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IllinoisMidwestMultifamily

Hines Breaks Ground on 698-Unit Luxury Apartment Tower in Chicago

by Kristin Harlow

CHICAGO — Hines has broken ground on Wolf Point East, a 60-story, 698-unit luxury apartment tower in Chicago. Wolf Point East is the second phase of the three-phase development designed by Pelli Clarke Pelli. The tower is located on one of the last remaining riverfront sites in downtown Chicago. Hines is developing the property in partnership with the property’s longtime landowner, the Joseph P. Kennedy Family, and the AFL-CIO Building Investment Trust, advised by PNC Realty Investors. Bank of America Merrill Lynch led the construction loan financing for the project in conjunction with ULLICO, Citizens Bank and ING Real Estate Finance. Walsh Construction is serving as the general contractor and Pappageorge Haymes Partners is the architect of record. Completion is slated for 2019.

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LoansMichiganMidwestMultifamily

Love Funding Provides $33.3M Construction Loan for Apartment Community in Detroit Suburb

by Kristin Harlow

NOVI, MICH. — Love Funding has provided a $33.3 million loan for the construction of Manchester, a 172-unit apartment community in Novi, a suburb of Detroit. The 23-building property will feature two- and three-bedroom townhome units. Fairview Construction is building the development, while Alexander V. Bogaerts & Associates provided design services. KMG Prestige will manage the property. Bruce Gerhart of Love Funding originated the 40-year loan through the HUD 221(d)(4) loan insurance program. Real estate developers Michael and Carolina Furnari and James George were the borrowers.

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IndustrialMidwestMinnesota

CBRE Negotiates $10M Sale of Industrial Building in Maple Grove, Minnesota

by Kristin Harlow

MAPLE GROVE, MINN. — CBRE Capital Markets has negotiated the sale of the Bass Creek Technology Plaza in Maple Grove, about 17 miles northwest of Minneapolis, for $10 million. The 108,628-square-foot industrial building is located at 6250 Sycamore Lane North. The property is fully leased to ZEISS, a technology firm specializing in optics and optoelectronics. Constructed as a build-to-suit for ZEISS in 2001, the building features office space, manufacturing space and a warehouse. Judd Welliver, Ryan Watts, Sonja Dusil and Tom Holtz of CBRE represented the seller, Interstate Partners. STAG Industrial, an investment firm headquartered in Boston, was the buyer.

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MidwestOfficeWisconsin

Colliers Brokers $1.5M Sale of Office Property in Milwaukee

by Kristin Harlow

MILWAUKEE — Colliers International | Wisconsin has brokered the sale of a 23,796-square-foot office property in Milwaukee for $1.5 million. The building is located at 600 N. Broadway in the East Side commercial historic district. Anchor tenants at the property include End, Hierseman & Crain LLC, Mahler Enterprises and Bronfman E.L. Rothschild LP. Tom Shepherd and Cory Sovine of Colliers International | Wisconsin represented the seller, 600 North Broadway Partners LLC. Bruce Westling of NAI MLG Commercial represented the buyer, 600 North Broadway LLC, an affiliate of J. Jeffers & Co.

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HospitalityIndianaMidwest

Mumford Co. Arranges Sale of 64-Room Comfort Inn Hotel in Fremont, Indiana

by Kristin Harlow

FREMONT, IND. — Mumford Co. has arranged the sale of a 64-room Comfort Inn located in Fremont, about 50 miles north of Fort Wayne. The sales price was not disclosed. The three-story hotel is located at 251 W. State Road. Amenities include a swimming pool and game room. George Arvanitis of Mumford Co. represented the seller, STD Inc. Andrew Smith of Mumford Co. procured the buyer, a Michigan-based hotel owner.

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MidwestMissouriMultifamilySeniors Housing

IMPACT Strategies Completes $17.5M Seniors Housing Community in St. Charles, Missouri

by Kristin Harlow

ST. CHARLES, MO. — IMPACT Strategies has completed Cedarhust of St. Charles, a $17.5 million seniors housing community in St. Charles. The 100-unit assisted living and memory care community is part of University Commons, a mixed-use development directly across from Lindenwood University. IMPACT served as construction manager for the 99,999-square-foot project. Dover Development was the developer. Cedarhurst’s proximity to Lindenwood University makes it the first seniors housing community in the St. Louis region to strategically locate on or near a university campus, according to IMPACT.

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MidwestOhioRetail

Cooper Commercial Arranges $16.7M Sale of Walmart Supercenter in Alliance, Ohio

by Kristin Harlow

ALLIANCE, OHIO — Cooper Commercial Investment Group has arranged the sale of a single-tenant Walmart Supercenter in Alliance, about 60 miles south of Cleveland, for $16.7 million. The 200,084-square-foot building is located at 2700 W. State St. Dan Cooper of Cooper Commercial represented the institutional seller and procured the West Coast-based buyer. The property sold for 98 percent of the list price. Walmart recently decided to exercise its first of several five-year renewal option periods.

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MidwestMultifamilySeniors HousingWisconsin

MBH Brokers Sale of 114-Unit Seniors Housing Portfolio in Wisconsin

by Kristin Harlow

JANESVILLE AND SHEBOYGAN, WIS. — MBH Investment Real Estate LLC has brokered the sale of Janesville Regency House and Sheboygan Regency House in Wisconsin. The sales price was not disclosed. Janesville Regency House is a 55-unit seniors housing property in Janesville, about 40 miles south of Madison. Constructed in 1990 and located at 100 N. Franklin St., the three-story apartment building sits on a 1.2-acre site. One- and two-bedroom units range in size from 675 square feet to 880 square feet. Sheboygan Regency House is a 59-unit seniors housing property in Sheboygan, located in eastern Wisconsin. Built in 1989 and located at 919 Wisconsin Ave., the four-story apartment building also features one- and two-bedroom units. Both properties were 100 percent occupied at the time of sale. Matson Holbrook of MBH brokered the transaction on behalf of the seller, Doneff Asset Co. LLC.

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MidwestMinnesotaOffice

Cushman & Wakefield NorthMarq Negotiates Two Leases at 550,000 SF Office Property in Oakdale, Minnesota

by Kristin Harlow

OAKDALE, MINN. — Cushman & Wakefield NorthMarq has negotiated two leases at 4Front, a 550,000-square-foot office property in Oakdale, a suburb of St. Paul. Gemalto, a security software developer, has signed a 15,000-square-foot lease. Impact Group, an employee coaching and career transition consulting firm, has signed an 8,100-square-foot lease. The space will serve as a consolidation of two previous locations in the Twin Cities for Impact Group. The four-building 4Front is also home to Incubology, a high-tech business incubator that occupies labs, clean rooms and offices. Slumberland Furniture purchased the property in 2016 from previous owner, Imation, which used the property as its corporate headquarters. Eric King of Cushman & Wakefield NorthMarq and Brian Brisky of Brisky Commercial represented Slumberland in the lease transactions.

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MidwestOhioRetail

Marcus & Millichap Arranges $1.3M Sale of 8,250 SF Childcare Center in Amelia, Ohio

by Kristin Harlow

AMELIA, OHIO — Marcus & Millichap has arranged the sale of an 8,250-square-foot property net leased to Rainbow Child Care in Amelia, about 20 miles east of Cincinnati, for $1.3 million. The property is located at 3669 Appomatox Drive. Eric Luhrsen, Chad Lieber and Dominic Sulo of Marcus & Millichap marketed the property on behalf of the seller, a developer. Michael Glass, also of Marcus & Millichap, assisted in closing the transaction. The buyer was not disclosed.

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