Midwest

CBRE Arranges Sale-Leaseback of 19 Facilities Operated by Raben Tire Co.

by Christina Cannon July 1, 2016

EVANSVILLE, IND. — CBRE has assisted Raben Tire Company Inc. in the sale-leaseback of 19 property across five states. A private REIT, Broadstone Net Lease, acquired the assets, which are located in Arkansas, Illinois, Indiana, Kentucky and Missouri. The properties total 450,711 square feet. Raben Tire Co. currently operates 28 stores, three retreading facilities and two wholesale distribution centers. Andrew Sandquist, JC Asensio and Briggs Goldberg of CBRE’s Chicago office, along with Chris Bosworth, Will Pike and Brian Pfohl of CBRE’s Atlanta office, represented Raben Tire Co. in the transaction.

July 1, 2016

Iowa Midwest Multifamily Seniors Housing

Anchor Housing Development Completes 48-Unit Affordable Seniors Housing Community in Iowa

by Christina Cannon July 1, 2016

MASON CITY, IOWA — Anchor Housing Development has completed construction of Legacy Manor of Mason City II, a 48-unit affordable seniors housing community, in Mason City, approximately 120 miles north of Des Moines. WNC, a California-based real estate investor, provided $5.9 million in low-income housing tax credit (LIHTC) equity to fund the development. Legacy Manor of Mason City II is a three-story, elevator-serviced building comprised of two-bedroom apartment homes with approximately 800 square feet of space for residents aged 55 and older. Daniel Tonnesen was project developer for the development, which took one year to complete.

July 1, 2016

Illinois Midwest Multifamily

Interra Brokers $3.5M Sale of Three Chicago Properties

by Christina Cannon July 1, 2016

CHICAGO — Interra Realty has brokered the sale of a three-property portfolio located in Chicago’s Jefferson Park neighborhood for a total of $3.5 million. The properties include a mixed-use asset at 5802 W. Catalpa Ave. that sold for $2.1 million, and two multifamily properties located at 5402 W. Windsor Ave. and 4518 N. Long Ave. The multifamily properties sold for $657,500 and $702,500, respectively. The portfolio included a total of 32 apartment units and eight commercial spaces. Joe Smazal of Interra Realty represented both undisclosed parties in the transaction.

July 1, 2016

Iowa Midwest

Isle of Capri Casinos Opens $60M Land-Based Casino in Bettendorf, Iowa

by Christina Cannon June 30, 2016

BETTENDORF, IOWA — Isle of Capri Casinos Inc. has opened the $60 million land-based Isle Casino Hotel Bettendorf, which is located seven miles northeast of Davenport. The casino, which relocated 223 feet from a riverboat gaming facility, features roughly 1,000 slot machines, 19 table games, a bar and two restaurants, Farmer’s Pick Buffet and Keller’s Express. An additional restaurant, Keller’s American Grill, will open later this year. The new 35,000-square-foot casino is accompanied by over 500 hotel rooms and more than 40,000 square feet of convention space. Kraus-Anderson Construction was the general contractor, and Hnedak Bobo Group Inc. was the architect of record.

June 30, 2016

Loans Midwest Minnesota

Grandbridge Arranges $41.1M in Financing for Properties Across Minnesota

by Christina Cannon June 30, 2016

CHARLOTTE, N.C. — Charlotte-based Grandbridge Real Estate Capital has arranged $41.1 million in loans for five properties in Minnesota. The transactions include: A $1.8 million refinancing loan for a 25,000-square-foot office property in Minneapolis, which includes a 15-year term and 15-year amortization schedule. A $3 million loan used to refinance a 39,466-square-foot retail property in Lake Elmo that features a five-year term and 20-year amortization schedule. A $30 million, 15-year loan to refinance a 191-unit multifamily property in Eden Prairie. A $4.8 million refinancing loan for a 68,554-square-foot office property in Eagan. The loan consists of a 10-year term and 25-year amortization schedule. A $1.5 million loan for the acquisition of a 30,147-square-foot industrial property in Apple Valley. The financing features a 10-year term and 25-year amortization schedule.

June 30, 2016

Hospitality Indiana Midwest

Drury Hotels Opens New 303-Room Hotel in Indianapolis

by Christina Cannon June 30, 2016

INDIANAPOLIS — Drury Hotels Co. has opened the Drury Plaza Hotel Indianapolis Carmel. The hotel features 303 guest rooms and over 7,000 square feet of event space. Amenities include Wi-Fi, a complimentary breakfast, business center, fitness center and an indoor/outdoor pool with hot tub. The Drury Plaza offers king, queen and two-room suites. Missouri-based Drury Hotels Co. owns and operates over 130 hotels in 21 states.

June 30, 2016

Midwest Missouri

Biomedical Systems Opens 12,000 SF Technology and Research Center in St. Louis

by Christina Cannon June 30, 2016

ST. LOUIS — Biomedical Systems has opened a new technology and research center in St. Louis near its global headquarters. Biomedical Systems is a 40-year-old clinical trial provider to pharmaceutical, medical device, biotech and contract research organizations. The 12,000-square-foot facility houses over 70 software developers, data technicians and business analysts. The center was designed to foster innovation and integration of new technology to improve efficiencies.

June 30, 2016

Midwest Office Ohio

CBRE Arranges Lease Renewal, Expansion for Office Property in Cincinnati

by Christina Cannon June 30, 2016

CINCINNATI — CBRE Group Inc. has arranged an office lease renewal and expansion for Blue & Co., an independent accounting and advisory firm. The company, which will continue to occupy space on the first floor of the Sawyer Point Building, signed a lease for 5,359 additional square feet on the second floor, doubling its space. The Sawyer Point Building is a four-story, 185,000-square-foot office building located at 720 E. Pete Rose Way. Chuck Male of CBRE represented the tenant in the transaction. John Eckert and Travis Likes of CBRE represented the landlord.

June 30, 2016

Market Reports Midwest Midwest Market Reports Missouri Office Uncategorized

New Headquarters Construction Drives Office Growth Along Highway 40

by Christina Cannon June 30, 2016

The office market in Chesterfield, a suburb of St. Louis, has undergone tremendous growth in the past two years. In particular, the I-64/Highway 40 corridor within the West St. Louis County submarket has experienced a flurry of activity highlighted by the construction of several corporate headquarters as well as expansions. The corridor, which stretches from Clayton to Chesterfield, boasts a highly visible central location, proximity to high-end housing that appeals to corporate executives, newer buildings that bode well for future resale or leasing, and convenient interstate access. With a Class A vacancy rate of only 7.6 percent, the West St. Louis County submarket is experiencing a shortage of available blocks of office space of 50,000 square feet or more. Corporations desiring to locate along the prestigious corridor are relocating from older Class B space to existing or build-to-suit Class A properties. In fact, new construction during the last two years added 774,000 square feet of office space to this submarket, of which all but 50,000 square feet was already committed upon delivery. Less than 50,000 square feet was considered speculative. Magnet for headquarters RaboAgrifinance will relocate its corporate headquarters from Creve Coeur Pointe to the new Delmar Gardens III at …

June 30, 2016

Illinois Loans Midwest Multifamily

Cohen Financial Arranges $25M Loan for 304-Unit Apartment Property in Chicago Suburb

by Christina Cannon June 29, 2016

WOODRIDGE, ILL. — Cohen Financial has arranged a $25 million bridge loan for the acquisition and renovation of a 304-unit apartment property in Woodridge, approximately 30 miles southwest of Chicago. Timber Creek Apartments, located at 3421 Foxboro Drive, is a Class B complex that was built in 1974. The property was 88 percent occupied at the time of sale. The borrower, SSIL Woodridge LLC, plans to renovate Timber Creek Apartments by upgrading unit interiors, roofs, the clubhouse and exterior amenities. Michael Hart and Don Trossman of Cohen Financial arranged the non-recourse financing with The Private Bank.

June 29, 2016

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