Midwest

American Street Capital Arranges $4M in Financing for 81-Unit Multifamily Property in Chicago Suburb

by Christina Cannon March 4, 2016

OAK LAWN, ILL. — American Street Capital has arranged a $4 million acquisition loan for an 81-unit apartment property in Oak Lawn, approximately 16 miles southwest of Chicago. The three-building property, Oak Lawn Gardens, was constructed in 1963 and is 97 percent occupied. The asset features on-site laundry facilities and 67 parking spaces. The non-recourse loan features a 10-year fixed rate and 25-year amortization schedule. The financing was placed with a CMBS lender. Igor Zhizhin of American Street Capital arranged the financing.

March 4, 2016

Kansas Midwest Top Stories

AMC Theatres Agrees to Acquire Carmike Cinemas for $1.1B

by Christina Cannon March 4, 2016

LEAWOOD, KAN. — In a blockbuster merger, AMC Theatres (NYSE: AMC) has agreed to purchase all of the outstanding shares of Carmike Cinemas Inc. (NASDAQ: CKEC) for $30 per share in cash. The transaction — valued at approximately $1.1 billion including the assumption of debt — creates the largest chain of movie theaters in the United States and the world. The purchase price per share represents an approximate 19.5 percent premium to Carmike’s closing stock price on Thursday, March 3. The purchase price per screen is approximately $376,000. AMC currently has 5,426 screens at 387 theaters, located primarily in the United Sates, including many in the nation’s top markets. Carmike has 2,954 screens at 276 theaters, primarily located in mid-size, non-urban communities. Together, AMC and Carmike will have well over 600 theater locations in 45 states across the country, including the District of Columbia. The deal, which has been approved by the board of directors at both AMC and Carmike is expected to close by the end of this year. “By broadening AMC’s geographic and demographic base for delivering our groundbreaking guest experience innovations in comfort and convenience — such as plush power-recliners, enhanced food and beverage, premium sight and …

March 4, 2016

Midwest Mixed-Use Ohio

CASTO, Daimler Group, New Albany Unveil Plans for 320-Acre Mixed-Use Development in Columbus

by Christina Cannon March 3, 2016

COLUMBUS — A joint venture comprised of CASTO, The Daimler Group and The New Albany Company has unveiled plans to develop a 320-acre, mixed-use project in Columbus. Hamilton Quarter, which will be located at the State Route 161 and Hamilton Road interchange, will include over 700,000 square feet of office space, 1 million square feet of retail, restaurant, and entertainment space, up to 800 multifamily units and 130 senior living units. The development will also include hospitality components. The development team and the City of Columbus will also develop the S-Curve extension, a new roadway that will connect the Hamilton Road exit directly with Hamilton Road to the west. In addition to the S-Curve extension, part of Dublin Granville Road will be rerouted to allow for a Central Boulevard to be constructed. The Central Boulevard will be a walkable, destination space that will feature Main Street-style restaurants and retail spaces. The first wave of development on Hamilton Quarter is expected to begin in late 2016 or early 2017.

March 3, 2016

Iowa Midwest Multifamily Student Housing

Vesper Holdings Acquires Student Housing Property Near Iowa State University

by Christina Cannon March 3, 2016

AMES, IOWA — Vesper Holdings has acquired an off-campus student housing property, located in Ames near Iowa State University, for an undisclosed price. The Foundry contains one six-story building with an underground parking garage, and offers two- and four-bedroom floor plans with bed-to-bath parity. Units feature large fully equipped kitchens, full-sized washers and dryers, furniture, 50-inch flat screen televisions, stainless steel appliances, granite countertops and high-speed internet connection in every bedroom. Amenities at the property include ground-floor retail anchored by Starbucks Coffee, a fitness center, study areas, a game room, secure bike storage and a tanning booth. The Foundry was fully occupied in its first year of opening. With this transaction, Vesper’s student housing portfolio now totals 19 apartment complexes and approximately 10,700 beds. This transaction is the fifth student housing acquisition for Vesper over the past 10 months. The seller in the deal was undisclosed.

March 3, 2016

Midwest Retail Wisconsin

Kohl’s to Close 18 Stores Nationwide in 2016

by Christina Cannon March 3, 2016

MENOMONEE FALLS, WIS. — Menomonee Falls-based Kohl’s Corp. (NYSE: KSS) is set to close 18 underperforming stores during 2016, according to the company’s fourth-quarter earnings report released Feb. 25. The closures, representing less than one percent of total sales, will generate annual savings of approximately $45 million and annual depreciation savings of approximately $10 million. Specific locations will be announced by the end of March. Kohl’s expects to incur approximately $150 million to $170 million in charges as a result of these planned closures and realignment at the company’s headquarters, which occurred in early February. “While the decision to close stores is a difficult one, we evaluated all of the elements that contribute to making a store successful, and we were thoughtful and strategic in our approach,” says Kevin Mansell, chairman, president and CEO of Kohl’s. “We are committed to leveraging our resources on more productive assets.” Alongside these closures, Kohl’s plans to pilot a new, smaller format Kohl’s store, with seven planned to open in various regions around the country this year. Kohl’s also plans to open two Off-Aisle pilot stores in Wisconsin, as well as 12 Fila outlet stores — marking Kohl’s first entry into the outlet space. …

March 3, 2016

Indiana Midwest

BayView Advisors Brokers Sale of Three-Property Self-Storage Portfolio

by Christina Cannon March 3, 2016

INDIANAPOLIS AND CAMBY, IND. — BayView Advisors has brokered the sale of a three-property self-storage portfolio for an undisclosed price. The three properties, located within the Indianapolis metropolitan area, total 231,060 square feet. National Storage Affiliates Trust purchased the assets from Emerson Access Storage LLC, Access Self Storage of Heartland Crossing LLC, Rockville Road Storage LLC and Rockville Road Storage II. SecurCare is managing the portfolio. The Access Self Storage portfolio consists of 355 climate-controlled storage units, 1,219 non-climate controlled storage units and 123 spaces for boat and vehicle parking.

March 3, 2016

Midwest Ohio Retail

Cooper Commercial Arranges $2.9M Sale of 101,621 SF Retail Center in Columbus

by Christina Cannon March 3, 2016

COLUMBUS — The Cooper Commercial Investment Group has arranged the $2.9 million sale of a 101,621-square-foot retail center in Columbus. Livingston Avenue Center is anchored by Big Lots and Save-a-Lot. Dan Cooper of Cooper Commercial represented the seller, a Columbus-based private investment group, in the transaction. The private investment buyer was based in California. The transaction featured an 8.2 percent capitalization rate and was sold at 99 percent of list price.

March 3, 2016

Illinois Loans Midwest Multifamily Seniors Housing

Ziegler Arranges $56.3M in Bond Financing for Nonprofit CCRC near Chicago

by Christina Cannon March 2, 2016

LA GRANGE PARK, Ill. — Ziegler, a specialty investment bank, has closed $56.3 million in fixed-rate bonds for Plymouth Place Senior Living, a 360-unit continuing care retirement community in La Grange Park, approximately 15 miles southwest of Chicago. Plymouth Place is a nonprofit community established by United Church of Christ in 1939 and is situated on 18.6 acres. The community includes 182 independent living apartments, 14 independent living cottages, 52 assisted living apartments, 26 memory care apartments and 86 skilled nursing beds. Providence Management and Development Co. operates the skilled nursing portion of Plymouth Place. Proceeds from the bonds will pay for $2.3 million in capital improvements, pay for $52.8 million in outstanding 2005 bonds, establish a debt reserve fund and pay for issuance expenses. The 2005 bonds were used to redevelop the main building and demolish the prior main building.

March 2, 2016

Industrial Michigan Midwest

NGKF Brokers Sale of 116,389 SF Industrial Building in Southfield, Michigan

by Christina Cannon March 2, 2016

SOUTHFIELD, MICH. — Newmark Grubb Knight Frank (NGKF) has brokered the sale of an 116,389-square-foot industrial building in Southfield for $8.4 million. ElringKlinger Automotive Manufacturing Inc. purchased the facility located at 23300 Northwestern Highway from STAG Industrial. Built in 2006, the asset was formerly a Staples fulfillment warehouse. ElringKlinger will begin occupying the facility, which is situated on 10.7 acres, by the end of the first quarter of this year. Tom Oldham of NGKF represented the buyer in the transaction. The seller was undisclosed.

March 2, 2016

Iowa Loans Midwest Retail

NorthMarq Capital Arranges $3.4 Million Refinancing of Lake Manawa Centre

by Christina Cannon March 2, 2016

COUNCIL BLUFFS, IOWA — NorthMarq Capital has arranged the $3.4 million refinancing of Lake Manawa Centre in Council Bluffs. The property consists of two neighborhood strip retail buildings and a McDonald’s ground lease. Jason Kinnison of NorthMarq arranged the financing, which was structured with an 18-year term and 22-year amortization schedule, through a life insurance company.

March 2, 2016

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