Midwest

CA Ventures to Redevelop State Street Office Buildings in Chicago

by Kristin Harlow June 7, 2017

CHICAGO — CA Ventures has agreed to buy two State Street office buildings in Chicago and redevelop the properties into apartment units as part of a $141 million residential and retail project. Located at 202 and 220 S. State St. and currently owned by the federal government, the vacant buildings were made available through a request for proposals process. The plan calls for the 22-story Consumers Building, designed by Jenny, Mundie & Jensen and completed in 1913, to be rehabilitated as 270 micro-apartments. The 16-story Century Building, designed by Holabird & Roche and completed in 1915, would be rehabilitated and expanded as 159 studio and one-bedroom apartments. The current building at 212 S. State St. would be demolished, and a 15-story structure built in its place. CA Ventures’ proposal to acquire the buildings for $10.4 million involves a simultaneous, three-way transaction involving the General Services Administration (GSA) and the City of Chicago. The offer price and sale terms, expected to be finalized this summer, require review and approval by the GSA and Chicago City Council.

June 7, 2017

Indiana Midwest Office

CBRE Arranges Sale of 243,271 SF Office Property in Carmel, Indiana

by Kristin Harlow June 7, 2017

CARMEL, IND. — CBRE has arranged the sale of One & Two Penn Mark office buildings in Carmel, about 20 miles north of Indianapolis. The sales price was not disclosed. Together, the two office buildings combine for 13 floors and 243,271 square feet of Class A office space. Amenities include an exercise facility, tenant lounge, conference center and an outdoor amenity area with shaded seating. Dan Richardson of CBRE represented the seller, TNHYIF REIV Sierra LLC. Omaha-based Metonic Real Estate Solutions was the buyer.

June 7, 2017

Hospitality Midwest Minnesota

Midas Hospitality Breaks Ground on Dual-Branded Hotel Development in Brooklyn Park, Minnesota

by Kristin Harlow June 7, 2017

BROOKLYN PARK, MINN. — Midas Hospitality has broken ground on two Hilton hotels in Brooklyn Park, about 12 miles north of Minneapolis. The $28 million development is slated to open in summer 2018. A 100-room Hampton Inn will be located at 9470 W. Broadway Ave. The 63,301-square-foot hotel will feature an indoor pool, meeting room and fitness center. A 107-room Home2 Suites will be located at 9490 W. Broadway Ave. The 57,977-square-foot hotel will feature a fitness center, indoor pool and laundry facilities. Midas Hospitality will develop and manage the hotels, while sister company MC Hotel Construction will serve as general contractor. Gray Design Group is providing architectural services. CFSB is financing the construction of Hampton Inn, while Flagship Bank is financing Home2 Suites.

June 7, 2017

Industrial Midwest Wisconsin

Dickman Brokers Sale of 40,427 SF Industrial Building in Brookfield, Wisconsin

by Kristin Harlow June 7, 2017

BROOKFIELD, WIS. — The Dickman Co. Inc./CORFAC International has brokered the sale of a 40,427-square-foot industrial building in Brookfield. The property is located at 12745 W. Townsend St. Ryan Opportunity Investments LLC purchased the building from Favorite Son LLC for an undisclosed price. Samuel M. Dickman Jr., Samuel D. Dickman and TJ Huenerbein of Dickman brokered the transaction.

June 7, 2017

Healthcare Midwest Minnesota

Minnesota Gastroenterology Signs 18,000 SF Medical Office Lease at CityPlace in Woodbury, Minnesota

by Kristin Harlow June 7, 2017

WOODBURY, MINN. — Minnesota Gastroenterology has signed an 18,000-square-foot medical office lease at CityPlace in Woodbury, a suburb of St. Paul. The clinic and endoscopy center will occupy space within the planned 50,000-square-foot medical office building. The building will join the 75,000-square-foot Tria Orthopaedic Center, which is currently under construction and slated to open this summer. Minnesota Gastroenterology specializes in the diagnosis and treatment of adults and children with GI disorders, and will open its ninth location in CityPlace in the first quarter of 2018. CityPlace is a 100-acre master-planned development located off Radio Drive and I-94.

June 7, 2017

Illinois Midwest Multifamily

JRK Acquires 504-Unit Apartment Community in Lombard, Illinois

by Kristin Harlow June 6, 2017

LOMBARD, ILL. — JRK Property Holdings has acquired the Clover Creek apartment complex in Lombard, a suburb of Chicago. The purchase price was not disclosed. The 504-unit community was built in 1986. Clover Creek features a variety of one-, two- and three-bedroom floor plans on a 34-acre site. Common area amenities include a swimming pool, playground, soccer field, volleyball court, bark park and clubhouse with Internet café, fitness center and business center. JRK MF Opportunities II LP fund was used to purchase the property. Sean Fogarty, Marty O’Connell and Amanda Friant of HFF represented both JRK and the undisclosed seller in the transaction.

June 6, 2017

Michigan Midwest Retail

Mid-America Arranges Sale of 141,354 SF Shopping Center in Monroe, Michigan

by Kristin Harlow June 6, 2017

MONROE, MICH. — Mid-America Real Estate Corp. has arranged the sale of Telegraph Plaza in Monroe, about 40 miles south of Detroit. The sales price was not disclosed. The 141,354-square-foot shopping center is located at the northwest corner of Telegraph and Mall roads. Kohl’s, TJ Maxx and PetSmart anchor the center. A private investment group purchased the property. Ben Wineman, Carly Gallagher and Daniel Stern of Mid-America brokered the transaction on behalf of the seller, a public REIT.

June 6, 2017

Indiana Industrial Midwest

GLC to Develop 100,000 SF Industrial Building in Noblesville, Indiana

by Kristin Harlow June 6, 2017

NOBLESVILLE, IND. — Great Lakes Capital (GLC) is developing Indiana Technical Center, a 100,000-square-foot industrial building in Noblesville, about 25 miles north of Indianapolis. The build-to-suit facility will be leased to BorgWarner, a manufacturer of technology solutions for combustion, hybrid and electronic vehicles. The facility will help BorgWarner consolidate its two existing locations in Anderson and Pendleton. Construction will begin this month with completion slated for April 2018. The Hagerman Group will serve as general contractor, while MSKTD & Associates Inc. will serve as architect and engineer.

June 6, 2017

Industrial Michigan Midwest

Wolverine Breaks Ground on 100,000 SF Industrial Facility in Hastings, Michigan

by Kristin Harlow June 6, 2017

HASTINGS, MICH. — Wolverine Building Group has broken ground on a 100,000-square-foot industrial facility in Hastings, about 26 miles north of Battle Creek. Hastings Fiberglass, a fiberglass tool designer and manufacturer, will occupy the property. The $8 million development is located approximately a quarter-mile from the company’s current headquarters, which spans 70,000 square feet and is located at 770 Cook Road in Hastings. Completion of the property is slated for February 2018.

June 6, 2017

Illinois Midwest Office

Snapsheet Signs 52,000 SF Office Lease in Chicago

by Kristin Harlow June 6, 2017

CHICAGO — Snapsheet has signed a 52,000-square-foot office lease at 1 N. Dearborn St. in Chicago. The company provides auto insurance carriers with a virtual claims technology that streamlines the claims process for customers. Snapsheet will be moving from 55 W. Monroe St., where it currently occupies 21,000 square feet. Snapsheet will occupy the new facility starting in January 2018. Brad Serot, Paul Reaumond and Todd Lippman of CBRE represented Snapsheet in the lease transaction. Jack O’Brien and Caroline Colnon of Telos Group represented the landlord, Beacon Capital Partners.

June 6, 2017

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