Midwest

Ryan Cos., Lincoln Property Co. Top Out $100M Chicago Apartment Tower

by Christina Cannon July 29, 2016

CHICAGO — Ryan Cos. and Lincoln Property Co. have topped out a 368-unit, luxury apartment building in Chicago’s Gold Coast neighborhood. Aurélien is a 31-story, $100 million project that will be located at 833 N. Clark St. Construction on the project began in July 2015 and is slated to be completed by early 2017. Daiwa House Texas Inc. is the primary equity investor in Aurélien. When completed, the building will offer 78 studios and convertibles, 209 one-bedroom units, 75 two-bedroom units and six penthouse apartments. The majority of unit sizes will range from 563 square feet to 1,252 square feet, while penthouse apartments will range from 1,179 square feet to 3,250 square feet.

July 29, 2016

Kansas Midwest Office

McPherson Contractors Breaks Ground on $30M Headquarters for Federal Home Loan Bank in Topeka

by Christina Cannon July 29, 2016

TOPEKA, KAN. — McPherson Contractors Inc. has broken ground on a $30 million, 96,000-square-foot headquarters building for Federal Home Loan Bank in Topeka. The three-story building will feature 265 parking spaces, walking trails, outdoor terraces, a café and 3,400 square feet of amenity space. The LEED Gold design is expected to reduce energy use by 65 percent compared with a conventional design. HOK and Schwerdt Design Group are the architects of record. Construction is slated for completion in December 2017.

July 29, 2016

Healthcare Illinois Loans Midwest

Capital One Provides $33.6M Loan for Acquisition of Four Medical Office Properties Near Chicago

by Christina Cannon July 29, 2016

CHICAGO — Capital One has provided a $33.6 million loan for the acquisition of four medical office buildings near Chicago. A joint venture between Harrison Street Real Estate Capital and MedProperties Group purchased the assets. The seller in the transaction was undisclosed. The portfolio of properties includes the 51,632-square-foot Lockport Crossing in Lockport; the 22,467-square-foot Dryer Medical Clinic in Batavia; the 62,808-square-foot Arlington Heights Medical Center in Arlington Heights; and the 17,374-square-foot Batavia Medical Campus II in Batavia.

July 29, 2016

Illinois Midwest Office

Cushman & Wakefield Arranges 18,044 SF Office Lease in Metro Chicago

by Christina Cannon July 29, 2016

OAKBROOK TERRACE, ILL. — Cushman & Wakefield has arranged an 18,044-square-foot office lease in Oakbrook Terrace, approximately 20 miles west of Chicago. Hyundai Motor America is relocating the office portion of its central regional offices to the top floor of TransAm Plaza Two. Hyundai’s service training center and parts distribution subsidiary, Mobis, will remain at an industrial facility located at 1705 Sequoia Ave. in Aurora, Ill. JBS Commercial represented the landlord, American Landmark Properties, in the transaction.

July 29, 2016

Illinois Industrial Midwest

Transwestern Investment Group Acquires Five-Property Industrial Portfolio in Chicagoland

by Christina Cannon July 29, 2016

CHICAGO —TSP Value and Income Fund, a subset of Transwestern Investment Group, has purchased a five-property, industrial portfolio in the Chicago area for an undisclosed price. The portfolio, which is fully occupied, totals 1.4 million square feet. The properties include 3800 Sunset Ave. in Waukegan; 301-363 N. Third Ave. in Des Plaines; 5300 Proviso Drive in Melrose Park; 7400 Richards Road in Bridgeview; and 5100 W. 123rd St. in Alsip. The properties have clear heights ranging from 21 feet to 30 feet and all have some percentage of office finish. The portfolio features eight tenants including Dulin Metals Co., Permasteelisa North America, Midland Paper Co., Keystone Automotive Industries and Cornfields Inc. Christopher Carroll and Brian Carlton of HFF placed a five-year, fixed-rate acquisition loan for the portfolio with a life company.

July 29, 2016

Michigan Midwest Office

Ford Motor Co. Unveils Plans for $1.2B Renovation of World Headquarters Near Detroit

by Christina Cannon July 28, 2016

DEARBORN, MICH. — Ford Motor Co. has unveiled plans for a 10-year, $1.2 billion renovation of its Dearborn campus, roughly 10 miles west of Detroit, according to The Architect’s Newspaper, a New York-based print and web publication. The project will combine 30,000 employees from 70 buildings into two primary locations — a product campus and a world headquarters campus. Over 7.5 million square feet will be rebuilt and upgraded into more modern, green and high-tech space. The product campus will feature trails and walkways, autonomous vehicles, on-demand shuttles and eBikes. The world headquarters will feature a Ford credit facility. Both campuses will also include new employee services and heightened wireless connectivity. At the heart of the product campus will be a 700,000-square-foot design center, which will include new design studios and an outdoor design courtyard. Construction of the product campus is expected to be complete by 2023. Work on the world headquarters campus begins in 2021 and is expected to be complete in 2026.

July 28, 2016

Midwest Missouri Office

CBRE Brokers Sale of Two Office Buildings in Kansas City in Separate Transactions

by Christina Cannon July 28, 2016

KANSAS CITY, MO. — CBRE has brokered the sale of two office buildings in Kansas City in separate transactions. In the first deal, Highwoods Properties Inc. sold an 82,365-square-foot building to Price Brothers Development Co. for an undisclosed price. Park Plaza is located at 801 W. 47th St. In the second deal, a joint venture between Highwoods Properties Inc. and an investment group led by Angelo Mariani sold a 265,000-square-foot, Class A building to Stanton Road Capital LLC. Plaza West, located at 4600 Madison Ave., is currently 91 percent leased. Gina Anderson and Gary Carr of CBRE represented the seller in both transactions. The sales price in both transactions was undisclosed.

July 28, 2016

Midwest Missouri

McCarthy to Complete $14.5M Renovation for University of Missouri-Kansas City

by Christina Cannon July 28, 2016

KANSAS CITY, MO. — McCarthy Building Companies Inc. will complete a $14.5 million renovation for the University of Missouri-Kansas City (UMKC). The project will modernize 75,000 square feet of laboratory space in the Spenser Chemistry and Biological Sciences Building, which was originally constructed in 1968. The facility was last renovated in the 1980s. Construction will begin this December, and the project is slated for completion by July 2018.

July 28, 2016

Loans Michigan Midwest Multifamily

Eastern Union Arranges $12.7M Acquisition Loan for Apartment Complex in Metro Detroit

by Christina Cannon July 28, 2016

AUBURN HILLS, MICH. — Eastern Union Funding has arranged a $12.7 million acquisition loan for a 259-unit apartment community in Auburn Hills, approximately 35 miles north of Detroit. Bloomfield Square Apartments, located at 3161 Bloomfield Lane, is comprised of 28 buildings. Bloomfield Loop Square LLC was the borrower. Nate Hyman and David Metzger of Eastern Union Funding arranged the loan through Greystone & Co. The ownership plans to add a fitness center and upgrade the units and clubhouse.

July 28, 2016

Illinois Industrial Midwest

Transwestern Brokers Sale of 40,000 SF Industrial Property Near Chicago

by Christina Cannon July 28, 2016

ADDISON, ILL. — Transwestern has brokered the sale of a 40,000-square-foot industrial property in Addison, approximately 25 miles west of Chicago. Venture One Real Estate purchased the property, located at 120 Fairbank St., from a private seller for an undisclosed price. The facility, built in 1979, features six exterior docks, three drive-in doors and 1,500 square feet of office space. Justin Lerner and Joe Karmin of Transwestern represented the seller in the transaction.

July 28, 2016

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