Midwest

Opus Completes 183,000 SF Headquarters for AAP in Itasca, Illinois

by Kristin Harlow February 12, 2018

ITASCA, ILL. — The Opus Group has completed a new corporate headquarters for the American Academy of Pediatrics (AAP) in Itasca. The 183,000-square-foot building will be home to 455 employees and serve as a national hub for the organization’s 66,000 primary care pediatricians, pediatric medical sub-specialists and pediatric surgical specialists. The build-to-suit property is located within the Hamilton Lakes Business Park and features 81 rooms for meeting space. Eric Kunkel and Schott Ohlander of JLL began assisting AAP with locating property for the project in 2014. Opus Design Build was the design-builder for the project, while Stantec was the architect of record. Opus Development Co. provided development support services.

February 12, 2018

Midwest Multifamily Nebraska

Lund Co. Brokers Sale of 470-Unit Apartment Property in Omaha

by Kristin Harlow February 12, 2018

OMAHA — Cushman & Wakefield/The Lund Co. has brokered the sale of Grandridge Apartments in Omaha for an undisclosed price. The 470-unit apartment property is located at 5439 N. 100th Plaza along I-680. Scott Koethe of Cushman & Wakefield/The Lund Co. represented the New York-based seller. Monarch Investment & Management Group purchased the asset.

February 12, 2018

Affordable Housing Loans Midwest Multifamily Ohio

KeyBank Provides $14.9M Acquisition Financing for Affordable Housing Properties

by Kristin Harlow February 12, 2018

CLEVELAND — KeyBank Real Estate Capital has provided $14.9 million in Fannie Mae financing for the acquisition of three affordable housing properties located in North Carolina, Texas and Wisconsin. One of the properties, Aspenwood Glen, is a 120-unit property in Milwaukee. The large majority of the one- and two-bedroom units at the property are reserved for tenants earning 30 to 60 percent of the area median income. John Gilmore IV and Jeff Rodman of Cleveland-based KeyBank originated the loans on behalf of the borrower, Harmony Housing, which is a nonprofit organization dedicated to providing safe and clean affordable housing throughout the United States.

February 12, 2018

Industrial Midwest Wisconsin

Dickman Co. Negotiates Sale of 36,203 SF Industrial Building in Sussex, Wisconsin

by Kristin Harlow February 12, 2018

SUSSEX, WIS. — The Dickman Co. Inc./CORFAC International has negotiated the sale of a 36,203-square-foot industrial building in Sussex, about 19 miles northwest of Milwaukee. The sales price was not disclosed. The property is located on Main Street. Sussex Crossings LLC purchased the asset from Rosenow Creek LLC. Nick Keys and Zach Noble of the Dickman Co. brokered the transaction. Three units are currently available for lease at the property.

February 12, 2018

Loans Midwest Office Wisconsin

Walker & Dunlop Arranges $80M Loan for Refinancing of Office Tower in Downtown Milwaukee

by Kristin Harlow February 9, 2018

MILWAUKEE — Walker & Dunlop Inc. has arranged an $80 million non-recourse loan for the refinancing of 833 East Michigan in downtown Milwaukee. The 359,000-square-foot, Class A office tower, which opened in 2016, is one of the newest additions to the city’s skyline. The property is situated adjacent to the planned Milwaukee streetcar route. Tenants include PricewaterhouseCoopers, KPMG, Godfrey & Kahn and Rare Steakhouse. Jim Cope and Andrew Schoene of Walker & Dunlop arranged the three-year loan on behalf of the borrower, Irgens. PGIM Real Estate Finance provided the loan.

February 9, 2018

Michigan Midwest Office

Bedrock to Redevelop Former Detroit Police Department Headquarters

by Kristin Harlow February 9, 2018

DETROIT — Bedrock, in partnership with Pike Pointe Holdings LLC, has unveiled plans to redevelop 1300 Beaubien in Detroit’s Greektown neighborhood. The 240,000-square-foot building formerly served as the headquarters of the Detroit Police Department. The partnership plans to preserve the historic nature of the building, which dates back to 1921. The property has been vacant since the police department moved into its new headquarters in 2013. A development timeline has yet to be finalized.

February 9, 2018

Midwest Minnesota Multifamily

Timberland Partners to Develop $53.8M Apartment Building in Minneapolis

by Kristin Harlow February 9, 2018

MINNEAPOLIS — Timberland Partners has attained the land and financing needed to begin construction of Green on Fourth Apartments in Minneapolis near the University of Minnesota-Twin Cities campus. The $53.8 million, 243-unit project is a joint venture between Timberland Partners and Prospect Park Properties. Tushie Montgomery Architects is the project architect and Frana Cos. is the contractor. Dougherty Mortgage LLC arranged a $42.7 million loan for the construction of the project. Hennepin County, the city of Minneapolis and the Metropolitan Council provided additional financing. Timberland Partners plans to preserve public green space and coordinate with the city for a design that includes sidewalk furniture, bike lanes, pedestrian lighting and vegetation along Fourth Street. Building amenities will include a rooftop deck, fitness center, yoga studio, community room, playground and dog run. Floor plans will range from studios to three-bedroom units with penthouse options. Completion is slated for June 2019.

February 9, 2018

Loans Michigan Midwest Multifamily

KeyBank Provides $16M Loan for Acquisition of Manufactured Housing Community in Fair Haven, Michigan

by Kristin Harlow February 9, 2018

FAIR HAVEN, MICH. — KeyBank Real Estate Capital has provided a $16 million Fannie Mae loan for the acquisition of The Shores at Anchor Bay in Fair Haven, about 40 miles north of Detroit. The 656-pad manufactured housing community was built in two phases in 1969 and 1985. Timothy Weldon of KeyBank originated the seven-year loan, which features a 30-year amortization schedule. The borrower was not disclosed.

February 9, 2018

Healthcare Midwest Minnesota

Cushman & Wakefield Arranges Sale of 83,378 SF Medical Office Building in Bloomington, Minnesota

by Kristin Harlow February 9, 2018

BLOOMINGTON, MINN. — Cushman & Wakefield has arranged the sale of TRIA Orthopaedic Center in Bloomington for an undisclosed price. The 83,378-square-foot medical office building is located at 8100 Northland Drive near I-494. The three-story building was constructed in 2004. Scott Pollock, Tom O’Brien, Avery Ticer and Terry Kingston of Cushman & Wakefield represented the seller, United Properties. A private investor acquired the asset.

February 9, 2018

Illinois Industrial Midwest

Hilco Redevelopment Partners Acquires Former Power Plant, Plans $100M Industrial Development

by Kristin Harlow February 8, 2018

CHICAGO — Hilco Redevelopment Partners, a unit of Hilco Global, has acquired the Crawford Power Generating Station site in Chicago’s Little Village neighborhood for an undisclosed price. NRG Energy sold the site, which had previously operated as a coal-fired power plant beginning in the late 1920s before being decommissioned in 2012. Hilco plans to demolish the facility and replace it with up to 1 million square feet of warehouse space as part of a $100 million project, according to the Chicago Tribune. Remediation work is slated to begin soon and may take anywhere from 14 to 24 months, depending on site conditions.

February 8, 2018

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