Midwest

Jasper Stone Plans $1.2B Mixed-Use Development in Omaha

by Kristin Harlow March 3, 2017

OMAHA, NEB. — Jasper Stone Partners has received preliminary governmental approval for Avenue One, a $1.2 billion mixed-use development in west Omaha. The Omaha Planning Board unanimously approved the nearly 200-acre project this week, according to the Omaha World-Herald, the local daily newspaper. Avenue One will be located south of 192nd and Dodge streets. The development will feature office, retail, residential, hotel and civic spaces, as well as public green spaces and walking trails. Jasper Stone plans to break ground later this year on the project, which will consist of 1.3 million square feet of office and retail space, and more than 2,000 residential units. Phase I of construction is slated for completion in late 2018. Avenue One will be one of the largest projects of its kind in Omaha and is expected to have an annual economic impact of more than $1 billion, according to a news release from the developers. Jasper Stone is working with Block Real Estate Services LLC during the master planning phase. Other participants in the project include HOK for architecture and land planning, Omaha-based Olsson and Associates for engineering and design, Pansing Hogan Ernst & Bachman and Husch Blackwell for legal services and Pinnacle …

March 3, 2017

Illinois Midwest Retail

Mid-America Arranges $52.6M Sale of Shopping Center in Chicago

by Kristin Harlow March 2, 2017

CHICAGO — Mid-America Real Estate Corp. has arranged the sale of Webster Place in Chicago’s Lincoln Park. The 134,918-square-foot retail center is located at the southwest corner of North Clybourn and Webster avenues, and is anchored by Regal Cinemas, Webster Place Athletic Club, Barnes and Noble and Chase Bank. Ramco-Gershenson Properties Trust purchased the property from Chicago-based Syndicated Equities Group. Ben Wineman and Carly Gallagher of Mid-America arranged the transaction.

March 2, 2017

Illinois Midwest Multifamily Seniors Housing

McShane to Construct Final Phase of Senior Living Community in Northbrook, Illinois

by Kristin Harlow March 2, 2017

NORTHBROOK, ILL. — McShane Construction Co. has been selected to construct the final phase of The Lodge of Northbrook, a senior living community in Northbrook, about 25 miles northwest of Chicago. Essex Communities is the developer of the property, located at 2244 Founders Drive. The final phase of construction will include 60 independent living apartments and eight assisted living units. A total of 96 units were constructed in the first three phases. The new addition will be constructed on the north end of the property and will complement the existing building utilizing the same masonry. The 150,000-square-foot Phase IV will incorporate amenities such as an expanded fitness center and new dining room, commercial kitchen and salon. Omaha-based Avant Architects is providing the architectural services for this phase, which is scheduled for completion at the end of May 2018.

March 2, 2017

Loans Midwest Multifamily Ohio

NorthMarq Arranges $24.6M in Acquisition Financing for Apartment Property in Cincinnati

by Kristin Harlow March 2, 2017

CINCINNATI — NorthMarq Capital has arranged $24.6 million in acquisition financing for a 250-unit apartment property in Cincinnati. The 10-year loan includes a 25-year amortization schedule. NorthMarq arranged the financing for the undisclosed borrower through Freddie Mac.

March 2, 2017

Illinois Industrial Midwest

Midwest Industrial Funds Purchases 106,000 SF Industrial Portfolio in Chicago Suburb

by Kristin Harlow March 2, 2017

BATAVIA, ILL. — Midwest Industrial Funds has purchased a four-building industrial portfolio from a private seller. The purchase price was not disclosed. The properties total 106,000 square feet and are all located in Batavia, a suburb of Chicago. The addresses are 1705-1775 Hubbard Ave., 900 Paramount Parkway, 902 Paramount Parkway and 950 Paramount Parkway in the Fox Valley Center for Industry Business Park. The properties range from 7,000 square feet to 18,000 square feet. The portfolio was approximately 75 percent leased to eight different tenants at the time of acquisition. Midwest Industrial plans to complete improvements to the parking lot, exterior façade and interior units.

March 2, 2017

Illinois Midwest Retail

Slumberland Furniture to Anchor Quincy Mall in Quincy, Illinois

by Kristin Harlow March 2, 2017

QUINCY, ILL. — Slumberland Furniture has unveiled plans to open a new store at Quincy Mall in the fall. The national furniture retailer will be the first furniture retailer to be a tenant in the mall, and will anchor the center in the space formerly home to JC Penney. Improvements totaling over $4 million are planned for the retail center, according to the mall owner and manager, Cullinan Properties Ltd. In addition to the opening of Slumberland, the mall will receive new signs and enhancements to the interior décor before the end of the year. Quincy Mall opened in 1978 and consists of 500,000 square feet.

March 2, 2017

Illinois Midwest Office

Reed Construction Completes Corporate Headquarters for Medline in Northfield, Illinois

by Kristin Harlow March 1, 2017

NORTHFIELD, ILL. — Reed Construction has completed construction of the new corporate headquarters for Medline Industries Inc. in Northfield, approximately 20 miles north of Chicago. Medline is a global medical supply manufacturer and distributor, providing products and clinical solutions to hospitals, physician offices, ambulatory surgery centers, nursing homes, home care and retail. Renovations encompassed more than 530,000 square feet in the space that formerly housed Kraft Food’s corporate headquarters. The property is located at 3 Lakes Drive. MB Real Estate and Medline selected Reed Construction to complete the project, which included an interior demolition and rebuild of the large existing space. The workspace areas include both open layouts and private offices. The space also features a large break area, cafeteria and various meeting and breakout rooms for employee use. More than half of the employees formerly located at One Medline Place in Mundelein, Ill. made the move to the new headquarters. The former campus will remain open. Jason Gunderson of Reed Construction led the project, along with Chris Ashman, Kari Hanson, Jay Crane and Michael Whited. Partners by Design provided architectural services. MB Real Estate served as the owner’s representative.

March 1, 2017

Midwest Missouri Retail

Block & Co. Brokers $4.9M Sale of Retail Portfolio in Raytown, Missouri

by Kristin Harlow March 1, 2017

RAYTOWN, MO. — Block & Co. Inc. Realtors has brokered the sale of three shopping centers in Raytown, about 10 miles southeast of Kansas City, for $4.9 million. The centers are located at 5200-5254 Blue Ridge Blvd., 6204-6240 Raytown Trafficway and 6215-6249 Blue Ridge Blvd. The centers are all nearly 100 percent occupied. 1340 East 9th Street Realty Corp. purchased the properties from Monopoly Acquisitions. Bill Maas and Jay Friedman of Block & Co. brokered the sale on behalf of the seller. Block & Co. will continue to handle leasing on behalf of the new owner for the shopping center located at 6204-6240 Raytown Trafficway.

March 1, 2017

Illinois Industrial Midwest

Brennan Acquires 46,741 SF Distribution Facility in Elk Grove Village, Illinois

by Kristin Harlow March 1, 2017

ELK GROVE VILLAGE, ILL. — Brennan Investment Group has acquired a 46,741-square-foot distribution facility in Elk Grove Village in the O’Hare submarket of Chicago. The purchase price was not disclosed. The facility is located at 2395 Greenleaf Ave. The property serves as the corporate headquarters for National Metal Fabricators and is 100 percent leased to the company, which specializes in precision sheet metal fabrication, angle ring manufacturing and specialty custom rolling. Brennan owns and manages over 2 million square feet in the O’Hare submarket.

March 1, 2017

Michigan Midwest Retail

American Dream Home Improvement Signs 2,300 SF Lease for New Location in Grand Rapids, Michigan

by Kristin Harlow March 1, 2017

GRAND RAPIDS, MICH. — American Dream Home Improvement has signed a 2,300-square-foot retail lease near the Gerald R. Ford International Airport in Grand Rapids. This will be the first West Michigan location for the Downers Grove, Ill.-based exterior home repair and storm restoration company. The property is located at 3940 Broadmoor Ave. Southeast. Mary Anne Wisinski-Rosely and Jason Makowski of NAI Wisinski of West Michigan arranged the lease transaction.

March 1, 2017

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