Midwest

McShane Completes Construction of 78-Unit Affordable Housing Property in Chicago

by Kristin Harlow June 9, 2017

CHICAGO — McShane Construction Co. has completed construction of Park Place in Chicago for Brinshore Development. The 78-unit affordable housing property is situated on 4.6 acres at the intersection of 50th Street and Lawndale Avenue. The property features 14 buildings with a mix of one-, two- and three-bedroom floor plans. Amenities include a community room, computer lab, fitness center and on-site management. Landon Bone Baker Architect designed the project. Multiple sources provided funding for Park Place, including the City of Chicago.

June 9, 2017

Illinois Midwest Multifamily

Essex Brokers $6.4M Sale of Multifamily Property in Evanston, Illinois

by Kristin Harlow June 9, 2017

EVANSTON, ILL. — Essex Realty Group Inc. has brokered the sale of Churchview Apartments in Evanston for $6.4 million. The property is located at 1450-56 Oak Ave. near Northwestern University. The 28-unit building features a mix of one-, two- and three-bedroom units. The Baird family of Chicago has owned the property for more than 50 years. Matt Welke, Doug Imber and Kate Varde of Essex represented the seller, while Doug Fisher represented the undisclosed buyer in the transaction. Additionally, the legal team of Austin Hirsch and Steve Miller of Reed Smith LLP represented the seller.

June 9, 2017

Michigan Midwest Multifamily

State of Michigan Provides $1M Grant for Redevelopment of Former Statler Hotel Site in Detroit

by Kristin Harlow June 9, 2017

DETROIT — The Michigan Department of Environmental Quality (MDEQ) has provided a $250,000 loan and a $750,000 grant for the redevelopment of the former Statler Hotel site in Detroit. The Detroit/Wayne County Port Authority received the funding. Located at the corner of Washington Boulevard and Park Avenue, the property has been vacant since the hotel was abandoned in 1975 and demolished in 2005. The MDEQ brownfield grant and loan will cover the costs of mitigating the environmental contamination at the site. VG Statler City LLC will then construct a mixed-use building with 288 apartment units, ground-floor retail and underground parking. The redevelopment will meet national green building standards, including a green roof, and will bring an estimated 58 jobs and 400 residents to the area. The MDEQ’s brownfield redevelopment program provides grants and loans to local governments for environmental activities on brownfield properties where redevelopment is proposed.

June 9, 2017

Illinois Midwest Multifamily

29th Street Capital Acquires 42-Unit Apartment Property in Mount Prospect, Illinois

by Kristin Harlow June 9, 2017

CHICAGO — 29th Street Capital (29SC) has acquired Rand Park Apartments in Mount Prospect, about 22 miles northwest of Chicago. The purchase price was not disclosed. The 42-unit apartment community consists of one- and two-bedroom units. 29SC plans to invest $500,000 in capital improvements to the property, which was under family ownership. Interior upgrades will focus on kitchens and bathrooms. Exterior improvements will include structural repairs to the roof, installing energy-efficient lighting and refinishing the common areas. This is the fifth Chicagoland multifamily property acquisition for 29SC.

June 9, 2017

Midwest Multifamily Nebraska

Lund Co. Arranges $33.3M Sale of Multifamily Portfolio in Omaha, Nebraska

by Kristin Harlow June 8, 2017

OMAHA, NEB. — Cushman & Wakefield/The Lund Co. has arranged the sale of the Omaha Highlands portfolio in Omaha for $33.3 million. The 438-unit portfolio includes The Club at Highland Park Apartments and Terrace Garden Townhomes. Built in 1972, The Club at Highland Park is located at 11402 Evans St. Built in 1974, Terrace Garden is located at 10100 Grand Plaza. New York-based Briar Capital Management purchased the portfolio. Scott Koethe of Cushman & Wakefield/The Lund Co. represented the undisclosed seller in the transaction.

June 8, 2017

Midwest Minnesota Office

CBRE Brokers $18.9M Sale of Office Portfolio in Fridley, Minnesota

by Kristin Harlow June 8, 2017

FRIDLEY, MINN. — CBRE has brokered the sale of River Road Business Center I-IV in Fridley, about 10 miles north of Minneapolis, for $18.9 million. The office portfolio consists of four buildings and 270,000 square feet. The portfolio was 93 percent occupied at the time of sale by manufacturing, services, healthcare, wholesale products and technology tenants. Constructed between 1986 and 1988, the buildings feature 14-foot clear heights, 28 loading docks and 29 drive-in doors to accommodate a wide variety of users. Q.T. Holdings LLC purchased the portfolio. Judd Welliver, Ryan Watts, Sonja Dusil and Tom Holtz of CBRE represented the seller, Hoyt Properties Inc.

June 8, 2017

Illinois Industrial Midwest

Opus Builds Two Headquarters Facilities at Oakview Corporate Park in West Dundee, Illinois

by Kristin Harlow June 8, 2017

WEST DUNDEE, ILL. — The Opus Group has built two warehouse headquarters facilities for Renishaw Inc. and oelheld U.S. Inc. in the Oakview Corporate Park in West Dundee, a western suburb of Chicago. A new 134,000-square-foot facility will serve as the North American headquarters for Renishaw. The two-story building will allow the measurement and motion control company to consolidate and house all of its divisions in one location. The facility consists of approximately 69,000 square feet of office space, 38,000 square feet of warehouse space and 27,000 square feet of space designed for fabrication, demonstrations and trainings. The building also features custom areas for the company’s 3D metal printing. The new 23,400-square-foot headquarters for oelheld U.S., a machine-based lubricants and packaged oil products producer, consists of 7,600 square feet of office space and 15,800 square feet of warehouse space. Unique features of the building include a recessed warehouse floor and drainage barriers designed to contain spilled lubricants during the loading and unloading process in the warehouse. Opus Design Build was the design-builder and Opus AE Group was the architect and structural engineer of record, as well as the interior designer for both projects.

June 8, 2017

Industrial Midwest Ohio

Meridian Completes Construction of 185,210 SF Industrial Building in Strongsville, Ohio

by Kristin Harlow June 8, 2017

STRONGSVILLE, OHIO — Meridian Design Build has completed construction of a 185,210-square-foot industrial building for developer Scannell Properties in Strongsville, a suburb of Cleveland. The property is situated on a 21.8-acre site at 14700 Foltz Parkway. The multi-tenant building features 28 loading docks, two drive-in doors and parking for 164 cars. The design of the building incorporates a thermoplastic polyolefin roof and LED lighting. Precept Design provided architectural services, while Weber Engineering Services completed civil engineering work.

June 8, 2017

Iowa Loans Midwest Multifamily

NorthMarq Arranges $4.4M Loan for Refinancing of Multifamily Property in Cedar Rapids, Iowa

by Kristin Harlow June 8, 2017

CEDAR RAPIDS, IOWA — NorthMarq Capital has arranged a $4.4 million loan for the refinancing of Cypress Pointe Apartments in Cedar Rapids. The 108-unit multifamily property is located at 211 1st Ave. Jason Kinnison of NorthMarq arranged the loan with a life insurance company. The borrower was not disclosed.

June 8, 2017

Market Reports Midwest Midwest Market Reports Multifamily Wisconsin

Wisconsin Supreme Court Reaffirms Subsidized Housing Valuation Methods

by Kristin Harlow June 8, 2017

In a major victory for subsidized housing developers and investors, the Wisconsin Supreme Court has reaffirmed longstanding principles governing the assessment of these properties. The Dec. 22, 2016 decision in Regency West Apartments LLC v. City of Racine confirms that the assessment of a subsidized housing project is a property-specific exercise that must take into account the type of federal program involved, specific restrictions on the property, and actual property income and expenses. The decision also affirms that the value of a subsidized property cannot be determined by comparison to conventional apartment properties that have no restrictions and can charge full market rents. Historical context The Wisconsin Supreme Court first upheld these principles in a 1993 case involving a Milwaukee apartment project subject to rental and other restrictions imposed by the U. S. Department of Housing and Urban Development (HUD). The assessor had valued the property based on market rents at conventional apartments, ignoring the property owner’s inability to legally charge market rents. The Supreme Court nullified the assessment, stating that the assessor had illegally assessed the property by “pretend[ing]” that the HUD restrictions did not apply. The new decision In the December 2016 decision, the Supreme Court reaffirmed the …

June 8, 2017

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