Midwest

Friedman Arranges Sale of 104-Unit Apartment Property Near Detroit

by Christina Cannon August 4, 2016

SOUTHFIELD, MICH. — Friedman Integrated Real Estate Solutions has brokered the sale of a 104-unit apartment property in Southfield, approximately 15 miles northwest of Detroit. Cambridge Square Partners LLC sold the property, located at 27315 Greenfield Road, to Loop Cambridge Square LLC and OM Gardner LLC. Cambridge Square Apartments offers one- and two-bedroom units. Amenities at the property include a playground, courtyard and covered parking. Ryan Cohn and David Cohen of Friedman Integrated Real Estate Solutions represented the seller in the transaction.

August 4, 2016

Market Reports Michigan Midwest Midwest Market Reports Multifamily

Metro Detroit Apartment Market Finds Its Groove

by Christina Cannon August 4, 2016

Favorable hiring trends in metro Detroit have driven household formation to its highest point since the start of the new millennium. As a result, multifamily asset performance and operations have shown marked improvement with respect to demand, occupancy, rents and prices. In the first quarter of the year, local employers created 14,500 jobs for a year-over-year gain of 2.3 percent, which brought Detroit’s unemployment level to its lowest level since 2001. Employment advances were led by the professional and business services sector as well as the leisure and hospitality sector, which added 16,100 and 6,000 workers, respectively. Total employment at the end of 2016 is projected to be 1.9 percent higher than it was at the end of 2015. The generally higher paying professional and business services jobs will lead to broad-based employment growth through the rest of the year, and gains in this segment are expected to support growing demand for luxury rentals. In any event, rental demand in Detroit is on the rise for the foreseeable future. Construction takes off Encouraged by positive employment trends, economic indicators and a recovering automotive industry, new construction, renovation and conversion are thriving. Developers have new multifamily projects underway in more than …

August 4, 2016

Illinois Midwest Office

Equus Capital Partners Acquires 414,442 SF Office Property in Metro Chicago

by Christina Cannon August 3, 2016

OAKBROOK TERRACE, ILL. — An affiliate of Equus Capital Partners Ltd. has acquired a Class A office property in Oakbrook Terrace, approximately 20 miles west of Chicago, for an undisclosed price. Mid America Plaza is a 414,442-square-foot complex that includes two 10-story buildings. The property was 87 percent leased at the time of sale. Mid America Plaza, built in 1985, features amenities such as a conference center, deli, restaurant, a 16,600-square-foot fitness center, picnic areas, walking trails, a softball field and a pond. The complex is also located across the street from the Oakbrook Center Mall, which is currently undergoing a $150 million expansion. Mark Katz and Bryan Rosenberg of HFF represented the undisclosed seller in the transaction.

August 3, 2016

Illinois Midwest Office

Fifield Cos. Completes Renovation of 106,000 SF Office Building in Chicago’s West Loop

by Christina Cannon August 3, 2016

CHICAGO — Fifield Cos. has completed a 12-month renovation of a 106,000-square-foot office property in Chicago’s West Loop. The eight-story Burnham 600 is located at 600 W. Jackson Blvd. and was designed by Daniel Burnham in 1912. After purchasing the building in 2015, Fifield Cos. renovated the lobby, hallways and elevators, and added new signage and a security desk. Fifield Cos. also made renovations to the building’s sixth floor, where the company’s 6,500-square-foot headquarters office is located. Other tenants in the building include Assemble, Bravo Foods, Evan Law Group, Family Health Network, Gibraltar Capital Advisors, Mark IV Realty, OKW Architects, Reed Construction, Seneca Real Estate Advisors and Starwood Hotels.

August 3, 2016

Illinois Midwest Retail

Quantum Real Estate Advisors Arranges $3.4M Sale of Retail Building in Chicago

by Christina Cannon August 3, 2016

CHICAGO — Quantum Real Estate Advisors Inc. has brokered the sale of a 5,215-square-foot retail building for $3.4 million. iFLY, an indoor skydiving facility, occupies the building, which is located at 800 W. Scott St. in Chicago. A Chicago-based private real estate investor acquired the property from a Chicago-based developer. Chad Firsel of Quantum Real Estate Advisors represented both parties in the transaction.

August 3, 2016

Michigan Midwest Office

Farbman Group Brokers $2.2M Sale of 40,509 SF Office Property Near Detroit

by Christina Cannon August 3, 2016

DEARBORN, MICH. — Farbman Group has brokered the sale of a 40,509-square-foot office building in Dearborn, approximately 10 miles west of Detroit, for $2.2 million. GJ Ramz Acquisition LLC acquired the Class B property, which is located at 19853 W. Outer Drive. The former Eastpointe Office Building is now being rebranded as the Safeway Building. The three-story facility was built in 1985 and was 87 percent occupied at the time of sale. Tenants at the Safeway Building include the United States of America General Services Administration, Riley and Hurley, Glaucoma Center of Michigan, YMT Vacations, AA1 Investments and Yogurtopia Holdings. The buyer plans to make improvements to the property such as updating the façade and entryway, renovating the lobby, upgrading the HVAC system, replacing the building signage, repaving and striping the parking lot, and revamping the landscaping. Ali Haidar of Farbman Group represented the buyer in the transaction. EAS&B investments #1-Eastpointe LLC was the seller. Farbman Group will manage and lease the property.

August 3, 2016

Illinois Loans Midwest Retail

NorthPoint Capital Arranges $1.3M Loan for 16,300 SF Retail Center in Metro Chicago

by Christina Cannon August 3, 2016

CAROL STREAM, ILL. — NorthPoint Capital Funding Inc. has arranged a $1.3 million acquisition loan for a 16,300-square-foot retail center in Carol Stream, approximately 30 miles west of Chicago. Elk Trail Center was built in 1984 and was fully occupied by 11 tenants at the time of funding. The center is located at 257-281 W. Elk Trail Road. NorthPoint Capital placed the 20-year, fully amortizing loan with Farm Bureau of Michigan. The undisclosed borrower was in a 1031 exchange.

August 3, 2016

Illinois Loans Midwest Office

HFF Arranges $233.3M Construction Loan for Trophy Office Tower in Chicago’s West Loop

by Christina Cannon August 2, 2016

CHICAGO — HFF has arranged a $233.3 million construction loan for a 35-story office tower in Chicago’s West Loop. The John Buck Company will develop the Class A CNA Center at 151 N. Franklin St. The building will serve as the new world headquarters for CNA, an insurance organization and the principal subsidiary and operating company of CNA Financial. The tower will also house the national headquarters for Hinshaw & Culbertson LLP, an international law firm. The LEED Gold-certified building will boast 807,137 square feet of space and a 500-stall parking garage. Amenities at 151 N. Franklin will include a 4,200-square-foot rooftop terrace and bar, 10,000 square feet of courtyards, a fitness center, 250-seat conference center, restaurant, bike room and a café and coffee bar. The project is slated for completion in the summer of 2018. Michael Kavanau and Danny Kaufman of HFF placed the loan with Bank of the Ozarks. John Ronan Architects and Adamson Associates are the project designers.

August 2, 2016

Midwest Minnesota Mixed-Use

CA Residential, Harlem Irving Cos. to Develop 530,842 SF Mixed-Use Property in Minneapolis

by Christina Cannon August 2, 2016

MINNEAPOLIS — A joint venture between CA Residential LLC and Harlem Irving Cos. has broken ground on RISE at Prospect Park, a 530,842-square-foot, mixed-use development in Minneapolis. The project will include a seven-story structure with 150 apartments; an adjacent 13-story tower with an additional 186 units; and 40,000 square feet of street-level retail. A 30,000-square-foot Fresh Thyme will anchor the development. The project will be located at 2929 University Ave. SE and is scheduled to be delivered in March 2018. Residences at RISE at Prospect Park will offer a mix of studio, one-, two-, three- and four-bedroom floor plans ranging in size from 470 to 1,423 square feet. Each unit will feature 9-foot ceilings, hardwood-style flooring, quartz countertops, stainless steel appliances, USB outlets and in-unit washers and dryers. Building amenities will include a rooftop deck with lounges, fire pits and grilling stations; a dog run; coffee bar; fitness center with locker rooms, a yoga/barre studio, a sauna and a tanning room; an entertainment suite with demonstration kitchen; a golf simulator room; private theater; music rehearsal space; game room; bike storage; and dry cleaning service. Chicago-based Habitat Cos. will manage RISE at Prospect Park. Tushie Montgomery Architects is the architect of …

August 2, 2016

Industrial Kansas Midwest

Opus Unveils Plans for 205,000 SF Industrial Facility in Metro Kansas City

by Christina Cannon August 2, 2016

OLATHE, KAN. — The Opus Group has unveiled plans for a 205,000-square-foot speculative industrial facility in Olathe, approximately 30 miles southwest of Kansas City. 56 Commerce Center is the first phase of a 505,000-square-foot master-planned project. The building, located on 53 acres at the southeast corner of Old 56 Highway and Loan Elm Road, is slated to be completed in January 2017. The multi-tenant facility will feature office space, 32-foot clear heights and a truck court. Opus will provide development, construction and architectural services for the project, and Joe Orscheln and Mike Mitchelson of CBRE will market the property for lease.

August 2, 2016

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