Midwest

Palace of Auburn Hills to Close in Michigan This Fall With Bob Seger Performing as Final Show

by Kristin Harlow August 25, 2017

AUBURN HILLS, MICH. — The Palace of Auburn Hills, formerly home to the Detroit Pistons, is slated to close this fall. Bob Seger & The Silber Bullet Band will play the final show at the arena on Saturday, Sept. 23. Conceptualized and built in 1988 by Arena Associates, The Palace has experienced a series of upgrades and renovations during its history, including $40 million of capital improvements made during the ownership of Tom Gores. No decisions or timetable regarding future plans for the building or the property have been made at this time. Business operations for the Detroit Pistons and Palace Sports & Entertainment will continue to function and be headquartered inside the building. Basketball operations will commence at the team’s practice facility adjacent to the venue while the new Henry Ford Detroit Pistons Performance Center in Detroit is being constructed. The Pistons will play at the new Little Caesars Arena in Detroit starting this season.

August 25, 2017

KeyBank Provides $12M Refinancing Loan for Industrial Property in Allen Park, Michigan

by Kristin Harlow August 25, 2017

ALLEN PARK, MICH. — KeyBank Real Estate Capital has provided a $12 million loan for the refinancing of an 809,918-square-foot industrial center located in Allen Park, a southern suburb of Detroit. The property consists of two buildings and a garage. The facilities were built in 1957 and 2000, with renovations in 2010 and 2014-2016. Roush Industries anchors the property. Robert Williams of KeyBank originated the 10-year CMBS loan, which features a 30-year amortization schedule.

August 25, 2017

Illinois Industrial Midwest

PREMIER Completes 626,848 SF Industrial Tenant Build-out in Waukegan, Illinois

by Kristin Harlow August 25, 2017

WAUKEGAN, ILL. — PREMIER Design + Build Group LLC has completed a 626,8480-square-foot industrial tenant build-out for an e-commerce company in Waukegan, a northern suburb of Chicago. The fulfillment center resides on the grounds of Bridge Point North, a 240-acre business park located at Route 43 and McGaw Road. The facility features 16,121 square feet of office space, 53 exterior docks and 130 trailer positions. The tenant will likely hire a minimum of 100 full-time employees to staff the facility, according to PREMIER. Joe Ahrens and Scott Lebak of PREMIER oversaw the project. Cornerstone Architects Ltd. provided architectural services, while Manhard Consulting Ltd. and Structures Unlimited delivered engineering support. Bridge Development Partners was the project developer.

August 25, 2017

Loans Midwest Nebraska Retail

Dougherty Provides $7M Acquisition Loan for Shopping Center in Grand Island, Nebraska

by Kristin Harlow August 25, 2017

GRAND ISLAND, NEB. — Dougherty Funding LLC has provided a $7 million loan for the acquisition of Conestoga Mall in Grand Island, about 100 miles west of Lincoln. The 556,795-square-foot shopping center is located at 3404 W. 13th St. and is 93 percent leased. Tenants include Sears, Best Buy, JC Penney, Dillard’s and Younkers. Dougherty served as lead lender and servicer for the loan on behalf of Conestoga Realty LLC. Joel J. Gorjian of Uber Capital Group LLC arranged the loan.

August 25, 2017

Healthcare Michigan Midwest

Medical Practice to Open 14,180 SF Office in Grand Rapids, Michigan

by Kristin Harlow August 25, 2017

GRAND RAPIDS, MICH. — Grand Valley Medical Specialists (GVMS) has signed a 14,180-square-foot lease to open a medical practice in Grand Rapids. The property, which will accommodate more physicians and patients than the former 10,363-square-foot location on Wealthy Street, is located at 1000 E. Paris Avenue Southeast. GVMS currently employs 15 doctors and five advanced practice providers. GVMS provides primary patient care to the whole family, from infants to adults, through its pediatric, family and internal medicine practices. Although GVMS began seeing patients at the East Paris location on July 18, renovations to the interior of the building are underway, including upgrades to the common areas and restrooms, as well as a remodeling of the lobby. MB Real Estate-health care, the lessor, is managing the renovation project. Mary Anne Wisinski-Rosely and Jason Makowski of NAI Wisinski of West Michigan negotiated the lease transaction.

August 25, 2017

Illinois Midwest Multifamily

Opus Completes 254-Unit Luxury Apartment Property in Suburban Chicago

by Kristin Harlow August 24, 2017

LA GRANGE, ILL. — The Opus Group has completed Uptown La Grange, a luxury apartment community located in the western Chicago suburb of La Grange. The 254-unit, 450,000-square-foot property sits on the former site of the Rich Port YMCA. Floor plans range from studios to three-bedroom units. Amenities include a rooftop terrace deck, dog run, fitness center and clubroom. Opus broke ground on the project in November 2015, and the first residents moved in during April 2017. Opus Development Co. served as the project developer, while Opus Design Build was the design builder and Opus AE Group was the architect and structural engineer. Greystar will lease and manage the complex.

August 24, 2017

Hospitality Kansas Midwest

$20M SpringHill Suites by Marriott Opens in Lenexa, Kansas

by Kristin Harlow August 24, 2017

LENEXA, KAN. — SpringHill Suites by Marriott has opened at 17190 W. 87th St. Parkway in Lenexa. The $20 million, 86,000-square-foot hotel consists of five stories and 124 rooms. The property features a 1,300-square-foot meeting space, lobby bar, fitness center and indoor pool. Part of the Lenexa City Center development, the hotel also includes 1,600 square feet of retail space with outdoor seating. Orangetheory Fitness is located in the hotel’s storefront. Midas Hospitality is managing the hotel. Sister company MC Hotel Construction was the general contractor.

August 24, 2017

Loans Michigan Midwest Multifamily

Pillar Provides $11M Acquisition Loan for Manufactured Housing Community in Lansing, Michigan

by Kristin Harlow August 24, 2017

LANSING, MICH. — Pillar Financial has provided an $11 million loan for the acquisition of Mill Pond Village in Lansing. The manufactured housing community is located seven miles from Michigan State University and the State Capitol at 1500 Old Mill Lane. Built in 1973, the property contains 356 sites. The property was 93 percent occupied at time of sale. Adam Klingher of Pillar originated the 15-year Fannie Mae loan, which features a 30-year amortization schedule. Pillar sourced the transaction through Chris San Jose of Yale Realty & Capital Advisors. A family-owned private investment company was the borrower.

August 24, 2017

Loans Midwest Multifamily Ohio

NorthMarq Capital Arranges $5.6M Refinancing Loan for Multifamily Property in Cincinnati

by Kristin Harlow August 24, 2017

CINCINNATI — NorthMarq Capital has arranged a $5.6 million loan for the refinancing of North Park Townhomes in Cincinnati. The 122-unit property is located at 300 Cardinal Drive. Noah Juran of NorthMarq arranged the 15-year loan, which features a 30-year amortization schedule. A life insurance company provided the loan. The borrower was not disclosed.

August 24, 2017

Michigan Midwest Retail

Old Navy Signs 12,688 SF Lease at Warren Tech Plaza in Warren, Michigan

by Kristin Harlow August 24, 2017

WARREN, MICH. — Old Navy has signed a 12,688-square-foot at Warren Tech Plaza in Warren, a suburb of Detroit. The 311,00-square-foot retail center is now 90 percent leased. Other recent tenant additions include Marshalls, DSW, Five Below, Ulta and Walmart. Petzold Enterprises acquired the property in 2014. Originally opened in 1960, the shopping center has undergone extensive improvements including an L-shape design, improved site lines, covered sidewalks and upscale finishes. The renovations team included Tiseo Architects, design firm R. Berlin & Associates, and NCS Construction Services.

August 24, 2017

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