surge of new construction in most Midwestern markets, and those new units coming online have cooled rent growth a bit. Whereas we were seeing growth of 5 to 6 percent a couple of years ago, now 2 to 4 percent is more typical. But the robust job growth in the region and the historically low unemployment rates have kept demand high, and those new units are largely being …

June 12, 2018

Loans Michigan Midwest Multifamily

Arbor Provides $10.6M Bridge Loan for Multifamily Property in Roseville, Michigan

by Kristin Harlow June 11, 2018

ROSEVILLE, MICH. — Arbor Realty Trust Inc. has provided a $10.6 million bridge loan for a multifamily property in Roseville, about 20 miles northeast of Detroit. The 266-unit property is comprised of two adjoining apartment communities built between 1965 and 1972. Amenities include laundry facilities, on-site management, a playground and swimming pool. Ari Short of Arbor originated the three-year loan. The borrower was not disclosed.

June 11, 2018

Acquisitions Hospitality Iowa Midwest

Condor Hospitality Trust Under Contract to Sell Super 8 Hotel in Creston, Iowa for $5.1M

by Kristin Harlow June 11, 2018

CRESTON, IOWA — Condor Hospitality Trust Inc. is under contract to sell its 121-room Super 8 hotel in Creston, about 70 miles southwest of Des Moines, for $5.1 million. The transaction is expected to close in the third quarter. Condor is a REIT based in Maryland that specializes in the investment and ownership of select-service, extended stay and limited-service hotels. The company currently owns 17 hotels in nine states.

June 11, 2018

Acquisitions Iowa Midwest Net Lease Retail

Boulder Group Arranges $4.7M Sale of Property Net Leased to Walgreens in Bettendorf, Iowa

by Kristin Harlow June 11, 2018

BETTENDORF, IOWA — The Boulder Group has arranged the $4.7 million sale of a single-tenant property net leased to Walgreens in Bettendorf near Davenport. The 14,490-square-foot property is located at 830 Middle Road near a Home Depot, Hobby Lobby and Hilton Garden Inn. Walgreens has more than five years remaining on its lease, which expires in December 2023. Randy Blankstein and John Feeney of The Boulder Group represented the buyer, a Midwest-based 1031 exchange investor. A Northeast-based real estate fund was the seller.

June 11, 2018

Acquisitions Midwest Minnesota Office

Marcus & Millichap Brokers $2.1M Sale of Office Building in Burnsville, Minnesota

by Kristin Harlow June 11, 2018

BURNSVILLE, MINN. — Marcus & Millichap has brokered the $2.1 million sale of River Ridge Circle in Burnsville, about 15 miles south of Minneapolis. The 23,138-square-foot office property is located at 190 S. River Ridge Circle. Constructed in 1994, the three-story building originally served as the Minnesota River School of Fine Arts. In 2009, the school closed and the property was transitioned into an office building. Marc Paylor and Claire Roberts of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The undisclosed buyer plans to occupy space at the property.

June 11, 2018

Acquisitions Industrial Michigan Midwest

NKF Negotiates Sale of 22,000 SF Industrial Warehouse in Troy, Michigan

by Kristin Harlow June 11, 2018

TROY, MICH. — Newmark Knight Frank (NKF) has negotiated the sale of a 22,000-square-foot industrial warehouse in Troy for an undisclosed price. The property is located at 1875 Stephenson Highway. Built in 1965, the warehouse is situated on two acres and features LED lighting, storage and office space. Geoff Hill and Paul Gyarmati represented the seller, National Print and Mail. SourceHub, an online distributor of warehousing and facility equipment, purchased the property and plans to take occupancy in July.

June 11, 2018

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