Midwest

Principle Completes 157,000 SF Industrial Building in Buffalo Grove, Illinois

by Kristin Harlow July 5, 2017

BUFFALO GROVE, ILL. — Principle Construction Corp. has completed a 157,000-square-foot industrial building in Buffalo Grove. The property is situated on an 11.8-acre site at 850 Asbury Drive. Principle demolished a 55,000-square-foot vacant building onsite in order to build the new facility, which features 32-foot clear heights, 36 truck docks, four drive-in doors and parking for 173 cars. To accommodate storm water, Principle built landscaped retaining walls and two detention ponds. Michael Long, Rick Grabowski and Mark and Matt Frane of Principle served as the project team. Harris Architects provided architectural services and Jamie Putnam of Kimley-Horn and Associates served as project engineer. Ridgeline Property Group’s Pete Harmon marketed the building for its owner, USRLP Asbury Drive LLC.

July 5, 2017

Hospitality Kansas Midwest

Homewood Suites by Hilton Topeka Opens in Kansas

by Kristin Harlow July 5, 2017

TOPEKA, KAN. — Homewood Suites by Hilton Topeka has opened at 1519 Southwest Arrowhead Road in Topeka. Developed, owned and managed by Kansas Hospitality Inc., the 87-suite hotel features a mix of studio, one- and two-bedroom accommodations. Amenities include a fitness center, game room, indoor pool and outdoor patio with grilling area.

July 5, 2017

Illinois Industrial Midwest

Darwin Realty Negotiates 103,987 SF Industrial Lease in Elk Grove Village, Illinois

by Kristin Harlow July 5, 2017

ELK GROVE VILLAGE, ILL. — Darwin Realty has negotiated a 103,987-square-foot industrial lease for Marketplace Brands LLC in Elk Grove Village. The seasonal food gifts distributor will occupy the entire building located at 951 Fargo Ave. The property was recently renovated and features 22-foot clear heights, 11,000 square feet of office space, 10 dock positions and one drive-in door. Richard G. Daly and Adam Haefner of Darwin Realty represented the landlord, a private institutional investor. Joe Bronson and Josh Will of NAI Hiffman represented the tenant in the lease transaction.

July 5, 2017

Kansas Loans Midwest Multifamily

Berkadia Arranges $15.2M Acquisition Loan for Multifamily Property in Kansas City, Kansas

by Kristin Harlow June 30, 2017

KANSAS CITY, KAN. — Berkadia has arranged a $15.2 million loan for the acquisition of SouthRidge Apartments in Kansas City. The multifamily property is located at 1100 County Line Road and includes a mix of one-, two- and three-bedroom units. Community amenities include a fitness center, two swimming pools, covered parking and gated access. The 10-year Fannie Mae loan features a 30-year amortization schedule. John Schorgl of Berkadia arranged the loan. Kansas City-based Worcester Investments was the borrower.

June 30, 2017

Industrial Midwest Nebraska

Hy-Vee Inc. Signs 115,560 SF Industrial Lease in Omaha, Nebraska

by Kristin Harlow June 30, 2017

OMAHA, NEB. — Hy-Vee Inc. has signed a 115,560-square-foot industrial lease in Omaha. The 185,000-square-foot building, located at 11651 S. 154th St., is now fully leased. Other tenants include Blackhawk Industrial Distribution Inc. and Tire Operations LLC. Hy-Vee will use the space as a warehouse as well as a central kitchen to supply its fresh food items to surrounding stores. The company maintains over 240 stores throughout the Midwest. Michael W. Miller, Colm Breathnach and Andy Ash of Colliers International represented the Landlord, DAMMM1 LLC.

June 30, 2017

Loans Midwest Office Ohio

NorthMarq Arranges $10.2M Loan for Refinancing of Office Property in Hamilton, Ohio

by Kristin Harlow June 30, 2017

HAMILTON, OHIO — NorthMarq Capital has arranged a $10.2 million loan for the refinancing of Vora Technology Park in Hamilton, located in the Cincinnati metro area. The office property spans 365,000 square feet. Susan Branscome and Noah Juran of NorthMarq arranged the 10-year loan, which features a 20-year amortization schedule. First Financial Bank provided the loan. The undisclosed borrower purchased the property in 2005.

June 30, 2017

Midwest Minnesota Multifamily

CBRE Brokers $4.2M Sale of Multifamily Property in St. Paul, Minnesota

by Kristin Harlow June 30, 2017

ST. PAUL, MINN. — CBRE Multifamily has brokered the sale of Community Plaza in St. Paul for $4.2 million. The 30-unit rental townhome property is located at 709 Central Ave. near the Green Line light rail. The property features two- and three-bedroom townhome units with complete basements. Robert Lockman, Ted Abramson and Laura Hanneman of CBRE represented the seller, Community Plaza LP, an entity related to Sherman Associates. St. Paul-based CommonBond Communities was the buyer.

June 30, 2017

Midwest Ohio Retail

Cooper Commercial Negotiates $2.9M Sale of Jesse James Plaza in Toledo, Ohio

by Kristin Harlow June 30, 2017

TOLEDO, OHIO — The Cooper Commercial Investment Group has negotiated the sale of the Jesse James Plaza, a 35,850-square-foot retail center in Toledo, for $2.9 million. Examples of tenants include Safelite Autoglass, Wings & Grill and Reynolds Laundromat. The Kansas-based buyer purchased the property for 96 percent of the list price. Bob Havasi and Dan Cooper of Cooper Commercial represented the seller, a private investment group out of Ohio.

June 30, 2017

Company News Illinois Midwest Retail

Walgreens, Rite Aid Call Off Merger Agreement, Announce $5.2B Portfolio Sale

by Kristin Harlow June 29, 2017

DEERFIELD, ILL. — The merger between Walgreens Boots Alliance Inc. (NASDAQ: WBA) and Rite Aid Corp. (NYSE: RAD) has been terminated. Instead, Walgreens will purchase 2,186 stores and three distribution centers from Rite Aid for $5.2 billion. The previous merger agreement was unveiled in October 2015. In December 2016, Fred’s Pharmacy signed an agreement with Walgreens and Rite Aid to purchase 865 stores. Both of these agreements have been terminated, and Walgreens will pay Rite Aid the $325 million termination fee. Deerfield-based Walgreens will begin acquiring stores and related assets on a phased basis over a period of approximately six months, and intends to convert acquired stores to the Walgreens brand over time. Walgreens expects synergies from the new transaction to be in excess of $400 million.

June 29, 2017

Loans Michigan Midwest Multifamily

Greystone Provides $79M in HUD-Insured Loans for Multifamily Portfolio in Michigan

by Kristin Harlow June 29, 2017

MICHIGAN — Greystone has provided 13 HUD-insured loans totaling $79 million for the refinancing of The Altman Cos.’ multifamily portfolio in Michigan. The loans feature long-term, fixed-rate financing. The 13 properties are a blend of market rate and Section 8 housing units. The buildings are located throughout the state, from the Upper Peninsula to Roseville, about 18 miles north of Detroit. In addition to The Altman Cos.-owned properties, the refinanced portfolio includes one property owned by a private real estate group and two affordable housing communities, Charter Square and Green Hill apartments, which are owned by The Boys & Girls Club Non-Profit Housing Corp., with the proceeds going to The Boys & Girls Club of Lansing.

June 29, 2017

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