Midwest

Walker & Dunlop Arranges $80M Loan for Refinancing of Office Tower in Downtown Milwaukee

by Kristin Harlow February 9, 2018

MILWAUKEE — Walker & Dunlop Inc. has arranged an $80 million non-recourse loan for the refinancing of 833 East Michigan in downtown Milwaukee. The 359,000-square-foot, Class A office tower, which opened in 2016, is one of the newest additions to the city’s skyline. The property is situated adjacent to the planned Milwaukee streetcar route. Tenants include PricewaterhouseCoopers, KPMG, Godfrey & Kahn and Rare Steakhouse. Jim Cope and Andrew Schoene of Walker & Dunlop arranged the three-year loan on behalf of the borrower, Irgens. PGIM Real Estate Finance provided the loan.

February 9, 2018

Michigan Midwest Office

Bedrock to Redevelop Former Detroit Police Department Headquarters

by Kristin Harlow February 9, 2018

DETROIT — Bedrock, in partnership with Pike Pointe Holdings LLC, has unveiled plans to redevelop 1300 Beaubien in Detroit’s Greektown neighborhood. The 240,000-square-foot building formerly served as the headquarters of the Detroit Police Department. The partnership plans to preserve the historic nature of the building, which dates back to 1921. The property has been vacant since the police department moved into its new headquarters in 2013. A development timeline has yet to be finalized.

February 9, 2018

Midwest Minnesota Multifamily

Timberland Partners to Develop $53.8M Apartment Building in Minneapolis

by Kristin Harlow February 9, 2018

MINNEAPOLIS — Timberland Partners has attained the land and financing needed to begin construction of Green on Fourth Apartments in Minneapolis near the University of Minnesota-Twin Cities campus. The $53.8 million, 243-unit project is a joint venture between Timberland Partners and Prospect Park Properties. Tushie Montgomery Architects is the project architect and Frana Cos. is the contractor. Dougherty Mortgage LLC arranged a $42.7 million loan for the construction of the project. Hennepin County, the city of Minneapolis and the Metropolitan Council provided additional financing. Timberland Partners plans to preserve public green space and coordinate with the city for a design that includes sidewalk furniture, bike lanes, pedestrian lighting and vegetation along Fourth Street. Building amenities will include a rooftop deck, fitness center, yoga studio, community room, playground and dog run. Floor plans will range from studios to three-bedroom units with penthouse options. Completion is slated for June 2019.

February 9, 2018

Loans Michigan Midwest Multifamily

KeyBank Provides $16M Loan for Acquisition of Manufactured Housing Community in Fair Haven, Michigan

by Kristin Harlow February 9, 2018

FAIR HAVEN, MICH. — KeyBank Real Estate Capital has provided a $16 million Fannie Mae loan for the acquisition of The Shores at Anchor Bay in Fair Haven, about 40 miles north of Detroit. The 656-pad manufactured housing community was built in two phases in 1969 and 1985. Timothy Weldon of KeyBank originated the seven-year loan, which features a 30-year amortization schedule. The borrower was not disclosed.

February 9, 2018

Healthcare Midwest Minnesota

Cushman & Wakefield Arranges Sale of 83,378 SF Medical Office Building in Bloomington, Minnesota

by Kristin Harlow February 9, 2018

BLOOMINGTON, MINN. — Cushman & Wakefield has arranged the sale of TRIA Orthopaedic Center in Bloomington for an undisclosed price. The 83,378-square-foot medical office building is located at 8100 Northland Drive near I-494. The three-story building was constructed in 2004. Scott Pollock, Tom O’Brien, Avery Ticer and Terry Kingston of Cushman & Wakefield represented the seller, United Properties. A private investor acquired the asset.

February 9, 2018

Illinois Industrial Midwest

Hilco Redevelopment Partners Acquires Former Power Plant, Plans $100M Industrial Development

by Kristin Harlow February 8, 2018

CHICAGO — Hilco Redevelopment Partners, a unit of Hilco Global, has acquired the Crawford Power Generating Station site in Chicago’s Little Village neighborhood for an undisclosed price. NRG Energy sold the site, which had previously operated as a coal-fired power plant beginning in the late 1920s before being decommissioned in 2012. Hilco plans to demolish the facility and replace it with up to 1 million square feet of warehouse space as part of a $100 million project, according to the Chicago Tribune. Remediation work is slated to begin soon and may take anywhere from 14 to 24 months, depending on site conditions.

February 8, 2018

Loans Midwest Multifamily Nebraska

Bellwether Enterprise Arranges $55.8M Acquisition Financing for Workforce Housing Property in Lincoln, Nebraska

by Kristin Harlow February 8, 2018

LINCOLN, NEB. — Bellwether Enterprise Real Estate Capital LLC has arranged a $43 million acquisition loan and a $12.8 million equity placement for Links at Lincoln in Nebraska. The 612-unit workforce housing property is situated on 100 acres. Residents have access to the onsite nine-hole golf course. Other amenities include a fitness center, tennis court, playground, hot tub and tanning rooms. Phil Melton and John Roberts of Bellwether Enterprise arranged the $43 million Freddie Mac loan. Todd Johnson of Bellwether Enterprise arranged the $12.8 million equity investment.

February 8, 2018

Midwest Ohio Retail

IPA Brokers $55.7M Sale of Shopping Center in Aurora, Ohio

by Kristin Harlow February 8, 2018

AURORA, OHIO — Institutional Property Advisors (IPA) has brokered the sale of Marketplace at Four Corners in Aurora for $55.7 million. The 525,708-square-foot shopping center, located at 7155-7175 Aurora Road, opened in 2002. The property was 99 percent occupied at the time of sale. Anchor tenants include Walmart, Kohl’s Dick’s Sporting Goods and HomeGoods. Scott Wiles, Erin Patton and Craig Fuller of IPA represented the Florida-based seller, which Crain’s Cleveland Business cites as an affiliate of MPG Development. Along with Dean Zang of IPA, the team also secured the buyer, a New York-based 1031 exchange investor. IPA is a division of Marcus & Millichap.

February 8, 2018

Industrial Midwest Wisconsin

Meridian Begins Construction of 307,850 SF Industrial Building in Mount Pleasant, Wisconsin

by Kristin Harlow February 8, 2018

MOUNT PLEASANT, WIS. — Meridian Design Build has started construction on a 307,850-square-foot speculative industrial building in Mount Pleasant in southeast Wisconsin. The facility will feature a clear height of 32 feet, 40 loading docks, four drive-in doors, 242 auto parking spaces and 94 trailer stalls. The building will be able to accommodate up to six tenants. Land and Lakes Development is the project developer. Partners in Design is providing architectural services while Pinnacle Engineering is completing civil engineering work. A timeline for construction was not disclosed. This is the second project Meridian has constructed within the 60-acre Mount Pleasant Business Park. Land and Lakes Development sold the first building, which is leased to Goodwill Industries, to Zilber Property Group last year.

February 8, 2018

Illinois Industrial Midwest

JLL Arranges Sale of 117,000 SF Industrial Facility in Lake Zurich, Illinois

by Kristin Harlow February 8, 2018

LAKE ZURICH, ILL. — JLL has arranged the sale of a 117,000-square-foot industrial facility in Lake Zurich, about 40 miles northwest of Chicago. The sales price was not disclosed. The facility is located on a 9.9-acre site at 800 N. Church St. The property features a clear height of 24 feet, 275 auto parking spaces, eight docks, fully air-conditioned warehouse space and 19,000 square feet of office space. Steve Trapp and Steve Steinmeyer represented the buyer, an affiliated entity of Midwest Industrial Funds (MIF). Nick Panarese of Van Vlissingen and Co. represented the undisclosed seller. The deal comes just months after MIF announced that the company had raised a new real estate investment fund, MIF Value Fund II LP, to purchase over $150 million of industrial properties over the next few years, according to JLL.

February 8, 2018

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