Midwest

PREMIER Breaks Ground on 323,343 SF Distribution Warehouse in Cicero, Illinois

by Kristin Harlow October 17, 2017

CICERO, ILL. — PREMIER Design + Build Group LLC has broken ground on a 323,343-square-foot distribution warehouse in Cicero, about eight miles southwest of downtown Chicago. Bridge Point 290 will feature 50 exterior truck dock positions, 36-foot clear heights, 273 vehicle parking spots and 77 trailer stalls. Bridge Development Partners LLC is the project developer. The project team also includes architect Cornerstone Architects Ltd., civil engineer SPACECO Inc. and structural engineer Swift Structural Design. George Maragos, Mitch Adams and Nicole Mentone of CBRE are marketing the property for lease. Completion is slated for the first quarter of 2018.

October 17, 2017

Healthcare Illinois Midwest

Avison Young Arranges Sale of 93,903 SF Medical Office Building in Lake Bluff, Illinois

by Kristin Harlow October 17, 2017

LAKE BLUFF, ILL. — Avison Young has arranged the sale of the Carriage Point Medical Complex in Lake Bluff, about 35 miles north of Chicago. The sales price was not disclosed. The 93,903-square-foot medical office building is located at 101 Waukegan Ave. Anchored by Fresenius Medical Care, the property is 100 percent leased to several regional healthcare providers. Erik Foster, Mike Wilson and Tim Henry of Avison Young represented the seller, Franklin Partners. J. Emil Anderson & Sons Co., a Chicago-based developer and owner, purchased the property.

October 17, 2017

Kansas Loans Midwest Multifamily

NorthMarq Arranges $2.8M Refinancing of Apartment Property in Lawrence, Kansas

by Kristin Harlow October 17, 2017

LAWRENCE, KAN. — NorthMarq Capital has arranged a $2.8 million loan for the refinancing of Jacksonville Apartments in Lawrence, about 40 miles west of Kansas City. The 88-unit apartment property is located at 700 Monterey Way. Brent Blake of NorthMarq arranged the 10-year loan through Freddie Mac’s small balance loan program.

October 17, 2017

Indiana Midwest Restaurant Retail

Books & Brews to Open at University of Indianapolis

by Kristin Harlow October 17, 2017

INDIANAPOLIS — Books & Brews Used Bookstore and Taproom has signed a 4,600-square-foot retail lease at the University of Indianapolis. Redevelopment of the property, located at 3808 Shelby St., will begin this fall. Books & Brews will be the only restaurant and brewery on campus, according to a news release. Crystal Kennard, Scot Courtney and Richard King III of Lee & Associates represented the landlord, Oakbridge Properties, in the lease transaction. Robb Day of Coldwell Banker Commercial represented the tenant.

October 17, 2017

Illinois Midwest Multifamily

Millennium Brokers $1.7M Sale of Apartment Complex in Cicero, Illinois

by Kristin Harlow October 17, 2017

CICERO, ILL. — Millennium Properties R/E has brokered the sale of a 38-unit apartment complex in Cicero, a western suburb of Chicago, for $1.7 million. The property, located at 1930 S. Cicero Ave., features 32 two-bedroom units and six one-bedroom units. The building was 95 percent occupied at the time of sale. Michael Mintz of Millennium Properties was the sole broker for the transaction. Neither the buyer nor the seller was disclosed.

October 17, 2017

Illinois Midwest Seniors Housing

$27.7M Supportive Living Facility Opens in Chicago

by Kristin Harlow October 16, 2017

CHICAGO — Montclare Senior Residences SLF of North Lawndale has opened in Chicago. The $27.7 million supportive living community, located at 4339-47 W. 18th Place, features 120 studio and one-bedroom apartments. Amenities include a main dining room, recreation room, general store, library, wellness clinic and barbershop. City assistance for the project included $3 million in multifamily loans, $2 million in Tax Increment Financing (TIF) and $1.1 million in low-income housing tax credits that generated $10.2 million in equity for the project. Other financing included a $12.3 million HUD loan and a $191,000 grant from the Illinois Department of Commerce and Economic Opportunity. Under the Illinois Supportive Living Program, supportive living communities are an alternative to nursing home care for low-income older persons and persons with physical disabilities under Medicaid. Montclare Senior Residences SLF of Lawndale LLC developed the property, while a joint venture between Joseph J. Duffy Co., Safeway Construction Co. and Brown & Momen Co. managed the construction. Worn Jerabek Wiltse Architects P.C. served as the architect. Gardant Management Solutions will manage the property.

October 16, 2017

Michigan Midwest Retail

Gerdom Realty Brokers Sale of 230,500 SF Former Sears Building in Waterford Township, Michigan

by Kristin Harlow October 16, 2017

WATERFORD TOWNSHIP, MICH. — Gerdom Realty & Investment has brokered the sale of a 230,500-square-foot former Sears building at Summit Place Mall in Waterford Township, about 30 miles north of Detroit. The sales price was not disclosed. The building is positioned on 22.5 acres of land on Telegraph Road. Tjader Gerdom and Mike Murphy of Gerdom Realty, along with Nicholas Kanich of Cushman & Wakefield, represented the undisclosed seller. New ownership is looking to redevelop the property and offer pad site opportunities, according to a news release.

October 16, 2017

Loans Midwest Ohio Seniors Housing

KeyBank Provides $5.7M Construction Financing for Seniors Housing Property in Dayton, Ohio

by Kristin Harlow October 16, 2017

DAYTON, OHIO — KeyBank Community Development Lending & Investment (CDLI) has provided $5.7 million in construction financing for Audubon Crossing, an affordable seniors housing property in Dayton. The 50-unit apartment community will be restricted to renters age 55 and older. The project will be restricted to households with incomes that are 35 to 60 percent of area median income (AMI). The property is part of a larger development known as Salem Crossing Hope IV. Kelly Frank of KeyBank arranged the loan for the borrower, The Woda Group Inc. The project utilizes multiple sources of funding, including an allocation of 4 percent Low Income Housing Tax Credits (LIHTC), City of Dayton HOME funds, a Replacement Housing Factor (RHF) loan from Greater Dayton Premier Management and a Housing Development Assistance Program (HDAP) loan.

October 16, 2017

Michigan Midwest Office

Service Express Signs 60,361 SF Office Lease in Grand Rapids, Michigan

by Kristin Harlow October 16, 2017

GRAND RAPIDS, MICH. — Service Express Inc. has signed a 60,361-square-foot office lease at Bridge Pointe Office Park in Grand Rapids. The computer support company will occupy 39,617 square feet on the first floor, while holding an additional 20,744 square feet on the second floor for future expansion. The six-story property, located at 3855 Sparks Drive Southeast, is now fully leased. Nate Scherpenisse and Blake Rosekrans of CBRE represented the landlord, Bridge Pointe Office Equities LLC.

October 16, 2017

Midwest Missouri Retail

Block & Co. Negotiates $3M Sale of Shopping Center in Lee’s Summit, Missouri

by Kristin Harlow October 16, 2017

LEE’S SUMMIT, MO. — Block & Co. Inc. Realtors has arranged the sale of Chapel Ridge Retail Center in Lee’s Summit for $3 million. The 35,000-square-foot shopping center is located at 3680 Akin Drive. The property is 90 percent occupied by tenants including Total Body Fitness, Allstate Insurance, Foxy Nails, Quilter’s Station, KC Salt Mines and Jimmy John’s. William Glasgow of Block & Co. negotiated the sale on behalf of the seller, Rocky Top Holdings LLC. VAAP Chapel Ridge LLC purchased the property. Block & Co. will continue to handle leasing efforts for the new owners.

October 16, 2017

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