Midwest

Strategic Capital Partners, Rubenstein Partners Acquire 1.1 MSF Office Park in Indianapolis for $132.7M

by Taylor Williams January 11, 2018

INDIANAPOLIS — A partnership between two investment firms, Indianapolis-based Strategic Capital Partners (SCP) and Philadelphia-based Rubenstein Partners LP, has acquired The Precedent Office Park, a 1.1 million-square-foot, Class A office complex in Indianapolis, for $132.7 million. Chicago-based LaSalle Investment Management was the seller. The property is situated on 184 acres at the intersection of Keystone Avenue and East 96th Street, just off Interstate 465 on the city’s north side. It consists of 19 buildings positioned around a 38-acre central lake. The campus is also located near a shopping and dining destination, The Fashion Mall at Keystone. Current amenities include a 6,000-square-foot fitness center, daycare center, bike-sharing program and micro-market vending options in select buildings. The buyers will implement a capital improvement program focused on enhancing the on-site amenities and upgrading the building systems. The improvements will aim to bolster the lake’s role in the amenity package by improving the landscaping and walking paths around it. Other amenity upgrades will include the renovation of the fitness center and the development of a new tenant lounge and cafeteria. “The Precedent’s location and proximity to the Fashion Mall at Keystone and other amenities is why many great local and national companies have chosen …

January 11, 2018

Industrial Market Reports Midwest Midwest Market Reports Missouri

Kansas City’s Industrial Market Shows Record Absorption in 2017

by Kristin Harlow January 11, 2018

Over the last five years, Kansas City has seen a flurry of activity in the industrial sector. Since 2012, we have seen approximately 22.7 million square feet of new Class A industrial space hit the market, with speculative development and build-to-suits. Considering that Kansas City had only about 14 million square feet of Class A industrial space prior to 2012, these additions have had a huge impact on our marketplace. Prior to big box speculative development in Kansas City, it was hard to land large users due to lack of available product. These users did not have the time to wait for build-to-suit projects to be completed, so if product wasn’t readily available, they would move on to a different market. As a result, developers began to introduce speculative buildings, meeting this demand for new Class A product. Kansas City has thus emerged as a major player competing for larger users and their requirements. This year alone we have seen record absorption numbers and are not showing any major signs of slowing down anytime soon. The two major drivers that are taking this space are e-commerce and logistics users. The new demand for larger spaces has increased the average size …

January 11, 2018

Illinois Midwest Multifamily

Draper and Kramer Breaks Ground on 58-Unit Luxury Apartment Building in Chicago

by Kristin Harlow January 10, 2018

CHICAGO — Draper and Kramer Inc. has broken ground on a boutique apartment building along Chicago’s lakefront. The eight-story rental property, which will be situated on the last undeveloped site on North Lake Shore Drive in the Gold Coast neighborhood and known as 61 Banks Street, will feature a mix of 58 two- and three-bedroom residences. Designed by Larry Booth of Booth Hansen, the building will be topped by a green roof with an outdoor terrace as well as an enclosed rooftop amenity space. Seven “maisonette” residences, which feature two-story units with street-level entrances and private terraces, will flank the ground floor of the property. Jacobs/Ryan Associates is designing the landscaped areas while Leopardo Cos. is serving as the project’s general contractor. Two-bedroom units will average 1,700 square feet while three-bedroom units will average 2,400 square feet. Monthly rents are expected to range from $5,500 to over $12,000. Residents will have access to a full-time concierge and 24-hour valet parking.

January 10, 2018

Hospitality Midwest Missouri

JNS, HDA Architects to Design 192-Room Hotel in St. Louis

by Kristin Harlow January 10, 2018

ST. LOUIS — JNS and HDA Architects have been selected by real estate development company HomeBase to design an AC Hotel by Marriott in St. Louis. The 192-room hotel will feature 1,000 square feet of meeting space. The ground floor will include a common area with a bar, limited-menu restaurant and “European-style” breakfast for guests with French croissants, fruits, cheeses and egg tarts. AC Hotels are European-inspired hotels with several international locations.

January 10, 2018

Iowa Loans Midwest Multifamily

NorthMarq Arranges $16.7M Refinancing for Apartment Property in Council Bluffs, Iowa

by Kristin Harlow January 10, 2018

COUNCIL BLUFFS, IOWA — NorthMarq Capital has arranged a $16.7 million Freddie Mac loan for the refinancing of River Park Apartments Phase III in Council Bluffs. The 190-unit apartment property features amenities such as a 24-hour fitness center, café, clubhouse, basketball court and two swimming pools. Jason Kinnison of NorthMarq arranged the loan for the undisclosed borrower.

January 10, 2018

Healthcare Kansas Midwest

CNL Healthcare Acquires 38,496 SF Medical Office Building in Overland Park, Kansas for $14M

by Kristin Harlow January 10, 2018

OVERLAND PARK, KAN. — CNL Healthcare Properties II has acquired a 38,496-square-foot medical office building in Overland Park for $14 million. Constructed in 2007, the building is located at 5525 W. 199th St. on the campus of HCA Menorah Medical Center. The two-story property is fully leased to five tenants, with an ambulatory surgical center anchoring the property. Evan Kovac, Ben Appel, Anthony Frogameni, Andrew Milne, Matt DiCesare and Sean Fogarty of HFF represented the undisclosed seller. The team also procured the buyer, which is a non-traded REIT sponsored by CNL Financial Group.

January 10, 2018

Illinois Midwest Mixed-Use

Marcus & Millichap Brokers $3.4M Sale of Mixed-Use Building in Chicago

by Kristin Harlow January 10, 2018

CHICAGO — Marcus & Millichap has brokered the sale of a 6,100-square-foot mixed-use building in Chicago’s Lakeview neighborhood for $3.4 million. The property, located at 3452 N. Southport Ave., features three apartment units and one retail tenant on the ground floor. Hanna Andersson, a children’s retailer, occupies the ground-floor space. Kyle Stengle of Marcus & Millichap represented the seller, a local developer. An international private investor purchased the asset.

January 10, 2018

Indiana Midwest Multifamily Top Stories

Milhaus Sells 1,803-Unit Multifamily Portfolio for $320.5M

by Nellie Day January 10, 2018

INDIANAPOLIS — Milhaus has sold a 1,803-unit multifamily portfolio that spans four states for $320.5 million. Four separate buyers acquired the assets. The nine properties included in Milhaus’s Urban Core Portfolio are the 354-unit Highland Row in Memphis, Tenn.; the 131-unit Gantry in Cincinnati; the 329-unit Lift in Oklahoma City; and the 258-unit Artistry, 54-unit Mosaic, 265-unit Circa, 65-unit Mozzo, 105-unit Maxwell, and 242-unit Mentor & Muse in Indianapolis. “The portfolio consists of small and large assets in four distinct metros, but the common theme … is that each of these markets have expanding employment bases of young talent with plenty of runway left in this cycle,” says Steve LaMotte Jr. who, along with CBRE’s Central Midwest Multifamily team, represented developer Milhaus in this disposition. “The rare opportunity to deploy a sizeable amount of capital in newly constructed, best-of-class, urban-walkable assets was duly noted by the market.” Indianapolis-based Milhaus developed, built and operates the majority of the portfolio. The firm focuses on Class A, urban multifamily buildings in growing secondary markets in the eastern half of the U.S. Indiana-based Gene B. Glick Co. was the seller of one of the assets, which Milhaus only operated. Five assets were recapitalized by …

January 10, 2018

Midwest Missouri Office

CBRE Brokers Sale of 320,976 SF Office Building in Kansas City, Missouri

by Kristin Harlow January 9, 2018

KANSAS CITY, MO. — CBRE has brokered the sale of 2323 Grand in Kansas City’s Crown Center for an undisclosed price. The 11-story office property features 320,976 square feet and an underground parking garage. The transaction also included a surface parking lot for a combined total of 2.3 acres. The building is 83 percent leased by tenants including Sun Life Financial Services Co. Inc., Seigfried Bingham PC and Thornton Tomasetti Inc. On-site amenities include a cafeteria with a dining room and outdoor patio, fitness center and conference rooms. The property recently underwent a $6.5 million renovation. Gina Anderson, Gary Carr and Robert Hill of CBRE arranged the sale on behalf of the seller, Assurant. Stanton Road Capital purchased the asset.

January 9, 2018

Illinois Loans Midwest Office

Cohen Financial Arranges $19M Acquisition Financing for Office Building in Northbrook, Illinois

by Kristin Harlow January 9, 2018

NORTHBROOK, ILL. — Cohen Financial, a division of SunTrust Bank, has arranged a $19 million bridge loan for the acquisition of 400 Skokie in Northbrook, a northern suburb of Illinois. The 195,000-square-foot office building is currently 75 percent leased by tenants in various industries, including industrial manufacturing, financial services and healthcare. Michael Hart of Cohen Financial arranged the loan on behalf of the borrower, Ameritus. A Chicago-based bank provided the loan.

January 9, 2018

Newer Posts

Older Posts