Midwest

BP Renews 240,000 SF Office Lease in Chicago’s West Loop

by Kristin Harlow January 9, 2018

CHICAGO — BP Products North America has renewed its 240,000-square-foot office lease at CME Center-10 & 30 South Wacker in Chicago’s West Loop. BP has leased space at the property since 2010 when it relocated from the western suburbs. CME Center is 90 percent leased. The 2.3 million-square-foot property consists of two 40-story towers connected by a 10-story center structure and a 500-car parking garage. Amenities include a car wash, valet parking, tenant lounge and fitness facility. Matt Carolan, Steve Steinmeyer and Bruce Renwick of JLL represented BP in the lease transaction. Joe Gordon and Justin Lewis of Tishman Speyer represented ownership, Tishman Speyer.

January 9, 2018

Loans Midwest Multifamily Ohio

Hunt Mortgage Group Provides $7.6M Loan for Acquisition of Apartment Property in Columbus, Ohio

by Kristin Harlow January 9, 2018

COLUMBUS, OHIO — Hunt Mortgage Group has provided a $7.6 million Fannie Mae loan for the acquisition of Sutton Square Apartments in Columbus. The 202-unit apartment property is comprised of 29 two-story buildings. Built in 1968, the community is currently 95 percent occupied. The 15-year loan features a 30-year amortization schedule. Hamilton Sutton Square LLC was the borrower.

January 9, 2018

Features Heartland Feature Archive Midwest Multifamily Top Stories

Aided by Tax Credits, Adaptive Reuse Pays Off for Developers

by Kristin Harlow January 9, 2018

Transforming older, historic buildings into apartment rental units opens myriad opportunities for developers beyond simply saving a neighborhood building. The process enables them to create unique floor plans and hip spaces that resonate with many of today’s renters and lease up quickly. These adaptive reuse projects are often costlier than new construction and fraught with challenges, but the consensus among developers is that the reward is worth the risk. “It’s economic development,” says Nick Anderson, a developer with Plymouth, Minnesota-based Dominium. “Converting these historic structures into apartments is very labor-intensive, so the projects generally create a lot of construction jobs. The properties themselves become their own little communities and can have a catalyzing effect on the surrounding neighborhood.” Preserving history Dominium completed construction of Millworks Lofts in Minneapolis in July of this year. The 78-unit affordable housing property was 100 percent leased prior to opening its doors in August, says Anderson. The building, which dates back to the 1920s and was formerly home to Lake Street Sash & Door Co., is on the National Register of Historic Places. Dominium purchased the vacant building in 2016 and financed the project using both federal and state historic tax credit equity. All major …

January 9, 2018

Healthcare Midwest Minnesota

CBRE Arranges $367.7M Sale of Medical Office Portfolio in Metro Twin Cities

by Kristin Harlow January 8, 2018

MINNEAPOLIS — CBRE has arranged the sale of 25 medical office buildings owned by IRET (NYSE: IRET) to Harrison Street Real Estate Capital LLC for $367.7 million. Most of the properties are located in the Twin Cities metro area, with additional facilities in central Minnesota, Montana, North Dakota, Nebraska and Wisconsin. Chris Bodnar and Lee Asher of CBRE partnered with BMO Capital Markets to serve as advisors on the sale. The transaction follows a November announcement by IRET that the company had entered into a purchase and sale agreement to sell its entire healthcare portfolio, which totals 29 properties. The Minot, North Dakota-based company plans to complete the sale of its remaining healthcare-related properties over the next six months as part of its transition to a multifamily-focused company, according to IRET.

January 8, 2018

Industrial Midwest Minnesota

PCCP, Capital Partners Acquire 1.2 MSF Industrial Portfolio in Metro Minneapolis

by Kristin Harlow January 8, 2018

MINNEAPOLIS — PCCP and Capital Partners LLP have formed a joint venture to acquire a 1.2 million-square-foot industrial portfolio in metro Minneapolis. The purchase price was not disclosed. Artis, a Canada-based REIT, sold the seven-property portfolio, which is 82 percent leased. The assets feature a mix of bulk warehouse, light industrial and flex product types. The properties include France Avenue Business Park (Brooklyn Center), Northpoint Industrial Center (Fridley), Eagan Industrial Warehouse (Eagan), Corporate Square (Eagan), Braemar Business Center (Bloomington), Burnsville Business Center (Burnsville) and Round Lake Business Center (Arden Hills).

January 8, 2018

Illinois Midwest Retail

Inland Completes Purchase of Four Properties Occupied by Jewel-Osco in Suburban Chicago

by Kristin Harlow January 8, 2018

CHICAGO — Inland Real Estate Acquisitions LLC has closed on the purchase of four retail properties occupied by Jewel-Osco in suburban Chicago. The properties total a combined 248,622 square feet and feature new 20-year leases. The assets include: 1860 S. Arlington Heights Road in Arlington Heights; 1340 Patriot Blvd. in Glenview; 1759 W. Odgen Ave. in Naperville; and 7122 W. 40th St. in Stickney. Joe Cosenza of Inland and Gina LaMantia, managing counsel for Charles J. Benvenuto PC, completed the transaction on behalf of an Inland affiliate. The seller was not disclosed.

January 8, 2018

Midwest Minnesota Multifamily

Marcus & Millichap Arranges $15.6M Sale of Apartment Property in Saint Louis Park, Minnesota

by Kristin Harlow January 8, 2018

SAINT LOUIS PARK, MINN. — Marcus & Millichap has arranged the sale of Tamarind Apartments in Saint Louis Park near Minneapolis for $15.6 million. The 102-unit apartment property is located at 2300 Ridge Drive. Built in 1986, the property features one- and two-bedroom units. The community was 100 percent occupied at the time of sale. Mox Gunderson, Dan Linnell and Josh Talberg of Marcus & Millichap represented the seller, a local partnership. The team also secured the undisclosed buyer.

January 8, 2018

Illinois Midwest Retail

CBL Begins Redevelopment of Mall Property in Bloomington, Illinois

by Kristin Harlow January 8, 2018

BLOOMINGTON, ILL. — CBL Properties has launched redevelopment of Eastland Mall in Bloomington. H&M and Planet Fitness will occupy the space formerly home to J.C. Penney. Outback Steakhouse is also slated to join the lineup of tenants. Construction of H&M, Planet Fitness and Outback Steakhouse is currently underway. Tenants are expected to open prior to the 2018 holiday season. The mall, originally built in 1967, has a gross leasable area of 760,833 square feet.

January 8, 2018

Illinois Industrial Midwest

Colliers Arranges $95M Sale of Industrial Portfolio in Metro Chicago

by Kristin Harlow January 5, 2018

AURORA, CAROL STREAM AND NEW LENOX, ILL. — Colliers International has arranged the sale of a 1.4 million-square-foot industrial portfolio in metro Chicago for $95 million. All six buildings in the portfolio are located in business parks with immediate access to interstate highways. The buildings include: 494 E. Lies Road, an 89,380-square-foot facility in the Carol Point Business Center in Carol Stream; 2520 Diehl Road, a 130,000-square-foot facility in the White Oak Business Park in Aurora; and 2700 Ellis Road, 2101 Haven Road, 2201 Haven Road and 2200 Haven Road within the Cherry Hill Business Park in New Lenox. Collectively, the buildings were 100 percent leased to seven tenants at the time of sale. Jeff Devine and Steve Disse of Colliers International represented the seller, institutional investors advised by J.P. Morgan Asset Management. A comingled fund managed by CBRE Investors purchased the portfolio.

January 5, 2018

Illinois Midwest Student Housing

Harrison Street to Acquire Six Student Housing Properties in Germany

by Kristin Harlow January 5, 2018

CHICAGO — Harrison Street Real Estate Capital LLC has agreed to acquire a portfolio of six student housing properties in Germany from MPC Capital AG. The portfolio consists of more than 1,000 beds and serves university students in Berlin, Bonn, Kaiserslautern, Leipzig and Nuremberg. In addition, Harrison Street has formed a strategic joint venture with MPC Capital to acquire student housing properties across Europe. Headquartered in Germany, MPC Capital is a developer and operator of student accommodations. A press release announcing the transaction didn’t provide a purchase price or the expected closing date. Under the terms of the joint venture, the properties will continue to be managed under MPC Capital’s STAYTOO brand and existing property management teams. MPC Capital has identified several other properties as possible acquisitions for the joint venture, which will also be managed under the STAYTOO brand. Germany has Europe’s largest student population and a supply-constrained student accommodation market, according to Robert Mathias, senior managing director and head of international at Harrison Street. Those attributes plus strong user demand and enrollment growth present an attractive investment opportunity, adds Mathias. Chicago-based Harrison Street is one of the largest owners of student housing in the United States and Europe. Harrison …

January 5, 2018

Newer Posts

Older Posts