Midwest

Cobalt Partners Breaks Ground on $160M Mixed-Use Development in Metro Milwaukee

by John Nelson November 10, 2016

GREENFIELD, WIS. — Cobalt Partners LLC, a commercial real estate development firm based in Milwaukee, has begun construction on 84South, a 48-acre, $160 million mixed-use development in Greenfield, approximately 10 miles southwest of Milwaukee. Designed by Milwaukee-based Rinka Chung Architecture, 84South will feature 375,000 square feet of retail and restaurant space, a full-service health club, office space and 360 apartment residences. The development is situated along I-894 at the interchange of 84th Street and Forest Home Avenue, less than a mile from Southridge Mall, the largest enclosed regional mall in the state. Cobalt Partners has selected Mid-America Real Estate-Wisconsin as leasing agents for 84South, and the firm has already signed a slate of retailers to open in Phase I, which is scheduled for a summer 2017 completion. “84South is going to expand the Southridge regional trade area and provide retailers an opportunity to locate stores within a submarket that has proven challenging to land within,” says Scott Satula, vice president of Mid-America. “We’re excited to be a part of the 84South development team and are pleased to bring quality shopping and dining options to Greenfield and the neighboring communities.” The retailers opening in Phase I of 84South include Fresh Thyme …

November 10, 2016

Illinois Midwest Office

KIG Brokers $86M Portfolio Sale of Office Buildings, Land Sites in Downtown Chicago

by Kristin Harlow November 9, 2016

CHICAGO — KIG has brokered an $86 million portfolio sale of six vintage office buildings and three land sites in downtown Chicago. R2 Cos. purchased the properties, located throughout the West Loop, Greektown, River North and Printers Row. Built between 1883 and 1904, the properties are collectively 90.8 percent occupied, with an average of 3.9 years remaining on existing leases. The properties included the Pontiac Building; 118 S. Clinton St.; 130 S. Jefferson St.; 901 W. Jackson Blvd.; 641 W. Lake St. and 445 W. Erie St. The land sites included are Randolph/Desplaines, 708 W. Wayman St. and Peoria/Green. Susan Tjarksen of KIG represented the seller, Chicago-based Loft Development Corp.

November 9, 2016

Illinois Midwest Mixed-Use

Baker Development Breaks Ground for ELEVATE Lincoln Park in Chicago

by Kristin Harlow November 9, 2016

CHICAGO — Baker Development Corp. has begun construction on ELEVATE Lincoln Park, a mixed-use luxury apartment building in the heart of Lincoln Park. A groundbreaking ceremony was held on Nov. 1. The former Lincoln Centre complex was demolished for the new project, which consists of 191 apartments on top of 16,300 square feet of retail space located at 2518-36 N. Lincoln Ave. Residents will be able to choose from a wide array of floor plans. The first move-ins are scheduled for late 2017. The project is the first luxury apartment building and transit-oriented development (TOD) on Lincoln Avenue. SCB is the architectural firm and McHugh Construction is the general contractor. Financial partners include USAA, Fifth Third Bank, First Midwest Bank and FirstMerit Bank/Huntington National Bank. Luxury Living Chicago Realty is the exclusive leasing brokerage.

November 9, 2016

Illinois Midwest Retail

Quantum Real Estate Advisors Brokers $1.8M Sale of Retail Center in Woodstock, Illinois

by Kristin Harlow November 9, 2016

WOODSTOCK, ILL. — Quantum Real Estate Advisors Inc. has brokered the sale of a 13,915-square-foot multi-tenant retail center in Woodstock for $1.8 million. The retail center is located at 11620 Catalpa Lane. The property is 80 percent occupied by national and regional tenants including Great Clips, Benjamin F. Edwards & Co., Anytime Fitness and Lucky Bernie’s. Chad Firsel of Quantum Real Estate Advisors represented the seller, a Chicago-based investment group. A private real estate investor based in the northern suburbs of Chicago was the buyer.

November 9, 2016

Illinois Midwest Office

Bradford Allen Arranges 12,096 SF Office Lease Renewal for Precision Research in Des Plaines, Illinois

by Kristin Harlow November 9, 2016

DES PLAINES, ILL. — Bradford Allen Realty Services has arranged a 12,096-square-foot office lease renewal at 999 E. Touhy Ave. in Des Plaines, a suburb of Chicago. Precision Research, a data collection company, moved into the building in 2004 and will be occupying the space for three more years. 999 East Touhy is a 145,000-square-foot Class B building. Other tenants include Emergency24 and Sterno Group. Joel Berger of Bradford Allen represented Precision Research in renewing the lease. Janet Mrowka of Siete 7 LLC represented 999 East Touhy.

November 9, 2016

Midwest Missouri Retail

Hilliker Corp. Brokers Sale of 5,000 SF Retail Property in St. Louis

by Kristin Harlow November 9, 2016

ST. LOUIS, MO. — Hilliker Corp. has brokered the sale of a 5,000-square-foot retail property at 1716 S. Broadway in the Soulard area of St. Louis for $400,000. Grateful Pets purchased the property for its daycare facility, pet training area and grooming room. Rebecca Suen of Hilliker Corp. represented the buyer. Dan Lesinski and Brandon Wappelhorst of Sansone Group represented the seller, 1716 S. Broadway LLC.

November 9, 2016

Illinois Midwest Office

Tishman Speyer Negotiates 105,000 SF Office Lease for OCC at The Franklin

by Kristin Harlow November 8, 2016

CHICAGO — Tishman Speyer has arranged a 105,000-square-foot lease for OCC, the world’s largest equity derivatives clearing organization, at The Franklin in Chicago’s West Loop. The Franklin is a Class A office complex that recently underwent a complete repositioning, including the redevelopment of the lobby. The complex consists of two connected buildings at 222 W. Adams St. and 227 W. Monroe St., totaling nearly 2.5 million square feet. Holly Duran, Lois Durkin and Jeff Mulder of Holly Duran Real Estate Partners LLC represented OCC in the transaction. Ellen May and Greg Tait of Tishman Speyer represented building ownership.

November 8, 2016

Illinois Loans Midwest

Mesa West Capital Originates $145M Loan for New Downtown Chicago Luxury Apartment Building

by Kristin Harlow November 8, 2016

CHICAGO — Mesa West Capital has provided $145 million in structured debt for the recapitalization and stabilization of a 469-unit luxury apartment building in Chicago’s South Loop. 1000 South Clark, a 29-story building, is a joint venture of JDL Development and New York-based iStar Inc. The building features a mix of studio, one-, two- and three-bedroom and townhome units and is currently in the final stages of lease-up. The five-year, non-recourse financing included $30 million in mezzanine debt that was sold to an institutional investor at closing.

November 8, 2016

Midwest North Dakota Retail

Mid-America Arranges Sale of Pinehurst Square West Shopping Center in Bismarck, N.D.

by Kristin Harlow November 8, 2016

BISMARCK, N.D. — Mid-America Real Estate Corp. has arranged the sale of Pinehurst Square West, a 69,119-square-foot shopping center in Bismarck. The sale price was not disclosed. The center is located at the northeast quadrant of I-94 and Tyler Parkway and is anchored by Best Buy, PetSmart and Dollar Tree. Joe Girardi and Ben Wineman of Mid-America Real Estate, in cooperation with Jill Duemeland of Duemelands Commercial Real Estate, were the exclusive brokers in the transaction on behalf of the seller. Dakota REIT was the buyer.

November 8, 2016

Loans Midwest Wisconsin

Dougherty Mortgage LLC Closes $8.5M Fannie Mae Loan for Wausau Portfolio

by Kristin Harlow November 8, 2016

WAUSAU, WIS. — Dougherty Mortgage LLC has closed an $8.5 million Fannie Mae loan for the refinancing of the Wausau Portfolio, which consists of five market-rate multifamily apartment properties located in Wausau in central Wisconsin. The properties include Apple Apartments, Black Berry Circle Duplexes, Cedar Creek Apartments, Eva Estates Luxury Apartments and Eva III Luxury Apartments. The 10-year, Fannie Mae loan includes a 30-year amortization. OWS LLC was the borrower.

November 8, 2016

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