Midwest

Marcus & Millichap Brokers $4.9M Sale of Net-Leased Retail Building in Ohio

by Christina Cannon June 17, 2016

WILMINGTON, OHIO — Marcus & Millichap has brokered the $4.9 million sale of a property net leased to JD Equipment in Wilmington, approximately 50 miles northwest of Cincinnati. JD Equipment carries John Deere, Hustler and Stihl farming and agriculture products. A limited liability company sold the 30,266-square-foot property, which is located at 7550 U.S. Route 68. John Reehil and Dan Yozwiak of Marcus & Millichap listed the property on behalf of the seller. Darpan Patel, Joel Dumes, Stan Falk and Steve Anevski of Marcus & Millichap represented the buyer, a limited liability company, in the transaction.

June 17, 2016

Illinois Midwest Mixed-Use Retail Top Stories

Intercontinental Real Estate Sells Retail, Entertainment Property in Chicago for $133M

by Christina Cannon June 17, 2016

CHICAGO — Intercontinental Real Estate Corp. has sold the River East Center, a 251,060-square-foot, mixed-use property in the Streeterville area of downtown Chicago. A joint venture between Wheelock Street Capital and Madison Capital purchased the center for $133 million, according to Crain’s Chicago. The buyer has plans to rebrand the property, which is situated on 2.8 acres encompassing an entire city block. Intercontinental Real Estate paid $117.5 million for the property in early 2006, according to Crain’s. The three-story retail and entertainment complex sits on top of a four-story underground parking garage with 1,154 spaces. The property also features an 18-story Embassy Suites hotel and a 58-story, 620-unit luxury condominium tower, neither of which are included in the sale. Tenants at the retail and entertainment center include AMC Theatres, Lucky Strike, LA Fitness, FTW Chicago, Walgreens, Bright Horizons, NIU Sushi, Bellwether restaurant and BMO Harris Bank. Located at 322 E. Illinois St., River East Center is 97.8 percent leased. HFF arranged financing for the transaction. — Christina Cannon

June 17, 2016

Illinois Midwest Office

White Oak Realty Partners, CA Ventures Breaks Ground on Trophy Office Tower in Chicago

by Christina Cannon June 16, 2016

CHICAGO — White Oak Realty Partners LLC and CA Ventures have broken ground on a 20-story, trophy office tower in Chicago’s West Loop. The project is slated for completion by the first quarter of 2018, according to Crain’s Chicago. The building, located at 625 W. Adams St., will consist of 432,000 square feet of office space and a 400-space parking facility. Amenities at the tower will include three outdoor terraces, a fitness center, panoramic views, a conference auditorium that can accommodate up to 1,000 people and 2,500 square feet of ground-floor retail. Martin Wolf of Solomon Cordwell Buenz designed the project.

June 16, 2016

Midwest Minnesota Multifamily Seniors Housing

Nottingham Construction Breaks Ground on 118-Unit Senior Living Community Near Minneapolis

by Christina Cannon June 16, 2016

LITTLE CANADA, MINN. — Nottingham Construction has broken ground on Cardigan Ridge, a 118-unit senior living community in Little Canada, approximately 15 miles northwest of Minneapolis. The four-story facility, located at 3300 Rice St., will provide independent living, assisted living and memory care units. Construction on the 158,000-square-foot building is slated for completion by May 2017. Amenities at Cardigan Ridge will include overnight guest rooms, underground parking, a community room, private dining room, movie theater, fitness center, hair salon, spa tub room, workshop and craft room and library with computer access. Heart Development will own the property, and Ebenezer Management Services will manage the community. Kaas Wilson Architects is designing the project.

June 16, 2016

Loans Michigan Midwest Multifamily

Bernard Financial Arranges $6M Loan for 235-Unit Apartment Property in Taylor, Michigan

by Christina Cannon June 16, 2016

TAYLOR, MICH. — Bernard Financial Group has arranged a $6 million loan to refinance Taylor Park Townhomes in Taylor, approximately 20 miles southwest of Detroit. Taylor Park Townhomes boasts a total of 235 rental units and consists of 14 two-story buildings. The complex was built in 1968 and is situated on 12.9 acres. Taylor Park Apartments Limited Partnership is the borrower. Dennis Bernard and Kevin Kovachevich of Bernard Financial placed the financing with a CMBS lender.

June 16, 2016

Midwest Office Ohio

Grandview Yard Near Columbus Locks Down Latest Tenant

by Christina Cannon June 16, 2016

GRANDVIEW HEIGHTS, OHIO — C.H. Robinson, a global third-party logistics provider, has signed an 11,700-square-foot office lease at Grandview Yard, a 1.2 million-square-foot commercial development four miles northwest of downtown Columbus. C.H. Robinson will occupy space on the first floor of the 800 Yard Street building starting this fall. Other tenants in the building include Northwestern Mutual, Ernst & Young, Hilliard Lyons and Unum Life Insurance Co. Dina Zavislak of Mohr Partners and John Underman of Colliers International represented C.H. Robinson in the transaction. Christopher Bradley of Nationwide Realty Investors and Wayne Harer of Continental Realty represented the owner, Nationwide Realty Investors.

June 16, 2016

Industrial Midwest Wisconsin

The Dickman Company Brokers Sale of 30,100 SF Industrial Property Near Milwaukee

by Christina Cannon June 16, 2016

ST. FRANCIS, WIS. — The Dickman Company Inc./CORFAC International has brokered the sale of a 30,100-square-foot industrial building in St. Francis, approximately six miles south of Milwaukee, for an undisclosed price. Price Avenue Partners LLC purchased the building, located at 4630 S. Brust Ave., from Airport I LLC. Samuel M. Dickman Jr., Samuel D. Dickman and Cale Berg of The Dickman Company brokered the transaction.

June 16, 2016

Illinois Market Reports Midwest Midwest Market Reports Office Uncategorized

Market Conditions Ripe for Office Acquisitions by Single-Tenant Users

by Christina Cannon June 16, 2016

Across the country, and specifically in the Chicago corridor that leads to the northwestern suburbs, a wide range of businesses are debunking the commonly held notion that urban migration is diminishing the suburban marketplace. The evidence is indisputable. While Fortune 500 firms are leasing hundreds of thousands of square feet in Chicago’s suburbs, small to midsize firms are facilitating the expansion of their businesses by acquiring single-tenant facilities in the burbs as well. Since 2014, 20 businesses in Chicago’s northwest suburbs have acquired buildings totaling more than 1.3 million square feet of space, according to Colliers International. The cumulative purchase price of these assets exceeds $97.1 million. This level of activity compares favorably to statistics for the entire suburban marketplace that show 63 buildings totaling approximately 4.7 million square feet and valued in excess of $307.7 million were sold during that time (see table). Four driving factors This healthy level of activity can be attributed to a variety of factors, four of which we highlight in this piece. • Access to capital — Banks are lending again and exhibiting greater levels of caution after years of retreating to the sidelines. Additionally, the cost of capital is very reasonable, in spite …

June 16, 2016

Illinois Industrial Midwest

IDI Gazeley Developing 276,250 SF Industrial Business Park Near Chicago

by Christina Cannon June 15, 2016

BLOOMINGDALE, ILL. — IDI Gazeley is developing a new 276,250-square-foot industrial business park in Bloomingdale, approximately 30 miles northwest of Chicago. The three-building Bloomingdale Corporate Center is slated for completion by the end of this year. The center will include 255 Madsen, 260 Madsen and 270 Madsen, which will be 51,600 square feet, 70,650 square feet and 154,000 square feet, respectively. Each building will feature loading docks, concrete truck courts, 30-foot clear heights, T-5 lighting and ESFR sprinkler systems. Newmark Grubb Knight Frank will serve as the leasing agent for the complex.

June 15, 2016

Illinois Loans Midwest Office

Cohen Financial Arranges $15.5M Acquisition Loan for Two Office Buildings in Oak Brook, Illinois

by Christina Cannon June 15, 2016

OAK BROOK, ILL. — Cohen Financial has closed a $15.5 million acquisition loan for two office buildings in Oak Brook, approximately 20 miles west of Chicago. Oak Brook Place I & II are each three stories and 90,000 square feet. The buildings were constructed in 1980 and 1981 and were 94 percent occupied at the time of sale. Cohen Financial placed the floating-rate, three-year loan with Prime Financial Partners. The borrower was an affiliate of American Landmark Properties Management LLC.

June 15, 2016

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