Midwest

Millennia Housing Development Buys Key Center, Marriott Hotel in Cleveland for $267.5M

by Nellie Day February 1, 2017

CLEVELAND — Millennia Housing Development has purchased the 1.3 million-square-foot Key Center office tower and adjacent 400-room Marriott Hotel in Cleveland for $267.5 million. The property is located at 127 Public Square and includes a parking structure. Key Center was built in 1991 and is 57 stories tall. The tower houses the headquarters of Key Bank and BakerHostetler law firm, among other tenants. The office tower was 82 percent leased at the time of sale. The seller, Columbia Property Trust (NYSE: CXP), had previously announced its plans to exit the Cleveland and Houston markets. Columbia has completed $1.2 billion of dispositions since January 2016 and $3.3 billion since January 2012. The firm will use proceeds from these sales to reinvest in high-barrier-to-entry markets such as New York City and San Francisco. “Key Center is the most recognizable icon on the Cleveland skyline, and we were determined to take a patient approach in order to identify the right buyer for this significant asset,” says Nelson Mills, CXP’s president and CEO. “Our diligence has now been rewarded, allowing us to exit the Cleveland market at a price within our expectations and accelerate our focus on high-barrier markets.” Columbia Property Trust owns and …

February 1, 2017

Loans Midwest Minnesota Multifamily

Dougherty Provides $28.6M HUD Refinancing for Multifamily Property in Minneapolis

by Kristin Harlow January 31, 2017

MINNEAPOLIS — Dougherty Mortgage LLC has provided a $28.6 million HUD loan for the refinancing of The Grain Belt, a multifamily property in Minneapolis. The property consists of two buildings and 150 units. Situated on the site of the former Orth and Grain Belt Breweries, the buildings were constructed in 2014. The office/clubhouse was built in 1892 and previously used as the office for the Grain Belt Brewery. The building is listed on the National Register of Historic Places. Dougherty’s Minneapolis office arranged the 35-year, fully amortizing loan for the borrower, Orth-Grain Belt LLC.

January 31, 2017

Illinois Midwest Multifamily Seniors Housing

Evergreen Real Estate Opens $24M Seniors Housing Property in Aurora, Illinois

by Kristin Harlow January 31, 2017

AURORA, ILL. — Evergreen Real Estate Group has opened Aurora St. Charles Senior Living in Aurora. The 60-unit independent living facility is located at 400 E. New York St. Formerly St. Charles Hospital, the historic building was transformed into a residential community as part of a $24 million redevelopment that began in December 2015. The community includes a mix of studio, one- and two-bedroom floor plans. Amenities include a large community room, fitness room, walking paths and community gardens. The building had been vacant since 2010. Evergreen Real Estate Group collaborated with Invest Aurora, Northern Lights Development Corp., the City of Aurora, Illinois Housing Development Authority (IHDA) and Illinois Department of Commerce and Economic Opportunity, along with several private lenders and investors, to secure the financing and tax credits needed to fund the $24 million rehabilitation. Approximately $3 million was obtained through the River Edge Redevelopment Zone program, which was created in 2006 to incentivize riverfront development in Aurora and other Illinois cities. The balance of the project’s development cost was covered by a combination of federal historic tax credits, low-income housing tax credits allocated by IHDA and private financing.

January 31, 2017

Illinois Industrial Midwest

Hengli Purchases New Headquarters in Bolingbrook, Illinois

by Kristin Harlow January 31, 2017

BOLINGBROOK, ILL. — Hengli America LLC, an hydraulic manufacturer based in China, has purchased its new U.S. headquarters in Bolingbrook. The 46,289-square-foot facility is located at 580 Crossroads. The building will also serve as a testing and distribution facility. The property includes 12,000 square feet of office space, five dock doors and two drive-in doors. Perry Higa of NAI Hiffman represented Hengli, while Traci Buckingham Payette and Jeff Kapcheck of CBRE represented the undisclosed seller.

January 31, 2017

Midwest Ohio Retail

Marcus & Millichap Brokers $4.4M Sale of Shopping Center in Avon, Ohio

by Kristin Harlow January 31, 2017

AVON, OHIO — Marcus & Millichap has brokered the sale of Center Plaza in Avon, about 20 miles west of Cleveland, for $4.4 million. The 25,359-square-foot shopping center is located at 2100 Center Road. Howard Hanna anchors the property, which also includes tenants such as Barry Bagels, Dante Lucci Salon, Math Wizard, Northwest Savings Bank and Zeppe’s Pizza. Erin Patton, Scott Wiles and Craig Fuller of Marcus & Millichap marketed the property on behalf of the seller, an international private fund. A private local buyer purchased the asset.

January 31, 2017

Industrial Midwest Wisconsin

Dickman Co./CORFAC Arranges Sale of 8,700 SF Industrial Building in Pewaukee, Wisconsin

by Kristin Harlow January 31, 2017

PEWAUKEE, WIS. — The Dickman Co. Inc./CORFAC International has arranged the sale of an 8,700-square-foot industrial building in Pewaukee, north of Waukesha. The building is located on Joseph Road. Samuel M. Dickman Jr., Samuel D. Dickman and Nick Keys of the Dickman Co. represented the undisclosed seller. Chris Etmanczyk of Lee & Associates represented the buyer, Joseph Road LLC.

January 31, 2017

Illinois Midwest Office

American Landmark Properties Purchases Business Park in Skokie, Illinois for $77M

by Kristin Harlow January 30, 2017

SKOKIE, ILL. — American Landmark Properties has purchased the Illinois Science + Technology Park (ISTP) in Skokie, a suburb of Chicago, for $77 million. The 24-acre campus is located at 4901 Searle Parkway. The property includes 556,650 square feet of office, laboratory and amenity space. The buildings are 86 percent leased to tenants such as NorthShore University HealthSystem, Astellas Pharma, LanzaTech, Vetter Development Services USA and Fresenius Kabi. Included in the acquisition is the 136,000-square-foot 8030 Lamon Ave. building shell, which is suitable for a build-to-suit tenant. Additional development opportunities include up to 1.3 million square feet of new office and lab facilities on the ISTP campus and a 500,000-square-foot, mixed-use retail and residential project directly on Oakton Street. Forest City Realty Trust, which purchased the property in 2005, was the seller. Scott Brandwein and David Saad of CBRE have been retained as the leasing agents for the ISTP property. Cohen Financial secured a $73.5 million loan with Prime Finance Partners of Chicago for the borrower.

January 30, 2017

Michigan Midwest Mixed-Use

Third Coast Development, PK Development Group Break Ground on $42M Mixed-Use Project in Grand Rapids, Michigan

by Kristin Harlow January 30, 2017

GRAND RAPIDS, MICH. — Third Coast Development and PK Development Group have broken ground on the $42 million Diamond Place project in Grand Rapids. Diamond Place is a 2.8-acre development that sits on land formerly used by Proos Manufacturing at Michigan Street. The development will offer 165 apartments, consisting of one- and two-bedroom units. Approximately 100 of the units will be designated as income-restricted. Ground-floor retail spaces will also be available. The project is slated for completion in summer 2018. Pioneer Construction is the construction manager and Progressive AE is the architect. Other partners in the project include Michigan Good Food Fund, JPMorgan Chase Bank, Cinnaire, Mercantile Bank, Capital Impact Partners, Michigan Economic Development Corp., Michigan State Housing Development Authority, Opportunity Resource Fund and the City of Grand Rapids.

January 30, 2017

Illinois Loans Midwest Retail

Integra Negotiates $3.2M Loan for Acquisition of Shopping Center in Collinsville, Illinois

by Kristin Harlow January 30, 2017

COLLINSVILLE, ILL. — Integra Real Estate Capital has negotiated a $3.2 million non-recourse loan for the acquisition of Orchards Shopping Center in Collinsville, 15 miles east of St. Louis. Dollar General, Asia Gardens and HSHS Medical Group anchor the 65,143-square-foot center. Meyer Perlman of Integra secured the 10-year, fixed-rate loan through a CMBS lender on behalf of the borrower, a New York-based investment group.

January 30, 2017

Industrial Midwest Ohio

Kosei Signs 48,000 SF Industrial Lease in West Chester, Ohio

by Kristin Harlow January 30, 2017

WEST CHESTER, OHIO — Kosei, a distributor of aluminum wheels, has signed a lease to occupy 48,000 square feet in Building E at Port Union at Union Centre. The speculative warehouse building, owned by Becknell Industrial, is now fully leased. Port Union E includes 28-foot clear heights, ESFR sprinkler system, 14 docks and two drive-in doors. Polymet Corp. will occupy 90,750 square feet at the 138,750-square-foot building, which is scheduled for completion in early spring. Tony Sorgi of Plante Moran CRESA represented Kosei, while Jeremy Kraus of CBRE represented Becknell.

January 30, 2017

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