Midwest

Kraus-Anderson, Inland to Develop $65M Apartment Complex in Metro Minneapolis

by Jeff Shaw August 1, 2017

RICHFIELD, MINN. — A joint venture between Minneapolis-based construction firm Kraus-Anderson and Inland Development Partners will develop Chamberlain, a 316-unit apartment complex in Richfield, located about eight miles south of Minneapolis. The current design calls for 283 units to be constructed in three new buildings on the site, in addition to 33 units in three existing buildings that will be renovated. Designed by Urban Works, the project has an estimated price tag of $65 million. The property is situated near the intersection of 66th Street and Cedar Avenue. Construction is expected to begin in spring 2018 with the first of the new units slated to open in spring 2019.

August 1, 2017

Midwest Missouri Multifamily Seniors Housing

Wiegmann Completes HVAC Project for $17.5M Seniors Community in Suburban St. Louis

by Jeff Shaw August 1, 2017

CHARLES, MO. — St. Louis-based contractor Wiegmann Associates has completed the installation of the HVAC system at Cedarhurst of St. Charles, a new $17.5 million seniors housing community in the St. Louis metro of St. Charles. The 99,000-square-foot property features 76 assisted living units and 24 memory care units. Vermont-based Dover Development LLC developed the property, and Illinois-based IMPACT Strategies Inc. served as construction manager. The community officially opened June 25. Cedarhurst Living LLC will operate the facility.

August 1, 2017

Industrial Loans Michigan Midwest

Bernard Financial Arranges $7.2M Refinancing for Industrial Facility in Auburn Hills, Michigan

by Jeff Shaw August 1, 2017

AUBURN HILLS, MICH. — Bernard Financial Group has arranged a $7.2 million refinancing for a 144,400-square-foot industrial facility in Auburn Hills, located about 30 miles northwest of Detroit. The building serves as a newly expanded industrial manufacturing facility for Dana Corp. David Dismondy originated the loan for the borrower, Brown Eight LLC. Protective Life Insurance Co. provided the capital. Bernard Financial will service the loan.

August 1, 2017

Midwest Minnesota

RJM to Break Ground on $2M Public Improvements Project in Shakopee, Minnesota

by Jeff Shaw August 1, 2017

SHAKOPEE, MINN. — The City of Shakopee has selected Minneapolis-based RJM Construction to lead a $2 million public improvements project in Shakopee, roughly 25 miles southwest of Minneapolis. The project includes reconstructing the parking lot at Lewis Street and Second Avenue, located in the heart of downtown, with landscaping and pervious pavement to help with storm water management; renovation of River City Centre Plaza that will include landscaping, signage and public art; and development of a new pedestrian plaza with brick sculptural elements and concrete crosswalks connecting Highway 101 to Huber Park. The goal of the project is to enhance the visibility and vitality of the city of Shakopee. In addition to RJM, the project team includes consulting and design firm WSB & Associates based in Minneapolis.

August 1, 2017

Illinois Midwest Restaurant Retail

Dunkin’ Donuts to Open Location in Machesney Park Near Rockford, Illinois

by Jeff Shaw August 1, 2017

MACHESNEY PARK, ILL. — Dunkin’ Donuts has unveiled plans to open a new location at the intersection of Harlem Road and North Second Street in Machesney Park, roughly seven miles north of Rockford, Illinois. The location will be the fourth store in the Rockford area for co-owners Vijay Patel and Greg Novak, who secured the new location in a shopping center occupied by Michalsen’s Office Furniture. Slated to open this fall, Dunkin’ Donuts will join several new tenants who have opened in Machesney Park, including Potbelly Sandwich Shop and Eggspresss. Pita Pit is expected to open later this month.

August 1, 2017

Illinois Midwest Multifamily

MCM Acquires 509-Unit Multifamily Property in Mount Prospect, Illinois

by Kristin Harlow July 31, 2017

MOUNT PROSPECT, ILL. — Monument Capital Management (MCM), a division of A-ROD CORP, has acquired the Residences at 1550 in Mount Prospect, about 22 miles northwest of Chicago. The purchase price was not disclosed. The 509-unit multifamily property is situated on 20 acres at 1550 W. Dempster St. The property features one-, two- and three-bedroom garden and townhome units. MCM plans to upgrade select units and improve exterior landscaping. The firm’s sister company, Monument Real Estate Services, will manage the property.

July 31, 2017

Illinois Industrial Midwest

Entre Commercial Arranges Sale of 76,421 SF Industrial Building in Cary, Illinois

by Kristin Harlow July 31, 2017

CARY, ILL. — Entre Commercial Realty LLC has arranged the sale of a 76,421-square-foot industrial building in Cary, about 40 miles northwest of Chicago. The sales price was not disclosed. The property is located at 680 Industrial Drive. Illinois Lift Equipment Inc., a national equipment dealer providing forklifts and scissor lifts, purchased the property from Midwest Industrial Funds (MIF). The industrial investment and development company sold the building after completing extensive upgrades, including the demolition of over 20,000 square feet of a two-story oﬃce space; demolition of over 20,000 square feet of warehouse mezzanines, modernization of the truck docks; roof repairs; upgraded lighting; landscaping; parking lot replacement; and façade remodeling. Dan Jones, Mike DeSerto and Cory Kay of Entre Commercial represented MIF in both the original acquisition of the property and this sale. Steve Morken of Morken Associates represented the buyer in the transaction. In addition, Entre Commercial arranged a 25,000-square-foot lease at the property for Witt Management Group, a third-party provider of warehousing, order fulfillment and distribution.

July 31, 2017

Midwest Minnesota Net Lease Restaurant Retail

Marcus & Millichap Brokers $4.3M Sale of Property Net Leased to Applebee’s in Rochester, Minnesota

by Kristin Harlow July 31, 2017

ROCHESTER, MINN. — Marcus & Millichap has brokered the sale of a 5,156-square-foot property net leased to Applebee’s in Rochester for $4.3 million. The building is located at 3794 Marketplace Drive Northwest. Adam “AJ” Prins, Matthew Hazelton, Cory Villaume and Sean Doyle of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The team also represented the buyer, a Twin Cities-based family that acquired the property as part of a 1031 exchange.

July 31, 2017

Indiana Midwest Net Lease Restaurant Retail

FCPT Acquires Two Properties Net Leased to Taco Bell Operator in Indiana for $3.4M

by Kristin Harlow July 31, 2017

INDIANA — Four Corners Property Trust (NYSE: FCPT) has acquired two properties in Indiana that are net leased to K-MAC Enterprises LLC for $3.4 million. The seller was not disclosed. The properties are occupied under individual triple-net leases with new 20-year terms negotiated by FCPT prior to closing. FCPT plans to remodel both properties in the next four years, which will include the transformation from a KFC/Taco Bell restaurant to a Taco Bell exclusively at one of the properties. K-MAC is one of the largest YUM! Brands franchisees, with over 280 Taco Bell and KFC units across the Midwest and Southeast.

July 31, 2017

Michigan Midwest Retail

Community Threads Signs 11,328 SF Retail Lease in Fenton, Michigan

by Kristin Harlow July 31, 2017

FENTON, MICH. — Community Threads has signed an 11,328-square-foot retail lease at Fenton Towne Center in Fenton, about 18 miles south of Flint, Michigan. The property is located at the intersection of Leroy Street and Dauner Road. Tjader Gerdom and Larry Siedell of Gerdom Realty & Investment represented the landlord, Fenton Towne Center, in the lease transaction. Community Threads, a quality thrift store, is slated to open in the third quarter of this year.

July 31, 2017

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