Midwest

CBRE Arranges $85M Sale of Multifamily Property in Eden Prairie, Minnesota

by Kristin Harlow February 13, 2017

EDEN PRAIRIE, MINN. — CBRE has arranged the sale of Eden Place in Eden Prairie, 12 miles southwest of Minneapolis, for $85 million. The 508-unit apartment community is located at 13000 Garden Lane. The property consists of eight three-story buildings and a clubhouse with shared amenities on 31 acres. The apartment buildings were originally constructed in 1986 and the seller has remodeled 22 of the units. The clubhouse was built in 2007 and features a fitness center, community room, outdoor veranda for grilling and a business center. Other property features include two outdoor pools, two tennis courts, underground parking, a playground, dog park and walking/biking paths. Keith Collins, Abe Appert and Laura Hanneman of CBRE represented the seller, a separate account client of Invesco Real Estate.

February 13, 2017

Illinois Midwest Retail

Adelphia Negotiates $5.2M Sale of Retail Building in Suburban Chicago

by Kristin Harlow February 13, 2017

AURORA, ILL. — Adelphia Properties has negotiated the sale of a multi-tenant retail building in Aurora for $5.2 million. The 11,810-square-foot building is located at 1480 N. Orchard Road. Tenants include Starbucks, Chipotle and Jimmy John’s. Simeon Spirrison and George Spirrison of Adelphia represented the buyer, a Midwest-based private real estate investor. The seller was not disclosed.

February 13, 2017

Hospitality Kansas Midwest

Avison Young Brokers Sale of Hilton Garden Inn in Overland Park, Kansas

by Kristin Harlow February 13, 2017

OVERLAND PARK, KAN. — Avison Young Hospitality Group has brokered the sale of a Hilton Garden Inn located at 5800 College Blvd. in Overland Park. The sales price was not disclosed. A West Coast-based family office purchased the 125-room hotel. The seller was an institutional hospitality platform based in the Southeast. Michael Bernath and Andrew Broad of Avison Young brokered the transaction.

February 13, 2017

Illinois Midwest Office

Ryan to Redevelop 18-Acre Office Complex in Chicago Suburb

by Kristin Harlow February 10, 2017

WESTMONT, ILL. — Ryan Cos. U.S. Inc. has acquired 700 Oakmont Lane, an 18-acre office complex in Westmont, a suburb of Chicago. Ryan purchased the property from Lexington Group for an undisclosed price. The property currently consists of a three-story, 275,000-square-foot office building. Ryan will redevelop the property as Oakmont Point, a multi-building office complex that can accommodate up to five corporate users. The value of the new development, including land costs, could exceed $35 million. Oakmont Point will feature office spaces ranging from 25,000 to 75,000 square feet, along with 200 indoor parking stalls, a pond and large patios. Ryan A+E Inc. is the architect. Bill Elwood and Tara Torbik of CBRE are marketing the property on behalf of Ryan.

February 10, 2017

Indiana Loans Midwest Multifamily

Dougherty Arranges $26.6M Fannie Mae Loan for Acquisition of Multifamily Property in Indianapolis

by Kristin Harlow February 10, 2017

INDIANAPOLIS — Dougherty Mortgage LLC has arranged a $26.6 million Fannie Mae loan for the acquisition of Coppertree Apartments, a 772-unit multifamily property located in Indianapolis. The property was built in 1969 and renovated in 2012. The seven-year loan features a 30-year amortization schedule. The loan was arranged through a partnership with Old Capital Lending and Dougherty’s Vienna, Va. office for the borrower, Tanglewood Apartments LLC.

February 10, 2017

Loans Midwest Multifamily Wisconsin

Walker & Dunlop Negotiates $11.7M Loan for Refinancing of Multifamily Property Portfolio Near Milwaukee

by Kristin Harlow February 10, 2017

MILWAUKEE — Walker & Dunlop Inc. has negotiated an $11.7 million loan for the refinancing of the Supreme Apartment Portfolio, a six-property portfolio located in Wisconsin. Constructed between 1988 and 1993, the properties consist of 340 garden-style units. The properties include: Greenfield Park in Greenfield, Parkway South in Milwaukee, River Park in Oconomowoc and Orchard Park, Central Park and Parkway Central in West Allis. Matt Ewig, Jeff Robbins and Luke Erlandson of Walker & Dunlop originated the loan with a life insurance company for the borrower, Supreme Builders.

February 10, 2017

Industrial Midwest Wisconsin

Kleen Test Products Signs 20,000 SF Industrial Lease in Milwaukee

by Kristin Harlow February 10, 2017

MILWAUKEE — Kleen Test Products Corp. has signed a 20,000-square-foot industrial lease at 5200 W. Clinton Ave. in Milwaukee. The landlord was TJW Plant3 LLC. TJ Huenerbein, Nick Keys, Samuel D. Dickman and Samuel M. Dickman Jr. of the Dickman Co. Inc./CORFAC International brokered the transaction. Kleen Test Products manufactures wet wipes, dryer sheets, liquids, pads, lotions, soaps and confectionery products.

February 10, 2017

Midwest Ohio Restaurant Retail

Einstein Bros. Bagels Signs 1,850 SF Lease for Third Location in Cincinnati

by Kristin Harlow February 10, 2017

CINCINNATI — Einstein Bros. Bagels has signed an 1,850-square-foot at the Gwynne Building for its third location in Cincinnati. The Colorado-based bagel shop has 735 locations throughout the United States. The new location will be situated along the Cincinnati Streetcar route in the former Richter & Phillips space at 202 East 6th St. The store is expected to open at the end of this month. In addition to in-store breakfast and lunch options, Einstein Bros. will also offer catering throughout downtown. Jason Gibson of Anchor Associates represented Einstein Bros. Bagels and CBRE’s Tori Sunderman represented the landlord in the lease transaction.

February 10, 2017

Illinois Industrial Midwest

Opus Completes Construction, Signs First Tenant for 112,049 SF Industrial Building in Bolingbrook, Illinois

by Kristin Harlow February 9, 2017

BOLINGBROOK, ILL. — The Opus Group has completed construction of 1325 Remington, a 112,049-square-foot warehouse and office building in Bolingbrook. The building is the last remaining site within the Carlow Corporate Center and is located within the I-55 industrial corridor of suburban Chicago. The building features three drive-in doors, 11 loading docks and 28-foot clear heights. Computershare, a global provider of financial and shareholder communication services, has signed a 44,357-square-foot lease as the building’s first tenant. Opus Development Co. was the developer, Opus Design Build was the design-builder and Opus AE Group was the architect and structural engineer of record for the building. Opus Design Build also completed tenant improvements for Computershare with Opus AE Group serving as the architect of record and interior designer. Dominic Derose and Vern Schultz of Colliers International marketed the property for lease, and Fred Reynolds of Ecker + Co. represented Computershare in the leasing.

February 9, 2017

Midwest Missouri Retail

Knoebel Construction Breaks Ground on $54M Shopping Center in St. Peters, Missouri

by Kristin Harlow February 9, 2017

ST. PETERS, MO. — Knoebel Construction Inc. has broken ground on the Shoppes at Mid Rivers in St. Peters. The $54 million project consists of 14 buildings within the 270,000-square-foot shopping center located just north of I-70, about 30 miles northwest of St Louis. Completion is slated for this fall. Confirmed tenants include Academy Sports + Outdoors, Burlington, Ross Dress for Less, Marshalls, HomeGoods, ULTA Beauty, Five Below and Famous Footwear. The property is located across from Mid Rivers Mall, the only regional mall in St. Charles County. GBT Realty Corp. is the developer of the project designed by MJM Architects. Knoebel Construction has divided the work into subprojects with separate management teams in order to complete the center in time for the 2017 holiday shopping season.

February 9, 2017

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