Midwest

GRAND RAPIDS AND LANSING, MICH. — Wolverine Building Group is constructing two apartment properties totaling 718,000 square feet in Michigan. Georgia-based Rise Real Estate is the developer. Skyvue Apartments is a 418,000-square-foot mixed-use development located in downtown Lansing. The $65 million project began with the demolition of a former car dealership. The property will include 338 units with a mix of one-, two- and four-bedroom units. Amenities include a sky view lounge, outdoor pool and fitness center. The building will also feature more than 4,000 square feet of commercial space for future build-out. Construction began in November 2015 and is slated for completion in July. The Brix at Midtown is located in downtown Grand Rapids. Comprising two buildings and 300,000 square feet, the property will feature 287 apartment units. Amenities include a clubhouse, fitness center, swimming pool, courtyards and dog parks. Construction began in April 2016 and is slated for completion this November.

FacebookTwitterLinkedinEmail

HOWELL, MICH. — MedCraft Healthcare Real Estate LLC has completed development of the Ascension Medical Center in Howell, approximately 30 miles north of Ann Arbor. The $13.5 million, 60,000-square-foot outpatient facility is located at the Latson Road exit on I-96. The new center will offer primary care services of family practice, internal medicine, obstetrics/gynecology and pediatrics. Specialties include cardiology, pulmonology and audiology. Other services include diagnostic imaging (with 3-D mammography), lab, physical therapy and occupational health. The center is also home to an urgent care that will be open seven days a week for 10 hours per day. Diekema Hamann provided architectural and engineering services, while the CSM Group provided construction services.

FacebookTwitterLinkedinEmail

CHICAGO — SVN | Chicago Commercial has brokered the sale of a self-storage portfolio in Chicago’s West Loop for $13.5 million. The portfolio consists of three buildings totaling 60,000 square feet. Extra Space occupies the buildings, which are located at 1230-1242 W. Washington Blvd. Chad Schroedl, Drew Dillon, and Scott R. Maesel of SVN brokered the transaction. Neither the buyer nor the seller was disclosed.

FacebookTwitterLinkedinEmail

ORANGE CITY, IOWA — The Opus Group has begun construction of a new 61,750-square-foot Health and Natural Sciences building at Northwestern College in Orange City. The building will be the new home of the school’s biology, chemistry and nursing departments. The project will include lab spaces, featuring simulation suites that replicate hospital and clinical settings for nursing students. Additional classrooms will include moveable tables and exam rooms to allow for hands-on training. The building will also feature energy-efficient mechanical and electrical systems, including a specialized cooling system that makes ice overnight when utility rates are lower and uses the ice to cool the facility throughout the day. The building is slated for completion in summer 2018. Opus Design Build LLC is the construction manager for the project, HGA is the design architect and Cannon Moss Brygger Architects is the architect of record.

FacebookTwitterLinkedinEmail

SCHAUMBURG, ILL. — Cohen Financial, a division of SunTrust Bank, has arranged an $8 million loan for the acquisition of 1933 N. Meacham Road in Schaumburg. The 142,164-square-foot office property is located at the intersection of Meacham and Algonquin roads. Cohen Financial arranged the five-year loan with Chicago-based First Midwest Bank. The borrower was St. Louis-based Integris Ventures.

FacebookTwitterLinkedinEmail

CHICAGO — Law firm Barack Ferrazzano Kirschbaum & Nagelberg LLP has renewed its 99,756-square-foot office lease at 200 W. Madison in Chicago’s West Loop. The firm is the largest tenant within the 928,040-square-foot building and will occupy the space through 2032. Barack Ferrazzano Kirschbaum & Nagelberg moved into the space 10 years ago, replacing Hyatt Hotels Corp. as the anchor tenant. Kyle Kamin, Cal Wessman and Mark Cassata of CBRE represented the tenant in the lease transaction. Jeff Dowdell, Katie Steele, Courtney Rosoff and Michael Lirtzman of Transwestern brokered the lease on behalf of the owner, Bentall Kennedy’s U.S. core fund. Transwestern has managed the property since 2011. A recent $5 million renovation included an updated lobby, modernized elevators, new tenant lounge and expanded fitness center with yoga room.

FacebookTwitterLinkedinEmail

GRAND ISLAND, NEB. — Marcus & Millichap has brokered the sale of Continental Gardens in central Nebraska for $10.3 million. The 150-unit apartment property is located at 3111 College St. Built in 1977 with 120 units, the property was expanded in 2016 with an additional 30 units. Bradley Barham and Max Helgeson of Marcus & Millichap represented the seller, a private investor, and procured the buyer, a local private investment partnership.

FacebookTwitterLinkedinEmail

WEST ALLIS, WIS. — CBRE has negotiated the sale of Lincoln Center II and III in suburban Milwaukee for $8 million. The two office buildings total 121,388 square feet. Lincoln Center II is located on a three-acre site at 2514 S. 102nd St., while Lincoln Center III is located at 10150 W. National Ave. The buildings were more than 87 percent occupied at the time of sale with tenants including Verizon, Acuity, Cognex and Eye Care Specialists. Eric Rapp and Patrick Gallagher of CBRE represented the seller, Somerset Properties. Sara Investment Real Estate LLC purchased the properties.

FacebookTwitterLinkedinEmail

CHICAGO — Baum Realty Group has arranged the sale of a Chase Bank ground lease in Chicago for $4.5 million. The 4,195-square-foot retail property is located at 7180 W. Grand Ave. and includes four drive-thru lanes. Patrick Forkin and Brad Teitelbaum of Baum brokered the sale on behalf of the seller, a private West Coast investor. An institutional buyer purchased the property.

FacebookTwitterLinkedinEmail

CHESTERLAND, OHIO — The Cooper Commercial Investment Group has brokered the sale of a single-tenant property net leased to AutoZone in Chesterland, about 30 miles east of Cleveland, for $1.4 million. The lease has approximately 10 years remaining. Dan Cooper of Cooper Group represented the buyer, a private investor based in Ohio. The seller was a Louisiana-based private investment group.

FacebookTwitterLinkedinEmail