Midwest

Industrial Realty Group Acquires IBM’s 3.1 MSF Campus in Rochester, Minnesota

by Taylor Williams February 26, 2018

ROCHESTER, MINN. — Industrial Realty Group LLC (IRG) has acquired IBM’s technology campus in Rochester, about 90 miles southeast of Minneapolis. The price was not disclosed. The campus opened in 1957 and currently spans 490 acres. Its 34 buildings comprise a total of 3.1 million square feet of office, manufacturing, warehouse, data center and lab space. IRG plans to lease back eight of the buildings to IBM and create a multi-tenant, mixed-use campus for the rest of the property. “We have already engaged potential tenants who are interested in locating their operations to this high-tech campus,” says John Mase, CEO of IRG. “We plan to create an environment that encompasses a variety of uses and creates as many jobs as possible.” Rochester’s daily newspaper, The Post Bulletin, reports that the campus housed about 3,200 employees in 2012, when the data was last made available, and that Olmsted County recently valued the property at just under $33 million. The paper also reports that 1 million square feet of space is currently available for lease. IRG is a Los Angeles-based developer and operator of more than 150 commercial developments across eight states. — Taylor Williams

February 26, 2018

Healthcare Midwest Nebraska

Darland Constructs 130,000 SF Medical Office Building in Norfolk, Nebraska

by Kristin Harlow February 23, 2018

NORFOLK, NEB. — Darland Construction Co. is building a 130,000-square-foot medical office building for Faith Regional Health Services in Norfolk. The project, located in northeastern Nebraska, is slated for completion in spring 2019. The four-story building will include an outpatient surgery center on the main floor. The remainder of the building will be dedicated to women’s and children’s services, surgical and medical specialty offices and orthopedics. Avant Architects is the project architect.

February 23, 2018

Affordable Housing Midwest Multifamily Ohio

Woda Group Completes Conversion of Affordable Housing Property in Nelsonville, Ohio

by Kristin Harlow February 23, 2018

NELSONVILLE, OHIO — Woda Group Inc. has completed the conversion of a historic school into a 33-unit affordable housing property in Nelsonville, 60 miles southeast of Columbus. A grand opening and ribbon-cutting ceremony is scheduled for Friday, March 2. The project, which included the restoration and renovation of two buildings into one facility, will be restricted to workforce families earning 60 percent of the area median income. Original chalkboards and classroom closets were incorporated into several of the units. Woda Group repurposed the school’s original auditorium into a large community room with a kitchen, property management office and fitness center. Funding for the $9.6 million project came from Ohio historic preservation tax credits administered by the Ohio Development Services Agency; federal historic preservation tax incentives through the National Park Service; and competitive housing tax credits made available through the Ohio Housing Finance Agency (OHFA). The Ohio Capital Corp. for Housing also served as an investor for the project, providing equity in exchange for tax credits. OHFA’s Home Development Loan Program provided a bridge loan. Summit Community Bank provided construction and permanent financing.

February 23, 2018

Illinois Industrial Midwest

Midwest Industrial Funds Acquires 49,000 SF Multi-Tenant Building in Plainfield, Illinois

by Kristin Harlow February 23, 2018

PLAINFIELD, ILL. — Midwest Industrial Funds has acquired a 49,000-square-foot industrial building in Plainfield, located 38 miles southwest of Chicago, for an undisclosed price. The multi-tenant property is situated on 3.7 acres at 24317 W. 143rd St. Constructed in 2007, the building features a clear height of 26 feet, eight exterior loading docks, eight grade-level doors, parking for 71 cars and an ESFR fire suppression system. The property was 88 percent leased to five tenants at the time of sale. Midwest Industrial Funds plans to enhance the exterior and landscaping as well as perform interior improvements to the vacant portion. Cory Ramey of John Greene Industrial represented Midwest Industrial Funds in the transaction. Mark Masino and Madison O’Connor of Marcus & Millichap represented the seller, a private investor.

February 23, 2018

Midwest Office Wisconsin

Nordic Realty Partners Buys 10,430 SF Office Building in Mount Pleasant, Wisconsin

by Kristin Harlow February 23, 2018

MOUNT PLEASANT, WIS. — Nordic Realty Partners LLC has purchased a 10,430-square-foot office building in Mount Pleasant, about 25 miles south of Milwaukee. The sales price was not disclosed. The property, which includes surplus land of 3.1 acres, is located at 13303 Washington Ave. near I-94. Johnson Insurance currently occupies the building, but plans to relocate during 2018. CBRE represented the undisclosed seller in the transaction.

February 23, 2018

Illinois Midwest Retail

Marcus & Millichap Brokers $1.8M Sale of Retail Property in Chicago

by Kristin Harlow February 23, 2018

CHICAGO — Marcus & Millichap has brokered the sale of a 6,141-square-foot retail property in Chicago for $1.8 million. The ground-floor retail space is located at 2142-2144 W. Roscoe St in the Roscoe Village neighborhood. Tenants include Pure Motion Chiropractic, Pilates + Coffee, XO Studio salon and Roscoe Books. Sean Sharko, Austin Weisenbeck and Brewster Hague of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The team also secured the private investor buyer.

February 23, 2018

California Florida Hawaii Hospitality Illinois Midwest Southeast Top Stories Western

Hyatt to Sell Three-Property Hotel Portfolio for $1B

by Kristin Harlow February 23, 2018

CHICAGO — Hyatt Hotels Corp. (NYSE: H) has agreed to sell a three-property hotel portfolio to Host Hotels & Resorts Inc. (NYSE: HST) for approximately $1 billion. The transaction includes the Andaz Maui at Wailea Resort in Wailea, Hawaii, the Grand Hyatt San Francisco and the Hyatt Regency Coconut Point Resort and Spa in Bonita Springs, Fla. Hyatt will continue to manage the three hotels under long-term management agreements. The transaction is expected to close at the end of March. The 301-room Andaz Maui features a 15-acre beachfront setting, four infinity pools, 15,000 square feet of event space, five dining options, a spa and a fitness center. Featuring 668 rooms, the Grand Hyatt San Francisco includes a 24-hour fitness center, as well as restaurant, lounge and event space on the 36th floor. Located in southwest Florida, the 454-room Hyatt Regency Coconut Point features several pools, waterslides, a golf course, rock climbing wall, five restaurants and over 82,500 square feet of flexible space. The sale reflects a recently announced initiative from Hyatt to reduce real estate ownership, according to Mark Hoplamazian, president and CEO of Hyatt. Andaz Maui and Grand Hyatt San Francisco reflect a combined attributed sale value of approximately …

February 23, 2018

Loans Midwest Minnesota Multifamily

High Street Residential Receives $34.2M in Construction Financing for Apartment Project in Edina, Minnesota

by Kristin Harlow February 22, 2018

EDINA, MINN. — High Street Residential, a subsidiary of Trammell Crow Co., has received $34.2 million in financing for the construction of a 165-unit apartment building in Edina. The age-restricted property for persons 55 or older will feature a mix of one- and two-bedroom units with an average unit size of 900 square feet. Construction will also include a 212-space parking garage. The site was formerly home to buildings and parking space used by Edina Public Schools. Completion is slated for spring 2019. Associated Bank provided $19.2 million of the loan with $15 million syndicated to Great Southern Bank. Ted Notz of Associated Bank managed the loan and closing.

February 22, 2018

Illinois Industrial Loans Midwest

Continental Partners Arranges $7M Acquisition Loan for Industrial Property in Chicago

by Kristin Harlow February 22, 2018

CHICAGO — Continental Partners has arranged a $7 million bridge loan for the buyer of a 115,000-square-foot Motor Row industrial building in Chicago’s South Loop. The building’s new owner, a private investor, plans to convert the asset into a Class A mixed-use property with retail, entertainment and office space. The former auto showroom, located at 2222 S. Michigan Ave., is currently vacant. The lender was not disclosed.

February 22, 2018

Midwest Ohio Student Housing

Triad Negotiates Sale of 536-Bed Student Housing Property Near Ohio University

by Kristin Harlow February 22, 2018

ATHENS, OHIO — Triad Real Estate Partners has negotiated the sale of Carriage Hill Apartments near Ohio University in Athens for an undisclosed price. Built in two phases between 1967 and 1970, the student housing property features 536 beds within 337 units. The buyer, Emet Capital Management, plans to complete a substantial renovation and rebranding of the property. Columbus-based Wallick Communities was the seller.

February 22, 2018

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