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Midwest

IllinoisMidwestRestaurantRetail

Vapiano to Open 9,188 SF Restaurant in Chicago

by Kristin Harlow

CHICAGO — Vapiano has unveiled plans to open a 9,188-square-foot restaurant inside the AC Hotel Marriott in Chicago. The property is located at 630 N. Rush St. Spread over two floors, the new restaurant will serve Vapiano’s trademark pasta, pizza and salad by chefs from an open kitchen. The company has an established location at 44 S. Wabash Ave. and more than 181 locations in 31 countries. Matt Alexander and John Skalla of Bradford Allen represented Vapiano in the lease transaction. Todd Siegel and Phil Golding of CBRE, along with Bruce Westling of NAI MLG Commercial, represented the landlord. The restaurant is slated to open this fall.

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IllinoisIndustrialMidwest

Investcorp Acquires Industrial Portfolio in Chicago and Boston for $160M

by Kristin Harlow

CHICAGO — Investcorp has acquired an industrial portfolio in Chicago and Boston for $160 million. The portfolio spans six properties and 1.8 million square feet of warehouse and distribution space. The Chicago portfolio, located in close proximity to downtown Chicago, is comprised of three individual cold storage industrial buildings that are used primarily for the storage and distribution of frozen food products. Investcorp partnered with Bridge Development Partners on the transaction.

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IllinoisIndustrialMidwest

CBRE Arranges Sale of 18,000 SF Industrial Building in Aurora, Illinois

by Kristin Harlow

AURORA, ILL. — CBRE has arranged the sale of an 18,000-square-foot industrial building in Aurora. The sales price was not disclosed. The property is located within the White Oak Business Park at 2505 Diehl Road. David Prioletti of CBRE represented the seller, Video Impressions. The building was constructed as a build-to-suit for Video Impressions, a video and audio company specializing in commercial, training film productions and broadcasting. Corey Chase of NKGF Inc. represented the buyer, Certified Laboratories, which will relocate its Romeoville operations to the facility once building improvements are completed this summer. The company will operate the facility as a quality testing facility for its various clients within the Midwest region.

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IndianaMidwestMultifamily

HomeUnion Negotiates $1.8M Sale of Multifamily Property in Indianapolis

by Kristin Harlow

INDIANAPOLIS — HomeUnion has negotiated the sale of a 38-unit multifamily property in Indianapolis for $1.8 million. The 43,054-square-foot building is located near Broad Ripple, a cultural district within Indianapolis. The property consists of all two-bedroom units. HomeUnion represented the undisclosed buyer in the transaction.

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MichiganMidwestOffice

Marcus & Millichap Brokers Sale of 10,712 SF Office Property in Wyandotte, Michigan

by Kristin Harlow

WYANDOTTE, MICH. — Marcus & Millichap has brokered the sale of a 10,712-square-foot office property in Wyandotte. The sales price was not disclosed. The Social Security Administration is the sole occupant of the building, which is located at 3450 Biddle Ave. Justin Fenn and Dan Yozwiak of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Michael Glass assisted in closing the transaction.

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HealthcareMichiganMidwest

Keystone Negotiates Four Leases for Dental One Partners in Michigan

by Kristin Harlow

NOVI, ROYAL OAK, STERLING HEIGHTS AND ALLEN PARK, MICH. — Keystone Commercial Real Estate has negotiated four leases for Dental One Partners in Michigan. Dental One is locating to visible street-front locations in Novi, Royal Oak, Sterling Heights and Allen Park. The dental chain, based in Dallas, operates over 160 practices in 13 states and plans to continue to expand throughout Michigan. Greg Newman of Keystone arranged the leases on behalf of Dental One.

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KansasMidwestRetail

Lane4 Begins Demolition of Former Metcalf South Mall Near Kansas City

by Kristin Harlow

OVERLAND PARK, KAN. — Lane4 Property Group has begun the demolition of the vacant Metcalf South Mall in Overland Park. The mall, which opened in 1967, officially closed to the public in September 2014. Early phases of demolition will occur on the interior of the building, making visible demolition on the exterior not likely until next month. The mall is located at located at the southeast corner of 95th Street and Metcalf Avenue. Once the mall has been razed, site work will begin to level the land and construct frontage roads. Construction of a Lowe’s store is scheduled slated to begin this fall. The overall project plan also includes a number of smaller-format retail buildings and restaurants, but potential tenants have yet to be announced. Lane4 worked with both the Overland Park Historical Society and the Johnson County Museum to preserve items of historical significance from within the mall. Lane4 and The Kroenke Group jointly purchased the Metcalf South Mall site in 2014.

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IllinoisLoansMidwestMultifamilyOhio

Hunt Mortgage Arranges $30.5M in Acquisition Financing for Multifamily Properties in Illinois and Ohio

by Kristin Harlow

DUNLAP, ILL. AND HOLLAND, OHIO — Hunt Mortgage Group has arranged $30.5 million in acquisition financing for multifamily properties located in Illinois and Ohio. Knoxville Pointe Apartments is a 218-unit apartment complex located in Dunlap, near Peoria, Ill., and comprised of 13 two-story buildings. The property was built in 2001. Fox Chase Apartments is a 304-unit apartment complex located in Holland, within the Toledo metro area, and comprised of 23 two-story buildings. The property was built in 1998. Michigan-based ROCO Real Estate was the borrower. The properties were financed through ROCO’s structured credit facility with Freddie Mac and Hunt.

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HospitalityLoansMidwestSouth Dakota

Dougherty Provides $12M Loan for Renovation, Expansion of Casino Hotel in South Dakota

by Kristin Harlow

FLANDREAU, S.D. — Dougherty Funding has provided a $12 million loan for the second phase of the renovation and expansion of Royal River Casino and Hotel in Flandreau, located in eastern South Dakota. The funds will be used to renovate the bingo hall into a VIP lounge, as well as make improvements to the gaming and poker room. Plans also include the addition of an administrative building that will connect directly to the casino. Dougherty arranged the financing for the Flandreau Santee Sioux Tribe of South Dakota, which has owned and operated the property since 1990.

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MidwestOhioRetail

Marcus & Millichap Brokers $3.6M Sale of Shopping Center in Springfield, Ohio

by Kristin Harlow

SPRINGFIELD, OHIO — Marcus & Millichap has arranged the sale of Burnett Plaza in Springfield, west of Columbus, for $3.6 million. The 86,335-square-foot shopping center is located at 508 South Burnett Road. The center was built in 1960 and renovated in 1997. The property was 87 percent occupied at the time of sale and is anchored by Family Dollar, AutoZone and Ace Hardware. C.J. Jackson, Scott Wiles, Erin Patton and Craig Fuller of Marcus & Millichap marketed the property on behalf of the seller, an Ohio-based REIT. The team also secured and represented the buyer, a private out-of-state group.

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