Midwest

On Heels of Bankruptcy Filing, hhgregg to Liquidate Assets

by Kristin Harlow April 11, 2017

INDIANAPOLIS — Appliance, electronics and furniture retailer hhgregg Inc. is liquidating its assets. The United States Bankruptcy Court for the Southern District of Indiana approved the initiation of the liquidation process, which began April 8. As previously announced, Tiger Capital Group LLC and Great American Group LLC will conduct a sale of the merchandise and equipment located at the company’s retail stores and distribution centers. Headquartered in Indianapolis, hhgregg was unable to secure a buyer within the expedited timeline set by creditors after previously filing for Chapter 11 bankruptcy on March 6. The company expects to close all 220 stores by the end of May, resulting in about 5,000 layoffs across the country, according to The Indianapolis Star, the local newspaper. hhgregg has not disclosed a complete list of stores, but click here to see the previously announced store closings listed as part of the bankruptcy filing. Approximately 60 hhgregg stores are located in the Midwest.

April 11, 2017

Illinois Midwest Retail

Boulder Group Arranges $24.3M Sale of Retail Property in Chicago

by Kristin Harlow April 11, 2017

CHICAGO — The Boulder Group has arranged the sale of Archer Station in Chicago for $24.3 million. The retail property is fully leased to four tenants including LA Fitness, Ross Dress for Less, AT&T Wireless and Athletico Physical therapy. The property is located at 2640 W. Pershing Road. Randy Blankstein and Jimmy Goodman of The Boulder Group represented both the seller, a Midwest-based real estate development company, and the buyer, an institutional investor.

April 11, 2017

Midwest Minnesota Office

Doran, CSM Acquire General Mills Office Property in Minneapolis for $15.8M

by Kristin Harlow April 11, 2017

MINNEAPOLIS — Doran Cos. and CSM Corp. have joined forces to acquire the General Mills Riverside Technical Center in Minneapolis for $15.8 million. The 8.7-acre site is located at 330 University Ave. The partnership expects to begin developing concepts for a multifamily housing project this year and to break ground next year. The partnership also negotiated a lease with General Mills for continued use of the space in the Riverside Technical Center building. The construction and architecture companies of Doran will design and build the project.

April 11, 2017

Industrial Midwest Wisconsin

Upper Lakes Foods Enters Into 100,063 SF Industrial Lease in Janesville, Wisconsin

by Kristin Harlow April 11, 2017

JANESVILLE, WIS. — Upper Lakes Foods has entered into a 100,063-square-foot industrial lease in Janesville, about 40 miles south of Madison. The distributor of fine food products will occupy the space located at 4298 Capital Circle. Bill Langhoff of Colliers International brokered the lease transaction.

April 11, 2017

Midwest Office Ohio

Pro Football Focus Signs 6,000 SF Office Lease in Cincinnati

by Kristin Harlow April 11, 2017

CINCINNATI — Pro Football Focus (PFF) has signed a 6,000-square-foot office lease at 1208 Central Parkway in Cincinnati. Chris Collinsworth, a former Cincinnati Bengals wide receiver and sports broadcaster, owns PFF. The company will be moving to the new location this summer after renovations are completed. PFF provides football performance data and insights to help teams win their games. Stuffed Realty LLC purchased the 15,000-square-foot building last year with plans to redevelop the property. Travis Likes, Scott Yards and John Eckert of CBRE represented PFF in the lease transaction.

April 11, 2017

Healthcare Illinois Midwest Top Stories

Care Capital Properties to Acquire Six Behavioral Health Hospitals for $400M

by Katie Sloan April 11, 2017

CHICAGO — Care Capital Properties Inc. (NYSE: CCP) has entered into a definitive agreement to acquire six behavioral health hospitals in a sale-leaseback transaction for $400 million. The six-property portfolio contains a total of 712 beds in California, Arizona and Illinois. The hospitals primarily provide acute inpatient and outpatient psychiatric care, addiction services, geriatric psychiatric care and child and adolescent psychiatric care. Signature Healthcare Services LLC, one of the largest privately owned behavioral healthcare providers in the United States, currently owns the properties. As part of the transaction, CCP has agreed to fund up to $50 million in expansion and improvements within the portfolio. CCP will also have an option, exercisable beginning in the fourth quarter of 2018, to purchase one additional building for an amount that is expected to be approximately $20 million. Acquired properties include Aurora Charter Oak Hospital in Covina, Calif.; Aurora Vista del Mar Hospital in Ventura, Calif.; Aurora San Diego Hospital in San Diego; Aurora Arizona West in Glendale, Ariz.; Aurora Arizona East in Tempe, Ariz.; and Aurora Chicago Lakeshore Hospital in Chicago. Upon completion of the transaction, which is slated for the second quarter of 2017, CCP will lease the properties to affiliates of …

April 11, 2017

Industrial Midwest Minnesota

Opus Signs First Tenants at 145,800 SF Industrial Building in Brooklyn Park, Minnesota

by Kristin Harlow April 10, 2017

BROOKLYN PARK, MINN. — The Opus Group has signed the first tenants at its 169 Business Center in Brooklyn Park, about 11 miles north of Minneapolis. Staging Concepts and its sister company SC Railing Co. will occupy 65,000 square feet within the 145,800-square-foot industrial development. The building is located at the intersection of 85th and Wyoming avenues, and features 24-foot clear heights and access to U.S. Highway 169. Staging Concepts, which produces portable staging equipment for venues of all sizes, will use the building as an additional facility to the company’s existing headquarters in Minneapolis. SC Railing, which provides railing systems, will use a small portion of the facility to store finished goods and perform a portion of railing fabrication. A joint venture partnership between Opus Development Co. LLC and Founders Properties LLC owns the development. Opus Development was the developer, Opus Design Build was the design-builder and led the tenant improvement work and Opus AE Group served as architect, structural engineer and interior designer. Jason Meyer, Brent Masica and Kris Smeltzer of Cushman & Wakefield | NorthMarq marketed the property for lease. Tim Carlson of Cresa represented Staging Concepts and SC Railing Company in the lease transaction.

April 10, 2017

Michigan Midwest Retail

Mid-America Brokers Sale of 76,390 SF Shopping Center in Utica, Michigan

by Kristin Harlow April 10, 2017

UTICA, MICH. — Mid-America Real Estate Corp. has brokered the sale of Shelby Corners in Utica, a suburb of Detroit. The sales price was not disclosed. The 76,390-square-foot shopping center is located at the northwest corner of Hall and Schoenherr roads. Tenants include Christmas Tree Shops and BuyBuy Baby, both subsidiaries of Bed Bath & Beyond. Michigan-based Grand Management & Development purchased the property. Ben Wineman, Carly Gallagher and Daniel Stern of Mid-America brokered the transaction.

April 10, 2017

Loans Midwest Minnesota Multifamily

Dougherty Mortgage Provides $4.6M HUD Loan for Refinancing of Multifamily Property in Northfield, Minnesota

by Kristin Harlow April 10, 2017

NORTHFIELD, MINN. — Dougherty Mortgage LLC has provided a $4.6 million HUD loan for the refinancing of Summerfield Apartments in Northfield, about 40 miles south of Minneapolis. Per a land use restriction agreement, 20 percent of the 112 units at the property are designated for affordable housing. The property was built in 1980 and renovated in 2003. Dougherty’s Minneapolis office arranged the 35-year loan for the borrower, Summerfield Investments LLC.

April 10, 2017

Michigan Midwest Office

NAI Wisinski Arranges $2M Sale of Office Building in Portage, Michigan

by Kristin Harlow April 10, 2017

PORTAGE, MICH. — NAI Wisinski of West Michigan has arranged the sale of a 19,188-square-foot office building in Portage, near Kalamazoo, for $2 million. The fully leased building is located at 5136 Lovers Lane. Bill Tyson of NAI arranged the sale on behalf of the buyer, Jay Kim Enterprises LLC. Marc Tourangeau and Kara Schroer of NAI leased up the property to full occupancy in 2016.

April 10, 2017

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