Midwest

Marcus & Millichap Brokers $3.6M Sale of Shopping Center in Springfield, Ohio

by Kristin Harlow April 24, 2017

SPRINGFIELD, OHIO — Marcus & Millichap has arranged the sale of Burnett Plaza in Springfield, west of Columbus, for $3.6 million. The 86,335-square-foot shopping center is located at 508 South Burnett Road. The center was built in 1960 and renovated in 1997. The property was 87 percent occupied at the time of sale and is anchored by Family Dollar, AutoZone and Ace Hardware. C.J. Jackson, Scott Wiles, Erin Patton and Craig Fuller of Marcus & Millichap marketed the property on behalf of the seller, an Ohio-based REIT. The team also secured and represented the buyer, a private out-of-state group.

April 24, 2017

Midwest Office Wisconsin

CBRE Negotiates 11,320 SF Office Lease for Law Firm in Milwaukee Suburb

by Kristin Harlow April 24, 2017

WAUKESHA, WIS. — CBRE has negotiated an 11,320-square-foot office lease for Von Briesen & Roper SC in Waukesha, a suburb of Milwaukee. The law firm will occupy space on the fourth floor of Crossroads Corporate Center VIIA, located at 20975 Swenson Drive. Matt Hunter of CBRE represented Von Briesen in the lease transaction. Alyssa Geisler and John Mazza of CBRE represented the landlord, Somerset Properties.

April 24, 2017

Illinois Midwest Office

Caterpillar Moves Global Headquarters to Deerfield, Illinois

by Kristin Harlow April 21, 2017

DEERFIELD, ILL. — Caterpillar Inc. has unveiled plans to move its global headquarters from Peoria to Deerfield, a northern suburb of Chicago. The new building is located near Chicago O’Hare International Airport. Caterpillar arranged a multi-year leasing agreement with Corporate 500 office park. While the majority of employees will not be relocating, the company expects about 100 workers will move to the new building this year. The company says about 300 employees will be in the new headquarters when it is fully operational in mid-2018.

April 21, 2017

Loans Midwest Mixed-Use Wisconsin

Walker & Dunlop Arranges $11.8M Refinancing of Mixed-Use Property in Southeast Wisconsin

by Kristin Harlow April 21, 2017

OCONOMOWOC, WIS. — Walker & Dunlop has arranged an $11.8 million loan for the refinancing of Summit Center Marketplace in Oconomowoc, about 34 miles west of Milwaukee. The 72,858-square-foot property consists of retail, office and medical office space. The property sits on 11 acres and consists of five freestanding buildings built between 2004 and 2006. Aurora Health Care anchors the property. Other tenants include Rosatti’s, The UPS Store and Anytime Fitness. Tim Cotter and Jeff Schmidt of Walker & Dunlop arranged the 10-year loan, which includes a 30-year amortization schedule. Principal Commercial Capital provided the loan.

April 21, 2017

Michigan Midwest

$2M Grants From Kresge Foundation Support 17 Projects in Detroit Neighborhoods

by Kristin Harlow April 21, 2017

DETROIT — The Kresge Foundation has administered grants totaling $2 million to 17 nonprofits for projects to revitalize neighborhoods across Detroit. This final round of grants in the pilot program, known as Kresge Innovative Projects: Detroit, brings the foundation’s grant total to $5 million over the past three years. The new grants will fund, for example, the creation of a new community hub on Grand River Avenue in the Grandmont Rosedale neighborhood and conversion of a blighted five-block stretch of the Morningside neighborhood into an agricultural greenway. The grants support renovation of an abandoned duplex into an art center in central Detroit and a southwest Detroit program to promote the conversion of vacant second floors of commercial buildings into residential spaces. In addition to the creation of community gathering spots, green spaces and conversion of abandoned properties to new uses, the initiative seeks to make neighborhood streets and sidewalks more walkable. Kresge’s support for these shovel-ready projects ranges from $75,000 to $150,000 each. The latest grants were chosen from nearly 70 applications.

April 21, 2017

Hospitality Indiana Midwest

Sun Development Breaks Ground on Indianapolis Area Hotel

by Kristin Harlow April 21, 2017

PLAINFIELD, IND. — Sun Development & Management has broken ground on a new Embassy Suites by Hilton hotel in Plainfield near the Indianapolis International Airport. The 175-suite hotel is located at 6089 Clarks Creek Road and is slated for completion in spring 2018. Amenities will include complimentary breakfast, an indoor pool, on-site restaurant and convention center.

April 21, 2017

Industrial Midwest Wisconsin

Binswanger Brokers Sale of 132,000 SF Industrial Building in East Troy, Wisconsin

by Kristin Harlow April 21, 2017

EAST TROY, WIS. — Binswanger has brokered the sale of a 132,000-square-foot industrial building in East Troy, approximately 37 miles southwest of Milwaukee. The property is located at 2061 Young St. Wisconsin Oven Corp., a manufacturer of industrial ovens and heating equipment, purchased the building. Constructed in 1970, the facility features 25-foot clear heights, multiple cranes, 4,000 square feet of office space, two drive-in doors and one rail door. Zach Binswanger of Binswanger and Wade Micoley of Micoley.com represented the seller, Plymouth Tube Co.

April 21, 2017

Illinois Midwest Multifamily

Luxury Apartment Tower Opens on Chicago’s North Side

by Kristin Harlow April 20, 2017

CHICAGO — Ascend Real Estate Group and Intercontinental Real Estate Corp. have opened Niche 905, a 202-unit luxury apartment tower in Chicago’s Near North Side. The 18-story property is located at 905 N. Orleans St. A grand opening celebration took place on April 13. The tower features convertible, one-, two- and three-bedroom apartments ranging in size from 576 to 1,518 square feet. Rents start at $2,000. CORT Furniture furnished the convertible studio model, while Stanton Interior Concepts designed the one- and two-bedroom models. Amenities include 24-hour concierge service, pool, skydeck, grilling stations, fitness center, yoga studio and entertainment suite. Niche 905 also features 1,750 square feet of ground-floor retail space and a lobby with workstations.

April 20, 2017

Michigan Midwest Office

Colliers to Lease The Centennial Office Building in Troy, Michigan

by Kristin Harlow April 20, 2017

TROY, MICH. — Colliers International will handle leasing at The Centennial, a prominent office property in the Troy skyline. The 306,000-square-foot, 15-story building is located at 100 E. Big Beaver Road. The ownership has made numerous upgrades to the building systems and elevators, and has initiated a multimillion-dollar upgrade of the common areas. Amenities include a new conference center, building deli, tenant lounge, and co-working facility. The common area amenities will be available for tenants of the building as well as to rent for members of the community. Tenant spaces available for lease range from 2,500 to 175,000 square feet. Gary Grochowski and Bryan Barnas of Colliers will oversee the leasing.

April 20, 2017

Illinois Midwest Office

First Western Properties Brokers $4.7M Sale of Office Building in Lisle, Illinois

by Kristin Harlow April 20, 2017

LISLE, ILL. — First Western Properties Inc. has brokered the sale of 2 Woodland Corporate Center in Lisle, about 25 miles west of Chicago, for $4.7 million. The 56,000-square-foot office building is located at 4951 Indiana Ave. The property is 100 percent leased to two investment-grade tenants. Bradford Dessy of First Western Properties represented the out-of-state buyer. Jason St. John of Greenstone Partners represented the undisclosed seller.

April 20, 2017

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