Midwest

Investcorp Sells Ownership Stake in Suburban Chicago Office Tower

by Kristin Harlow June 8, 2018

EVANSTON, ILL. — Investcorp has sold its ownership stake in Orrington Plaza, a 20-story office tower in downtown Evanston. The sales price was not disclosed. Golub & Co., which purchased the asset with Investcorp in 2013, will maintain an ownership stake in the building by co-investing with a new institutional capital partner and will continue to operate, manage and lease the property. Located at 1603 Orrington Ave., the property features 309,000 square feet of office space and 30,000 square feet of retail space. Next of Kinship restaurant and café as well as a full-service JP Morgan Chase branch occupy the retail portion. Paul Lundstedt and Dan Deuter of CBRE represented the sellers. The new capital partner is GEM Realty, according to local media reports.

June 8, 2018

Development Healthcare Michigan Midwest

HED to Serve as Architect, Engineer for New Hospital to Be Built in Lansing, Michigan

by Kristin Harlow June 8, 2018

LANSING, MICH. — Harley Ellis Devereaux (HED) has been selected to serve as the executive architect and engineer for a new hospital for McLaren Greater Lansing. The 500,000-square-foot, 240-bed medical center will be built adjacent to Michigan State University on a 39-acre site. The project is expected to move from the design phase into construction by the end of this year with a 2021 opening. McLaren is investing $450 million to consolidate its two current Lansing hospital facilities at the new campus.

June 8, 2018

Illinois Industrial Loans Midwest

Wintrust Bank Provides $21M Acquisition Loan for Industrial Portfolio in Metro Chicago

by Kristin Harlow June 8, 2018

CHICAGO — Wintrust Bank has provided a $21 million loan for the acquisition of a five-property industrial portfolio totaling 665,903 square feet in metro Chicago. The portfolio includes: 550-600 North Commons in Aurora; 710-854 Foster Ave. in Bensenville; 1400-1538 Elmhurst Road in Elk Grove Village; 3456 North Ridge Ave. in Arlington Heights; and 8220 North Austin Ave. in Morton Grove. Christopher Carroll and Jason Bond of HFF arranged the financing on behalf of the borrower, Clear Height Properties. The seller was not disclosed.

June 8, 2018

Acquisitions Midwest Net Lease Retail South Dakota

Boulder Group Arranges $11.7M Sale of Property Net Leased to Shopko in Sioux Falls, South Dakota

by Kristin Harlow June 8, 2018

SIOUX FALLS, S.D. — The Boulder Group has arranged the sale of a single-tenant property net leased to Shopko in Sioux Falls for $11.7 million. The 90,585-square-foot building is located at 1601 W. 41st St. The property is near big box retailers such as Walmart Supercenter, Target, Costco and Menards. There are over 17 years remaining on Shopko’s lease, which expires in December 2035. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Texas-based REIT. A local real estate investor purchased the asset.

June 8, 2018

Acquisitions Illinois Industrial Midwest

Brown Commercial Brokers Sale of 31,440 SF Industrial Building in West Chicago

by Kristin Harlow June 8, 2018

WEST CHICAGO, ILL. — Brown Commercial Group has brokered the sale of a 31,440-square-foot industrial building in West Chicago for an undisclosed price. The property, constructed in 2008, is located at 310-330 Charles Court. The buyer, Tag Fitness, plans to occupy a portion of the building while generating rental income from the remainder of the property. The company warehouses and distributes fitness equipment to health clubs and home gyms. Mike Antonelli represented both the buyer and the seller, a private investor.

June 8, 2018

Development Indiana Midwest Multifamily

Flaherty & Collins to Develop $30M Luxury Apartment Property in Lawrenceburg, Indiana

by Kristin Harlow June 7, 2018

LAWRENCEBURG, IND. — The Lawrenceburg City Council has approved a planned apartment development by Flaherty & Collins Properties. The $30 million project will feature 150 luxury apartment units near the west end of High Street in downtown Lawrenceburg, which is located about 30 miles west of Cincinnati. The project will include one- and two-bedroom units. Completion is slated for 2021, but a groundbreaking date has not been set. The city is expected to contribute $15 million to the project, according to local newspaper Dearborn County Register, but other financing is not yet in place.

June 7, 2018

Development Illinois Midwest Mixed-Use

Structured Development, Carly Partners Plan 37-Acre Mixed-Use Development in North Chicago

by Kristin Harlow June 7, 2018

NORTH CHICAGO, ILL. — Structured Development and Carly Partners have planned Sheridan Crossing, a 37-acre mixed-use development in North Chicago. CBRE has been retained to market for lease more than 76,000 square feet of retail space at the 260,000-square-foot project, which will be located across from the Naval Station Great Lakes. A 107-room hotel and a 10-screen movie theater will anchor the property. KTGY Architecture + Planning is the project architect. Mary Bresnahan and Kim McGuire of CBRE will lead marketing efforts for the project. A timeline for completion was not disclosed.

June 7, 2018

Development Industrial Midwest Missouri

NorthPoint to Develop 252,272 SF Speculative Industrial Building in Hazelwood, Missouri

by Kristin Harlow June 7, 2018

HAZELWOOD, MO. — NorthPoint Development has unveiled plans for a 252,272-square-foot speculative industrial building within the newly created Hazelwood TradePort in suburban St. Louis. The facility, featuring a clear height of 36 feet, is slated for completion this fall. Hazelwood TradePort is a 325-acre development with the potential for up to 4 million square feet of new construction. Brian Bush and Jon Hinds of CBRE are marketing the new building and future construction at the park for lease. Brinkmann Constructors is the general contractor for the project.

June 7, 2018

Acquisitions Industrial Midwest Ohio

IPB Arranges Sale of 63,742 SF Industrial Building in Cridersville, Ohio

by Kristin Harlow June 7, 2018

CRIDERSVILLE, OHIO — Industrial Property Brokers (IPB) has arranged the sale of the former Endless Endeavors Antiques & Collectibles building in Cridersville in northwest Ohio. The sales price was not disclosed. The buyers, a group of local investors, plan to build a $5 million facility for sports shooting known as Black Rifle Shooting Center. Originally built in 1997 as an entertainment site with a car museum, restaurant and merchandising space, the 63,742-square-foot building sits on nine acres and is currently vacant. The property features 200 car parking spaces, five drive-in doors and 3,450 square feet of office space. Tim Echemann of IPB represented the buyer, M&S Land Development Group LLC, as well as the sellers, Don and Mona Miller.

June 7, 2018

Acquisitions Indiana Midwest Multifamily

Essex Brokers $2.6M Sale of Apartment Property in Valparaiso, Indiana

by Kristin Harlow June 7, 2018

VALPARAISO, IND. — Essex Realty Group Inc. has brokered the $2.6 million sale of Mayfield Apartments in the northwest Indianapolis suburb of Valparaiso. The 52-unit garden apartment complex features 13 buildings with four units each. The property is located at 156-364 Mayfield Ave. Brian Kochendorfer, Brian Karmowski and Troy Beebe of Essex brokered the transaction. Both the buyer and seller are real estate corporations with multiple properties under ownership.

June 7, 2018

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