Midwest

Peak Construction Breaks Ground on 103-Room Marriott Residence Inn in Chicago Suburb

by Christina Cannon June 13, 2016

BOLINGBROOK, ILL. — Peak Construction Corp. has broken ground on a four-story, 77,000-square-foot Marriott Residence Inn in Bolingbrook, approximately 30 miles south of Chicago. The hotel will feature 103 rooms, a swimming pool, outdoor patio with picnic area and a multi-purpose sports court. Hallmark Investment Corp. and Love Hotel Management Co. are overseeing the project. Norr Architects is providing architectural services, and Manhard Consulting Ltd. is the civil engineer. The project is slated for completion next spring.

June 13, 2016

Michigan Midwest Multifamily

Compatriot Capital Acquires Remaining Ownership of Village Green Holding

by Christina Cannon June 13, 2016

FARMINGTON HILLS, MICH. — Compatriot Capital Inc. has acquired Jonathan Holtzman’s remaining ownership interest in Village Green Holding, a privately held developer, owner and manager of apartment properties headquartered in Farmington Hills. Compatriot Capital and Village Green had been co-owners of the company since 2011. Holtzman stepped down as chairman and CEO but acquired a majority ownership in select apartment communities owned by Village Green. Village Green will retain its name and maintain its property management, acquisition and development business model. Village Green, established in 1919, manages $4.5 billion in real estate assets and approximately 40,000 units at more than 150 properties. Headquartered in Dallas, Texas, Compatriot directs the real estate investment strategy for Sammons Enterprises Inc., a global holding company with assets in excess of $71 billion.

June 13, 2016

Midwest Multifamily Ohio

Reichle Klein Group Brokers $1.2M Sale of 87-Unit Apartment Property in Toledo

by Christina Cannon June 13, 2016

TOLEDO, OHIO — Reichle Klein Group has brokered the sale of an 87-unit apartment property in Toledo for $1.2 million. Devonshire Apartments is a three-building property that is situated on 4.8 acres at 902 Gribbin Lane. Australia-based First Eleven LLC sold the property to an investor based on the East Coast. Walter Plath and Harlan Reichle of the Reichle Klein Group represented the seller in the transaction.

June 13, 2016

Hospitality Midwest Ohio

Skanska Signs $51M Contract to Manage Construction of Hotel and Conference Center near Cincinnati

by Christina Cannon June 10, 2016

MADISONVILLE, OHIO — Skanska has signed a $51 million contract with RBM Development to oversee construction of the Dolce Lifestyle Hotel and Conference Center in Madisonville, approximately 10 miles northeast of Cincinnati. The project is a redevelopment of a former warehouse site and will convert an existing parking garage into a 239-room, 131,233-square-foot boutique hotel and conference center. The full-service, nine-story hotel will feature meeting spaces, 16 event spaces, a rooftop garden, outdoor dining area and a combined restaurant and lounge. Construction is scheduled to begin this month and is slated for completion in December 2017.

June 10, 2016

Midwest Minnesota Multifamily Seniors Housing

Weis Builders Breaks Ground on 115-Unit Seniors Housing Community near Minneapolis

by Christina Cannon June 10, 2016

ROSEVILLE, MINN. — Weis Builders has broken ground on Cherrywood Pointe of Roseville at Lexington, a 115-unit senior living community in Roseville, approximately eight miles northeast of Minneapolis. The four-story building, to be located at 2666 Lexington Ave. N., will consist of 85 independent and assisted living units, 24 memory care units and six private care units, which serve as an alternative to traditional nursing home care for those needing higher levels of care on a long- or short-term basis. L&M Associates is designing the 173,145-square-foot community, which is scheduled for completion by July 2017. United Properties will own the facility. Cherrywood Pointe of Roseville at Lexington will feature a dining room, private dining, overnight guest rooms, underground parking, decks and patios, a movie theater, fitness center, hair salon, bistro and group transportation.

June 10, 2016

Illinois Midwest Retail

Novak Construction Builds $18.3M Walmart Supercenter in Richton Park, Illinois

by Christina Cannon June 10, 2016

RICHTON PARK, ILL. — Novak Construction has completed a new 184,000-square-foot, $18.3 million Walmart Supercenter in Richton Park, approximately 35 miles south of Chicago. The store includes a grocery, produce and bakery area; vision center; photo center; electronics and sporting goods departments; credit service station; indoor and outdoor garden center; and indoor pharmacy with drive-thru. The 28-acre site also included two detention basins, a frontage road, retaining wall, parking for 800 cars and a full-service fueling center. The adjacent roadways were widened to accommodate the new store, and traffic signals were added to the intersections. Construction took eight months to complete. Merriam, Kan.-based BRR Architecture Ltd. designed the project.

June 10, 2016

Hospitality Michigan Midwest

Lowe Enterprises Investors Acquires 149-Room Hampton Inn in Ann Arbor

by Christina Cannon June 10, 2016

ANN ARBOR, MICH — Lowe Enterprises Investors (LEI), in a joint venture with a foreign investment client, has acquired the 149‐room Hampton Inn Ann Arbor for an undisclosed price. LEI plans to renovate the guest rooms, bathrooms and fitness center. Amenities at the hotel, located at 925 Victors Way, include an indoor pool and spa tub, fitness center, complimentary hot breakfast and a 24-hour business center. Hodges Ward Elliott represented the undisclosed seller in the transaction.

June 10, 2016

Loans Michigan Midwest Multifamily

Revere Capital Provides $4.8M in Financing for Acquisition of Two Apartment Properties near Detroit

by Christina Cannon June 10, 2016

LINCOLN PARK AND INKSTER, MICH. — Revere Capital has provided a $4.8 million acquisition loan for two multifamily properties in Southeast Michigan. Cherry Hill Club Apartments is a 154-unit complex in Inkster, approximately 17 miles west of Detroit. Located at 209 Cherry Hill Trail, Cherry Hill Club Apartments features on-site management, extra storage, a clubhouse, laundry facility and a swimming pool. Village Green of Lincoln Park is a 106-unit property, located at 1369 Fort St. in Lincoln Park, approximately 13 miles southwest of Detroit. The community features amenities such as a fitness center with saunas, laundry facility, swimming pool and picnic areas. The undisclosed borrower also utilized 1031 exchange proceeds to buy the apartment properties.

June 10, 2016

Indiana Midwest Multifamily

CBRE Brokers Sale of 232-Unit Apartment Complex in Indianapolis

by Christina Cannon June 9, 2016

INDIANAPOLIS — CBRE Group Inc. has brokered the sale of a 232-unit trophy apartment community on the north side of Indianapolis. Cityscape Residential, the original developer, sold 82 Flats at the Crossing to a private investor for an undisclosed price. Built in 2013, the property includes amenities such as a saltwater pool, game room, business center, media lounge, grilling cabana and outdoor lounge, cyber café with coffee bar and fitness center.

June 9, 2016

Midwest Ohio Retail

Sands Investment Group Brokers $10.2M Sale of Kroger in Northern Cincinnati Suburb

by Christina Cannon June 9, 2016

HAMILTON, OHIO — Sands Investment Group (SIG) has brokered the $10.2 million sale of a Kroger grocery store in Hamilton, approximately 30 miles north of Cincinnati. HOH Crimson LLC sold the 77,154-square-foot property located at 1450 S. Erie Blvd. to Exchangeright Real Estate LLC. This Kroger has increased sales every year since it opened and has 11 years remaining on its lease. Daniel Hoogesteger and Andrew Chana of SIG represented the seller in the transaction.

June 9, 2016

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