Midwest

Draper and Kramer Breaks Ground on 58-Unit Luxury Apartment Building in Chicago

by Kristin Harlow January 10, 2018

CHICAGO — Draper and Kramer Inc. has broken ground on a boutique apartment building along Chicago’s lakefront. The eight-story rental property, which will be situated on the last undeveloped site on North Lake Shore Drive in the Gold Coast neighborhood and known as 61 Banks Street, will feature a mix of 58 two- and three-bedroom residences. Designed by Larry Booth of Booth Hansen, the building will be topped by a green roof with an outdoor terrace as well as an enclosed rooftop amenity space. Seven “maisonette” residences, which feature two-story units with street-level entrances and private terraces, will flank the ground floor of the property. Jacobs/Ryan Associates is designing the landscaped areas while Leopardo Cos. is serving as the project’s general contractor. Two-bedroom units will average 1,700 square feet while three-bedroom units will average 2,400 square feet. Monthly rents are expected to range from $5,500 to over $12,000. Residents will have access to a full-time concierge and 24-hour valet parking.

January 10, 2018

Hospitality Midwest Missouri

JNS, HDA Architects to Design 192-Room Hotel in St. Louis

by Kristin Harlow January 10, 2018

ST. LOUIS — JNS and HDA Architects have been selected by real estate development company HomeBase to design an AC Hotel by Marriott in St. Louis. The 192-room hotel will feature 1,000 square feet of meeting space. The ground floor will include a common area with a bar, limited-menu restaurant and “European-style” breakfast for guests with French croissants, fruits, cheeses and egg tarts. AC Hotels are European-inspired hotels with several international locations.

January 10, 2018

Iowa Loans Midwest Multifamily

NorthMarq Arranges $16.7M Refinancing for Apartment Property in Council Bluffs, Iowa

by Kristin Harlow January 10, 2018

COUNCIL BLUFFS, IOWA — NorthMarq Capital has arranged a $16.7 million Freddie Mac loan for the refinancing of River Park Apartments Phase III in Council Bluffs. The 190-unit apartment property features amenities such as a 24-hour fitness center, café, clubhouse, basketball court and two swimming pools. Jason Kinnison of NorthMarq arranged the loan for the undisclosed borrower.

January 10, 2018

Healthcare Kansas Midwest

CNL Healthcare Acquires 38,496 SF Medical Office Building in Overland Park, Kansas for $14M

by Kristin Harlow January 10, 2018

OVERLAND PARK, KAN. — CNL Healthcare Properties II has acquired a 38,496-square-foot medical office building in Overland Park for $14 million. Constructed in 2007, the building is located at 5525 W. 199th St. on the campus of HCA Menorah Medical Center. The two-story property is fully leased to five tenants, with an ambulatory surgical center anchoring the property. Evan Kovac, Ben Appel, Anthony Frogameni, Andrew Milne, Matt DiCesare and Sean Fogarty of HFF represented the undisclosed seller. The team also procured the buyer, which is a non-traded REIT sponsored by CNL Financial Group.

January 10, 2018

Illinois Midwest Mixed-Use

Marcus & Millichap Brokers $3.4M Sale of Mixed-Use Building in Chicago

by Kristin Harlow January 10, 2018

CHICAGO — Marcus & Millichap has brokered the sale of a 6,100-square-foot mixed-use building in Chicago’s Lakeview neighborhood for $3.4 million. The property, located at 3452 N. Southport Ave., features three apartment units and one retail tenant on the ground floor. Hanna Andersson, a children’s retailer, occupies the ground-floor space. Kyle Stengle of Marcus & Millichap represented the seller, a local developer. An international private investor purchased the asset.

January 10, 2018

Indiana Midwest Multifamily Top Stories

Milhaus Sells 1,803-Unit Multifamily Portfolio for $320.5M

by Nellie Day January 10, 2018

INDIANAPOLIS — Milhaus has sold a 1,803-unit multifamily portfolio that spans four states for $320.5 million. Four separate buyers acquired the assets. The nine properties included in Milhaus’s Urban Core Portfolio are the 354-unit Highland Row in Memphis, Tenn.; the 131-unit Gantry in Cincinnati; the 329-unit Lift in Oklahoma City; and the 258-unit Artistry, 54-unit Mosaic, 265-unit Circa, 65-unit Mozzo, 105-unit Maxwell, and 242-unit Mentor & Muse in Indianapolis. “The portfolio consists of small and large assets in four distinct metros, but the common theme … is that each of these markets have expanding employment bases of young talent with plenty of runway left in this cycle,” says Steve LaMotte Jr. who, along with CBRE’s Central Midwest Multifamily team, represented developer Milhaus in this disposition. “The rare opportunity to deploy a sizeable amount of capital in newly constructed, best-of-class, urban-walkable assets was duly noted by the market.” Indianapolis-based Milhaus developed, built and operates the majority of the portfolio. The firm focuses on Class A, urban multifamily buildings in growing secondary markets in the eastern half of the U.S. Indiana-based Gene B. Glick Co. was the seller of one of the assets, which Milhaus only operated. Five assets were recapitalized by …

January 10, 2018

Midwest Missouri Office

CBRE Brokers Sale of 320,976 SF Office Building in Kansas City, Missouri

by Kristin Harlow January 9, 2018

KANSAS CITY, MO. — CBRE has brokered the sale of 2323 Grand in Kansas City’s Crown Center for an undisclosed price. The 11-story office property features 320,976 square feet and an underground parking garage. The transaction also included a surface parking lot for a combined total of 2.3 acres. The building is 83 percent leased by tenants including Sun Life Financial Services Co. Inc., Seigfried Bingham PC and Thornton Tomasetti Inc. On-site amenities include a cafeteria with a dining room and outdoor patio, fitness center and conference rooms. The property recently underwent a $6.5 million renovation. Gina Anderson, Gary Carr and Robert Hill of CBRE arranged the sale on behalf of the seller, Assurant. Stanton Road Capital purchased the asset.

January 9, 2018

Illinois Loans Midwest Office

Cohen Financial Arranges $19M Acquisition Financing for Office Building in Northbrook, Illinois

by Kristin Harlow January 9, 2018

NORTHBROOK, ILL. — Cohen Financial, a division of SunTrust Bank, has arranged a $19 million bridge loan for the acquisition of 400 Skokie in Northbrook, a northern suburb of Illinois. The 195,000-square-foot office building is currently 75 percent leased by tenants in various industries, including industrial manufacturing, financial services and healthcare. Michael Hart of Cohen Financial arranged the loan on behalf of the borrower, Ameritus. A Chicago-based bank provided the loan.

January 9, 2018

Illinois Midwest Office

BP Renews 240,000 SF Office Lease in Chicago’s West Loop

by Kristin Harlow January 9, 2018

CHICAGO — BP Products North America has renewed its 240,000-square-foot office lease at CME Center-10 & 30 South Wacker in Chicago’s West Loop. BP has leased space at the property since 2010 when it relocated from the western suburbs. CME Center is 90 percent leased. The 2.3 million-square-foot property consists of two 40-story towers connected by a 10-story center structure and a 500-car parking garage. Amenities include a car wash, valet parking, tenant lounge and fitness facility. Matt Carolan, Steve Steinmeyer and Bruce Renwick of JLL represented BP in the lease transaction. Joe Gordon and Justin Lewis of Tishman Speyer represented ownership, Tishman Speyer.

January 9, 2018

Loans Midwest Multifamily Ohio

Hunt Mortgage Group Provides $7.6M Loan for Acquisition of Apartment Property in Columbus, Ohio

by Kristin Harlow January 9, 2018

COLUMBUS, OHIO — Hunt Mortgage Group has provided a $7.6 million Fannie Mae loan for the acquisition of Sutton Square Apartments in Columbus. The 202-unit apartment property is comprised of 29 two-story buildings. Built in 1968, the community is currently 95 percent occupied. The 15-year loan features a 30-year amortization schedule. Hamilton Sutton Square LLC was the borrower.

January 9, 2018

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