Midwest

Two Hotels to Open in 2018 at Hunt Midwest Commerce Center in Kansas City

by Kristin Harlow February 7, 2017

KANSAS CITY, MO. — Hunt Midwest has closed on the sale of two hotel sites within Hunt Midwest Commerce Center (HMCC). A 90-room SpringHill Suites by Marriott and a 126-room Holiday Inn Hotel & Suites will be constructed and open on the sites. Both hotels are slated to open in 2018. KMG Hotels will operate the SpringHill Suites by Marriott, which it is developing under the name of Park Hospitality LLC. Elite Hotel Group LLC will own and operate the Holiday Inn Hotel & Suites. HMCC is a 2,500-acre development home to hotels, restaurants and retail stores.

February 7, 2017

Industrial Kansas Midwest

Spectrum Brands to Move to 927,112 SF Facility at Logistics Park Kansas City

by Kristin Harlow February 7, 2017

EDGERTON, KAN. — Spectrum Brands Hardware and Home Improvement (HHI) has unveiled plans to move into a 927,112-square-foot distribution center at Logistics Park Kansas City (LPKC) in Edgerton. Spectrum Brands HHI will consolidate two existing distribution facilities in Charlotte, N.C. and Mira Loma, Calif. Construction of the building, known as Inland Port XXXIII, began in March 2016. The building is the largest to ever be constructed on a speculative basis in Kansas City, according to LPKC. The park is a 1,700-acre distribution and warehouse development anchored by BNSF Railway’s newest intermodal facility.

February 7, 2017

Hospitality Loans Midwest Minnesota

Mission Capital Negotiates $50.8M Loan for Acquisition of Hotel Property in Minneapolis

by Kristin Harlow February 7, 2017

MINNEAPOLIS — Mission Capital Advisors has negotiated a $50.8 million loan for the acquisition of the Graduate Minneapolis. The borrower, AJ Capital Partners, will also renovate and rebrand the 304-room hotel located at 615 Washington Ave. SE. Renovations of the lobby, guest rooms, common areas and meeting spaces are slated for completion in early 2018. Jordan Ray, Ari Hirt, Steven Buchwald and David Behmoaras of Mission Capital represented AJ Capital in the transaction. The team also represented AJ Capital in the $43.8 million acquisition of the Graduate Seattle hotel.

February 7, 2017

Michigan Midwest Office

Signature Associates Arranges Sale of 489,000 SF Office Building in Auburn Hills, Michigan

by Kristin Harlow February 7, 2017

AUBURN HILLS, MICH. — Signature Associates has arranged the sale of a 489,000-square-foot, high-tech office building in Auburn Hills. The sales price was not disclosed, but the list price was $25.5 million. The building is located at 3000 University Drive. Bruce A. Morrison and Paul Hoge of Signature Associates represented the landlord, Shamrock Holdings Inc. The buyer was not disclosed.

February 7, 2017

Midwest Missouri Retail

Mid-America Brokers Sale of 56,033 SF Shopping Center in Springfield, Missouri

by Kristin Harlow February 7, 2017

SPRINGFIELD, MO. — Mid-America Real Estate Corp. has brokered the sale of Morris Corners in Springfield in southwestern Missouri. The sales price was not disclosed. The 56,033-square-foot retail center is located at the corner of Battlefield Road and Fremont Avenue. Tenants include Toys “R” Us and Massage Envy. Carly Gallagher and Ben Wineman of Mid-America represented the seller, Ohio-based DDR. A private buyer purchased the property.

February 7, 2017

Michigan Midwest Office

Microsoft to Move Technology Center to Downtown Detroit

by Kristin Harlow February 6, 2017

DETROIT — Microsoft Corp. has unveiled plans to move its Michigan Microsoft Technology Center (MTC) from Southfield to downtown Detroit in early 2018. The company will occupy more than 40,000 square feet in Bedrock’s One Campus Martius building. There are more than 40 MTCs worldwide, which bring together resources to help clients explore their products. Bedrock is the real estate arm of Dan Gilbert’s business portfolio, specializing in acquiring, leasing, financing, developing and managing commercial and residential space. Since its founding in 2011, Bedrock has located more than 160 office and retail tenants to downtown Detroit.

February 6, 2017

Illinois Industrial Midwest

Opus to Construct 111,345 SF Industrial Building in Romeoville, Illinois

by Kristin Harlow February 6, 2017

ROMEOVILLE, ILL. — The Opus Group has unveiled plans to construct a 111,345-square-foot, speculative industrial building in Romeoville. 101 Paragon will be the second and final phase of the company’s project at Paragon Business Park. Two other speculative industrial developments were constructed in 2016. 101 Paragon will feature 30-foot clear heights, 12 loading docks and 16 trailer parking positions. Completion is slated for August 2017. Opus Development Co. LLC is the developer, Opus Design Build LLC is the design-builder and Opus AE Group LLC is the architect and structural engineer. Jason West and Sean Henrick of Cushman & Wakefield will market the property for lease.

February 6, 2017

Hospitality Midwest Ohio

Hilton Home2 Suites Opens in Cleveland

by Kristin Harlow February 6, 2017

CLEVELAND — Home2 Suites by Hilton Cleveland Beachwood has opened in Cleveland. The hotel features 91 suites with fully equipped kitchens. Amenities include a laundry and fitness area, indoor and outdoor pools and a grill area. The hotel is located at 3589 Park East Drive. Beachwood Hotels LLC is the owner and Atlantic Hospitality and Management is the manager.

February 6, 2017

Kansas Loans Midwest Multifamily

MCA Arranges $17.5M Fannie Mae Loan for Multifamily Property in Overland Park, Kansas

by Kristin Harlow February 6, 2017

OVERLAND PARK, KAN. — Metropolitan Capital Advisors Ltd. (MCA) has arranged a $17.5 million loan for the refinancing of The Dunes at St. Andrews Apartments in Overland Park. The property, built in 2000, consists of 240 units and is 97 percent occupied. The 10-year loan features an interest rate of 4.3 percent. Charley Babb and Tiffany Mullins of MCA placed the loan with a Fannie Mae/DUS lender.

February 6, 2017

Indiana Industrial Midwest

SkyView Advisors Brokers Sale of 164,640 SF Self-Storage Portfolio in Northwest Indiana

by Kristin Harlow February 6, 2017

INDIANA — SkyView Advisors has brokered the sale of R&R American ULock, a five-property portfolio of self-storage facilities located in northwest Indiana. The sales price was not disclosed. The properties total 164,640 square feet and consist of 916 non-climate controlled units. The facilities were built from 1989 to 2007. The units range in size from 60 to 880 square feet. Ryan Clark and Jay Crotty of SkyView Advisors represented the seller, DCG Enterprises LLC, as well as the undisclosed buyer.

February 6, 2017

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