Midwest

J.P. Morgan Chase Provides $64M Refinancing for Radisson Blu Aqua Hotel in Chicago

by Kristin Harlow December 1, 2017

CHICAGO — J.P. Morgan Chase & Co. has provided a $64 million loan for the refinancing of the Radisson Blu Aqua Hotel in downtown Chicago. The 334-room luxury hotel occupies floors four through 18 of the Aqua Tower, an 82-story building. The hotel features a 12,000-square-foot ballroom, 28,500 square feet of meeting space, an 8,000-square-foot fitness center, swimming pools, yoga space and Filini’s restaurant. The location at 221 North Columbus Drive is proximate to the Loop financial district, Millennium Park, North Michigan Avenue and the Chicago lakefront. Danny Kaufman, Jeff Bucaro and Nicole Aguiar of HFF arranged the 10-year, fixed-rate loan on behalf of the borrower, a partnership between Al Rayyan Tourism Investment Co., Magellan Development Group and Carlson Rezidor Hotel Group.

December 1, 2017

Midwest Ohio Self-Storage

Marcus & Millichap Brokers $31.4M Sale of Self-Storage Portfolio in Ohio

by Kristin Harlow December 1, 2017

OHIO — Marcus & Millichap has brokered the sale of the Stop-N-Stor portfolio in Ohio for $31.4 million. The portfolio spans a total of eight properties, 3,050 units and 391,458 square feet in Lorain, Elyria, Cuyahoga Falls, Northwood, Oregon, Toledo and Stow, Ohio. The properties feature both nonclimate-controlled and climate-controlled units. Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller and procured the buyer, an out-of-state investment group.

December 1, 2017

Industrial Midwest Minnesota

CBRE Negotiates $18.6M Sale of Distribution Center in Roseville, Minnesota

by Kristin Harlow December 1, 2017

ROSEVILLE, MINN. — CBRE has negotiated the sale of the Long Lake Distribution Center in Roseville, a Twin Cities suburb, for $18.6 million. The 220,557-square-foot distribution center is located at 3015 and 3075 Long Lake Road. Constructed in 2015, the facility features 32-foot clear heights and 31 dock doors. The property was 84 percent occupied at the time of sale by two tenants. Judd Welliver, Ryan Watts, Sonja Dusil, and Tom Holtz of CBRE represented the seller, Investors Real Estate Trust. Boston-based TA Realty LLC purchased the property.

December 1, 2017

Illinois Loans Midwest Office

MCA Arranges $15.2M Acquisition Loan for Office Building in Lombard, Illinois

by Kristin Harlow December 1, 2017

LOMBARD, ILL. — Metropolitan Capital Advisors Ltd. (MCA), in partnership with AMA Financial LLC, has arranged a $15.2 million loan for the acquisition of a 174,098-square-foot office building in Lombard. The property, located at 701 E. 22nd St., is 97 percent occupied. A partnership between Red River Asset Management and Lincoln Property Co. has acquired the building with plans to further upgrade amenities. Scott Lynn of MCA and Gregg Wallace of AMA arranged the fixed-rate loan with Benefit Street Partners.

December 1, 2017

Illinois Midwest Multifamily

363-Unit Apartment Building Opens in Chicago’s River West Neighborhood

by Kristin Harlow November 30, 2017

CHICAGO — Spoke, a 363-unit apartment building, has opened in Chicago’s River West neighborhood. Morgan Bond. Co., a venture between Bond Cos. and Morgan Holdings, developed the property, which is located at 728 Morgan St. The transit-oriented development consists of a 15-story tower and a 12-story tower connected by nearly one acre of rooftop outdoor amenity space. Studio, convertible, one- and two-bedroom apartments range from 417 to 1,180 square feet with rents from $1,795 to $3,830. For renters seeking more space, a two-bedroom penthouse with a terrace offers 1,273 square feet of space, while three street-level townhomes range from 2,233 to 2,360 square feet. Rents for the penthouse and townhomes start at $6,490 and $6,600, respectively. Indoor amenities, encompassing 18,000 square feet, include a demonstration kitchen and party room, music performance lounge, gaming lounge, cycling room, fitness studio and yoga room. Outdoor amenities span the fourth floor of both buildings and include a pool and hot tub, cabanas, hammocks, grills and bocce ball court. A bridge connects Spoke’s two buildings with a covered dog run and dog spa. The property also features 45,000 square feet of retail space. Chicago-based FitzGerald Associates Architects designed the property. Bozzuto is handling lease-up of …

November 30, 2017

Industrial Midwest Wisconsin

Coldwell Banker Arranges Sale of 247,214 SF Industrial Portfolio in Beloit, Wisconsin

by Kristin Harlow November 30, 2017

BELOIT, WIS. — Coldwell Banker Commercial McGuire Mears & Associates has arranged the sale of three industrial buildings and one office building totaling 247,214 square feet in Beloit, located in southern Wisconsin. The sales price was not disclosed. Toy and game company PlayMonster LLC occupies all the buildings. Bill Mears of Coldwell Banker represented the buyer, Badger Property Investments.

November 30, 2017

Industrial Kansas Midwest

McCarthy Completes 214,000 SF Dairy Ingredients Plant in Garden City, Kansas

by Kristin Harlow November 30, 2017

GARDEN CITY, KAN. — McCarthy Building Cos. Inc. has completed DFA Garden City, a 214,000-square-foot dairy ingredients plant in Garden City, which is located in southwest Kansas. The plant, which has brought 66 new jobs to the area, produces whole and skim milk powder, nonfat dry milk powder and cream, and receives milk from regional farms. DFA Garden City is a partnership between Dairy Farmers of America and 12 of its member farms in southwest Kansas. The facility will help support the industry’s continued growth in the region, as well as meet rising demand for U.S. dairy, both domestically and globally, according to McCarthy.

November 30, 2017

Michigan Midwest Retail

Realty Income Acquires 102,513 SF Retail Building in Midland, Michigan for $10.2M

by Kristin Harlow November 30, 2017

MIDLAND, MICH. — Realty Income has acquired a 102,513-square-foot retail building in Midland, located in central Michigan, for $10.2 million. Home Depot owns the building and currently has a long-term ground lease at the property, which is located at 1100 Joe Mann Blvd. near the Midland Mall. Home Depot has six years remaining on a 20-year lease. Jon Busse and Earl Clements of Colliers International represented the seller, Burlingame Midland LLC. Realty Income was self-represented in the transaction.

November 30, 2017

Illinois Industrial Midwest

Darwin Brokers Sale of 100,000 SF Industrial Building in Elgin, Illinois

by Kristin Harlow November 30, 2017

ELGIN, ILL. — Darwin Realty has brokered the sale of a 100,000-square-foot industrial building in Elgin, located about 35 miles northwest of Chicago. The sales price was not disclosed. St. Charles Trading purchased the property, located at 1400 Madeline Lane within Randall Point Business Park. The global supplier of food ingredients will use the facility to consolidate and expand multiple warehousing and production operations in the western suburbs. Brendan Sheahan and Noel Liston of Darwin represented St. Charles Trading in the transaction. Mike Sedjo and Jack Brennan of CBRE represented the seller, Pancor Construction & Development.

November 30, 2017

Features Heartland Feature Archive Midwest Mixed-Use Ohio

Grandview Yard Takes the LEED on Neighborhood Design in Columbus, Ohio

by Kristin Harlow November 30, 2017

COLUMBUS, OHIO — In spring 2009, the United States Green Building Council formally launched a new program with the vision of fundamentally changing how the country evaluated green design and development, LEED for Neighborhood Development (LEED-ND). The launch of the LEED-ND program coincided with the first phase of Columbus, Ohio-based Nationwide Realty Investors’ Grandview Yard development: a $700 million, 1.2 million-square-foot, master-planned mixed-use neighborhood located in the fast-growing Grandview Heights community, just minutes from downtown Columbus and The Ohio State University. The first standard of its kind, LEED-ND embraces principles of smart growth and new urbanism, encouraging sustainable and environmentally responsible design and development on a broad and integrated scale. Like a scene in a movie that begins with the camera tightly focused on one element before zooming out to reveal an eye-opening new perspective, LEED-ND is about acknowledging context and connection. Distinguished LEED project Grandview Yard was one of the Midwest’s first LEED-ND Silver neighborhoods. When site work began on the first phase of development of the project in September of 2009, a comprehensive and ambitious on-site reuse and recycling strategy was already in place. An extensive and highly-coordinated warehouse demolition process served as both a challenge and an …

November 30, 2017

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