Midwest

HSA Commercial Negotiates 55,000 SF Industrial Lease in Suburban Indianapolis

by Kristin Harlow July 13, 2017

PLAINFIELD, IND. — HSA Commercial has negotiated a 55,000-square-foot industrial lease for Kuehne + Nagel at Gateway Business Park in Plainfield, a southwest suburb of Indianapolis. The Switzerland-based global logistics provider will occupy the space within the new Gateway Industrial IV building, constructed in early July. The 151,220-square-foot distribution center is located at 845 S. Columbia Road. The company currently occupies 160,230 square feet in a separate building at the business park. Gateway Industrial IV is the fifth and final building at the park developed by HSA Commercial in partnership with Boston-based Washington Capital Management. The building features 30-foot clear heights, 16 expandable truck docks, four drive-in doors and parking for 156 vehicles. John Hanley, Terry Busch and Jared Scaringe of CBRE are handling leasing for the remaining 95,720 square feet at Gateway Industrial IV. Mark Writt and Daniel Rose of CBRE represented Kuehne + Nagel in the lease transaction. Meyer Najem is the general contractor for the project, while KJG Architecture provided design services. The PrivateBank provided the project financing.

July 13, 2017

Illinois Midwest Office

Marcus & Millichap Arranges $4M Sale of Office Building in Chicago

by Kristin Harlow July 13, 2017

CHICAGO — Marcus & Millichap has arranged the sale of a 14,400-square-foot office building in Chicago for $4 million. The property is located at 60 W. Superior St. in the River North neighborhood. The sale presents a redevelopment opportunity, according to Marcus & Millichap. Alper Services, the seller, currently occupies the building. Centrum Realty & Development purchased the property. Kyle A. Stengle and Stephen Lieberman of Marcus & Millichap represented the seller in the transaction.

July 13, 2017

Illinois Midwest Multifamily

Interra Brokers $16.2M Sale of Condominium Deconversion in Chicago

by Kristin Harlow July 12, 2017

CHICAGO — Interra Realty has brokered the sale of a 101-unit condominium property in Chicago for $16.2 million. The sale of the property is a deconversion to rental units. The building, which consists of 63 one-bedroom units and 38 studio units, is located at 732 W. Bittersweet Place in the Buena Park neighborhood. The purchase price amounts to $160,742 per unit. Patrick Kennelly, Joe Smazal and Paul Waterloo of Interra represented the buyer, Skiritai Bittersweet LLC. Kennelly and Waterloo, along with Interra’s Jon Morgan and David Goss, represented the condominium association. The deconversion occurred because of the high percentage of rentals in the building and the rising rental rates in Chicago, according to Interra. Under the Condominium Property Act in Illinois, unit owners can elect to sell a condo property if 75 percent or more are in agreement. Owners then have the option to either move out or to leaseback from the new owner.

July 12, 2017

Midwest Ohio Retail

Round 1 Signs 50,000 SF Retail Lease at Great Lakes Mall in Mentor, Ohio

by Kristin Harlow July 12, 2017

MENTOR, OHIO — Round 1, a family entertainment center, has signed a 50,000-square-foot retail lease at Great Lakes Mall in Mentor, about 25 miles northeast of Cleveland. Washington Prime Group Inc. owns the mall. Round 1 will anchor the $15 million redevelopment project and replace a former Dillard’s Men’s store. Earlier this year, Dillard’s consolidated its department stores at the mall into one space. This will be the first Round 1 location in Ohio. Round 1 offers bowling, karaoke, ping-pong, arcade games and dining. Washington Prime Group also plans to create a restaurant space adjacent to Round 1.

July 12, 2017

Loans Midwest Multifamily Nebraska

NorthMarq Arranges $7.1M Refinancing Loan for Apartment Property in Bellevue, Nebraska

by Kristin Harlow July 12, 2017

BELLEVUE, NEB. — NorthMarq Capital has arranged a $7.1 million Freddie Mac loan for the refinancing of Summit South Apartments in Bellevue, a southern suburb of Omaha. The apartment property, constructed in late 2016, consists of 75 units. Jason Kinnison of NorthMarq arranged the loan.

July 12, 2017

Midwest Nebraska Office

Medical Solutions Signs 49,983 SF Office Lease Renewal in Omaha, Nebraska

by Kristin Harlow July 12, 2017

OMAHA, NEB. — Medical Solutions has signed a 49,983-square-foot office lease renewal at Westroads Business Park in Omaha. As part of the renewal, Medical Solutions expanded its office space, located at 1010 N. 102nd Court, by 8,902 square feet. Steven Edlefsen and Johnny Dorn of Cresa represented the national healthcare staffing provider in the lease transaction. Dale Scott of CBRE-Mega represented the landlord, Westplex Limited Partnership IV.

July 12, 2017

Hospitality Illinois Midwest

WoodSpring Hotels Breaks Ground on 123-Room Hotel in Tinley Park, Illinois

by Kristin Harlow July 12, 2017

TINLEY PARK, ILL. — WoodSpring Hotels has partnered with Holladay Properties to develop its third hotel in the Chicago market. The four-story, 123-room hotel will be located in Tinley Park, near the intersection of I-80 and Harlem Avenue. The extended-stay hotel will feature in-room kitchens, high-speed Internet, guest laundry and a fitness room. Completion is slated for February 2018. Holladay Properties currently owns and operates two WoodSpring Suites hotels in Romeoville and Darien, Illinois.

July 12, 2017

Illinois Industrial Midwest

NKF Brokers Sale of 314,567 SF Industrial Portfolio in Suburban Chicago

by Kristin Harlow July 11, 2017

CHICAGO — Newmark Knight Frank (NKF) has brokered the sale of an eight-building industrial portfolio totaling 314,567 square feet in suburban Chicago. The sales price was not disclosed. The properties average 40,000 square feet in size and are located in the western suburbs of Glendale Heights, Elgin, Bartlett, West Chicago and Sugar Grove. Built for light manufacturing, office and warehouse space, the facilities are 100 percent occupied. Adam Marshall of NKF represented the seller, PJT Marly LLC and its manager, Berkowitz Enterprises Inc. Toronto-based Agellan Commercial Real Estate Investment Trust purchased the portfolio.

July 11, 2017

Loans Midwest Multifamily Wisconsin

ASC Arranges $3.9M Refinancing Loan for Multifamily Property in Milwaukee

by Kristin Harlow July 11, 2017

MILWAUKEE — American Street Capital (ASC) has arranged a $3.9 million loan for the refinancing of a 112-unit multifamily property in Milwaukee. Located in the Timmerman West neighborhood, the property consists of seven two-story buildings with a retail component. Amenities include a pool, running paths, underground parking, laundry facilities and on-site property management. The complex was built in 1984. Igor Zhizhin of ASC arranged the non-recourse loan through a Fannie Mae DUS lender.

July 11, 2017

Illinois Industrial Midwest

HDA Architects to Design 768,678 SF Industrial Building in Edwardsville, Illinois

by Kristin Harlow July 11, 2017

EDWARDSVILLE, ILL. — HDA Architects has been selected by Panattoni Development to design Lakeview Commerce Center 5, a 768,678-square-foot industrial building in Edwardsville near St. Louis. The speculative distribution center will be located in Lakeview Commerce Center and accommodate four tenants. The building will feature two-story office space at each corner. Some of the design components include a two-tone paint scheme and accent lighting. Construction is slated to begin later this summer. HDA Architects previously designed Lakeview Commerce Center 4, which consists of 769,500 square feet and is occupied by Amazon.

July 11, 2017

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