Midwest

Novak Completes 2,060 SF Expansion, Remodeling of Aldi in Suburban Chicago

by Kristin Harlow August 3, 2017

ROMEOVILLE, ILL. — Novak Construction, a general contractor and construction management firm, has completed a 2,060-square-foot expansion and renovation of an Aldi grocery store, located at 398 S. Weber Road in Romeoville, roughly 30 miles southwest of Chicago. The original building was constructed in 2009, and the remodel features open ceilings, a larger floor plan, additional refrigeration space and a reconfigured checkout area. Environmentally friendly building materials were incorporated in construction.

August 3, 2017

Michigan Midwest Retail

9Round Fitness to Open 1,330 SF Location in Grand Rapids

by Kristin Harlow August 3, 2017

GRAND RAPIDS, MICH. — 9Round Fitness, an international kickboxing and gym franchise with more than 500 locations across 11 countries, will open a 1,330-square-foot location at 8233 Byron Center Ave. in Grand Rapids on Sept. 1. Hillary Taatjes Woznick and Rod Alderink of NAI Wisinski of West Michigan represented 9Round in the negotiations for the 62-month lease. The landlord is Dara Realty LLC.

August 3, 2017

Midwest Office Wisconsin

Irgens to Develop 379,400 SF Office Tower in Milwaukee

by Jeff Shaw August 2, 2017

MILWAUKEE — Irgens, a Milwaukee-based developer and operator, will develop the BMO Harris Financial Center, a 25-story, 379,400-square-foot office tower in Milwaukee. The project is valued at roughly $175 million and includes the development of 12,000 square feet of ground-floor retail space. The company recently acquired a seven-story parking deck located on Wells Street between North Water Street and North Broadway that will be demolished to provide space for the new office property. Both the building and a 647-space parking ramp are scheduled for a December 2019 completion. Chicago-based BMO Harris Bank will occupy seven floors for a total footprint of 124,000 square feet in the office tower, which will serve as its Wisconsin headquarters. A pair of Wisconsin-based firms, J.H. Findorff & Son Inc. and Kahler Slater, will serve as general contractors and architects, respectively, on the project.

August 2, 2017

Illinois Midwest Multifamily

Ryan Cos., Lincoln Property Co. Deliver $100M Apartment Tower in Chicago

by Jeff Shaw August 2, 2017

CHICAGO — Ryan Cos., in partnership with Lincoln Property Co., has completed Aurélien, a $100 million apartment tower located at the southeast corner of Clark and Chestnut streets in Chicago’s Gold Coast neighborhood. The 31-story, 41,000-square-foot property was designed by Ryan and includes a mix of studio, one- and two-bedroom units, ranging in size from 564 to 1,245 square feet, with monthly rents ranging from $1,895 to $4,110. The tower also features six penthouse units, ranging from 1,165 to 3,339 square feet, and rents starting at $4,660. Lincoln Property Cos. will manage the property and oversee leasing efforts. Other team members include Antunovich Associates, architect of record; Daiwa House of Texas, primary equity investor; U.S. Bank, construction financing; Studio K, interior designer, Ryan A + E, design architect and TGRWA, structural engineer. Aurélien features floor-to-ceiling glass windows; a rooftop level that includes a swimming pool, private cabanas, outdoor fireplaces and a fitness center; bocce ball courts, a private terrace and a business center. The first tenants moved into the apartment community in June.

August 2, 2017

Illinois Midwest Multifamily

Essex Brokers $11M Sale of Two Apartment Buildings in Chicago

by Jeff Shaw August 2, 2017

CHICAGO — Essex Realty Group Inc. has brokered the $11 million sale of two multifamily properties located at 1521 and 1608 W. Sherwin Ave. in Chicago. The properties, which are situated within the Rogers Park area near the Jarvis Avenue “El” station, were built in the vintage corridor-style layout with one main hallway per floor with units on either side. Matt Welke of Essex represented the buyer and Doug Imber, Kate Varde and Clay Maxfield, also of Essex, represented the seller. Both parties involved in the transaction requested anonymity.

August 2, 2017

Midwest Minnesota Multifamily Seniors Housing

CareTrust REIT Acquires 30-Unit Memory Care Community in Minnesota for $7.8M

by Jeff Shaw August 2, 2017

WHITE BEAR LAKE, MINN. — CareTrust REIT Inc. (NASDAQ: CTRE) has acquired Memory Care Cottages in White Bear Lake, a 30-unit, high-acuity memory care community in the Minneapolis suburb of White Bear Lake. The purchase price was approximately $7.8 million, inclusive of transaction costs. The deal is structured as a sale-leaseback with the operator, Prelude Homes & Services, which originally developed the property. CareTrust and Prelude have an existing relationship, and the property was added to the master lease arrangement between the two companies. CareTrust expects the property to generate an additional annual cash rent of approximately $640,000, resulting in an initial cash yield of 8.2 percent. The amended master lease has a remaining initial term of approximately 12.5 years, with two five-year renewal options and Consumer Price Index (CPI)-based rent escalators. CareTrust REIT, a California-based, publicly traded healthcare REIT, funded the acquisition with cash on hand.

August 2, 2017

Illinois Midwest Office

CBRE Arranges 4,175 SF Office Lease Expansion for HealthScape Advisors in Chicago

by Jeff Shaw August 2, 2017

CHICAGO — CBRE has arranged a 4,175-square-foot lease expansion for HealthScape Advisors LLC at 55 W. Monroe St. in Chicago, bringing the firm’s total occupancy to 21,139 square feet in the office building. HealthScape Advisors provides consulting services and business intelligence solutions to the healthcare industry. With the new lease, effective Dec. 1, the company will expand to occupy the entire 21st floor of the tower. Previously, the firm leased 16,964 square feet in the building. The lease will run through 2024. Jon Milonas, Brad Serot and Scott Brandwein of CBRE represented HealthScape Advisors in the lease transaction, and Andrew Saewitz and Matt Lerner of Cushman & Wakefield represented the building owner, John Hancock Real Estate.

August 2, 2017

Midwest Minnesota Multifamily

Kraus-Anderson, Inland to Develop $65M Apartment Complex in Metro Minneapolis

by Jeff Shaw August 1, 2017

RICHFIELD, MINN. — A joint venture between Minneapolis-based construction firm Kraus-Anderson and Inland Development Partners will develop Chamberlain, a 316-unit apartment complex in Richfield, located about eight miles south of Minneapolis. The current design calls for 283 units to be constructed in three new buildings on the site, in addition to 33 units in three existing buildings that will be renovated. Designed by Urban Works, the project has an estimated price tag of $65 million. The property is situated near the intersection of 66th Street and Cedar Avenue. Construction is expected to begin in spring 2018 with the first of the new units slated to open in spring 2019.

August 1, 2017

Midwest Missouri Multifamily Seniors Housing

Wiegmann Completes HVAC Project for $17.5M Seniors Community in Suburban St. Louis

by Jeff Shaw August 1, 2017

CHARLES, MO. — St. Louis-based contractor Wiegmann Associates has completed the installation of the HVAC system at Cedarhurst of St. Charles, a new $17.5 million seniors housing community in the St. Louis metro of St. Charles. The 99,000-square-foot property features 76 assisted living units and 24 memory care units. Vermont-based Dover Development LLC developed the property, and Illinois-based IMPACT Strategies Inc. served as construction manager. The community officially opened June 25. Cedarhurst Living LLC will operate the facility.

August 1, 2017

Industrial Loans Michigan Midwest

Bernard Financial Arranges $7.2M Refinancing for Industrial Facility in Auburn Hills, Michigan

by Jeff Shaw August 1, 2017

AUBURN HILLS, MICH. — Bernard Financial Group has arranged a $7.2 million refinancing for a 144,400-square-foot industrial facility in Auburn Hills, located about 30 miles northwest of Detroit. The building serves as a newly expanded industrial manufacturing facility for Dana Corp. David Dismondy originated the loan for the borrower, Brown Eight LLC. Protective Life Insurance Co. provided the capital. Bernard Financial will service the loan.

August 1, 2017

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