Midwest

Macerich Sells 326,000 SF Office Tower in Chicago for $86.4M

by Kristin Harlow November 29, 2017

CHICAGO — The Macerich Co. (NYSE: MAC) has sold a 326,000-square-foot office tower in Chicago for $86.4 million. The building, located at 500 N. Michigan Ave., is adjacent to the company’s The Shops at North Bridge. The sale aligns with Macerich’s strategy of recycling capital out of non-core assets and into its core portfolio of retail assets, according to the company. The real estate investment trust currently owns 54 million square feet of real estate consisting primarily of interests in 48 regional shopping centers.

November 29, 2017

Illinois Midwest Multifamily

KIG Negotiates Sale of 70-Unit Apartment Building in Itasca, Illinois

by Kristin Harlow November 29, 2017

ITASCA, ILL. — KIG CRE has negotiated the sale of Two Itasca Place in Itasca, approximately 27 miles northwest of Chicago, to Waypoint Residential. The sales price was not disclosed. The five-story, 70-unit apartment building is located at 2 Itsaca Road. One- and two-bedroom floor plans average 1,694 square feet. Community amenities include concierge services, package receiving, a bike room and additional storage. Susan Tjarksen, Todd Stofflet and Jason Stevens of KIG represented the seller, Marquette Cos.

November 29, 2017

Hospitality Kansas Midwest

Midas Hospitality Breaks Ground on 123-Room Hotel in Overland Park, Kansas

by Kristin Harlow November 29, 2017

OVERLAND PARK, KAN. — Developer and manager Midas Hospitality Group has broken ground on a 123-room Home2 Suites by Hilton in Overland Park. The 65,000-square-foot extended-stay hotel will be located at 7121 W. 135th St. Completion of the $16.5 million project is slated for late 2018. Home2 Suites will offer fully equipped kitchens, a fitness center, business center, indoor pool, outdoor living area and pet-friendly environment. Thomas Construction is the general contractor, while Gray Design is the architect.

November 29, 2017

Affordable Housing Iowa Midwest Multifamily

SVN Brokers $5M Sale of Affordable Housing Property in Dubuque, Iowa

by Kristin Harlow November 29, 2017

DUBUQUE, IOWA — SVN has brokered the sale of Hillcrest Apartments in Dubuque for $5 million. The 108-unit affordable housing property is located at 3290 Hillcrest Road in eastern Iowa. Reid Bennett and Cody Doran of SVN | Chicago Commercial represented the undisclosed seller in the transaction. The buyer was an affordable housing developer and owner.

November 29, 2017

Illinois Industrial Midwest

PREMIER Completes 40,750 SF Speculative Distribution Facility in Chicago

by Kristin Harlow November 29, 2017

CHICAGO — PREMIER Design + Build Group LLC has completed the construction of a 40,750-square-foot speculative distribution facility in Chicago’s Portage Park neighborhood. PREMIER built the property, located at 4150 N. Knox Ave., on behalf of Dayton Street Partners and WBS Equities. Situated on a 1.6-acre lot, the warehouse features 30-foot clear heights, two parking lots, four covered dock positions, two drive-in doors and two entrances. The adaptable warehouse space can accommodate multiple tenants. Chris Kiziak and Scott Lebak led the project team on behalf of PREMIER. Kimley-Horn provided engineering services, while Cornerstone Architects Ltd. provided architectural services. Mike Senner and Steve Kohn of Colliers are marketing the building for lease.

November 29, 2017

Industrial Iowa Midwest

CBRE Arranges $16.7M Sale of Distribution Center Near Des Moines

by Kristin Harlow November 28, 2017

URBANDALE, IOWA — CBRE has arranged the sale of the Interstate Distribution Center in Urbandale, about eight miles northwest of Des Moines, for $16.7 million. The 518,161-square-foot distribution center is fully occupied by two undisclosed tenants. Built in 1968, the property is situated on a 42-acre parcel near the junction of I-35, I-80 and I-235. Judd Welliver, Ryan Watts, Sonja Dusil, Tom Holtz and Chris Pendroy of CBRE represented the seller, Investors Real Estate Trust. Bell Avenue Properties Inc. purchased the property.

November 28, 2017

Illinois Midwest Multifamily

Interra Brokers $4M Sale of Historic Multifamily Portfolio in Illinois

by Kristin Harlow November 28, 2017

ELGIN, ROCKFORD AND DIXON, ILL. — Interra Realty has brokered the sale of a three-property multifamily portfolio in Illinois for $4 million. James Clough of Interra represented the buyer, Vijulima LLC, and the undisclosed seller. The historic buildings include: Center City Apartments in Elgin; Old City Hall in Rockford; and Nachusa House in Dixon. Located at 156 Division St., Center City Apartments consists of 45 units designated for seniors. Built in 1925 as the Douglas Hotel, the property was later abandoned and left vacant in 1982. It was saved from demolition when the property was redeveloped as senior housing in 1993. Old City Hall in Rockford consists of 31 apartment units. Built in 1904 as Rockford’s City Hall, the property later housed the Rockford Police Department and two jails and was redeveloped in 1994. Nachusa House is a 36-unit affordable seniors housing property. Built in 1853, the property was continuously operated as a hotel until 1988 and later redeveloped in 1998. Throughout its history, the hotel hosted notable guests such as Abraham Lincoln, Ulysses S. Grant, William Howard Taft and Theodore Roosevelt.

November 28, 2017

Loans Michigan Midwest Multifamily

Greystone Provides $2.3M Refinancing for Apartment Property in Holt, Michigan

by Kristin Harlow November 28, 2017

HOLT, MICH. — Greystone has provided a $2.3 million Freddie Mac loan for the refinancing of Whispering Pines in Holt, 10 miles south of Lansing. The property features 104 apartment units. Cary Belovicz, Austin Hull and John Marr of Greystone originated the 10-year loan, which features a fixed rate.

November 28, 2017

Midwest Net Lease Retail Wisconsin

Marcus & Millichap Arranges $2M Sale of Net Leased Retail Property in Poynette, Wisconsin

by Kristin Harlow November 28, 2017

POYNETTE, WIS. — Marcus & Millichap has arranged the sale of a 17,873-square-foot retail property net leased to Piggly Wiggly in Poynette, about 27 miles north of Madison, for $2 million. The property, located along Highway 51, was built in 1998 as a build-to-suit for Piggly Wiggly. The grocery store’s lease was recently extended for 10 years through February 2028. Jeff Rowlette of Marcus & Millichap marketed the property on behalf of the seller and secured the buyer. Both were limited liability companies.

November 28, 2017

Hospitality Midwest Wisconsin

94-Suite Hotel Opens in Downtown Milwaukee

by Kristin Harlow November 28, 2017

MILWAUKEE — Homewood Suites by Hilton has opened in downtown Milwaukee. The 94-suite hotel is located at 500 N. Water St. The hotel occupies a completely renovated historic building in downtown Milwaukee close to area attractions and convention space, the Wisconsin Center and the BMO Harris Bradley Center. Developed and owned by Button Block Holdings LLC and managed by Kinseth Hospitality Cos., the hotel features complimentary breakfast, Wi-Fi, a fitness center and indoor pool.

November 28, 2017

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