Midwest

Union Hospital in Western Indiana Receives $266.6M Mortgage Refinancing

by Jeff Shaw October 14, 2016

TERRE HAUTE, IND. — AMS Health Care Mortgage Corp., Piper Jaffray & Co. and JLL Capital Markets have closed on the funding of a $266.6 million FHA/GNMA-insured mortgage loan for Union Hospital in Terre Haute. Founded in 1892, Union Health provides care for the 277,657 residents of west central Indiana and eastern Illinois. The regional healthcare system is comprised of the flagship Union Hospital (Terre Haute), a 347-bed acute care hospital; Union Hospital Clinton, a 25-bed critical access hospital; and two rural health clinics (Clay City, Ind., and Marshall, Ill.), employing a total of 2,878 physicians and staff. The loan refinancing, insured under HUD’s Section 242 Mortgage Insurance for Hospitals program, significantly reduces the system’s annual debt service, saving Union Health and its patients approximately $148 million over the life of the loan. AMS is an FHA-approved mortgage lender that specializes in obtaining financing for hospitals. Piper Jaffray, an investment bank specializing in healthcare finance, worked closely with AMS in structuring the transaction, assisting Union Health in defeasing its existing tax-exempt debt and placing the GNMA securities with end investors. JLL, working closely with AMS and Piper Jaffray, is the FHA mortgagee of record and will service the loan over …

October 14, 2016

Michigan Midwest Retail

Mid-America Negotiates $20.6M Sale of 157,225 SF Retail Center in Suburban Detroit

by Amy Works October 13, 2016

DEARBORN, MICH. — Mid-America Real Estate Corp.’s investment sales team has arranged the sale of Fairlane Meadows, a retail center located at the corner of Ford Road and Mercury Drive in Dearborn. Times Equities acquired the property from Ramco-Gerhenson Properties Trust for $20.6 million. The 157,225-square-foot center is occupied by Best Buy, Citi Trends, David’s Bridal, Five Below and Dollar Tree. Ben Wineman and Daniel Stern of Mid-America represented the seller in the deal.

October 13, 2016

Midwest Retail Wisconsin

Colliers Arranges $4.5M Sale of 24,287 SF Retail Center in Appleton, Wisconsin

by Amy Works October 13, 2016

APPLETON, WIS. — Colliers International has brokered the sale of Concord Town Center, a multi-tenant retail center located at W31921 County Road KK in Appleton. Oasis Family Holding acquired the property from River Valley One for $4.5 million, or $185 per square foot. At the time of sale, the 24,287-square-foot property was 100 percent occupied. Mark Pucci of Colliers International | Wisconsin represented the seller in the transaction.

October 13, 2016

Industrial Midwest Missouri Office

Intelica CRE Facilitates $3.6M Sale of Office/Warehouse Property in St Louis

by Amy Works October 13, 2016

ST. LOUIS — Intelica CRE has arranged the sale of an office and warehouse facility located at 2316 Schuetz Road in St. Louis. Pohlman Metal Seal Precision acquired the property from Davidson Surface Air for $3.6 million. Situated on 6.7 acres, the property totals 97,000 square feet. Gary Parker and Dan Merlo of Intelica CRE brokered the transaction.

October 13, 2016

Illinois Midwest Multifamily

Essex Realty Group Negotiates $2M Sale of Apartment Building in Chicago’s Gold Coast

by Amy Works October 13, 2016

CHICAGO — Essex Realty Group has brokered the sale of an apartment building located at 53 W. Burton Place in Chicago’s Gold Coast. An undisclosed buyer acquired the property for $2 million. The six-unit building features four one-bedroom/one-bath units, one two-bedroom/one-bath unit and one three-bedroom/one-bath unit. Doug Fisher of Essex represented the undisclosed seller, while Jordan Gottlieb, also of Essex, represented the buyer.

October 13, 2016

Illinois Midwest Retail

Quantum Real Estate Advisors Brokers $1.3M Sale of Retail Property in Arlington Heights, Illinois

by Amy Works October 13, 2016

ARLINGTON HEIGHTS, ILL. — Quantum Real Estate Advisors has arranged the sale of a multi-tenant retail property located at 2-18 S. Dunton Ave. in Arlington Heights, a northwest suburb of Chicago. An international real estate investment fund acquired the property from a Chicago-based investment group for $1.3 million. Built in 2006, the 8,195-square-foot street-level retail property is part of a 55-unit condo building. At the time of sale, the retail property was 100 percent occupied. Daniel Waszak of Quantum represented the seller in the deal.

October 13, 2016

Features Heartland Feature Archive Michigan Midwest Office

With Office Leasing Activity Accelerating in Detroit, New Construction is Imminent

by Jeff Shaw October 13, 2016

It is a fascinating time for the Detroit office market. Downtown neighborhoods and suburban markets alike are being transformed thanks to years of positive economic trends marked by healthy job growth and the desire of several companies to locate in the city. Landlords, tenants and investors are looking to consolidate gains and position themselves for success in an evolving marketplace. On the leasing front, we are still seeing activity in Detroit proper with small to mid-sized firms, punctuated by a handful of larger deals that have taken place. The higher profile moves include Detroit-based auto lender and bank holding company Ally Financial taking approximately 320,0000 square feet on 13 floors at One Detroit Center, now known as the Ally Detroit Center. A number of law firms have inked leasing deals. For example, longtime Detroit tenant Miller, Canfield, Paddock and Stone PLC renewed its lease at 150 W. Jefferson, a 25-story skyscraper formerly known as the Madden Building, where the law firm occupies approximately 97,000 square feet. Southfield, Mich.-based Redico LLC recently acquired the 500,000-square-foot tower, built in 1989, from Piedmont Office Realty Trust for $81.5 million. While leasing activity is strong in the central business district (CBD) — driven in …

October 13, 2016

Indiana Midwest Office

Colliers Brokers Sale of 106,404 SF Office Building in Carmel, Indiana

by Amy Works October 12, 2016

CARMEL, IND. — Colliers International has arranged the sale of 550 Congressional, an office building located in Carmel, a northern suburb of Indianapolis. An affiliate of Tryperion Partners purchased the property from a joint venture between REI Real Estate Services and Perennial Investments in an all-cash transaction for an undisclosed sum. The three-story building features 106,404 square feet of Class A office space, a bocce ball court, fire pit and grill, outdoor meeting areas and a bike share program. Colliers represented the seller in the deal. This purchase is Tryperion’s first acquisition in the Indianapolis area.

October 12, 2016

Illinois Midwest Office

White Oak Realty Reopens 29-Story Office Building in Chicago

by Amy Works October 12, 2016

CHICAGO — White Oak Realty has reopened a 487,000-square-foot office building located at 200 W. Jackson in Chicago’s Loop. Redesigned by Wright Heerema Architects, the 29-story building features new amenity space on the 28th floor, including a four-seasons hospitality lounge, a full-service conference facility, fitness center and access to healthy and convenient food. Additionally, the redesign includes a renovated lobby and building exterior. Morgan Harbour Construction worked with Wright Heerema Architects on all the interior and exterior renovations. A joint venture between White Oak Realty and Angelo Gordon & Co. purchased the property in 2015.

October 12, 2016

Hospitality Midwest Wisconsin

Ascendant Holdings, Central Properties to Develop Lifestyle Hotel in Madison, Wisconsin

by Amy Works October 12, 2016

MADISON, WIS. — Ascendant Holdings and Central Properties are developing a lifestyle hotel at 118 and 122 State St. in downtown Madison. The companies have tapped Portland, Ore.-based Provenance Hotels to manage the property. Slated to open in 2018, the hotel will feature a ground-floor food and beverage operation, meeting spaces and a rooftop lounge.

October 12, 2016

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