Midwest

Gershman Mortgage to Move Headquarters to Chesterfield, Missouri

by Kristin Harlow March 3, 2017

CHESTERFIELD, MO. — St. Louis-based Gershman Mortgage will be moving its headquarters from a 16,000-square-foot office in Clayton, Mo. to 16253 Swingley Ridge Road in Chesterfield this month. The new office space of more than 24,000 square feet will allow the company to grow. Over 100 employees will be located at the new office. The mortgage company will be closing its existing Chesterfield location at 187 Hilltown Village Center, but will maintain its Clayton presence with an office located at 7801 Forsyth Blvd. Gershman also maintains local offices in Kirkwood, South St. Louis City and St. Peters. Additional offices in the Midwest are located in Branson and Springfield, Mo., Illinois, Iowa and Oklahoma.

March 3, 2017

Midwest Missouri Restaurant Retail

MOD Pizza to Open Three Locations in Greater Kansas City Metro

by Kristin Harlow March 3, 2017

KANSAS CITY, MO. — MOD Pizza has leased three 3,000-square-foot locations in the greater Kansas City metro. The new restaurants will be located at 1937 Foxwood Drive in Raymore; 5315 NE Antioch Road in North Kansas City; and 1112 NE Coronado Drive in Blue Springs. All three leases are for 10 years. MOD Pizza currently has over 200 locations nationally, and makes artisan style pizzas and salads. David M. Block and Mark McConahay of Block & Co. Inc. Realtors negotiated the lease transactions on behalf of the tenant.

March 3, 2017

Illinois Midwest Office

Illinois Action for Children Renews 40,000 SF Office Lease in Chicago

by Kristin Harlow March 3, 2017

CHICAGO — Illinois Action for Children has renewed its 40,000-square-foot office lease at 1340 S. Damen Ave. in Chicago. The non-profit group will remain on the second floor of the building for an additional five years. The 193,000-square-foot, Class B office building is located in the Pilsen neighborhood. Other tenants include Vitas Healthcare and Lutheran Social Services of Illinois. Julie Lane of Bradford Allen negotiated the lease renewal on behalf of the tenant.

March 3, 2017

Midwest Mixed-Use Nebraska Top Stories

Jasper Stone Plans $1.2B Mixed-Use Development in Omaha

by Kristin Harlow March 3, 2017

OMAHA, NEB. — Jasper Stone Partners has received preliminary governmental approval for Avenue One, a $1.2 billion mixed-use development in west Omaha. The Omaha Planning Board unanimously approved the nearly 200-acre project this week, according to the Omaha World-Herald, the local daily newspaper. Avenue One will be located south of 192nd and Dodge streets. The development will feature office, retail, residential, hotel and civic spaces, as well as public green spaces and walking trails. Jasper Stone plans to break ground later this year on the project, which will consist of 1.3 million square feet of office and retail space, and more than 2,000 residential units. Phase I of construction is slated for completion in late 2018. Avenue One will be one of the largest projects of its kind in Omaha and is expected to have an annual economic impact of more than $1 billion, according to a news release from the developers. Jasper Stone is working with Block Real Estate Services LLC during the master planning phase. Other participants in the project include HOK for architecture and land planning, Omaha-based Olsson and Associates for engineering and design, Pansing Hogan Ernst & Bachman and Husch Blackwell for legal services and Pinnacle …

March 3, 2017

Illinois Midwest Retail

Mid-America Arranges $52.6M Sale of Shopping Center in Chicago

by Kristin Harlow March 2, 2017

CHICAGO — Mid-America Real Estate Corp. has arranged the sale of Webster Place in Chicago’s Lincoln Park. The 134,918-square-foot retail center is located at the southwest corner of North Clybourn and Webster avenues, and is anchored by Regal Cinemas, Webster Place Athletic Club, Barnes and Noble and Chase Bank. Ramco-Gershenson Properties Trust purchased the property from Chicago-based Syndicated Equities Group. Ben Wineman and Carly Gallagher of Mid-America arranged the transaction.

March 2, 2017

Illinois Midwest Multifamily Seniors Housing

McShane to Construct Final Phase of Senior Living Community in Northbrook, Illinois

by Kristin Harlow March 2, 2017

NORTHBROOK, ILL. — McShane Construction Co. has been selected to construct the final phase of The Lodge of Northbrook, a senior living community in Northbrook, about 25 miles northwest of Chicago. Essex Communities is the developer of the property, located at 2244 Founders Drive. The final phase of construction will include 60 independent living apartments and eight assisted living units. A total of 96 units were constructed in the first three phases. The new addition will be constructed on the north end of the property and will complement the existing building utilizing the same masonry. The 150,000-square-foot Phase IV will incorporate amenities such as an expanded fitness center and new dining room, commercial kitchen and salon. Omaha-based Avant Architects is providing the architectural services for this phase, which is scheduled for completion at the end of May 2018.

March 2, 2017

Loans Midwest Multifamily Ohio

NorthMarq Arranges $24.6M in Acquisition Financing for Apartment Property in Cincinnati

by Kristin Harlow March 2, 2017

CINCINNATI — NorthMarq Capital has arranged $24.6 million in acquisition financing for a 250-unit apartment property in Cincinnati. The 10-year loan includes a 25-year amortization schedule. NorthMarq arranged the financing for the undisclosed borrower through Freddie Mac.

March 2, 2017

Illinois Industrial Midwest

Midwest Industrial Funds Purchases 106,000 SF Industrial Portfolio in Chicago Suburb

by Kristin Harlow March 2, 2017

BATAVIA, ILL. — Midwest Industrial Funds has purchased a four-building industrial portfolio from a private seller. The purchase price was not disclosed. The properties total 106,000 square feet and are all located in Batavia, a suburb of Chicago. The addresses are 1705-1775 Hubbard Ave., 900 Paramount Parkway, 902 Paramount Parkway and 950 Paramount Parkway in the Fox Valley Center for Industry Business Park. The properties range from 7,000 square feet to 18,000 square feet. The portfolio was approximately 75 percent leased to eight different tenants at the time of acquisition. Midwest Industrial plans to complete improvements to the parking lot, exterior façade and interior units.

March 2, 2017

Illinois Midwest Retail

Slumberland Furniture to Anchor Quincy Mall in Quincy, Illinois

by Kristin Harlow March 2, 2017

QUINCY, ILL. — Slumberland Furniture has unveiled plans to open a new store at Quincy Mall in the fall. The national furniture retailer will be the first furniture retailer to be a tenant in the mall, and will anchor the center in the space formerly home to JC Penney. Improvements totaling over $4 million are planned for the retail center, according to the mall owner and manager, Cullinan Properties Ltd. In addition to the opening of Slumberland, the mall will receive new signs and enhancements to the interior décor before the end of the year. Quincy Mall opened in 1978 and consists of 500,000 square feet.

March 2, 2017

Illinois Midwest Office

Reed Construction Completes Corporate Headquarters for Medline in Northfield, Illinois

by Kristin Harlow March 1, 2017

NORTHFIELD, ILL. — Reed Construction has completed construction of the new corporate headquarters for Medline Industries Inc. in Northfield, approximately 20 miles north of Chicago. Medline is a global medical supply manufacturer and distributor, providing products and clinical solutions to hospitals, physician offices, ambulatory surgery centers, nursing homes, home care and retail. Renovations encompassed more than 530,000 square feet in the space that formerly housed Kraft Food’s corporate headquarters. The property is located at 3 Lakes Drive. MB Real Estate and Medline selected Reed Construction to complete the project, which included an interior demolition and rebuild of the large existing space. The workspace areas include both open layouts and private offices. The space also features a large break area, cafeteria and various meeting and breakout rooms for employee use. More than half of the employees formerly located at One Medline Place in Mundelein, Ill. made the move to the new headquarters. The former campus will remain open. Jason Gunderson of Reed Construction led the project, along with Chris Ashman, Kari Hanson, Jay Crane and Michael Whited. Partners by Design provided architectural services. MB Real Estate served as the owner’s representative.

March 1, 2017

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