Midwest

Meridian Constructs Truck Terminal for CenterPoint Properties in Joliet, Illinois

by Kristin Harlow April 13, 2018

JOLIET, ILL. — Meridian Design Build has completed construction of a 112,500-square-foot truck terminal for CenterPoint Properties in Joliet. The new facility is situated on a 46.4-acre site within the CenterPoint Business Center. The redevelopment project includes 17,930 square feet of office space, 169 loading positions and two drive-in doors. An adjacent 22,176-square-foot maintenance building features 17 fully equipped service bays. Cornerstone Architects provided architectural and structural design services, while Manhard Consulting completed civil engineering design.

April 13, 2018

Acquisitions Illinois Midwest Office Top Stories

Angelo, Gordon & Co. Acquires Pair of Office Buildings in Chicago for $147M

by Kristin Harlow April 13, 2018

CHICAGO — Angelo, Gordon & Co. has acquired Presidents Plaza in Chicago for $147 million. The pair of Class A office buildings, totaling 834,893 square feet, are located at 8600 and 8700 W. Bryn Mawr Ave. in the O’Hare submarket. Developed in 1980, the buildings are 92.4 percent leased to various tenants. The property, which is LEED Silver and EnergyStar certified, has undergone more than $15 million in capital renovations since 2016. The seller had made improvements to building systems, lobbies, entrances, canopies and landscaping. Property amenities include a 17,900-square-foot fitness center, conference center, café, hair salon/barber, convenience store, tenant lounge and full-service car wash. James Postweiler and Peter Harwood of JLL brokered the transaction. The seller, a partnership between Chicago-based GlenStar Properties LLC and a global real estate investment manager, has owned the property since 2006. GlenStar, the current leasing manager and operator of the property, will partner with the new owner to provide services and building upgrades. Angelo, Gordon & Co. is a $28 billion alternative investment firm focused on real estate and credit investing. — Kristin Hiller

April 13, 2018

Features Heartland Feature Archive Illinois Midwest Office

Six Critical Things to Get Right in an Office Renovation

by Kristin Harlow April 13, 2018

PLAINFIELD, ILL. — Buoyed by a strengthening economy, more companies have the resources to invest in office redesigns. That is good news — a well-designed office renovation can transform an existing workspace into a dynamic, energy-efficient nerve center for staff. If properly carried out by a skilled contractor, an office renovation can optimize employee productivity and craft an effective work environment. Here are six ideas that reflect today’s most influential office design trends, according to Plainfield, Ill.-based Cicero Development Corp., a general contractor specializing in commercial renovations. 1. Make a color splash The typical aesthetic of office design is being replaced by workplaces that integrate bold pops of color. This is not just to elevate the visuals, but also to code different sections, whether they are departments or desks. As a contrast to many offices’ neutral decors, jewel tones (resembling the colors of gemstones) and energetic patterns are becoming more popular in making a strong statement. Vibrant colors do more than show people that your business is creative and dynamic. Colors can have psychological effects on employees, as some tend to inspire creativity and productivity. 2. Improve the floor plan Open, fluid floor plans improve efficiency and mobility for your …

April 13, 2018

Development Illinois Midwest Multifamily Seniors Housing

Capitol Seniors Housing Opens $27M Community in Naperville, Illinois

by Kristin Harlow April 12, 2018

NAPERVILLE, ILL. — Capitol Seniors Housing has opened Arbor Terrace Naperville in Illinois. The $27 million assisted living and memory care community features 74,256 square feet and 95 residential units. The community is located at 2920 Leverenz Road in the Cantore Place development. Amenities include a library, theater, café, salon and spa and fitness center. Faulkner Design Group designed the property’s interiors.

April 12, 2018

Acquisitions Illinois Industrial Midwest

Plymouth Industrial REIT Buys Two Industrial Buildings in Chicago Area for $15.7M

by Kristin Harlow April 12, 2018

ELGIN AND ARLINGTON HEIGHTS, ILL. — Plymouth Industrial REIT Inc. has acquired two Class B industrial buildings in the Chicago area for $15.7 million. One of the properties is a 236,736-square-foot building located at 1600 Fleetwood Drive in Elgin. Stamar Packaging fully occupies the asset. The other property, 3 West College Drive in Arlington Heights, is 100 percent leased to Arrow Up, a provider of containerized bins for the oil fracking industry. Midwest Industrial Funds was the seller.

April 12, 2018

Loans Midwest Retail Wisconsin

Alliant Provides $10.3M Refinancing for Retail Center in Oshkosh, Wisconsin

by Kristin Harlow April 12, 2018

OSHKOSH, WIS. — Alliant Credit Union has provided a $10.3 million loan for the refinancing of the Shops at Market Fair in Oshkosh. The 89,698-square-foot retail center, located at 1508-1550 S. Koeller St., is fully leased to tenants such as Ulta and Wisconsin Vision. Mark Ebersold of NorthMarq Capital arranged the 10-year loan, which features a 25-year amortization schedule. East Capitol Realty LLC was the borrower.

April 12, 2018

Iowa Loans Midwest Multifamily

NorthMarq Arranges $7.7M Refinancing for Apartment Property in Cedar Rapids, Iowa

by Kristin Harlow April 12, 2018

CEDAR RAPIDS, IOWA — NorthMarq Capital has arranged a $7.7 million loan for the refinancing of Wheatland Club Apartments in Cedar Rapids. The 144-unit apartment property is located at 5617 Muirfield Drive SW. Jason Kinnison of NorthMarq arranged the 23-year loan, which is fully amortized. A life insurance company provided the loan.

April 12, 2018

Acquisitions Hospitality Midwest Nebraska

Scarlett Hotel Group Acquires 113-Room Hotel in Downtown Omaha

by Kristin Harlow April 12, 2018

OMAHA, NEB. — Scarlett Hotel Group has acquired the Marriott Fairfield Inn & Suites Downtown Omaha for an undisclosed price. The 113-room hotel is located at 1501 Nicholas St. near the TD Ameritrade Stadium and CenturyLink Convention Center and Arena. The four-story property recently underwent a renovation to upgrade all public spaces, including a completely revamped lobby and guest rooms. The seller was not disclosed.

April 12, 2018

Market Reports Midwest Midwest Market Reports Multifamily Ohio

Strong Fundamentals Are in Place for Cincinnati’s Multifamily Market

by Kristin Harlow April 12, 2018

The strength of the national multifamily market has been driven by a number of factors, especially job and wage growth. Nationally, annual job growth has been 1.5 percent and annual wage growth has been 2.9 percent, according to the U.S. Bureau of Labor Statistics. Another factor affecting the multifamily market is homeownership. In the United States, homeownership reached 65 percent in 2008, dropped to 60 percent in 2015 and rebounded to 65 percent at the end of 2017, according to the U.S. Census Bureau. Strong demand, low vacancies, good rental growth and a vibrant sales market have characterized the market. During the last 10 years, the millennial population has primarily rented housing and baby boomers have been downsizing to apartments or condos. These trends have contributed to the multifamily market’s strength. We see the millennial sector housing choices changing with much of the generation getting married and starting families. Last year represented the third-best year in history for multifamily property sales volume, according to Dave Lockard, senior vice president in the multifamily brokerage division of CBRE. Another factor affecting multifamily markets is a slowdown in new construction. Higher construction costs and more conservative commercial bank construction financing have led to …

April 12, 2018

Acquisitions Industrial Midwest Northeast Ohio

Affiliates of Phoenix Investors Acquire Three Industrial Properties in New York, Connecticut and Ohio for $12.8M

by David Cohen April 11, 2018

PAWCATUCK, CONN., DELAWARE, OHIO and POUGHKEEPSIE, N.Y. — Affiliates of Phoenix Investors have acquired three industrial properties totaling 1 million square feet in Pawcatuck, Delaware and Poughkeepsie. The sales price was $12.8 million. The seller was Industrial Realty Group. The properties range in size from approximately 250,000 to 450,000 square feet. The occupancy rate across the portfolio averaged 65 percent and included a diverse roster of 20 tenants at the time of sale. Phoenix intends to renovate these assets in order to attract new users. Following the transaction, Phoenix affiliates own approximately 22 million square feet of industrial real estate across 23 states. Walker & Dunlop Commercial Property Funding LLC provided senior mortgage financing for the purchase.

April 11, 2018

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