Midwest

Farpoint, Greco/DeRosa Investments to Redevelop 135,000 SF Loft Office Building in Rosemont, Illinois

by Kristin Harlow December 22, 2017

ROSEMONT, ILL. — Farpoint Development and Greco/DeRosa Investments have unveiled plans to redevelop a 135,000-square-foot loft office building located at 6300 North River Road in Rosemont. The $6 million core/shell renovation of the seven-story building is expected to begin immediately and be completed by mid-2018. The redevelopment of the property will include a fully renovated lobby, replacement of all exterior windows and staining of the exterior brick. The Class A office building will include a new fitness center, yoga room, conference facilities, tenant lounge and food market with outdoor seating. Jason Simon and Jonathon Connor of Colliers International will market the property for lease.

December 22, 2017

Midwest Minnesota Mixed-Use

CBRE Arranges Sale of Two Mixed-Use Properties Totaling 95,895 SF in Minneapolis

by Kristin Harlow December 22, 2017

MINNEAPOLIS — CBRE has arranged the sale of The Broadway and Icehouse Plaza in Minneapolis for an undisclosed price. Together, the mixed-use properties total 95,895 square feet and are 98 percent leased. The Broadway, located at 945 Broadway St. NE, is a 56,156-square-foot, two-story building, which was originally constructed in 1922 and renovated in 2013. Major tenants include Spyhouse Coffee, 612Brew and CorePower Yoga. Icehouse Plaza includes two office and retail buildings totaling 39,739 rentable square feet with 13 multifamily units and an outdoor plaza. Renovated in 2011, the properties are located at 2550 and 2548 Nicollet Ave. South. Tenants include Icehouse, Eat Street Social, Black Sheep Pizza and Vertical Endeavors. Ryan Watts, Sonja Dusil, Judd Welliver and Tom Holtz of CBRE arranged the sale on behalf of the seller, Minneapolis-based developer First & First. Northpond Partners purchased the assets.

December 22, 2017

Industrial Midwest Wisconsin

Tribe 9 Foods Signs 50,814 SF Industrial Lease in Madison, Wisconsin

by Kristin Harlow December 22, 2017

MADISON, WIS. — Tribe 9 Foods LLC has signed a 50,814-square-foot industrial lease in Madison. The manufacturer of grain-free foods, gluten-free foods, nut butters and pastas will occupy the space at 2901 Progress Road. Andy Hess of Founders 3 represented the tenant in the lease transaction. Scott Revolinski of Founders 3 represented the landlord, LCM Funds 40 Madison LLC.

December 22, 2017

Midwest Minnesota Multifamily

CBRE Brokers $24.5M Sale of Apartment Property in Plymouth, Minnesota

by Kristin Harlow December 21, 2017

PLYMOUTH, MINN. — CBRE has arranged the sale of Granite Woods in Plymouth, 15 miles west of Minneapolis, for $24.5 million. The property is located at 3925 Lancaster Lane North near the intersection of Highway 169 and Rockford Road. Built in 1972, the community is comprised of 192 apartment units with an average size of 974 square feet. Amenities include a community room, game room, fitness center, pool, dog park and tennis courts. Keith Collins, Abe Appert, Ted Abramson and Ike Hoffman of CBRE represented the seller, Arlington Arms LLC, an entity related to Main Street Cos. Inc. Granite Woods-Minneapolis LLC, an entity controlled by Bellevue, Washington-based Curtis Capital Group, was the buyer. The sale equates to $127,343 per unit.

December 21, 2017

Michigan Midwest Retail

Regency Properties Acquires Two Shopping Centers in Michigan Totaling 115,623 SF

by Kristin Harlow December 21, 2017

CARO, MICH. — Regency Properties has acquired Caro Centre and Sugarcreek Plaza in Caro, located east of Saginaw in Michigan’s Thumb region. The sales price and seller were not disclosed. The 71,706-square-foot Caro Centre is home to tenants including Family Dollar, Peebles, Goodwill and Caro Ace Hardware. Regency Properties plans to invest approximately $200,000 to renovate the property’s façade. Sugarcreek Plaza totals 43,916 square feet and is home to two tenants — Tractor Supply Co. and Save-A-Lot. In addition, the property includes a nearly one-acre outlot that is available for development.

December 21, 2017

Affordable Housing Indiana Loans Midwest Multifamily

Pillar Originates $6M Fannie Mae Loan for Refinancing of Affordable Housing Property in Lafayette, Indiana

by Kristin Harlow December 21, 2017

LAFAYETTE, IND. — Pillar Financial, a division of SunTrust Bank, has originated a $6 million Fannie Mae loan for the refinancing of Lahr Apartments in Lafayette. Constructed in 1831, the historic property originally served as the Lahr Hotel before being transformed into affordable housing units in 1998. The property also features first-floor retail space. Joe Markech of Pillar originated the 10-year loan, which features a 30-year amortization schedule. Pillar sourced the transaction through Mike Dury of PR Mortgage, a Pillar correspondent.

December 21, 2017

Hospitality Midwest Ohio

Mumford Co. Arranges Sale of 121-Room Hotel in Macedonia, Ohio

by Kristin Harlow December 21, 2017

MACEDONIA, OHIO — Mumford Co. has arranged the sale of the Motel 6 in Macedonia, about 23 miles southeast of Cleveland. The sales price was not disclosed. Built in 1990, the 121-room hotel features Wi-Fi and guest laundry. George Arvanitis and Steve Kirby of Mumford Co. represented the seller, Shahil LLC. Macedonia Hospitality LLC purchased the property.

December 21, 2017

Industrial Midwest Wisconsin

EnSync Signs 42,600 SF Industrial Lease in Menomonee Falls, Wisconsin

by Kristin Harlow December 21, 2017

MENOMONEE FALLS, WIS. — EnSync Inc. has signed a 42,600-square-foot industrial lease in Menomonee Falls, 20 miles northwest of Milwaukee. The energy company will occupy the space at 13901 Main St. Samuel D. Dickman, Samuel M. Dickman Jr., Nick Keys and Cale Berg of the Dickman Co. Inc./CORFAC International brokered the transaction. 13901 Leasing Co. LLP is the property landlord.

December 21, 2017

Midwest Missouri Mixed-Use

St. Louis Cardinals, Cordish Cos. Break Ground on $260M Second Phase of Ballpark Village in St. Louis

by Kristin Harlow December 20, 2017

ST. LOUIS — The St. Louis Cardinals and The Cordish Cos. have broken ground on the $260 million second phase of Ballpark Village. The 700,000-square-foot mixed-use expansion project will complete a full build-out of Clark Street. New buildings will be constructed on both the east and west sides of the existing Phase I development. A new street, running from 8th to Broadway streets, will be called Cardinal Way. On the east end of Cardinal Way will be a 29-story luxury residential tower called One Cardinal Way. On the west end will be a Class A office building, anchored by PricewaterhouseCoopers, and a convention hotel, Live! by Loews-St. Louis. In addition, a three-story retail pavilion just north of the existing Busch II Infield and event plaza will connect everything together. This glass pavilion will be anchored by a 31,000-square-foot Onelife Fitness. Designed by Hord Coplan Macht, the 29-story One Cardinal Way will feature 297 apartment units and 10,000 square feet of restaurant and retail space on the first floor. The building will also feature 25,000 square feet of amenity space, including an infinity edge pool, demonstration kitchen, club room, entertainment room, fitness center and conference room. Designed jointly by HKS Architects, HCM and Tao & …

December 20, 2017

Hospitality Kansas Midwest

Choice Hotels to Acquire WoodSpring Suites Brand and Franchise Business for $231M

by Kristin Harlow December 20, 2017

WICHITA, KAN. — Choice Hotels International Inc. (NYSE: CHH) has reached a definitive agreement to acquire the brand and franchise business of WoodSpring Suites from WoodSpring Hotels Holdings LLC, a portfolio company of Lindsay Goldberg, for approximately $231 million. The acquisition will add nearly 240 extended-stay hotels in 35 states to the Choice Hotels portfolio, creating an extended-stay portfolio of more than 350 properties with existing brands MainStay Suites and Suburban Extended Stay. Wichita, Kansas-based WoodSpring Hotels is an extended-stay hotel company, with nearly 240 properties in 35 states nationwide. Over the past few years, the company has executed a brand relaunch and repositioning, resulting in WoodSpring Suites unit growth of more than 25 percent and franchise fee revenue growth of 45 percent in the last three years, according to Choice Hotels. More than 25 Woodspring hotels are expected to open in 2018. The transaction is expected to close in the first quarter of 2018. Moelis & Co. LLC is serving as financial advisor to Choice Hotels on the transaction, while Willkie Farr & Gallagher is serving as legal advisor. Morgan Stanley & Co. LLC is serving as financial advisor to WoodSpring, while Weil, Gotshal & Manges LLP is serving as legal advisor. Lindsay …

December 20, 2017

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