Midwest

DDR to Spin Off 50 Assets With Gross Book Value of $3B into Separate REIT

by Kristin Harlow December 15, 2017

BEACHWOOD, OHIO — As part of what DDR Corp. (NYSE: DDR) calls a “strategic transformation,” the shopping center REIT has approved a plan to spin off a portfolio of 50 assets — including 38 continental U.S. assets and all 12 of its properties in Puerto Rico — into a separate publicly traded REIT to be named Retail Value Trust (RVT). The gross book value of the assets in the RVT portfolio is approximately $3 billion. “We believe that these two distinct companies with two distinct business plans will appeal to a much broader pool of investors than the combined DDR today,” said David Lukes, president and CEO of Beachwood-based DDR, during an investor conference call late Thursday afternoon. “This strategy adds value for all of our stakeholders and maximizes both our growth and optionality well into the future.” Specifically, the RVT portfolio consists of 38 high-quality, lower-growth assets in the continental U.S. and all 12 assets in the Puerto Rico portfolio. The properties within the RVT portfolio in the continental U.S. are mostly located in suburbs outside metro areas. Common tenants include Bed Bath & Beyond, Michaels, Kohl’s and T.J. Maxx. The remaining company, known as the “New DDR,” will …

December 15, 2017

Illinois Industrial Midwest

Cawley Chicago Brokers Sale of 310,775 SF Industrial Building in Chicago

by Kristin Harlow December 14, 2017

CHICAGO — Cawley Chicago has brokered the sale of a 310,775-square-foot industrial building in Chicago for an undisclosed price. High Street Realty Co. purchased the property from Westmount Realty Capital. Located at 4404 West Ann Lurie Place, the property was developed in the mid-1970s and modernized in 2010 by the previous owner, KTR Capital. Three tenants, including Gold Eagle, BT Wholesale and Southwall Insulating Glass, lease the building. The property, situated on 21.7 acres within the Crawford Industrial Park, features a 22-foot clear height, 69 truck docks, two drive-in doors and parking for 130 cars. Westmount acquired the property in 2014. Andrew Maletich of Cawley Chicago represented both parties in the transaction.

December 14, 2017

Healthcare Midwest Ohio

A. Altman Co. to Develop 36,410 SF Pediatric Care Facility in North Canton, Ohio

by Kristin Harlow December 14, 2017

NORTH CANTON, OHIO — The A. Altman Co. has unveiled plans to develop a new 36,410-square-foot pediatric care facility in North Canton, about 20 miles south of Akron. The Akron Children’s North Canton Medical Center will be part of the Aultman Health Foundation North Campus. Akron Children’s entered into a long-term ground lease at the property. The move will allow the children’s hospital to consolidate operations from three locations around Stark County under one roof. The first floor of the building will feature Akron Children’s hospital pediatrics, while the second floor will be home to outpatient services such as cardiology, allergy and sports medicine. The ground floor will house physical, occupational and speech therapy rehabilitation services. The A. Altman Co. will develop and own the building.

December 14, 2017

Midwest Ohio Seniors Housing

Woda Group Opens $8.6M Affordable Seniors Housing Property in Columbus, Ohio

by Kristin Harlow December 14, 2017

COLUMBUS, OHIO — The Woda Group Inc. has opened Wheatland Crossing in the Hilltop neighborhood of Columbus. The $8.6 million project features 42 affordable seniors housing units, developed for residents 55 and older who earn 60 percent or less of the area median income. The Ohio Housing Finance Agency provided private activity bonds, while the city of Columbus contributed a housing preservation bond grant. The project was also supported by the Low-Income Housing Tax Credit (LIHTC) program.

December 14, 2017

Loans Midwest Missouri Multifamily

Hunt Provides $5.4M Refinancing for Multifamily Property in Hazelwood, Missouri

by Kristin Harlow December 14, 2017

HAZELWOOD, MO. — Hunt Mortgage Group has provided a $5.4 million Freddie Mac loan for the refinancing of Brittany Townhomes and Trotwood Downs in Hazelwood, a suburb of St. Louis. Run as one property, Brittany Townhomes consists of 40 rental townhomes and Trotwood Downs consists of 68 units. Constructed between 1965 and 1968, the property is located at 7200 Brittany Town Place and 8507 Tally Ho Drive. The property is currently 94 percent occupied. The 10-year loan features a 30-year amortization schedule. Nidhi Gardens LLC, a Missouri-based limited liability company, was the borrower.

December 14, 2017

Illinois Midwest Office

Podolsky Circle Arranges $3.5M Sale of Office Building in Naperville, Illinois

by Kristin Harlow December 14, 2017

NAPERVILLE, ILL. — Podolsky Circle has arranged the sale of 1755 Park Street in Naperville for $3.5 million. The 37,668-square-foot office building is currently 94 percent leased to a mix of local and regional tenants including a therapy practice, an executive suites operation, an IT consulting firm and a regional bank office. Alissa Adler, John Homsher and Paul Tesdal of Podolsky Circle represented the seller, CP Highalnds Fund LP. The company purchased the property in 2013 and began a capital improvement plan to update the property’s automation systems, common areas, building signage as well as tenant spaces. The improvements also included the addition of electric vehicle charging stations. Podolsky Circle Construction completed the improvements. Tony Russo of Cawley Chicago represented the buyer, a private investor.

December 14, 2017

Market Reports Midwest Midwest Market Reports Multifamily Nebraska

Why Omaha Multifamily Market Is Golden for Investor Opportunities

by Kristin Harlow December 14, 2017

The national love affair with the multifamily sector may be starting to cool, but the Omaha market is just coming of age and heating up. “Overall, it was a strong third quarter, which was a nice surprise,”said Michael Cohen, CoStar Group director of advisory services, during his State of the Multifamily Market Third Quarter Review and Outlook on Nov. 1. “We’re still in the golden age for multifamily, but we’re seeing signs of a gradual slowdown in the apartment market.” Trendy new apartment towers and historic building conversions in downtown Omaha are all the rage — like most markets — but under the radar the entire Omaha metro is experiencing a significant boom in apartment development and sales. And why not? What’s not to like about Omaha? We are the non-threatening little brother of the Midwest that everyone likes, but never thought of in that way. But something has changed and Omaha is catching the attention of players that would have traditionally overlooked our strong fundamentals. Omaha has a diversified and stable economy fortified by nine Fortune 1000 companies, including Berkshire Hathaway, Union Pacific Railroad, Mutual of Omaha and TD Ameritrade, as well as a burgeoning innovation scene and a …

December 14, 2017

Illinois Midwest Office

Sam Zell Plans to Sell Groupon Headquarters in Chicago for $500M

by Kristin Harlow December 13, 2017

CHICAGO — Sam Zell’s Equity Commonwealth plans to sell Groupon’s headquarters, located at 600 W. Chicago Ave., for $500 million, according to local media reports. Sterling Bay is expected to acquire the 1.6 million-square-foot building, which formerly served as a Montgomery Ward catalog warehouse. Equity Commonwealth purchased the asset in 2011 for $390 million. This deal would mark the billionaire’s exit from the Chicago office market. By narrowing its portfolio to just 20 assets, Equity Commonwealth has accumulated approximately $2 billion in cash since Zell took over as chairman in 2014.

December 13, 2017

Industrial Midwest Ohio

Avison Young Brokers Sale of 451,215 SF Industrial Portfolio Near Columbus, Ohio

by Kristin Harlow December 13, 2017

COLUMBUS, OHIO — Avison Young has brokered the sale of a two-building industrial portfolio spanning 451,215 square feet near Columbus. The sales price was not disclosed. Both buildings are located in Rickenbacker Global Logistics Park, a 1,777-acre park with 30 million square feet of development. The portfolio includes Rickenbacker IV, a 330,179-square-foot distribution center located at 2400 Spiegel Drive in Groveport, Ohio, and Creekside V, a 121,036-square-foot corporate laboratory facility located at 2150 Bixby Road in Lockbourne. Creekside V is 100 percent leased to Luxottica, a global eyewear company, which utilizes the space for its U.S. manufacturing and distribution operations. Luxottica has occupied the building since 2007 and has invested nearly $30 million in specialized equipment within the space. Rickenbacker IV is 70 percent leased to Essilor of America, an optical-lens manufacturer and distributor. Essilor moved to the property in 1999 and has increased its space by 46 percent since then. Erik Foster and Mike Wilson of Avison Young represented the seller, institutional investors advised by J.P. Morgan Asset Management. Exeter Property Group purchased the portfolio.

December 13, 2017

Loans Midwest Multifamily Ohio

Dougherty Provides $24.8M Refinancing for Apartment Property in Willowick, Ohio

by Kristin Harlow December 13, 2017

WILLOWICK, OHIO — Dougherty Mortgage LLC has provided a $24.8 million Fannie Mae loan for the refinancing of Shoregate Towers in Willowick, about 16 miles northeast of Cleveland. The 404-unit property is located at 30901 Lakeshore Blvd. Dougherty’s Minneapolis office arranged the 15-year loan, which features a 30-year amortization schedule. Shoregate Towers NS LLC was the borrower.

December 13, 2017

Newer Posts

Older Posts