Midwest

Colliers Brokers $1.5M Sale of Office Property in Milwaukee

by Kristin Harlow July 7, 2017

MILWAUKEE — Colliers International | Wisconsin has brokered the sale of a 23,796-square-foot office property in Milwaukee for $1.5 million. The building is located at 600 N. Broadway in the East Side commercial historic district. Anchor tenants at the property include End, Hierseman & Crain LLC, Mahler Enterprises and Bronfman E.L. Rothschild LP. Tom Shepherd and Cory Sovine of Colliers International | Wisconsin represented the seller, 600 North Broadway Partners LLC. Bruce Westling of NAI MLG Commercial represented the buyer, 600 North Broadway LLC, an affiliate of J. Jeffers & Co.

July 7, 2017

Hospitality Indiana Midwest

Mumford Co. Arranges Sale of 64-Room Comfort Inn Hotel in Fremont, Indiana

by Kristin Harlow July 7, 2017

FREMONT, IND. — Mumford Co. has arranged the sale of a 64-room Comfort Inn located in Fremont, about 50 miles north of Fort Wayne. The sales price was not disclosed. The three-story hotel is located at 251 W. State Road. Amenities include a swimming pool and game room. George Arvanitis of Mumford Co. represented the seller, STD Inc. Andrew Smith of Mumford Co. procured the buyer, a Michigan-based hotel owner.

July 7, 2017

Midwest Missouri Multifamily Seniors Housing

IMPACT Strategies Completes $17.5M Seniors Housing Community in St. Charles, Missouri

by Kristin Harlow July 6, 2017

ST. CHARLES, MO. — IMPACT Strategies has completed Cedarhust of St. Charles, a $17.5 million seniors housing community in St. Charles. The 100-unit assisted living and memory care community is part of University Commons, a mixed-use development directly across from Lindenwood University. IMPACT served as construction manager for the 99,999-square-foot project. Dover Development was the developer. Cedarhurst’s proximity to Lindenwood University makes it the first seniors housing community in the St. Louis region to strategically locate on or near a university campus, according to IMPACT.

July 6, 2017

Midwest Ohio Retail

Cooper Commercial Arranges $16.7M Sale of Walmart Supercenter in Alliance, Ohio

by Kristin Harlow July 6, 2017

ALLIANCE, OHIO — Cooper Commercial Investment Group has arranged the sale of a single-tenant Walmart Supercenter in Alliance, about 60 miles south of Cleveland, for $16.7 million. The 200,084-square-foot building is located at 2700 W. State St. Dan Cooper of Cooper Commercial represented the institutional seller and procured the West Coast-based buyer. The property sold for 98 percent of the list price. Walmart recently decided to exercise its first of several five-year renewal option periods.

July 6, 2017

Midwest Multifamily Seniors Housing Wisconsin

MBH Brokers Sale of 114-Unit Seniors Housing Portfolio in Wisconsin

by Kristin Harlow July 6, 2017

JANESVILLE AND SHEBOYGAN, WIS. — MBH Investment Real Estate LLC has brokered the sale of Janesville Regency House and Sheboygan Regency House in Wisconsin. The sales price was not disclosed. Janesville Regency House is a 55-unit seniors housing property in Janesville, about 40 miles south of Madison. Constructed in 1990 and located at 100 N. Franklin St., the three-story apartment building sits on a 1.2-acre site. One- and two-bedroom units range in size from 675 square feet to 880 square feet. Sheboygan Regency House is a 59-unit seniors housing property in Sheboygan, located in eastern Wisconsin. Built in 1989 and located at 919 Wisconsin Ave., the four-story apartment building also features one- and two-bedroom units. Both properties were 100 percent occupied at the time of sale. Matson Holbrook of MBH brokered the transaction on behalf of the seller, Doneff Asset Co. LLC.

July 6, 2017

Midwest Minnesota Office

Cushman & Wakefield NorthMarq Negotiates Two Leases at 550,000 SF Office Property in Oakdale, Minnesota

by Kristin Harlow July 6, 2017

OAKDALE, MINN. — Cushman & Wakefield NorthMarq has negotiated two leases at 4Front, a 550,000-square-foot office property in Oakdale, a suburb of St. Paul. Gemalto, a security software developer, has signed a 15,000-square-foot lease. Impact Group, an employee coaching and career transition consulting firm, has signed an 8,100-square-foot lease. The space will serve as a consolidation of two previous locations in the Twin Cities for Impact Group. The four-building 4Front is also home to Incubology, a high-tech business incubator that occupies labs, clean rooms and offices. Slumberland Furniture purchased the property in 2016 from previous owner, Imation, which used the property as its corporate headquarters. Eric King of Cushman & Wakefield NorthMarq and Brian Brisky of Brisky Commercial represented Slumberland in the lease transactions.

July 6, 2017

Midwest Ohio Retail

Marcus & Millichap Arranges $1.3M Sale of 8,250 SF Childcare Center in Amelia, Ohio

by Kristin Harlow July 6, 2017

AMELIA, OHIO — Marcus & Millichap has arranged the sale of an 8,250-square-foot property net leased to Rainbow Child Care in Amelia, about 20 miles east of Cincinnati, for $1.3 million. The property is located at 3669 Appomatox Drive. Eric Luhrsen, Chad Lieber and Dominic Sulo of Marcus & Millichap marketed the property on behalf of the seller, a developer. Michael Glass, also of Marcus & Millichap, assisted in closing the transaction. The buyer was not disclosed.

July 6, 2017

Illinois Market Reports Midwest Midwest Market Reports

Lifting the Veil on Chicago and Cook County Real Estate Taxes

by Kristin Harlow July 6, 2017

It seems like politics watchers and the news media like to establish a veil of mystery around Cook County tax assessments. And although it sells papers and conjures an atmosphere of the unknown, the most important thing to know about tax relief in Cook County is the role of market value in assessments and how taxes are calculated. On June 13, taxing entities announced that tax rates in the City of Chicago would be going up approximately 10 percent. The second installment 2016 tax bills were scheduled to be published around July 1 with a very short payment deadline of Aug. 1, 2017. Those bills will reflect all changes to assessments, as well as the new tax rates. Tax increases make good headlines, but the increases were not a real surprise. The large anticipated property tax increases arise from a local ordinance designed to recapture a portion of the City of Chicago’s and Chicago Public Schools’ large budget deficits and pension plan deficits. This local real estate tax increase resulted from the absence any current resolution of the continuing budgetary stalemate between the general assembly and the governor’s office in Springfield, Illinois. The table below illustrates the potential real estate …

July 6, 2017

Illinois Loans Midwest Retail

Associated Bank Provides $25M Loan for Refinancing of Mariano’s-Occupied Building in Westmont, Illinois

by Kristin Harlow July 5, 2017

WESTMONT, ILL. — Associated Bank has provided a $25 million loan for the refinancing of a single-tenant building occupied by Mariano’s Fresh Market in Westmont, about 20 miles west of Chicago. The 73,023-square-foot grocery store is located at 150 W. 63rd St. The store opened in March 2016. Daniel Barrins of Associated Bank originated the loan. An affiliate of IM Properties PLC was the borrower.

July 5, 2017

Loans Midwest Multifamily Wisconsin

Walker & Dunlop Arranges $20M Construction Loan for Age-Restricted Apartment Complex in Shorewood, Wisconsin

by Kristin Harlow July 5, 2017

SHOREWOOD, WIS. — Walker & Dunlop Inc. has arranged a $20 million loan for the construction of The Oaks of Shorewood near Milwaukee. The apartment complex, designed for active seniors 55 and older, will consist of four buildings with 34 one-bedroom units and 67 two-bedroom units. Amenities include a spa and outdoor pool, yoga and fitness center, fireside lounge, theater, library, business center, community room and underground parking. Sherman Associates is developing the $26 million project, slated for completion in 2018. Jeff Schmidt and Tim Cotter of Walker & Dunlop arranged the three-year loan. TCF Bank provided the loan.

July 5, 2017

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