Midwest

CRG, Koman Group Complete 262,000 SF Student Housing Property in Cleveland

by Kristin Harlow July 17, 2017

CLEVELAND — CRG and The Koman Group have completed The Edge on Euclid, a 262,000-square-foot student housing property located directly across from Cleveland State University in downtown Cleveland. Early move-in began on July 1. The property features 240 residential suites, a fitness center, lounge, café, study areas and a 163-car garage. The 11-story building features a mix of one- to four-bedroom units. The 11th floor features a sky deck. Clayco served as the design-builder and its subsidiary, Forum Studio, served as the architect.

July 17, 2017

Illinois Midwest Retail

Chicago Harley-Davidson Signs 10,000 SF Retail Lease at Addison & Clark

by Kristin Harlow July 17, 2017

CHICAGO — Chicago Harley-Davidson has signed a 10,000-square-foot retail lease at Addison & Clark, a mixed-use project under development in Chicago’s Lakeview neighborhood. The retail and residential complex is located directly across from Wrigley Field. One of three Chicago-area Harley-Davidson stores owned by Grand Rapids, Mich.-based Fox Motors, Chicago Harley-Davidson will occupy 10,000 square feet of retail space at the development. The showroom will primarily be a retail outlet offering new and used sales, light maintenance services, Harley-Davidson parts and accessories and MotorClothes.

July 17, 2017

Illinois Industrial Midwest

NKF Arranges Sale of 30,864 SF Industrial Property in Elgin, Illinois

by Kristin Harlow July 17, 2017

ELGIN, ILL. — Newmark Knight Frank (NKF) has arranged the sale of a 30,864-square-foot industrial property in Elgin, 35 miles northwest of Chicago. The sales price was not disclosed. Situated on a two-acre site, the property is located at 1320 Holmes Road. Designated for light manufacturing and warehouse use, the property features one exterior dock, two drive-in doors, four existing cranes, and 18- to 24-foot clear heights. Adam Marshall and Mark Deady of NKF represented the seller, Reis Robotics USA Inc. The firm relocated to a nearby property earlier this year, which provided more space efficiency and functionality for its operations. Rick Anesi of Lee & Associates represented the buyer, Ultra Polishing Inc. The metal polishing company is based in Schaumburg.

July 17, 2017

Midwest Minnesota Retail

Marcus & Millichap Brokers $2.5M Sale of Retail Property in Champlin, Minnesota

by Kristin Harlow July 17, 2017

CHAMPLIN, MINN. — Marcus & Millichap has brokered the sale of South Pond Center in Champlin, a northern suburb of Minneapolis, for $2.5 million. The 26,020-square-foot retail property is located at 11350 Aquila Drive North. Tenants include Hudy’s Café, Totally Tan, Trailhead Cycling and Champlin Nails. Sean Doyle, Matthew Hazelton, Adam “AJ” Prins and Cory Villaume of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Claire J. Roberts and Marc C. Paylor of Marcus & Millichap secured and represented the buyer, also a limited liability company.

July 17, 2017

Illinois Midwest Office

Golub & Co., Alcion Ventures Acquire 536,000 SF Office Building in Chicago

by Kristin Harlow July 14, 2017

CHICAGO — Golub & Co., in partnership with Alcion Ventures, has acquired 300 South Wacker, a 536,000-square-foot office property in Chicago. The purchase price was not disclosed. Built in 1971, the 36-story building is located along the Chicago River. The new owners plan to expand on a 2014 renovation of the building with a focus on the lobby, indoor and outdoor common areas and a new tenant amenity lounge. JLL represented the seller, Beacon Partners, in the transaction. Keith Largay of JLL arranged the acquisition financing through Deutsche Bank.

July 14, 2017

Midwest Minnesota Multifamily Student Housing

Doran Sells Two Student Housing Properties at University of Minnesota for $93M

by Kristin Harlow July 14, 2017

MINNEAPOLIS — Doran Cos. has sold The Bridges and The Knoll, two student housing properties at the University of Minnesota in Minneapolis, for $93 million. Opened in 2013, The Knoll consists of 101 units and is located at 1101 University Ave. Southeast. The Bridges, opened in 2014, consists of 210 units and is located at 930 University Ave. Southeast. TH Real Estate was the buyer. Doran, which built a total of six student housing properties at the university, has now completed the sale of this portfolio through a series of transactions. Doran plans to focus on building multifamily projects in the future.

July 14, 2017

Illinois Loans Midwest Multifamily

Cohen Financial Secures $20.7M Construction Loan for Apartment Property in Chicago

by Kristin Harlow July 14, 2017

CHICAGO — Cohen Financial, a division of SunTrust Bank, has secured a $20.7 million loan for the construction of a 138-unit apartment property in Chicago’s Logan Square neighborhood. The $36 million development will also feature 9,300 square feet of retail space. The urban infill project is close to transportation, restaurants and other lifestyle amenities. Michael Hart of Cohen Financial arranged the loan with Old Plank Trail Community Bank, a subsidiary of Chicago-based Wintrust. Savoy Development LLC is the project developer.

July 14, 2017

Hospitality Indiana Loans Midwest

Aries/Conlon Capital Arranges $7.2M Loan for Refinancing of 171-Room Hotel Property in West Lafayette, Indiana

by Kristin Harlow July 14, 2017

WEST LAFAYETTE, IND. — Aries/Conlon Capital has arranged a $7.2 million loan for the refinancing of Four Points by Sheraton in West Lafayette, about 65 miles northwest of Indianapolis. The 171-room hotel is located at 600 Cumberland Ave. near Purdue University. Rushi Shah of Aries/Conlon Capital arranged the CMBS loan, which features a 10-year term and a 25-year amortization schedule. Pandey Hotel Corp. was the borrower.

July 14, 2017

Michigan Midwest Office

L. Mason Capitani CORFAC International Brokers Sale of 30,760 SF Office Property in Troy, Michigan

by Kristin Harlow July 14, 2017

TROY, MICH. — L. Mason Capitani CORFAC International has brokered the sale of a 30,760-square-foot office property in Troy. Built in 2004, the multi-tenant building is located at 2150 Butterfield Drive. This is the sixth property acquisition in the Detroit area for California-based LSTC Michigan LLC. Mason L. Capitani represented both the buyer and seller, Wilson Real Estate II LLC. He will also continue to oversee leasing at the property for the new owner under the property’s new name, Butterfield Park Place. The final sales price was not disclosed, but the asking price was $3.99 million.

July 14, 2017

Affordable Housing Florida Michigan Midwest Multifamily Southeast Texas Top Stories Wisconsin

KeyBank Provides $142.4M Financing for Six-Property Affordable Housing Portfolio in Texas, Florida, Midwest

by Kristin Harlow July 14, 2017

TEXAS, FLORIDA, WISCONSIN AND MICHIGAN — KeyBank Real Estate Capital has provided $142.4 million in loans for a six-property affordable housing portfolio across Texas, Florida and the Midwest region. The loans were used for a variety of purposes, including refinancing, acquisitions and renovations. KeyBank provided $115.7 million in Fannie Mae loans for Limestone Canyon, a 260-unit apartment complex, and Parkside Crossing, a 218-unit apartment complex, both located in Austin, Texas; Sendero Ridge, a 384-unit apartment property located in San Antonio, Texas; Arcade Apartments, a 75-unit apartment building in Racine, Wis.; and Pasco Woods, a 200-unit complex in Wesley Chapel, Fla. All properties reserve at least 50 percent of units for tenants making 60 percent or less of the area median income. KeyBank provided an additional $14.8 million bridge-to-HUD loan for Lakestone Apartments in Ann Arbor, Mich. The 144-unit property consists of one-, two- and three-bedroom units designated for those earning 50 to 60 percent of the area median income. Built in 1998, the apartment building features amenities such as a clubhouse, pool, recreation center, basketball court, computer center and laundry facilities. Harmony Housing, a nonprofit organization, was the borrower. KeyBank also provided an $11.9 million loan to the organization to …

July 14, 2017

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