Midwest

CINCINNATI — CBRE Group Inc. has arranged the sale of a two-story office building in Cincinnati for $3.1 million. The 42,000-square-foot property, 111 Tri-County Parkway, is 100 percent leased to Cincinnati Bell Technology Services, which uses the facility as a support center for help desk functions, bench-testing and fulfillment services. Keith Yearout, Jim Vondran and Hank Davis of CBRE represented the seller, OA Development, in the transaction. Wang Brothers Investment, a California-based private equity investor, was the buyer.

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TOLEDO, OHIO — The Cooper Commercial Investment Group has negotiated the sale of Great Eastern Shopping Center, a 335,000-square-foot retail center in Toledo for an undisclosed price. Super Dollar Tree, Dollar General and McDonald’s anchor the retail property. A New York-based private investment group acquired the property from a large institutional seller out of New York. Bob Havasi and Dan Cooper of Cooper Commercial Investment Group represented the seller in the transaction.

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SHAWNEE, KAN. — Colliers International has arranged the sale of a 142,308-square-foot industrial building in Shawnee, approximately 10 miles southwest of Kansas City, for an undisclosed price. ECM Real Estate Holdings LLC sold the facility, located at 23501 W. 84th St., to Shawnee Logistics Centre LLC. John Stafford, Ed Elder and Tom Haverty of Colliers International represented the seller in the transaction. The buyer was self-represented.

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MINNEAPOLIS — Ryan Companies US Inc. has broken ground on the Millwright Building in Minneapolis. Located at Third Street and Portland Avenue, the office building will be part of Downtown East, Ryan Cos.’ $450 million mixed-use development near the US Bank Stadium. Ryan Cos. will relocate its corporate headquarters from South Tenth Street to 65,000 square feet within the four-story building when it opens in spring 2017. The 172,000-square-foot Millwright Building will feature access to a skyway connection system, 4.2-acre public green space, parking deck and light rail transit system. The building will also include common areas, a rooftop terrace and several bike-friendly features. The Downtown East project includes 1.2 million square feet of office space, 26,000 square feet of retail space, a six-level parking deck, a set of four sky bridges and internal skyways, a Radisson RED Hotel, a residential apartment complex named EDITION and a 4.2-acre public green space called The Commons.

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CHICAGO — Mid-America Real Estate Corp. has arranged the $46.5 million sale of The Heritage Shops at Millennium Park, a 98,547-square-foot street retail property located in Chicago. Joe Girardi and Stan Nitzberg of Mid-America represented the seller, Acadia Realty Trust, in the sale of the property to Texas-based Hunt Investment Management. The asset is located at the southeast corner of Randolph Street and Wabash Avenue. Tenants at the property include LA Fitness Signature Club, McDonald’s, Fifth Third Bank, Ann Taylor LOFT, Lane Bryant/Cacique, Fannie May Candies, Intelligentsia Coffee and Sugar Bliss Cake Boutique.

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COLUMBIA, MO. — A partnership between CA Student Living and Fields Holdings has broken ground on Rise on 9th near the University of Missouri campus in Columbia. The 10-story, 430-bed project is the sixth development by the partnership. Brinkmann Constructors is building Rise on 9th, which was designed by ACI Boland. The project is scheduled to be completed in time for the fall 2017 academic semester.

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INDEPENDENCE, OHIO — Newmark Grubb Knight Frank (NGKF) has brokered the $10 million sale of a 54,611-square-foot medical office building in Independence, approximately 10 miles south of Cleveland. Dennison Development Group sold the property, located at 6701 Rockside Road, to a healthcare real estate company based in Tennessee. Dennison Development Group built the three-story Rockside Medical Center in 1980. The building features a surgical center, new HVAC system, new roof and recent renovations to common areas. The multi-tenant building is 65 percent leased to St. Vincent Charity Medical Center and The Cleveland Clinic. Bob Nosal and Susan Licciardi of NGKF represented the seller in the transaction.

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GURNEE, ILL. — Venture One Real Estate LLC has purchased a single-tenant 21,672-square-foot distribution center in Gurnee, approximately 45 miles northwest of Chicago, for an undisclosed price. Chenille Kraft Co. sold the building, which is located on 1.4 acres at 65 Ambrogio Drive. Venture One plans to rehab the property. David Liebman of Merit Partners represented the seller, and Venture One was self-represented.

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CHICAGO — The City of Chicago has unveiled plans for a 200-room hotel at Navy Pier. Construction on the $90 million project is slated to start next year and be complete by the later half of 2018. The five-story hotel will be built next to Festival Hall on the east end of the pier and will anchor the dining and entertainment portion of the Navy Pier’s Centennial Vision, a reimagination and redevelopment of the 100-year-old pier. KOO is the architect for the hotel, and First Hospitality Group will develop and manage the property. James McHugh Construction Co. will build the hotel. The brand of the hotel has yet to be determined. Originally opened in 1916 as a shipping and recreation facility, Navy Pier showcases more than 50 acres of parks, restaurants, attractions, retail shops, sightseeing and dining cruise boats, exposition facilities and more.

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ST. PAUL, MINN. — HFF has secured a $48.1 million acquisition loan for a 427-unit apartment property in St. Paul. The borrower is an affiliate of Abacus Capital Group LLC. HFF originated the floating-rate loan through Freddie Mac’s CME Program. The Burlington, located at 1180 Cushing Circle, is 98 percent leased and offers studio, one- and two-bedroom units. Apartments at The Burlington range from 454 to 1,361 square feet. Amenities at the property include a swimming pool, spa, grilling area, tennis court, fitness center and clubhouse with coffee bar. Mona Carton of HFF, which will service the loan, represented the borrower in the transaction.

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