Midwest

Novak Completes Construction of Target Store in Hyde Park, Illinois

by Kristin Harlow November 3, 2016

CHICAGO — Novak Construction has completed a new 20,000-square-foot Target store in Chicago’s Hyde Park. The store is Target’s fifth flexible format store in Chicago and Novak’s 80th overall Target project. The smaller-scale Target, which occupies the first floor of a mixed-use building in Vue53 Apartments on 1330 E. 53rd St., will offer products catered to University of Chicago students and Hyde Park neighborhood residents. Director Jim Hempleman of Novak led the project along with superintendents Kelly Curry, Robert Hillyard and Jeff Potter; project manager Bob Burris; project engineer Jeff Zhang; and contract administrator Angela Campisi.

November 3, 2016

Midwest Minnesota Office

Franklin Street Properties to Renovate, Reposition 801 Marquette Avenue Building in Minneapolis

by Kristin Harlow November 3, 2016

MINNEAPOLIS — CBRE, on behalf of Franklin Street Properties, has unveiled plans to renovate and reposition 801 Marquette Avenue in the heart of downtown Minneapolis. The four-story, 130,000-square-foot building — a former TCF bank that is currently vacant — is located on the corner of Marquette Avenue and 8th Street and dates back to the 1920s. The renovation is currently underway and will enhance the building’s brick exterior while opening the interiors to create tenant spaces with high concrete ceilings and floors. The 801 Marquette building will be available for occupancy in April 2017. At the heart of the renovation is the five-story Atrium, which will become a multipurpose hub for the two-building project. 801 Marquette and the Atrium are also part of a larger project including the adjacent 121 South 8th Street office tower. FSP is the owner of the two office buildings, parking ramp and shared Atrium. Mark McCary and Larissa Champeau of CBRE’s Minneapolis office are exclusively marketing the property for lease.

November 3, 2016

Michigan Midwest Multifamily

Commercial Property Advisors Brokers $23M Sale of Multifamily Property in Southfield, Michigan

by Kristin Harlow November 3, 2016

SOUTHFIELD, MICH. — Commercial Property Advisors has brokered the sale of Providence Place and Tower Apartments in Southfield for $23 million. The 576-unit property is located adjacent to St. John Providence Hospital-Southfield and encompasses approximately 729,000 net rentable square feet. An undisclosed Michigan-based real estate investment firm purchased the property and plans to upgrade the apartment units and common areas. Cary Belovicz of Commercial Property Advisors marketed the property on behalf of Parkstone Capital Partners LP.

November 3, 2016

Illinois Midwest Restaurant Retail

The Boulder Group Arranges $2.9M Sale of a McDonald’s Ground Lease in Hoffman Estates, Illinois

by Kristin Harlow November 3, 2016

HOFFMAN ESTATES, ILL. — The Boulder Group has arranged the $2.9 million sale of a McDonald’s ground lease in Hoffman Estates. McDonald’s is the sole occupant of the 4,388-square-foot building located at 1070 N. Roselle Road. McDonald’s has 20 years of lease term remaining with 8 percent rental increases every five years. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer and the seller, both of which were Midwest-based real estate investment firms.

November 3, 2016

Midwest Multifamily Ohio Seniors Housing Top Stories

Chinese Investors Buy 75 Percent Interest in Welltower Seniors Housing Portfolio for $930M

by Nellie Day November 3, 2016

TOLEDO, OHIO — A joint venture between Cindat Capital Management Limited and Union Life Insurance has purchased a 75 percent interest in a Welltower-owned portfolio of seniors housing properties for $930 million. The acquisition represents Cindat’s first foray into U.S. health care real estate investment. The portfolio contains 11 seniors housing properties that are leased to Brookdale Senior Living, as well as 28 skilled nursing facilities leased to Genesis Healthcare. Welltower will retain 25 percent interest in the properties. The transaction is expected to close by year end and is subject to customary closing conditions. “With aging demographics and U.S. healthcare trends driving the need for innovative health care infrastructure, we believe the sector represents an attractive long-term investment opportunity,” says Greg Peng, CEO at Cindat Capital Management, representing Cindat and Union Life. “We have a significant appetite for investing in the sector and we look forward to a mutually beneficial relationship with Welltower to capitalize on this unique opportunity.” The agreement comes on the heels of Welltower’s third-quarter report, in which the company announced plans to significantly increase dispositions for 2016. The company initially planned to sell $1.3 billion of its assets, but announced it would like to sell …

November 3, 2016

Michigan Midwest Office

Friedman Takes on Comprehensive Real Estate Services Assignment at 297,000 SF Office Building in Southfield, Michigan

by Kristin Harlow November 2, 2016

SOUTHFIELD, MICH. — Raleigh Officentre Southfield LLC selected Friedman Integrated Real Estate Solutions to manage, lease and oversee planned improvements for Raleigh Officentre in Southfield, a suburb of Detroit. Located at 25300 and 25330 Telegraph Road, the 297,000-square-foot Raleigh Officentre consists of two connected six-story office buildings on 14.6 acres. Friedman’s construction and design team will oversee the planned improvements, including landscape enhancements and fully remodeled lobbies. Spaces available for lease range from 1,000 to 280,000 square feet.

November 2, 2016

Illinois Midwest Multifamily

Kiser Group Brokers $3.1M Acquisition of Apartment Building on Chicago’s North Side

by Kristin Harlow November 2, 2016

CHICAGO — Kiser Group has brokered the acquisition of a fully leased six-unit apartment building at 6900 N. Sheridan Road in Chicago’s Rogers Park neighborhood for $3.1 million. At $525,000 per unit, the sale price is the highest on record for Rogers Park on both a per-unit and per-square-foot basis. Located at the northwest corner of Farwell Avenue and Sheridan Road, the four-story building was built in 1918 and fully rehabbed in 2014. It includes four two-bedroom, two-bath units; one three-bedroom, two-bath duplex; and a four-bedroom, two-and-a-half-bath penthouse, with monthly rents ranging from $2,500 to $4,000. Aaron Sklar of the Kiser Group broker represented the buyer, a private investor.

November 2, 2016

Illinois Midwest Mixed-Use

Baum Realty Arranges $2.4M Sale of Mixed-Use Building Occupied by Taco Bell Cantina in Chicago

by Kristin Harlow November 2, 2016

CHICAGO — Baum Realty Group LLC has arranged the sale of a mixed-use building, located at 1439 N. Milwaukee Ave. in Chicago’s Wicker Park/Bucktown neighborhood. The property’s ground-floor retail space is occupied by Taco Bell Cantina, which offers the brand’s traditional food menu in addition to beer, wine and frozen alcohol drinks. The three uppers floors contain five recently updated apartments ranging from one-bedroom layouts to a three-bedroom unit. The property sold for $2.4 million. Greg Dietz and Danny Spitz of Baum Realty Group represented the seller, a local investor. The buyer is a Chicago-based investment group.

November 2, 2016

Illinois Midwest Office

Transwestern, Darwin Realty Arrange 24,400 SF Office Lease in Chicago’s Northwest Suburbs

by Kristin Harlow November 2, 2016

DOWNERS GROVE, ILL. — Transwestern and Darwin Realty have brokered a 24,400-square-foot lease at Corridors I, a 149,896-square-foot office building located at 2651 Warrenville Road in Downers Grove. PLZ Aeroscience Corp., a specialty aerosol product manufacturer, plans to move its headquarters to Downers Grove in February from its current location in Addison. The Downers Grove office will house approximately 80 employees. Corridors I and II were acquired by Transwestern Investment Group in 2013. Transwestern was self-represented by Joe Stevens, Fred Ishler and Lindsay Borkan in the transaction. Adam Haefner of Darwin Realty represented the tenant.

November 2, 2016

Illinois Midwest Mixed-Use

Essex Realty Group Brokers Nearly $2M Sale of a 10-Unit Mixed-Use Building in Logan Square

by Kristin Harlow November 2, 2016

CHICAGO — Essex Realty Group Inc. has brokered the $1.98 million sale of 2843 N. Milwaukee Ave., a 10-unit mixed-use building located in the Logan Square neighborhood of Chicago. The property includes six apartments consisting of two one-bed units and four two-bed units, two street retail spaces and two flex spaces in the rear. The property is situated near the Logan Square CTA stop, which services the Blue Line to Chicago’s Loop and O’Hare International Airport. Jim Darrow and Jordan Gottlieb of Essex Realty Group were the brokers in the transaction.

November 2, 2016

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