Midwest

CA Ventures, K Giles Start Construction on 26-Story Mixed-Use Tower in Chicago

by Kristin Harlow November 1, 2016

CHICAGO — CA Ventures, in conjunction with K Giles LLC, has started construction on a 320-unit mixed-use development at 1136 S. Wabash Ave. in Chicago’s South Loop. The transit-oriented project is located steps from the CTA Roosevelt station. Scheduled for completion in May 2018, the 26-story tower will include 320 luxury apartments, 5,000 square feet of street-level retail and parking for 141 vehicles. Floor plans will range in size from 389 to 1,027 square feet. Lendlease will oversee construction of the Solomon Cordwell Buenz-designed tower.

November 1, 2016

Indiana Midwest Multifamily Seniors Housing

63-Unit Senior Apartment Community for Low-Income Residents Opens in Indianapolis

by Kristin Harlow November 1, 2016

INDIANAPOLIS — The city of Indianapolis, along with TWG Development LLC and community leaders, recently celebrated the grand opening of Illinois Street Senior Apartments, a 63-unit, low-income housing community, on Oct. 28. Facilitated through the Department of Metropolitan Development (DMD), TWG was awarded U.S. Department of Housing and Urban Development (HUD) grant funds to purchase and develop the historic building at 1352 N. Illinois St. The vacant building once housed Fame Laundry Co. The city supported this project with two HUD funds: the HOME Investment Partnerships Program (HOME), which supports affordable housing projects across the city, and the National Stabilization Program (NSP), a competitive grant created to help local governments acquire and redevelop buildings. The Community Investments Division of DMD earned the NSP grant in 2015, enabling the city and TWG to invest in the property and return it to a community asset.

November 1, 2016

Loans Midwest Missouri Multifamily

Capital One Provides $27M Loan for Multifamily Property in Kansas City, Missouri

by Kristin Harlow November 1, 2016

KANSAS CITY, MO. — Capital One has provided a $27.3 million balance sheet loan for the refinancing of a multifamily property owned by a fund advised by Sentinel Real Estate. The five-year, adjustable-rate loan is secured by Carrington Place at Shoal Creek, a 270-unit, Class A luxury garden-style apartment community that the fund purchased in January 2016. Seth Wiener and Joel Willard of Capital One originated the transactions.

November 1, 2016

Illinois Midwest Retail

L3 Capital Purchases 30,000 SF W. Fulton Market for $14.5M

by Kristin Harlow November 1, 2016

CHICAGO — Real estate investment firm L3 Capital has purchased 914-26 W. Fulton Market, a 30,000-square-foot, two-story property from El Cubano Wholesale Meats. The purchase price was $14.5 million. El Cubano had used the property as a cold storage and office facility, but the property can easily be subdivided for multiple tenants. El Cubano will be moving its production and distribution operations to a 96,000-square-foot facility at 5275 S. Archer Ave. Keely Polczynski, CBRE senior vice president, represented El Cubano in the transaction.

November 1, 2016

Midwest Minnesota

CBRE Arranges $2.3M Acquisition Loan through Freddie Mac for Apartment Property in Minneapolis

by Kristin Harlow November 1, 2016

MINNEAPOLIS — CBRE Capital Markets’ Debt & Structured Finance team has arranged $2.3 million in long-term acquisition financing for a 41-unit multifamily complex located in the Standish neighborhood of South Minneapolis. The two-story building, located at 3725 Cedar Ave. South, was built in 1971 and offers one-, two- and three-bedroom units. The property was 100 percent occupied at the time of closing. The non-recourse financing was obtained through Freddie Mac’s small loan balance program and features a 20-year loan term with a 10-year fixed interest rate of 3.3 percent and a 30-year amortization. Ben Bastian of CBRE’s Minneapolis office represented the borrower, 3725 Cedar LLC, in the transaction. The borrower is affiliated with Baker Management Group LLC, a local multifamily owner and operator with approximately 250 units under management within the Minneapolis metro area.

November 1, 2016

Illinois Midwest Multifamily

Smithfield Properties Constructs Chicago’s First Ground-up Micro Apartments

by Kristin Harlow October 31, 2016

CHICAGO — Developer Smithfield Properties is nearing completion of SoNu Digs, Chicago’s first ground-up, micro-apartment building. SoNu is located at 1515 N. Fremont St. in the Lincoln Park/SoNo neighborhood. The apartments, which will be ready for occupancy in December, range in size from 336 square feet to 438 square feet. Monthly rental rates range from $1,300 to $1,655. SoNu is the final part of a planned SoNo complex built by Smithfield Properties, which includes the SoNo East apartments and SoNo West condominiums. Calibrate Management will lease and manage the property.

October 31, 2016

Midwest Minnesota Multifamily

WNC Provides Nearly $2 Million in LIHTC Equity for Homeless Veterans in Suburban Minneapolis

by Kristin Harlow October 31, 2016

MINNEAPOLIS — WNC has provided nearly $2 million in low-income housing tax credit (LIHTC) equity to fund the development of Linden Grove Veteran Apartments, a 37-unit affordable housing complex exclusively constructed for homeless veterans of the U.S. Armed Forces in the Minneapolis suburb of St. Cloud. The three-story building sits on six acres of land and is located at 4804 Veterans Drive. The apartments are part of the St. Cloud VA Health Care System and designated as permanent housing for low-income veterans who are homeless or at risk of homelessness. St. Michael Development Group LLC, a subsidiary of The Sand Companies Inc., developed the apartments. Affordable Housing Initiatives LLC served as the managing general partner of the project and Jamie Thelen as its developer.

October 31, 2016

Midwest Minnesota Retail

Mid-America Brokers Sale of 130,000 SF Shopping Center in St. Cloud, Minnesota

by Kristin Harlow October 31, 2016

ST. CLOUD, MINN. — Mid-America Real Estate-Minnesota LLC has brokered the sale of Division Place, a 130,000-square-foot shopping center in St. Cloud. Division Place is located on the corner of Division Street West and 27th Avenue South. Tenants include TJ Maxx, Dollar Tree and Famous Footwear. Joe Girardi and Mark Robinson of Mid-America Real Estate Corp. were the exclusive brokers in the transaction on behalf of the seller, Vanbarton Group. An affiliate of Core Acquisitions LLC purchased the center, and hired Mid-America Real Estate-Minnesota as the exclusive leasing and management firm.

October 31, 2016

Kansas Midwest Restaurant Retail

Block & Co. Arranges Sale of 1.1-Acre Pad Site to Burger King at The Plaza at the Speedway in Kansas City

by Kristin Harlow October 31, 2016

KANSAS CITY, KAN. — Block & Co. Inc. has sold a 1.1-acre pad site at the Plaza at the Speedway development in Kansas City to Burger King. The pad site is located on the northwest quadrant of I-435 and Parallel Parkway in front of Sam’s Club and Kohl’s. The Plaza at the Speedway is an 850,000-square-foot retail shopping center located in the heart of a major tourism district. Other tenants include Walmart Supercenter, Taco Bell and Chick-fil-A. Anchor space, pad sites and small shop spaces are still available. Alex Block and David M. Block of Block & Company represented the seller, Plaza Speedway Development Inc., in the transaction.

October 31, 2016

Midwest Nebraska Retail

40,408 SF Burlington Store Coming to Eagle Run Shopping Center in Omaha

by Kristin Harlow October 31, 2016

OMAHA, NEB. — The Lerner Company has unveiled plans for Burlington Coat Factory to open its second store in Omaha at Eagle Run Shopping Center, located at 4004 N. 132nd St. The new store will occupy a portion of the former Kmart, which closed in December 2014. The new 40,408-square-foot store will open in spring 2017. The opening will bring approximately 50 to 100 new jobs to the Omaha community. Eagle Run Shopping Center is one of The Lerner Company’s joint venture entities.

October 31, 2016

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