Midwest

Cohen Financial Arranges $20.7M Development Loan for Multifamily Property in Chicago’s West Loop

by Kristin Harlow November 11, 2016

CHICAGO — Cohen Financial has closed a $20.7 million development loan for new ground-up construction of a 105-unit multifamily property at 710 W. Grand Ave. in the West Loop neighborhood of Chicago. The property will feature a mix of one- and two-bedroom units, convertibles and studios. Construction of the property is expected to be completed in the fourth quarter of 2017. Dan Rosenberg, Matt Terpstra and Jason Keith of Cohen Financial secured the loan with TCF Bank. Outlook Development Group and Wicker Park Apartments were the borrowers.

November 11, 2016

Midwest Minnesota Multifamily

The Opus Group Breaks Ground on Apartment Building in Edina, Minnesota

by Kristin Harlow November 11, 2016

EDINA, MINN. — The Opus Group has started construction on a four-story, 244-unit multifamily development in Edina, a southwestern suburb of Minneapolis. Activity on the site began this week with the demolition of an existing 94,000-square-foot building that was formerly leased to UnitedHealth Group. A variety of floor plans will be offered with units ranging from 585 square feet to 1,350 square feet. Completion is slated for spring 2018. The project is a collaboration between Opus and Founders Properties LLC. Opus Development Co. LLC is the developer, Opus Design Build LLC is the design-builder and Opus AE Group LLC is the architect and structural engineer of record.

November 11, 2016

Iowa Midwest Multifamily

Hubbell Realty Co. Begins Leasing at 5Fifty5 Townhomes

by Kristin Harlow November 11, 2016

WEST DES MOINES, IOWA — Hubbell Realty Company has begun leasing at 5Fifty5 Townhomes, located along the Raccoon River in West Des Moines. The $13 million project features a streetscape design that encourages residents to walk to nearby surroundings and local trails. The rental units introduce a new layout to the downtown area: an elevated three-story unit with two balconies off each side. Unit sizes include two- and three-bedroom floor plans with up to three bathrooms.

November 11, 2016

Midwest Ohio Retail

Marcus & Millichap Arranges $3.7M Sale of Retail Property in Cleveland, Ohio

by Kristin Harlow November 11, 2016

CLEVELAND — Marcus & Millichap has arranged the sale of Cleveland Retail Center, a 17,070-square-foot property located at 429 W. Southline St., for $3.7 million. Built in 2007, the property is at the main entrance to a Super Walmart and is 100 percent occupied. Tenants include Buddy’s Furniture, Subway, Mann Eye Center, Edward Jones, Sally Beauty Supply and Advance Cash America. Kelley Workman and Jerry Goldstein of Marcus & Millichap had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer was a private investor who was completing a 1031 exchange transaction.

November 11, 2016

Michigan Midwest Mixed-Use

Friedman Arranges Sale of 33,560 SF Mixed-Use Building in Royal Oak, Michigan

by Kristin Harlow November 11, 2016

ROYAL OAK, MICH. — Friedman Integrated Real Estate Solutions has arranged the sale of a 33,560-square-foot mixed-use building located at 1017-1021 S. Washington Ave. in downtown Royal Oak. The sales price was not disclosed. The property combines condo living, office, medical and retail. The seller, Washington Street Holdings LLC, sold the building to Royal Oak Ventures SW1017 LLC. Peter Jankowski of Friedman represented the seller in the transaction.

November 11, 2016

Illinois Midwest Mixed-Use

High Street Residential Unveils Plans for Mixed-Use Building in Downers Grove, Illinois

by Kristin Harlow November 10, 2016

DOWNERS GROVE, ILL. — High Street Residential has acquired a nearly one-acre site for the construction of Maple & Main, a six-story mixed-use building in Downers Grove, a western suburb of Chicago. The project will include 115 apartment units and approximately 4,000 square feet of ground-floor retail and restaurant space. Construction is expected to begin in the first quarter of 2017. The building is being designed with eco-friendly aspects, such as minimized exposure to airborne pollutants. ESG Architects will serve as the project architect and Carlson Construction is the general contractor. David Paino of High Street Residential will oversee the development of the project. Jacob Dell of CBRE Oak Brook will handle the retail leasing.

November 10, 2016

Industrial Iowa Midwest

The Opus Group Begins Leasing First Building at Corporate Woods Industrial Park in Iowa

by Kristin Harlow November 10, 2016

ANKENY, IOWA — The Opus Group has begun leasing the first building at Corporate Woods Industrial Park in Ankeny just north of Des Moines. Columbus, Ohio-based Power Distributors will lease nearly 70 percent of the 208,000-square-foot speculative industrial warehouse for its velocity distribution center. Located adjacent to Interstate 35, the facility is situated on 52 acres of land and features 32-foot clear heights. Corporate Woods is owned by a joint venture partnership between Opus Development LLC and Founders Properties LLC. Marcus Pitts, Justin Lossner and Jones Lang LaSalle of The Opus Group marketed the property for lease. Bob Bettendorf of The Bettendorf Co. represented Power Distributors in the leasing.

November 10, 2016

Industrial Michigan Midwest

L. Mason Capitani Brokers 26,128 SF Industrial Lease for Superior Cam in Sterling Heights, Michigan

by Kristin Harlow November 10, 2016

STERLING HEIGHTS, MICH. — L. Mason Capitani CORFAC International has arranged a 26,128-square-foot industrial lease for Superior Cam, a sheet metal manufacturer, in Sterling Heights. The facility is located at 35120 Stanley Drive. Superior Cam is based in Madison Heights, Mich., and operates out of 200,000 square feet collectively. Jason Capitani of L. Mason Capitani CORFAC International represented the landlord on the multi-year lease transaction.

November 10, 2016

Illinois Loans Midwest Multifamily

Berkadia Arranges $15.3M Loan for Apartment Building in Chicago

by Kristin Harlow November 10, 2016

CHICAGO — Berkadia has brokered a $15.3 million loan for the refinancing of Sheridan Plaza Apartments, a 140-unit multifamily property located in Chicago’s Uptown neighborhood. The completely renovated apartment project was built in 1920 and is located at 4607 N. Sheridan Road. The five-year loan, which was secured through Fannie Mae, features a 3.25 percent fixed interest rate. Aaron Abelson of Berkadia secured the loan. The borrower was Horizon Group XXI LLC.

November 10, 2016

Michigan Midwest Multifamily

The Woda Group Breaks Ground on Apartment Building in Grand Rapids, Michigan

by Kristin Harlow November 10, 2016

GRAND RAPIDS, MICH. — The Woda Group has broken ground on Grand View Place, a 68-unit apartment building in Grand Rapids. The groundbreaking ceremony took place on Thursday, Nov. 3. Grand View Place will be the first major residential development in the existing commercial and industrial sector of the Grand River between the 6th Street Bridge and Leonard Avenue. The primary source of funding for the project was tax credit equity from the Low Income Housing Tax Credit (LIHTC) program. Stan Wisinski of NAI Wisinski West Michigan represented The Woda Group in the purchase of land at the former Ryder Truck terminal at 936 Front St.

November 10, 2016

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