Midwest

CA Student Living, Regency Consolidated Break Ground on 751-Bed Mixed-Use Property Near Indiana University

by Kristin Harlow July 20, 2017

BLOOMINGTON, IND. — A joint venture between CA Student Living and Regency Consolidated Residential has broken ground on Evolve Bloomington, a 751-bed mixed-use property located across from Indiana University’s Memorial Stadium in Bloomington. When complete, the development will feature seven buildings. A five-story main building will include 183 units and an expansive outdoor courtyard with 2,800 square feet of street-level retail. Other portions of the property will consist of a second five-story building with 72 units wrapped around a shared parking deck; a three-story building with eight units and 5,000 square feet of retail; and four three-story buildings with three to five units per building. The property will offer a mix of studio, one-, two-, three- and four-bedroom fully furnished units and 16 townhome residences. Community amenities will include an outdoor pool, hot tub and cabana; a jumbotron for sporting events and movie nights; grilling and fire pit areas; an indoor basketball court; coffee bar; game room; study lounge; fitness room; yoga studio; dog run; and spa with sauna. Niles Bolton Associates is the project architect, and Indianapolis-based Gilliatte General Contractors is the project’s general contractor. Pre-leasing for the community is set to begin this fall, with delivery slated for …

July 20, 2017

Loans Michigan Midwest Multifamily

Hunt Provides $5.3M Freddie Mac Loan for Refinancing of Multifamily Property in Detroit

by Kristin Harlow July 20, 2017

DETROIT — Hunt Mortgage Group has provided a $5.3 million Freddie Mac small balance loan for the refinancing of Pasadena Apartments in Detroit. The 11-story multifamily property consists of 167 residential units and two retail units. The borrower, Pasadena Investments LLC, acquired the property in 2009. Improvements completed since the acquisition include kitchen renovations, exterior waterproofing and painting, a new laundry room, elevator cabs, Wi-Fi and security cameras. Originally built in 1902, Pasadena Apartments is currently 92 percent occupied. Matt Shane of Q10 | Lutz Financial arranged the 10-year loan, which features a 30-year amortization schedule.

July 20, 2017

Midwest Missouri Retail

Hawthorn Bank Signs 9,000 SF Lease for New Branch in Columbia, Missouri

by Kristin Harlow July 20, 2017

COLUMBIA, MO. — Hawthorn Bank has signed a 9,000-square-foot lease for a new bank branch in downtown Columbia. The bank will occupy the first two floors of the Plaza 807 office building once construction is complete on the new property. The five-story building, located at 807 E. Walnut St., will total 36,000 square feet. East 280 LLC owns the property. Professional Contractors & Engineers Inc. is the general contractor, while Simon Oswald Architecture is providing architectural services. Completion is slated for March 2018.

July 20, 2017

Illinois Industrial Midwest Mixed-Use Top Stories

Brennan Investment Group to Develop $1B Technology Park Near O’Hare International Airport

by John Nelson July 20, 2017

ELK GROVE VILLAGE, ILL. — Brennan Investment Group, a private real estate investment and development firm based in Chicago, plans to develop Elk Grove Technology Park, a new 85-acre infill development situated roughly three miles from O’Hare International Airport. The project could cost nearly $1 billion to develop, according to the Daily Herald. “Opportunities to develop near airports, in major metropolitan areas — and in scale — are virtually non-existent,” says Michael Brennan, chairman and managing principal of Brennan Investment Group. “We are confident this will become the most desirable and significant industrial development in the Chicago region, and perhaps in the United States.” Brennan Investment plans for Elk Grove Technology Park to house data centers and industrial space for digital manufacturing and robotics uses. Upon completion, four speculative industrial facilities will be built with opportunities for an additional five buildings, including sites for data centers. Brennan Investment will initially build out the infrastructure of the park with ponds, water features, sculptures, bike paths and pedestrian walkways. The site for Elk Grove Technology Park is bounded by Higgins Road to the north, Lively Road to the east, Oakton Boulevard to the south and King Street to the west. “Elk Grove …

July 20, 2017

Hospitality Market Reports Michigan Midwest Midwest Market Reports

Bedrock Is a Major Force in Motor City

by Kristin Harlow July 20, 2017

You’d be hard-pressed to find a commercial real estate company in the Midwest more active than Bedrock Detroit. The full-service firm — which acquires, leases, finances, develops and manages commercial and residential space — has several projects in the development pipeline spread across property types. Since its founding in 2011, Bedrock has located more than 160 office and retail tenants to Detroit’s “technology-centric” downtown. In addition, Bedrock and its affiliates have invested more than $3.5 billion in acquiring, renovating and developing slightly more than 100 properties totaling about 16 million square feet in downtown Detroit and Cleveland. Bedrock is commonly referred to as the real estate arm of billionaire businessman Dan Gilbert’s Rock Ventures. Gilbert is the chairman and founder of Rock Ventures and Quicken Loans Inc., the mortgage lending giant headquartered in Detroit. Diverse project portfolio In January, a joint venture between Shinola/Detroit LLC and Bedrock broke ground on the eight-story, 130-room Shinola Hotel. Located at 1400 Woodward Ave., the boutique hotel is scheduled to open in fall 2018. (Shinola, a Detroit-based company, is best known as a manufacturer of watches, bicycles and leather goods.) Chef Andrew Carmellini and Noho Hospitality are developing the food and beverage offerings to ensure …

July 20, 2017

Market Reports Midwest Midwest Market Reports Office Wisconsin

Millennial Workforce Drives Development Wave in Downtown Milwaukee

by Kristin Harlow July 20, 2017

There’s never been a better time to live and work in downtown Milwaukee. With the recession in the rearview mirror, a massive resurgence in the multifamily and office sectors has originated in Wisconsin’s largest city. Since 2011, 2,500 multifamily units have been completed, with an additional 1,500 units under construction and 2,000 proposed. The office market has seen a similar trend with nearly 2 million square feet of new development being created, the bulk of which is Northwestern Mutual Life Insurance Co.’s new $450 million, 32-story office tower. After decades of decline, downtown Milwaukee is experiencing a surge in population growth largely attributed to the development influx. This has changed the makeup of the city’s job market and molded a new workforce hinged on modern factors. With an increase in residents migrating to urban areas to work and reside, companies are shifting gears to tap into this ever-evolving talent market. Catering to millennials Known as the job-hopping generation, millennials are the focus of companies’ recruiting tactics. Combined with competitive compensation packages, businesses have begun leveraging their chief incentive: the physical office space. A prime example of this development, the Third/Fifth Ward on the city’s southeastern side has become one of …

July 20, 2017

Midwest Missouri Multifamily

Altus, Copaken Brooks Break Ground on Luxury Apartment Complex in Kansas City

by Kristin Harlow July 19, 2017

KANSAS CITY, MO. — Altus Properties and Copaken Brooks have broken ground on ARTerra, a luxury apartment complex in the Crossroads Arts District of downtown Kansas City. The 12-story building is located at the intersection of 21st and Wyandotte streets. The building will feature 126 units, consisting of a mix of studios, one-, two- and three-bedroom apartments. The property will also feature first-floor retail space and a 12th-floor amenity suite with an infinity pool. This is the first high-rise apartment building in the district, according to Coapken Brooks. JE Dunn will serve as general contractor for the project, which was designed by HOK. Completion is slated for late 2018.

July 19, 2017

Hospitality Loans Midwest Minnesota

CBRE Arranges $26.9M Construction Loan for 168-Room Hotel in Minneapolis

by Kristin Harlow July 19, 2017

MINNEAPOLIS — CBRE has arranged a $26.9 million loan for the construction of The Elliot Park Hotel in downtown Minneapolis. The 168-room Autograph Collection hotel by Marriott will be located on the northeast corner of 5th Avenue South and South 9th Street. The boutique hotel, slated to open in summer 2018, is part of a block redevelopment by Kraus–Anderson. The redevelopment will include a new corporate office for Kraus-Anderson, a 17-story apartment tower and a microbrewery. Jason Brown, Dan Gable, Joel Torborg and Jonathan Rice of CBRE arranged the loan on behalf of the Wilkinson Corp. Bank of the Ozarks provided the three-year loan.

July 19, 2017

Industrial Midwest Wisconsin

Dickman Co. Brokers Sale of 51,600 SF Industrial Building in Oak Creek, Wisconsin

by Kristin Harlow July 19, 2017

OAK CREEK, WIS. — The Dickman Co. Inc./CORFAC International has brokered the sale of a 51,600-square-foot industrial building in Oak Creek, 12 miles south of Milwaukee. The property is located at 440 W. Bell Court. Tower 9 Commercial – Oak Creek LLC purchased the building from K & Z Partners LLC. Samuel D. Dickman and Samuel M. Dickman Jr. of Dickman Co. brokered the transaction.

July 19, 2017

Indiana Midwest Retail

Alpha Partners Acquires 41,445 SF Shopping Center in Indianapolis

by Kristin Harlow July 19, 2017

INDIANAPOLIS — Alpha Partners has acquired Meridian Marketplace in the Greenwood submarket of Indianapolis. The purchase price was not disclosed. The 41,445-square-foot shopping center is located at 8923 S. Meridian St. Crystal Kennard and Scot Courtney of Lee & Associates will oversee leasing of the center, which has 10,815 square feet available for immediate lease. The seller was not disclosed.

July 19, 2017

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