Midwest

Grand Rapids Surgical Suites Signs 6,936 SF Lease for Medical Center in Southwest Michigan

by Kristin Harlow March 20, 2017

GRAND RAPIDS, MICH. — Grand Rapids Surgical Suites has signed a 6,936-square-foot lease for its ambulatory surgical center in Grand Rapids. The building is located at 2505 East Paris Ave. along the East Paris medical corridor. Grand Rapids Surgical Suites is a partner of SurgCenter Development, a corporation that partners with local surgeons to create physician-owned and operated ambulatory surgical centers. Mary Anne Wisinski-Rosely and Jason Makowski of NAI Wisinski brokered the lease transaction.

March 20, 2017

Illinois Midwest Multifamily

ARA Acquires 216-Unit Luxury Apartment Community in Chicago

by Kristin Harlow March 17, 2017

CHICAGO — American Realty Advisors (ARA) has acquired The Madison at Racine, a 216-unit luxury apartment community in Chicago’s West Loop. The purchase price was not disclosed. The 216-unit property is located at 1164 W. Madison St. The community features one- and two-bedroom apartments, as well as a rooftop with a sun deck, pool, hot tub and fire pits. Other amenities include a coffee bar, dog park and concierge services. John Jaeger, Dan Cohen and MJ Zaring of CBRE represented the seller, a partnership between Boston-based Intercontinental Real Estate Corp. and Chicago-based Ascend Real Estate Group.

March 17, 2017

Midwest Minnesota Multifamily

CBRE Brokers Sale of 290-Unit Apartment Community in West Bloomington, Minnesota

by Kristin Harlow March 17, 2017

WEST BLOOMINGTON, MINN. — CBRE has brokered the sale of Bristol Village in West Bloomington for an undisclosed price. The 290-unit apartment and townhome community is located at 7301 Bristol Village Drive. The property includes a 119-unit apartment building and 11 buildings of townhouse-style rental units. Amenities include a clubhouse, community room, fitness center and pool. The community was 98 percent occupied at the time of sale. Dominium, who originally developed the property in 1988, was the seller. An affiliate of TH Real Estate was the buyer. Keith Collins, Abe Appert and Laura Hanneman of CBRE represented Dominium in the transaction.

March 17, 2017

Illinois Midwest Office

Riddell Signs 27,000 SF Office Lease in Des Plaines, Illinois

by Kristin Harlow March 17, 2017

DES PLAINES, ILL. — Riddell Inc. has signed approximately a 27,000-square-foot office lease in Des Plaines, about 20 miles northwest of Chicago. The producer of football helmets and protective equipment will occupy the space at 1700 W. Higgins Road. The new location will serve as the company’s headquarters and also feature a testing lab to advance the design and development of football gear. Riddell will be vacating its current space located at 9801 W. Higgins Ave. in Rosemont later this year. Jon Springer, Paul Diederich and Andrew Kaplan of CBRE represented Riddell in the lease transaction.

March 17, 2017

Industrial Midwest Wisconsin

Coldwell Banker Arranges Sale of 10,164 SF Industrial Building in Janesville, Wisconsin

by Kristin Harlow March 17, 2017

JANESVILLE, WIS. — Coldwell Banker Commercial McGuire Mears & Associates has arranged the sale of a 10,164-square-foot industrial building in Janesville in southern Wisconsin. The sales price was not disclosed. The former PPG building is located at 461 W. Conde St. PPG Industries Inc. vacated the premises in June 2016 after shutting down its Janesville operations. Milwaukee-based Aerial Work Platforms, which sells, leases and services scissor lifts and booms used in the construction industry, purchased the building. Aerial Work Platforms will be relocating from a 5,000-square-foot location on McCormick Drive in Janesville. Bill Mears of Coldwell Banker represented both the buyer and the seller in the transaction.

March 17, 2017

Michigan Midwest Office

Clear Rate Communications Enters Into 16,201 SF Office Lease in Troy, Michigan

by Kristin Harlow March 17, 2017

TROY, MICH. — Clear Rate Communications has entered into a 16,201-square-foot office lease in Troy. The telecommunication services provider will occupy the Class A space located at 2600 W. Big Beaver Road. Kevin Jappaya of KJ Commercial represented Clear Rate Communications in the lease transaction. Jeffrey Bell and Daniel Morse of CBRE represented the landlord, Sovereign Partners.

March 17, 2017

Indiana Loans Midwest Multifamily

KeyBank Provides $12.6M in Financing for Acquisition of Manufactured Housing Portfolio in Indiana

by Kristin Harlow March 16, 2017

FORT WAYNE AND SOUTH BEND, IND. — KeyBank Real Estate Capital has provided two first mortgage loans totaling $12.6 million for the acquisition of a two-property manufactured housing portfolio in northern Indiana. Both transactions were arranged through Freddie Mac. KeyBank provided a $6.4 million loan for the acquisition of Countryside Village at Fort Wayne, a 295-pad manufactured housing community (MHC) located in Fort Wayne. KeyBank also provided a $6.2 million loan for the purchase of Countryside Village at South Bend, a 276-pad MHC located in South Bend. Both properties were constructed in 1977. Timothy Weldon of KeyBank arranged the 10-year loans, which include 30-year amortization schedules. The borrower was not disclosed.

March 16, 2017

Healthcare Midwest Missouri

McGrath Completes $5.6M Renovation of St. Louis Heart and Vascular Center in Bridgeton, Missouri

by Kristin Harlow March 16, 2017

BRIDGETON, MO. — McGrath & Associates has completed a $5.6 million renovation of the St. Louis Heart and Vascular Center in the northwest suburb of Bridgeton. The high-tech ambulatory surgery center and medical office facility is located at 3550 McKelvey Road. McGrath completed renovations at the existing 21,000-square-foot building, such as installing a new exterior skin. The construction also included the removal of roof overhangs and raising the parapet walls to increase the building height. The interior of the facility was fully renovated. The first floor features a catheterization lab/operating room with pre- and post-op recovery rooms, which double as sleep study rooms. The second floor includes the cardiac physicians’ offices and exam rooms, as well as a PET/CT scanner. The Marcus Organization was the developer. Bates Associates was the local architect, Innersite was the interior designer and Vanderweil Engineering served as the engineer.

March 16, 2017

Illinois Industrial Midwest

Industrial Outdoor Ventures Acquires 18.9-Acre Truck and Container Yard in Channahon, Illinois

by Kristin Harlow March 16, 2017

CHANNAHON, ILL. — Industrial Outdoor Ventures (IOV) has acquired an 18.9-acre truck and container yard in Channahon near Joliet. The purchase price was not disclosed, but the asking price was $8 million. Cavalea Continental Freight Inc., the seller, built the property in 2006 to be used as an intermodal container storage facility for customers moving ocean freight through the southwest suburban intermodal rail yards. The property is located at 23264 Youngs Road and includes a maintenance shop and office building. IOV plans to make some improvements to the asphalt and office space. Dan McGillicuddy and Steve Ostrowski of JLL represented the seller in the transaction. IOV has retained Josh Hearne of Cawley Chicago to market the property for lease.

March 16, 2017

Illinois Midwest Retail

Quantum Brokers $2.3M Sale of Retail Center in Schaumburg, Illinois

by Kristin Harlow March 16, 2017

SCHAUMBURG, ILL. — Quantum Real Estate Advisors Inc. has brokered the sale of the Shoppes at Prime Village in Schaumburg for $2.3 million. The 9,949-square-foot retail center is located at 1414-1424 E. Algonquin Road. A Chicago-based private real estate investor purchased the property. The seller was an undisclosed prominent property owner from the Chicagoland area. Chad Firsel of Quantum represented the seller in the transaction.

March 16, 2017

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