Midwest

High Street Residential, Carlson Break Ground on Luxury Apartment Community in Downers Grove, Illinois

by Kristin Harlow April 18, 2017

DOWNERS GROVE, ILL. — Developer High Street Residential and general contractor Carlson Construction have broken ground on Maple&Main, a 115-unit luxury apartment community in Downers Grove, a western suburb of Chicago. The six-story building will include 4,000 square feet of ground-floor retail space. The community will offer one-, two- and three-bedroom units. Amenities will include a pet spa, bike lounge, coffee station, fitness center, yoga studio, pool and sky deck. Maple&Main is slated to open for occupancy in the second quarter of 2018. ESG Architects is the project architect. David Paino and Jerry Ebert of High Street Residential are overseeing project development. Jacob Dell of CBRE is handling retail leasing.

April 18, 2017

Midwest Minnesota Multifamily Seniors Housing

Catholic Eldercare to Develop 65-Unit Seniors Housing Property in Minneapolis

by Kristin Harlow April 18, 2017

MINNEAPOLIS — Catholic Eldercare has unveiled plans to develop a 65-unit seniors housing property in Minneapolis. Construction will begin this August with occupancy slated for summer 2018. In addition to one- and two-bedroom units, the community will feature food and concierge services. Apartment sizes will range from 800 to1,300 square feet. Catholic Eldercare has owned the land site, located at 2nd Street and Broadway Avenue, since 1994. Miller Hansen Partners is designing the new building, while Frana Cos. Inc. is serving as contractor.

April 18, 2017

Illinois Midwest Office

InvenTrust Signs 22,000 SF Office Lease in Downers Grove, Illinois

by Kristin Harlow April 18, 2017

DOWNERS GROVE, ILL. — InvenTrust Properties Corp. has signed a 22,000-square-foot office lease at the Highland Landmark II building in Downers Grove, a suburb of Chicago. The real estate investment trust will occupy the space at 3025 Highland Parkway. InvenTrust is moving its corporate headquarters currently located at 2809 Butterfield Road in Oak Brook, Ill. The company expects to complete the move this summer. Jon Springer and Gary Fazzio of CBRE represented the tenant in the lease transaction.

April 18, 2017

Illinois Loans Midwest Multifamily

Dougherty Mortgage Arranges $5.2M Supplemental Loan for Apartment Property in Palos Hills, Illinois

by Kristin Harlow April 17, 2017

PALOS HILLS, ILL. — Dougherty Mortgage LLC has arranged a $5.2 million Fannie Mae supplemental loan for Green Oaks Apartments in Palos Hills, a southwest suburb of Chicago. The property consists of 384 apartment units. The 7.9-year loan includes a 30-year amortization schedule, and was a supplemental loan for a previously closed refinancing. Dougherty’s Brentwood, Tenn. office arranged the loan for the borrower, Green Oaks at Palos Hills LP.

April 17, 2017

Illinois Midwest Retail

Boulder Group Brokers $3.3M Sale of Retail Center in Glendale Heights, Illinois

by Kristin Harlow April 17, 2017

GLENDALE HEIGHTS, ILL. — The Boulder Group has brokered the sale of a retail strip center anchored by Target in Glendale Heights for $3.3 million. The 5,000-square-foot building is located at 177-179 West Army Trail Road. Sleep Number and Union Bank occupy the property, which is an outparcel to the 166,000-square-foot Target store. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer, a Midwest-based private real estate investor in a 1031 exchange. A national real estate developer was the seller.

April 17, 2017

Michigan Midwest Retail

NAI Wisinski Helps Bring 3,446 SF ‘Escape Room’ to Downtown Grand Rapids

by Kristin Harlow April 17, 2017

GRAND RAPIDS, MICH. — NAI Wisinski of West Michigan has assisted The Ruse Escape Rooms in securing a 3,446 square-feet retail location in downtown Grand Rapids. Escape rooms are a form of interactive entertainment with engaging puzzles and challenges that promote creative thinking, teamwork and communication. The venue will occupy space on the first floor at 25 S. Division Ave. Doug Taatjes, Hillary Taatjes Woznick and Kurt Kunst of NAI Wisinski arranged the sale of the retail condo for Ruse Escape Rooms owners Steve Myers and Bill Wiegandt. The space is currently being renovated for The Ruse, which will open this fall. The seller was a local developer. “At the heart of downtown Grand Rapids and walking distance from restaurants, breweries and hotels, The Ruse is the new choice for entertainment in the city. The space is full of character and provides the perfect setting for an immersive escape room experience,” says Wiegandt.

April 17, 2017

Industrial Michigan Midwest

Super Fair Cellular Renews 38,400 SF Industrial Lease in Troy, Michigan

by Kristin Harlow April 17, 2017

TROY, MICH. — Super Fair Cellular Inc. has renewed its 38,400-square-foot industrial lease in Troy. The building is located at 1352-1374 Rankin Road. John Boyd, Paul Hoge and Kris Pawlowski of Signature Associates represented the landlord, Iron Point Troy Industrial, in the lease transaction. Super Fair Cellular is a telecommunications equipment supplier based in Troy.

April 17, 2017

Midwest Retail Wisconsin

Jimmy John’s Signs 1,349 SF Retail Lease in Wauwatosa, Wisconsin

by Kristin Harlow April 17, 2017

WAUWATOSA, WIS. — Jimmy John’s has signed a 1,349-square-foot retail lease at State Street Station in Wauwatosa, about seven miles west of Milwaukee. The property is located at 7460 W. State St. Adam Dreier of Mid-America Real Estate-Wisconsin LLC represented the tenant in the lease transaction. Andrew Prater, also of Mid-America, represented the undisclosed landlord.

April 17, 2017

Michigan Midwest Office

Marcus & Millichap Negotiates $16.5M Sale of Office Building in Lansing, Michigan

by Kristin Harlow April 14, 2017

LANSING, MICH. — Marcus & Millichap has negotiated the sale of One Michigan Avenue in Lansing for $16.5 million. The 10-story, 154,000-square-foot office building is located at the southeast corner of Washington Square and Ottawa Street. The building was constructed in 1983. At the time of sale, One Michigan Avenue was 98 percent occupied by law firms, a bank, an insurance company and government tenants. John Godwin and Richard O’Connor of Marcus & Millichap represented the seller, a Lansing-based partnership. Godwin procured the buyer, a regional investment group.

April 14, 2017

Midwest Multifamily Ohio

Construction Underway for $9.6M Redevelopment of Historic School in Nelsonville, Ohio

by Kristin Harlow April 14, 2017

NELSONVILLE, OHIO — The transformation of the former Nelsonville High School Complex into an affordable housing property is about one-third complete. The $9.6 million redevelopment project undertaken by The Woda Group Inc. saved the historic school from demolition. Located at 189 Fayette St., about 60 miles southeast of Columbus, the complex consists of two adjoining buildings built in 1907 and 1924. The new apartment homes will include 33 one- and two-bedroom units, and feature open concept kitchens, energy-saving appliances and individual heating and cooling. Some apartments will retain original chalkboards and classrooms for closet space. The project is slated for completion this fall.

April 14, 2017

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