Midwest

Marcus & Millichap Arranges $1.3M Sale of Apartment Property in Bellevue, Ohio

by Kristin Harlow October 3, 2017

BELLEVUE, OHIO — Marcus & Millichap has arranged the sale of Shadow Hill in Bellevue, located in central northern Ohio, for $1.3 million. The 40-unit apartment property is located at 300 Derby Lane. The property, comprised of five buildings on 3.7 acres, features a mix of two- and three-bedroom units. The Barron, Burkons & Wintermute group of Marcus & Millichap marketed the property on behalf of the seller, an out-of-state limited liability company. The team also procured the buyer, a regional limited liability company.

October 3, 2017

Midwest Missouri Multifamily Student Housing

Brinkmann Completes Construction of 415-Bed Student Housing Property in Columbia, Missouri

by Kristin Harlow October 2, 2017

COLUMBIA, MO. — Brinkmann Constructors has completed the Rise on 9th, a 178-unit student housing property in Columbia, home of the University of Missouri. The 232,000-square-foot, 10-story property features 178 luxury apartment units. Floor plans range from studios to four-bedroom units with a total of 415 beds. Amenities include a pool and entertainment deck, fitness center, penthouse lounge and private study lounges. CA Student Living developed the property, while ACI Boland provided architectural services.

October 2, 2017

Loans Midwest Minnesota Multifamily

Dougherty Provides $15.4M Construction Loan for Apartment Property in Minneapolis

by Kristin Harlow October 2, 2017

MINNEAPOLIS — Dougherty Funding has provided a $15.4 million loan for the construction of a 110-unit apartment property in Minneapolis. The property will be located on Marshall Street within the Northeast Minneapolis Arts District. Located approximately two blocks from the Mississippi River, many of the units in the six-story building will feature views of the downtown skyline and the Mississippi River. Dougherty Funding served as lead lender and servicer for the loan. Marshall14 LLC was the borrower.

October 2, 2017

Midwest Minnesota Retail

Baceline Acquires 82,478 SF Shopping Center in Columbia Heights, Minnesota for $7.2M

by Kristin Harlow October 2, 2017

COLUMBIA HEIGHTS, MINN. — Baceline Investments LLC has acquired Central Plaza shopping center in Columbia Heights, five miles north of Minneapolis, for $7.2 million. The 82,478-square-foot shopping center is located at 725 45th Ave. NE. The property is currently 92 percent leased. Central Plaza Associates LLC was the seller. Denver-based Baceline is a private real estate investment and management company that focuses on acquiring and revitalizing neighborhood shopping centers.

October 2, 2017

Illinois Midwest Multifamily

Timberland Purchases 240-Unit Apartment Property in O’Fallon, Illinois

by Kristin Harlow October 2, 2017

O’FALLON, ILL. — Timberland Partners has purchased Green Mount Lakes Apartments in O’Fallon, about 20 miles east of St. Louis. The purchase price was not disclosed. A number of improvements are planned for the property, including a new fitness center, pool, dog park and a remodeling of the clubhouse. The property, built in 2004, features a mix of one-, two- and three-bedroom floor plans. Timberland Partners Investment Fund VI LLC was used to acquire Green Mount Lakes Apartments. Matt Bukhshtaber of CBRE represented the undisclosed seller.

October 2, 2017

Industrial Midwest Minnesota

Meyer Signs 36,000 SF Industrial Lease in Newport, Minnesota

by Kristin Harlow October 2, 2017

NEWPORT, MINN. — Meyer Distributing and Logistics has signed a 36,000-square-foot industrial lease at Raceway Business Center in Newport, about 10 miles southeast of St. Paul. The automotive distribution and logistics company will be the lead tenant at the new 83,000-square-foot development, which is currently under construction at 910 Hastings Ave. Scannell Properties broke ground on the project in July. The first phase will be available for occupancy in December. The building features 28-foot clear heights and multiple docks and drive-in doors. Daniel Madrigal of Scannell and Tom Sullivan and Peter Fooshe of Cushman & Wakefield negotiated the lease with Meyer. Scannell and Cushman & Wakefield are also marketing 144,000 square feet for lease in the second phase of the property.

October 2, 2017

Illinois Midwest Office

CBRE Global Investors Fund Acquires 661,477 SF Office Building in Chicago

by Kristin Harlow September 29, 2017

CHICAGO — A fund advised by CBRE Global Investors has acquired 150 N. Michigan Avenue, a 661,477-square-foot office building in Chicago. The purchase price was not disclosed. The multi-tenant building is located in the East Loop submarket at the intersection of Michigan Avenue and Randolph Street. The property, which is 80 percent leased, features a recently completed conference center, fitness center and tenant lounge. Floor plates range from 9,400 to 18,800 square feet. CBRE plans to make further capital improvements to the property.

September 29, 2017

Industrial Midwest Wisconsin

Majestic Realty Plans 2MSF Industrial Park in Kenosha, Wisconsin

by Kristin Harlow September 29, 2017

KENOSHA, WIS. — Majestic Realty Co. has acquired a former dog-racing track known as Dairyland Greyhound Park in Kenosha for an undisclosed price. Majestic plans to convert the dog track, which closed seven years ago, into an industrial business park. Dubbed the Midwest Innovation Center prior to the sale, the 228-acre site has room for 2 million square feet of development, including a 1 million-square-foot building. Located at 5522 104th Ave., the site is nearly halfway between Milwaukee and Chicago. Thomas Boyle of Transwestern represented the seller, Rime Investments LLP.

September 29, 2017

Affordable Housing Loans Midwest Minnesota Multifamily

Dougherty Arranges $31.5M HUD Loan for Construction of Affordable Housing Property in St. Paul

by Kristin Harlow September 29, 2017

ST. PAUL, MINN. — Dougherty Mortgage has arranged a $31.5 million HUD 221(d)(4) loan for the construction of Union Flats in St. Paul. The 217-unit affordable housing property will be located at the intersection of Territorial Road and Hampden Avenue. All units will be restricted to residents earning 60 percent or less of the area median income. The project will be constructed on a site currently occupied by the Hunt Electric Corp. building, which will be demolished. Amenities will include a community room with kitchen, outdoor patio, fitness room, rooftop deck, dog park and storage lockers. Dougherty arranged the 40-year loan for the borrower, St. Paul Leased Housing Associates VIII LLLP. The project will also receive equity through the Low Income Housing Tax Credit (LIHTC) program, as well as funds from the Metropolitan Council (a regional government agency), the Minnesota Department of Employment and Economic Development, and Ramsey County, to be used for environmental cleanup costs.

September 29, 2017

Illinois Industrial Midwest

Meridian Finishes Construction of 271,000 SF Distribution Building in Romeoville, Illinois

by Kristin Harlow September 29, 2017

ROMEOVILLE, ILL. — Meridian Design Build has completed construction of a 271,000-square-foot distribution building for Venture One in Romeoville, about 26 miles southwest of Chicago. The speculative industrial facility is located at 1200 Schmidt Road. The property features 32-foot clear heights, 27 truck docks, two drive-in doors and parking for 200 vehicles and 56 trailers. Ware Malcomb provided architectural services and Jacob & Hefner Associates completed civil engineering work. MB Financial provided the construction financing. Keith Stauber, Steve Ostrowski and Matt Rakowich of JLL are the property’s leasing agents.

September 29, 2017

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