Midwest

Aries Conlon Capital Arranges $12.5M Bridge Loan for Hotel Property in Burr Ridge, Illinois

by Kristin Harlow November 8, 2017

BURR RIDGE, ILL. — Aries Conlon Capital has arranged a $12.5 million bridge loan for the Crowne Plaza hotel near Chicago’s Midway International Airport in Burr Ridge, a southwest suburb of Chicago. The 123-room hotel, located at 300 S. Frontage Road and built in 1969, was previously a Quality Inn & Suites that had been fully renovated and reflagged recently as the IHG Crowne Plaza Hotels & Resorts brand. Managed by Chesapeake Hospitality, the property features meeting space, an indoor pool, restaurant, fitness center and business center. Rushi Shah of Aries Conlon arranged the 24-month, interest-only loan on behalf of the borrower, Vega Hospitality Group. Access Point Financial Inc. was the lender. Since the property’s cash flow was not yet at sufficient levels to cover the total debt, refinancing was almost impossible. Once the property is stabilized, the bridge loan will be refinanced to non-recourse permanent debt, according to Shah.

November 8, 2017

Midwest Mixed-Use Ohio

Nationwide Realty Investors Unveils Plans for 32,000 SF Mixed-Use Building in Columbus, Ohio

by Kristin Harlow November 8, 2017

COLUMBUS, OHIO — Nationwide Realty Investors has unveiled plans for a new 32,000-square-foot mixed-use building at Grandview Yard in Columbus. Located at 1125 Yard St., the building will feature ground-level retail space and medical office space on the second floor. Columbus Obstetricians-Gynecologists Inc. will occupy 10,000 square feet on the second floor. The new Grandview Yard location will replace the company’s Mount Carmel West location when it opens in late 2018. The groundbreaking is slated for January. Owned and developed by Nationwide Realty Investors, Grandview Yard will include 1.2 million square feet of commercial space, several restaurants, grocery and service retail, hospitality and more than 1,300 residential units upon completion.

November 8, 2017

Midwest Minnesota Office

Herzing University Minneapolis Campus Relocates to St. Louis Park, Minnesota

by Kristin Harlow November 8, 2017

ST. LOUIS PARK, MINN. — Herzing University is relocating its Minneapolis campus from Crystal, Minn., to Metropoint Office Park in St. Louis Park. The 30,000-square-foot campus is slated to open in early 2018. Herzing, an accredited private nonprofit institution, will occupy the top floor of 435 Metropoint, a class A office tower visible from Highway 169 and I-394. The new campus will feature upgraded labs to support Herzing’s dental and nursing programs. Amenities will include an on-site coffee shop and cafeteria as well as covered parking. Dan Buettner and Brian Woolsey of Cushman & Wakefield represented Herzing in the new lease.

November 8, 2017

Affordable Housing Midwest Multifamily Wisconsin

Royal Capital Group Begins Development of $20.3M Affordable Housing Property in Madison, Wisconsin

by Kristin Harlow November 7, 2017

MADISON, WIS. — Royal Capital Group has begun development of The Flats at Grandview Commons in Madison. The $20.3 million affordable housing property will feature 94 units. The property will include six two-story buildings with 28 two-bedroom units and 66 three-bedroom units. Amenities will include a library, computer lab, meeting space and playground. The project is slated to open in fall 2018. The project team includes architect Engberg Anderson and general contractor Horizon Construction. ACC Management Group will manage the property. The Wisconsin Housing & Economic Development Authority provided $11 million in both construction and permanent financing, as well as approved the use of low-income housing tax credits. UnitedHealthcare provided $5.4 million in equity funding through a partnership with Cinnaire and Minnesota Equity Fund. The partnership plans to invest over $85 million to help build 13 new communities in Wisconsin and the Great Lakes region.

November 7, 2017

Midwest Minnesota Multifamily

CBRE Arranges $13.7M Sale of Two Apartment Properties in Minneapolis

by Kristin Harlow November 7, 2017

MINNEAPOLIS — CBRE has arranged the sale of Isles East and West in the Uptown area of Minneapolis for $13.7 million. The 42-unit Isles East, located at 1101 and 1105 W. 28th St., sold for $6.8 million. The 43-unit Isles West, located at 1115 and 1125 W. 28th St., sold for $6.9 million. Both properties were constructed in 1922 and feature a mix of studio, one- and two-bedroom units. Ted Abramson and Laura Hanneman of CBRE represented the sellers, Dupont Court Investors LLC and Emerson Court Investors LLC. Cedar South Pointe LLC purchased the assets.

November 7, 2017

Industrial Midwest Wisconsin

Seda Signs 61,162 SF Industrial Lease Renewal in Mount Pleasant, Wisconsin

by Kristin Harlow November 7, 2017

MOUNT PLEASANT, WIS. — Seda International Packaging Group has renewed its 61,162-square-foot industrial lease at Park 94 in Mount Pleasant, approximately 30 miles south of Milwaukee. The Italy-based manufacturer of food packaging products also owns a 323,610-square-foot building at Park 94 for its North American manufacturing and distribution center. Owned and developed by HSA Commercial Real Estate, Park 94 is a 184-acre business park. Roger Siegel of The Dickman Co. represented ownership in the lease transaction.

November 7, 2017

Illinois Midwest Multifamily

Interra Brokers $2M Sale of Apartment Building in Aurora, Illinois

by Kristin Harlow November 7, 2017

AURORA, ILL. — Interra Realty has brokered the sale of Downer Place Apartments in Aurora for $2 million. The 24-unit property is located at 449 W. Downer Place. The three-story building includes four one-bedroom units and 20 two-bedroom units with an average unit size of 1,150 square feet. James Clough of Interra represented the undisclosed buyer and seller.

November 7, 2017

Midwest Nebraska Office

Prime Time Healthcare Signs 27,810 SF Office Lease in Omaha, Nebraska

by Kristin Harlow November 7, 2017

OMAHA, NEB. — Prime Time Healthcare LLC has signed a 27,810-square-foot office lease in Omaha. The property is located at 15380 Weir St. Luke Wertz of Cresa Omaha represented the staffing agency for the healthcare industry in the lease transaction. Walnut Grove Plaza LLC is the property landlord.

November 7, 2017

Hospitality Midwest Wisconsin

Janko Group Tops Off Hyatt Place Hotel in Milwaukee

by Kristin Harlow November 6, 2017

MILWAUKEE — Developer Janko Group and operator Janko Hospitality hosted a topping out ceremony for the Hyatt Place hotel under construction at The Brewery in Milwaukee on Thursday, Nov. 2. The 150-room, six-story hotel is slated to open in July 2018. Located at 800 W. Juneau Ave., the hotel is part of The Brewery neighborhood redevelopment project located on the site of the former Pabst Brewing Complex. The topping off ceremony took place on site in the hotel’s recently completed first floor. The Hyatt Place will feature a bar and lounge, 2,000 square feet of meeting space, fitness center and outdoor terrace.

November 6, 2017

Illinois Industrial Midwest

Podolsky Circle Arranges Sale of 288,000 SF Industrial Property in McHenry, Illinois

by Kristin Harlow November 6, 2017

MCHENRY, ILL. — Podolsky Circle has arranged the sale of a 288,00-square-foot industrial property in McHenry, about 50 miles northwest of Chicago. Brake Parts Inc. (BPI) occupies the property, located at 4400 Prime Parkway, for its global headquarters. Built in 1990, the two-story building features 30-foot clear heights. Alissa Adler, John Homsher and Paul Tesdal of Podolsky Circle represented the seller, Centurion Investments. Brennan Investment Group purchased the property and now owns the entire BPI campus, which also includes a property on Corporate Drive.

November 6, 2017

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