Midwest

Prime Property Investors Sells 281-Unit Apartment Complex in Metro Chicago for $60M

by Christina Cannon September 2, 2016

NAPERVILLE, ILL. — Prime Property Investors Ltd. has sold a 281-unit apartment complex in Naperville, approximately 30 miles southwest of Chicago, for $60 million, or $214,000 per unit. The Arbors of Brookdale is a Class A community and was fully occupied at the time of sale. The complex, situated on 26 acres, consists of 35 buildings, a clubhouse and 138 private garages. Amenities at the property include an indoor and outdoor pool, hot tub, sauna, fitness center, business center, tennis courts and a playground. Dan Cohen, John Jaeger and MJ Zaring of CBRE represented Prime Property Investors in the transaction. The buyer was undisclosed.

September 2, 2016

Midwest Missouri Office

Cushman & Wakefield Brokers Sale of Office Building in Kansas City Slated for a $43M Apartment Conversion

by Christina Cannon September 2, 2016

KANSAS CITY, MO. — Cushman & Wakefield has brokered the $5.7 million sale of a 207,421-square-foot office building in downtown Kansas City. Stencil Group sold the Executive Plaza Office Building, more commonly known as The Flashcube, to Worcester Investments. HOK designed the facility, which was built in 1974. The buyer plans to convert the building into a 181-unit residential property, a project expected to cost $43 million. The property is located at 710-720 Main St., and the sale included an adjacent surface parking lot.

September 2, 2016

Loans Midwest Minnesota

Dougherty Mortgage Closes $32.5M Acquisition Loan for 252-Unit Multifamily Property Near Minneapolis

by Christina Cannon September 2, 2016

MINNETONKA, MINN. — Dougherty Mortgage LLC has closed a $32.5 million Fannie Mae loan for the acquisition of a 252-unit apartment property in Minnetonka, approximately 23 miles southwest of Minneapolis. Woodlands of Minnetonka features amenities such as a clubhouse, media room, outdoor fireplace, swimming pool and grilling pavilion. The 12-year loan includes five years of interest-only payments and a 30-year amortization schedule. Heartland Minnetonka LLC was the borrower.

September 2, 2016

Midwest Missouri Retail Top Stories

BIG Shopping Centers, RED Development Acquire 516,268 SF Shopping Center Near Kansas City

by Christina Cannon September 2, 2016

LEE’S SUMMIT, MO. — A joint venture between BIG Shopping Centers USA and RED Development has acquired Summit Fair, a 516,268-square-foot shopping center, for an undisclosed price. Located 25 miles southeast of Kansas City in Lee’s Summit, Summit Fair is anchored by Macy’s and JCPenney. Other tenants in the open-air lifestyle center include Victoria’s Secret, Chico’s, Francesca’s and LOFT. Summit Fair boasts approximately 50 tenants. Along with the news of the acquisition, the joint venture also announced a 50,000-square-foot DICK’S Sporting Goods and a 20,000-square-foot H&M will open at Summit Fair in spring 2017. DICK’S Sporting Goods will relocate to Summit Fair from its existing store currently open at RED’s sister property, SummitWoods Crossing. An additional 5,000 square feet of space is available in the H&M building. “Summit Fair is already a dynamic, high-performing retail property serving a vibrant market, and the addition of DICK’S Sporting Goods, H&M and other top-drawing retail concepts sets the stage for continued success,” says Mike Ebert, managing partner at RED Development. The joint venture, known as BIG RED Portfolio LLC, has a portfolio consisting of 10 retail assets totaling over 3.5 million square feet in four states. Within the joint venture, BIG USA, acts primarily as a co-investment …

September 2, 2016

Illinois Midwest Retail

Inland Sells Mariano’s Fresh Market in Metro Chicago for $36.4M

by Christina Cannon September 1, 2016

VERNON HILLS, ILL. — Inland Private Capital Corp. has sold a Mariano’s Fresh Market in Vernon Hills, approximately 35 miles northwest of Chicago, for $36.4 million. The 71,248-square-foot grocery store, which is located on seven acres at 1820 N. Milwaukee Ave., was built in 2011. Inland completed the sale on behalf of one of its 1031 exchange investment programs. The buyer in the deal was undisclosed.

September 1, 2016

Midwest Minnesota Retail

Doran Cos. Acquires Retail Property in Minneapolis for $24.9M

by Christina Cannon September 1, 2016

MINNEAPOLIS — Doran Cos. has acquired a 90,000-square-foot retail property in Minneapolis for $24.9 million. Pfaff Calhoun LLC sold Calhoun Village Shopping Center, which is located at 3200 W. Lake St. The center is over 90 percent occupied and includes tenants such as Walgreens, Punch Pizza, Burger Jones and Barnes & Noble.

September 1, 2016

Midwest Office Wisconsin

The Boulder Group Brokers $14M Sale of Building in Milwaukee Net Leased to US Bank

by Christina Cannon September 1, 2016

MILWAUKEE — The Boulder Group has brokered the sale of a 110,636-square-foot office building net leased to US Bank for $14 million. The property, located a 615 E. Michigan St. in Milwaukee, is connected via a sky-walk to US Bank regional headquarters building. A Midwest-based partnership in a 1031 exchange purchased the facility from Oak Street Real Estate Capital. US Bank’s lease expires in December 2026. Randy Blankstein and Jimmy Goodman of The Boulder Group represented both parties in the transaction.

September 1, 2016

Midwest Missouri Multifamily Seniors Housing

Senior Lifestyle Corp. Breaks Ground on Seniors Housing Community Near St. Louis

by Christina Cannon September 1, 2016

SUNSET HILLS, MO. — Senior Lifestyle Corp. has broken ground on The Sheridan at Laumeier Park, a 69,000-square-foot seniors housing community in Sunset Hills, approximately 15 miles southwest of St. Louis. The project, expected to be complete in early 2017, will feature 43 assisted-living apartments plus 41 memory care residences. The Sheridan at Laumeier Park will be situated on 3.9 acres at 12470 Rott Road. Residents will have access to nearly 38,000 square feet of amenity space, which will include living rooms, a dining room, entertainment room, fitness center and art studio.

September 1, 2016

Midwest Minnesota Multifamily

NorthMarq Arranges $3.5M Loan for Acquisition of 72-Unit Apartment Property Near Minneapolis

by Christina Cannon September 1, 2016

ROCHESTER, MINN. — NorthMarq Capital has arranged a $3.5 million acquisition loan for a 72-unit multifamily property in Rochester, approximately 85 miles southeast of Minneapolis. Bear Creek Apartments is located at 1405, 1455 and 1505 Marion Road SE. The 10-year loan features a 25-year amortization schedule. Michael Padilla of NorthMarq placed the financing with a local bank on behalf of the undisclosed borrower.

September 1, 2016

Industrial Iowa Market Reports Midwest Midwest Market Reports Mixed-Use Multifamily Office Retail Uncategorized

Sioux City Experiences ‘Crane Craze’ Across Property Types

by Christina Cannon September 1, 2016

The skies are dotted with cranes — not the type you would find on route west to the Sandhills of Nebraska, but the type synonymous with a robust economy. It is safe to say there have never been so many cranes at work in the history of Sioux City. Several large industrial projects are resulting in further development of retail and multifamily space that has been in demand for some time in Sioux City. Retail, entertainment wave Helping to draw residents and visitors alike out into the streets of Sioux City is the $130 million Hard Rock Hotel & Casino. The Hard Rock replaced the floating Argosy riverboat casino in a first-in-the-state competitive bidding war for a land-based casino. Due to the popularity of the development since it opened in August 2014, the Hard Rock already has plans to add an $8 million casino expansion by the end of the year. Hard Rock has played a vital role in making Sioux City a regional, cultural and entertainment destination. Dallas-based Anthony Properties is planning to deliver 350,000 square feet of retail space by the summer of 2018. The 64-acre site, located at the intersection of Sunnybrook Drive and Sergeant Road, is …

September 1, 2016

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