Midwest

Skender Completes 176,000 SF Headquarters Relocation Project for GGP in Chicago

by Kristin Harlow February 2, 2018

CHICAGO — Skender Construction has completed interior construction of the 176,000-square-foot headquarters for retail real estate company GGP at River North Point in Chicago. GGP has relocated 700 employees to the new headquarters. The three-level space features an abundance of natural light and an open office format with exposed ceilings. The focal point of the space is the café, which opens to a 10,500-square-foot private deck overlooking the Chicago River. Skender worked with Archideas Inc., Environmental Systems Design and JLL to complete the project.

February 2, 2018

Kansas Midwest Self-Storage

Phillips Development Buys 1.5-Acre Site, Plans 100,000 SF Self-Storage Facility in Kansas City

by Kristin Harlow February 2, 2018

KANSAS CITY, KAN. — Phillips Development and Realty (PDR) has acquired a 1.5-acre land parcel on Southwest Boulevard in Kansas City. The firm plans to build a 100,000-square-foot, 710-unit self-storage facility on the site. Construction of the Class A development is slated to begin during the third quarter of 2018 and be completed in the third quarter of 2019. Kansas City presents opportunities for development as the population continues to grow and employers expand, according to Donald Phillips, managing director of Tampa, Fla.-based PDR. Kansas City’s metro area population ranks 30th on a list of the 382 metropolitan statistical areas within the United States.

February 2, 2018

Illinois Industrial Midwest

Missner Group Acquires 45,000 SF Flex Industrial Building in Glenview, Illinois

by Kristin Harlow February 2, 2018

GLENVIEW, ILL. — The Missner Group has acquired a 45,000-square-foot flex industrial building in Glenview, about 20 miles northwest of Chicago. The purchase price was not disclosed. The single-story building, constructed in 1999, is located at 2323 Ravine Way in North Shore Corporate Park. The purchase is part of a sale-leaseback with the current owner, printing company DreamWorks Graphic Communications. DreamWorks acquired the building in 2014 and hired The Missner Group to complete building renovations at the time. The property features a clear height of 26 feet, four exterior truck docks, one drive-in door and 13,000 square feet of office space. Ed Adler of The Missner Group led the acquisition for the firm. Larry Much of NAI Hiffman represented both the buyer and the seller in the transaction.

February 2, 2018

Michigan Midwest Multifamily

Lamb Net Lease Brokers Sale of 54-Unit Apartment Property in Grand Rapids, Michigan

by Kristin Harlow February 2, 2018

GRAND RAPIDS, MICH. — Lamb Net Lease LLC has brokered the sale of Longmeadow Apartments in Grand Rapids for an undisclosed price. The 54-unit apartment property is located at 2600 Woodmeadow Drive SE. Longmeadow Apartments LLC sold the asset to a California-based private equity buyer. Mike Lamb of Lamb Net Lease brokered the transaction between both parties.

February 2, 2018

Industrial Midwest Wisconsin

Connected Technology Solutions Signs 42,590 SF Industrial Lease in Menomonee Falls, Wisconsin

by Kristin Harlow February 2, 2018

MENOMONEE FALLS, WIS. — Connected Technology Solutions Inc. has signed a 42,590-square-foot industrial lease in Menomonee Falls, about 20 miles northwest of Milwaukee. The kiosk hardware and software solutions provider will occupy the entire building located on Garwin Mace Drive. TJ Huenerbein, Samuel M. Dickman Jr. and Samuel D. Dickman of the Dickman Co. Inc./CORFAC International represented the landlord, AJR Properties South LLC, in the lease transaction. Brett Garceau of NAI/MLG Commercial represented the tenant.

February 2, 2018

Midwest Retail Top Stories Wisconsin

Bon-Ton Unveils Locations of 42 Store Closures, Largely Across Midwest

by Kristin Harlow February 2, 2018

MILWAUKEE — The Bon-Ton Stores Inc. has unveiled the 42 store locations that will be closing as part of a previously announced “store rationalization program.” The closing locations are in addition to five other recently announced store closures, four of which the company completed at the end of January. The affected stores include locations under all of the company’s nameplates — Herberger’s, Carson’s, Bergner’s, Younkers, Elder-Beerman and Boston Store. “As part of the comprehensive turnaround plan we announced in November, we are taking the next steps in our efforts to move forward with a more productive store footprint,” says Bill Tracy, president and CEO. Third-party liquidator Hilco Merchant Resources is managing the store-closing sales, which were slated to begin Feb. 1 and run for approximately 10 to 12 weeks. Bon-Ton has dual headquarters in Milwaukee and York, Pa., and operates 260 stores across the Northeast, Midwest and upper Great Plains. For a full list of store closings, click here. Bon-Ton’s announcement comes on the heels of other large retail closings unveiled in January, including Sears, Sam’s Club and Toys ‘R’ Us. — Kristin Hiller

February 2, 2018

Hospitality Illinois Loans Midwest

Mesa West Capital Provides $48M Refinancing for Talbott Hotel in Chicago

by Kristin Harlow February 1, 2018

CHICAGO — Mesa West Capital has provided a $48 million loan for the refinancing of the newly renovated Talbott Hotel in Chicago. The borrower, Sterling Bay, acquired the 16-story hotel in the fall of 2015. Sterling Bay completed a renovation of the lobby, common areas and guest rooms and added a restaurant, fitness center and 29 new rooms to rebrand the property into a 178-room boutique hotel. The hotel reopened in May 2017. The non-recourse loan will allow Sterling Bay to stabilize the hotel over the course of the five-year loan term, according to Matthew Snyder, vice president of Mesa West. Snyder and Brian Hirsh originated the loan.

February 1, 2018

Illinois Midwest Restaurant Retail

McDonald’s Reveals New Design for Chicago Flagship Restaurant

by Kristin Harlow February 1, 2018

CHICAGO — McDonald’s has unveiled exterior and interior designs for the brand’s flagship restaurant at Clark and Ontario streets in Chicago. The former rock ‘n’ roll-themed restaurant closed in late December. The new restaurant will feature self-order kiosks, table service and mobile order and payment. The nearly 19,000-square-foot restaurant, designed by Chicago-based Ross Barney Architects, will be constructed of steel and wood timber. The restaurant will feature green spaces and energy-saving features in efforts to become LEED certified. The redesigned restaurant is slated to reopen this spring. McDonald’s is also in the process of moving its headquarters to Chicago from Oak Brook, Ill.

February 1, 2018

Indiana Midwest Retail

Regency Properties Acquires Three Shopping Centers Totaling 253,267 SF in Indiana

by Kristin Harlow February 1, 2018

COLUMBIA CITY, MONTICELLO AND WABASH, IND. — Regency Properties has acquired three shopping centers in northern Indiana for an undisclosed price. The acquisition will add a combined 253,267 square feet to the company’s portfolio of properties. The 123,340-square-foot Columbia Square Shopping Center is located at 621 Countryside Drive in Columbia City. Anchored by Kroger, additional tenants at the property include Family Dollar, Goody’s, Rent-A-Center and Tires Plus. In Monticello, the 107,164-square-foot Monticello Marketplace is located at 900 N. Main St. Tenants include Kroger, Label Shopper, Pizza Hut, Ace Hardware and Anytime Fitness. Wabash Crossing East Shopping Center is a 22,763-square-foot center located at 1611 N. Cass St. in Wabash. Positioned by Highway 24, this center features Wabash County Hospital among other tenants.

February 1, 2018

Indiana Loans Midwest Multifamily

CBRE Arranges $15.5M in Financing for Multifamily Portfolio in Anderson, Indiana

by Kristin Harlow February 1, 2018

ANDERSON, IND. — CBRE has arranged $15.5 million in financing for a three-property multifamily portfolio located in Anderson, about 40 miles northwest of Indianapolis. Jason Brown and Dan Gable of CBRE arranged the 10-year loans through Starwood Mortgage Capital. James Management Group was the borrower. Brown and Gable arranged a $6.8 million loan for the refinancing of Villages on Madison. The 214-unit property is located at 4325 S. Madison Ave. The team also arranged a $7.2 million loan for the acquisition of the 212-unit Cross Lakes and a $1.4 million loan for the acquisition of the 72-unit Giant Oaks.

February 1, 2018

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