OAKDALE, MINN. — Cushman & Wakefield NorthMarq has negotiated two leases at 4Front, a 550,000-square-foot office property in Oakdale, a suburb of St. Paul. Gemalto, a security software developer, has signed a 15,000-square-foot lease. Impact Group, an employee coaching and career transition consulting firm, has signed an 8,100-square-foot lease. The space will serve as a consolidation of two previous locations in the Twin Cities for Impact Group. The four-building 4Front is also home to Incubology, a high-tech business incubator that occupies labs, clean rooms and offices. Slumberland Furniture purchased the property in 2016 from previous owner, Imation, which used the property as its corporate headquarters. Eric King of Cushman & Wakefield NorthMarq and Brian Brisky of Brisky Commercial represented Slumberland in the lease transactions.
AMELIA, OHIO — Marcus & Millichap has arranged the sale of an 8,250-square-foot property net leased to Rainbow Child Care in Amelia, about 20 miles east of Cincinnati, for $1.3 million. The property is located at 3669 Appomatox Drive. Eric Luhrsen, Chad Lieber and Dominic Sulo of Marcus & Millichap marketed the property on behalf of the seller, a developer. Michael Glass, also of Marcus & Millichap, assisted in closing the transaction. The buyer was not disclosed.
It seems like politics watchers and the news media like to establish a veil of mystery around Cook County tax assessments. And although it sells papers and conjures an atmosphere of the unknown, the most important thing to know about tax relief in Cook County is the role of market value in assessments and how taxes are calculated. On June 13, taxing entities announced that tax rates in the City of Chicago would be going up approximately 10 percent. The second installment 2016 tax bills were scheduled to be published around July 1 with a very short payment deadline of Aug. 1, 2017. Those bills will reflect all changes to assessments, as well as the new tax rates. Tax increases make good headlines, but the increases were not a real surprise. The large anticipated property tax increases arise from a local ordinance designed to recapture a portion of the City of Chicago’s and Chicago Public Schools’ large budget deficits and pension plan deficits. This local real estate tax increase resulted from the absence any current resolution of the continuing budgetary stalemate between the general assembly and the governor’s office in Springfield, Illinois. The table below illustrates the potential real estate …
WESTMONT, ILL. — Associated Bank has provided a $25 million loan for the refinancing of a single-tenant building occupied by Mariano’s Fresh Market in Westmont, about 20 miles west of Chicago. The 73,023-square-foot grocery store is located at 150 W. 63rd St. The store opened in March 2016. Daniel Barrins of Associated Bank originated the loan. An affiliate of IM Properties PLC was the borrower.
SHOREWOOD, WIS. — Walker & Dunlop Inc. has arranged a $20 million loan for the construction of The Oaks of Shorewood near Milwaukee. The apartment complex, designed for active seniors 55 and older, will consist of four buildings with 34 one-bedroom units and 67 two-bedroom units. Amenities include a spa and outdoor pool, yoga and fitness center, fireside lounge, theater, library, business center, community room and underground parking. Sherman Associates is developing the $26 million project, slated for completion in 2018. Jeff Schmidt and Tim Cotter of Walker & Dunlop arranged the three-year loan. TCF Bank provided the loan.
BUFFALO GROVE, ILL. — Principle Construction Corp. has completed a 157,000-square-foot industrial building in Buffalo Grove. The property is situated on an 11.8-acre site at 850 Asbury Drive. Principle demolished a 55,000-square-foot vacant building onsite in order to build the new facility, which features 32-foot clear heights, 36 truck docks, four drive-in doors and parking for 173 cars. To accommodate storm water, Principle built landscaped retaining walls and two detention ponds. Michael Long, Rick Grabowski and Mark and Matt Frane of Principle served as the project team. Harris Architects provided architectural services and Jamie Putnam of Kimley-Horn and Associates served as project engineer. Ridgeline Property Group’s Pete Harmon marketed the building for its owner, USRLP Asbury Drive LLC.
TOPEKA, KAN. — Homewood Suites by Hilton Topeka has opened at 1519 Southwest Arrowhead Road in Topeka. Developed, owned and managed by Kansas Hospitality Inc., the 87-suite hotel features a mix of studio, one- and two-bedroom accommodations. Amenities include a fitness center, game room, indoor pool and outdoor patio with grilling area.
ELK GROVE VILLAGE, ILL. — Darwin Realty has negotiated a 103,987-square-foot industrial lease for Marketplace Brands LLC in Elk Grove Village. The seasonal food gifts distributor will occupy the entire building located at 951 Fargo Ave. The property was recently renovated and features 22-foot clear heights, 11,000 square feet of office space, 10 dock positions and one drive-in door. Richard G. Daly and Adam Haefner of Darwin Realty represented the landlord, a private institutional investor. Joe Bronson and Josh Will of NAI Hiffman represented the tenant in the lease transaction.
KANSAS CITY, KAN. — Berkadia has arranged a $15.2 million loan for the acquisition of SouthRidge Apartments in Kansas City. The multifamily property is located at 1100 County Line Road and includes a mix of one-, two- and three-bedroom units. Community amenities include a fitness center, two swimming pools, covered parking and gated access. The 10-year Fannie Mae loan features a 30-year amortization schedule. John Schorgl of Berkadia arranged the loan. Kansas City-based Worcester Investments was the borrower.
OMAHA, NEB. — Hy-Vee Inc. has signed a 115,560-square-foot industrial lease in Omaha. The 185,000-square-foot building, located at 11651 S. 154th St., is now fully leased. Other tenants include Blackhawk Industrial Distribution Inc. and Tire Operations LLC. Hy-Vee will use the space as a warehouse as well as a central kitchen to supply its fresh food items to surrounding stores. The company maintains over 240 stores throughout the Midwest. Michael W. Miller, Colm Breathnach and Andy Ash of Colliers International represented the Landlord, DAMMM1 LLC.