Midwest

Entre Arranges Sale of Two Industrial Buildings in Streamwood, Illinois

by Kristin Harlow May 3, 2017

STREAMWOOD, ILL. — Entre Commerical Realty LLC has arranged the sale of two industrial buildings totaling 40,170 square feet in Streamwood, a northwest suburb of Chicago. The sales price was not disclosed. The buildings are located on 2.8 acres at 350-380 Roma Jean Parkway. The property includes a 15,000-square-foot oﬃce/warehouse building and a 25,000-square-foot warehouse building on two separate land parcels. Torque Parts, a truck parts distribution company, has purchased the buildings and will be relocating its operations from Mount Prospect, Ill. Dan Benassi, Mike DeSerto and Cory Kay of Entre represented the seller, Toryon Technologies, a supplier of wide format printers, laminators and routers.

May 3, 2017

Illinois Industrial Midwest

Principle Construction Breaks Ground on 18,250 SF Expansion to Manufacturing Facility in Bolingbrook, Illinois

by Kristin Harlow May 3, 2017

BOLINGBROOK, ILL. — Principle Construction Corp. has broken ground on an 18,250-square-foot addition to the manufacturing facilities of Bay State Milling Co. in Bolingbrook. The property is located at 279 Beaudin Blvd. The new addition will include 32-foot clear heights and three new dock positions. Principle completed the original 80,500-square-foot building in 2008, when the company was known as TJ Harkins. Bay State Milling provides food ingredients, primarily grain and plant-based products. Michael Long of Principle will serve as the project executive, along with Darrin Dehmlow as project manager and Jack Grooms as onsite superintendent. Arête Design Studio is providing design services and V3 is providing civil engineering services.

May 3, 2017

Illinois Midwest Multifamily

Maverick Arranges $39M Construction Loan for 149-Unit Multifamily Property in Chicago

by Kristin Harlow May 2, 2017

CHICAGO — Maverick Commercial Mortgage has arranged a $39 million construction loan for 676 North LaSalle, a multifamily property to be built in Chicago’s River North neighborhood. The loan will finance new construction on a vacant lot on North LaSalle Street and the redevelopment of an adjacent outdated office building at 676 North LaSalle St. When complete, the property will be home to a multifamily complex that will include 149 apartments and 10,200 square feet of ground-floor retail space. On behalf of the borrower, Cedar Street Capital, Maverick secured a fixed-rate loan coupled with a mini-permanent loan from a West Coast-based pension fund advisor. Attorneys Eric Kordish and Val Barbosa of Pedersen Houpt represented the borrower and Cindy Thomas of CT Property Law represented the lender. Cedar Street purchased a portion of the property in July 2015 and additional land parcels in 2016 to complete the land assemblage for the project.

May 2, 2017

Indiana Michigan Midwest Ohio Restaurant Retail

Four Corners Acquires 16 Properties Leased to Bob Evans Restaurants for $35.1M

by Kristin Harlow May 2, 2017

INDIANA, MICHIGAN AND OHIO — Four Corners Property Trust (NYSE: FCPT) has acquired 16 properties occupied by Bob Evans Restaurants as part of a $35.1 million sale-leaseback transaction. The transaction was completed simultaneously with Golden Gate Capital’s acquisition of Bob Evans Restaurants from Bob Evans Farms Inc. In the Midwest, the properties are located in Indiana, Michigan and Ohio. The other properties within the portfolio are located in Delaware, Maryland, New York, Pennsylvania, Virginia and West Virginia. The properties are occupied under a single triple-net master lease with a 20-year initial term.

May 2, 2017

Illinois Midwest Multifamily

Fifield, F & F Break Ground on 492-Unit Luxury Apartment Tower in Chicago’s West Loop

by Kristin Harlow May 2, 2017

CHICAGO — Fifield Realty Corp. and F & F Realty Ltd. have broken ground on 727 West Madison, a 492-unit luxury apartment tower in Chicago’s West Loop. The 44-story tower will be the tallest building in Chicago’s West Loop upon completion in late 2018. The property will also include 10,000 square feet of retail space. Chicago-based FitzGerald Associates Architects designed the building. Lendlease is serving as general contractor and Morgante Wilson Architects is providing interior design services. The residences at 727 West Madison will include studio, one-, two- and three-bedroom layouts ranging from 490 to 1,550 square feet. Amenities will include a large outdoor sun terrace and pool, fitness club with yoga studio, massage room, conference rooms and dog spa.

May 2, 2017

Hospitality Midwest Missouri

Midas Hospitality to Bring First Element by Westin Hotel to St. Louis

by Kristin Harlow May 2, 2017

ST. LOUIS — The first Element by Westin hotel will open in St. Louis in 2019. Midas Forest Park LLC, a subsidiary of Midas Hospitality, recently bought the current home of Habitat for Humanity Saint Louis located at 3763 Forest Park Ave. for $2.4 million. The 1.5-acre property will serve as the site for the $25 million hotel, which will consist of eight stories and 119,000 square feet. The eco-conscious hotel will be constructed with an efficient use of space and sustainability in mind, and include 153 extended-stay rooms, 10,000 square feet of retail space and a rooftop lounge. Amenities will include a fitness center, saline pool and bike program. Midas Hospitality will manage the hotel, while sister company MC Hotel Construction will serve as the general contractor. Gray Design is the architecture firm. Carrolton Bank provided acquisition financing. Midas will lease the non-profit organization space for up to one year while Habitat for Humanity relocates.

May 2, 2017

Indiana Midwest Retail

Marshalls, Ulta Sign Leases at Shopping Center in Lafayette, Indiana

by Kristin Harlow May 2, 2017

LAFAYETTE, IND. — Marshalls and Ulta have signed retail leases at Lafayette Pavilions in Lafayette, northwest of Indianapolis. Marshalls will occupy 22,000 square feet and Ulta will occupy 10,000 square feet. Seth Biggerstaff, Jamison Downs and Kyle Hughes of Veritas Realty represented the landlord, ARCP MT Lafayette LLC.

May 2, 2017

Loans Midwest Multifamily Ohio

RED Provides $37.7M Construction Loan for Multifamily Property in Suburban Columbus, Ohio

by Kristin Harlow May 1, 2017

NEW ALBANY, OHIO — RED Capital Partners has provided a $37.7 million loan for the construction of HQ Flats in New Albany, a northeast suburb of Columbus. CASTO is developing the 336-unit multifamily property, which will be located near the Hamilton Road and State Route 161 interchange. Terms of the non-recourse loan were not disclosed.

May 1, 2017

Illinois Midwest Retail

SVN Arranges $10.5M Sale of Retail Portfolio in Naperville, Illinois

by Kristin Harlow May 1, 2017

NAPERVILLE, ILL. — SVN | Chicago Commercial has arranged the sale of four retail buildings in downtown Naperville for $10.5 million. The buildings total 15,412 square feet and are located at 19-27 W. Jefferson Ave. Tenants at the buildings include Lululemon, Jimmy John’s, Adagio Teas, Francesca’s Collection and Cold Stone Creamery. Tim Franz of SVN represented the buyer, Jefferson Naperville LLC. The seller was not disclosed.

May 1, 2017

Midwest Multifamily Seniors Housing Wisconsin

Heritage Senior Living to Open 140,000 SF Seniors Housing Community in Kimberly, Wisconsin

by Kristin Harlow May 1, 2017

KIMBERLY, WIS. — Heritage Senior Living will open its 15th senior living community in Wisconsin at 825 Cobblestone Lane in Kimberly, east of Appleton. Aspire Senior Living will consist of 136 units and 140,000 square feet. The property will feature 45 independent living apartments, 48 assisted living apartments and 43 memory care suites. Independent living residents are expected to move in this June, followed by assisted living and memory care residents in July. Community amenities include two private dining rooms, a movie theater, a rehabilitation gym and pool, barber salon, pub, game room, bistro and convenience store. Rents for one-bedroom independent living units start at $1,990 a month, which includes parking, housekeeping and one meal a day.

May 1, 2017

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