Midwest

Miller-Valentine to Develop Apartment Community in Southwest Ohio

by John Nelson September 15, 2016

HUBER HEIGHTS, OHIO — Miller-Valentine Group plans to develop WaterStone at Carriage Trails, a 192-unit apartment community at the intersection of I-70 and Route 201 within the Carriage Trails master-planned development in Huber Heights, about nine miles outside of Dayton. The apartment community will feature one-, two- and three-bedroom residences with rents starting from $911 for a one-bedroom unit, $1,100 for a two-bedroom unit and $1,165 for a three-bedroom unit. Unit interiors will feature wood-style flooring, private balconies and patios, kitchen islands, in-unit washers and dryers, quartz countertops, walk-in closets and stainless steel appliances. Community amenities will include a resort-style pool, 4,500-square-foot clubhouse, cyber café, coffee bar, billiards room, TV lounge, fitness center with yoga room, private dog park and rentable entertainment areas. The development team includes architect CR Architecture + Design, landscape architect POD Design, interior designer Mitsch Design, civil engineer American StructurePoint and general contractor Miller-Valentine Residential Construction.

September 15, 2016

Iowa Loans Midwest Multifamily

NorthMarq Capital Arranges $12.4M Refinancing of Apartment Community in Iowa

by John Nelson September 15, 2016

JOHNSTON, IOWA — NorthMarq Capital has arranged the $12.4 million refinancing of Providence Pointe East, a 141-unit apartment community located at 10310 Providence Drive in Johnston. Jason Kinnison of NorthMarq Capital’s Omaha, Neb., office arranged the Freddie Mac loan on behalf of the undisclosed borrower.

September 15, 2016

Healthcare Illinois Midwest

Podolsky|Circle CORFAC Brokers $3.2M Sale of Medical Office Building in Crystal Lake, Ill.

by John Nelson September 15, 2016

CRYSTAL LAKE, ILL. — Podolsky|Circle CORFAC International has brokered the $3.2 million sale of a single-tenant, net-leased medical office building in Crystal Lake. Known as Centegra Milestone Therapy Center, the 11,909-square-foot medical office building is located at 394 Federal Drive. The building was originally developed by the private owners of a physical therapy center, who then sold their practice to Centegra Health System. Kapadia and Sons Ltd. sold the asset to a Chicago-based private investment group. Alissa Adler, John Homsher and Paul Tesdal of Podolsky|Circle CORFAC represented Kapadia and Sons in the transaction.

September 15, 2016

Market Reports Midwest Midwest Market Reports Missouri Multifamily

Job Growth, Technology Sector Give a Boost to the Kansas City Apartment Market

by Jeff Shaw September 15, 2016

Look no further than Kansas City for one of the most burgeoning apartment rental hotspots in the Heartland. Ever since apartment deliveries reached a trough of 233 units in 2011, developers have ramped up construction activity year after year to meet healthy rental demand, though often still trailing robust leasing activity. This trend continued in the first half of 2016, with 2,170 newly occupied apartments exceeding 1,650 multifamily units added to the metro area inventory. What’s contributing to this demand? And will rapid market growth and expansion continue? Job growth, tech boom Employment gains are a big reason rental market demand continues to outweigh supply. For the last six years, greater Kansas City has experienced annual average employment gains of 1.5 percent to support sustained rental demand. After steady, though moderate gains in the last half of 2015, employers accelerated hiring with 10,500 additions from January to June, a 1 percent expansion over the previous six months. The six-month hires capped an annual increase of 1.5 percent since mid-2015 with 15,900 new personnel. To no surprise, the rise in employment has coincided with the rise in renters, as they’ve been attracted to new inventory around employment hubs. The Downtown/East Kansas …

September 15, 2016

Illinois Midwest Office

McShane Breaks Ground on 56,300 SF Office/Showroom for TRUMPF in Metro Chicago

by John Nelson September 14, 2016

HOFFMAN ESTATES, ILL. — McShane Construction Co. has broken ground on a 56,300-square-foot office and showroom property for TRUMPF, a German manufacturer of fabricating equipment and industrial lasers. The asset will be located on a five-acre site within the Huntington 90 business park in Hoffman Estates, a suburb of Chicago. Berlin-based architect Barkow Leibinger designed the asset, which will feature 30,250 square feet of office space, a 26,050-square-foot open showroom, central courtyard and parking for 50 vehicles. McShane Construction plans to deliver the building in the summer of 2017. Heitman Architects Inc. is serving as the architect of record for the project.

September 14, 2016

Illinois Industrial Midwest

Brennan Investment Group Acquires Seven-Building Industrial Park in Metro Chicago

by John Nelson September 14, 2016

LOMBARD, ILL. — Brennan Investment Group LLC has purchased the Woodlake Corporate Park located at 900 Parkview Blvd. in Lombard, roughly 21 miles west of Chicago. The seven-building, 262,697-square-foot is situated within Chicago’s East-West Tollway submarket. The 35-acre business park is in close proximity to I-355 and O’Hare International Airport. The sales price and seller were undisclosed.

September 14, 2016

Hospitality Midwest Wisconsin

Marcus Hotels to Add Villas to Grand Geneva Resort in Wisconsin

by John Nelson September 14, 2016

LAKE GENEVA, WIS. — Marcus Hotels & Resorts, a division of The Marcus Corp., plans to add 29 all-season villas to the Grand Geneva Resort & Spa in Lake Geneva. The resort features 355 guest rooms, as well as 225 suites at Timber Ridge Lodge & Waterpark. Villa guests will have access to all the amenities of the resort in addition to their own outdoor swimming pool during the summer and six fire pits. The villas will feature studio, one-, two- and three-bedroom floor plans with a kitchen, fireplace, flat screen TV and a washer and dryer. Half of the villas will be available beginning in March 2017, and the remaining units will be open by June 2017. The 1,300-acre Grand Geneva Resort features two championship golf courses, The Mountain Top ski and snowboard facility, horseback riding, three restaurants and 62,000 square feet of meeting and convention space.

September 14, 2016

Midwest Minnesota Retail

Marcus & Millichap Brokers $3.9M Sale of Retail Property in West Saint Paul

by John Nelson September 14, 2016

WEST SAINT PAUL, MINN. — Marcus & Millichap has brokered the $3.9 million sale of Wentworth Plaza, a 12,793-square-foot retail property located at 1590 S. Robert St. in West Saint Paul. National retailers occupy about 75 percent of Wentworth Plaza. Matthew Hazelton, Sean Doyle, Cory Villaume and Adam Prins of Marcus & Millichap’s Minneapolis office represented the seller, a regional developer/owner, in the transaction. The team also secured the buyer, a limited liability company.

September 14, 2016

Indiana Midwest Retail

Faris Lee Investments Completes $2.6M Sale of Retail Property Leased to CVS in Indiana

by John Nelson September 14, 2016

ANDERSON, IND. — Faris Lee Investments has completed the $2.6 million sale of a freestanding, 10,125-square-foot, single-tenant retail property triple net-leased to CVS/pharmacy in Anderson. Built in 1998, the property is situated on 1.7 acres at 2419 Nichol Ave. at the intersection of Nichol Avenue/State Road 32 and Raible Avenue. CVS/pharmacy has two years remaining on its lease. Jeff Conover of Faris Lee Investments represented the seller, Indiana-based Copper Development, in the transaction. Nick Cuneo of Clement Partners represented the 1031 exchange buyer, Cuneo Trust.

September 14, 2016

fountain-square-commerce-center-bolingbrook-il

Illinois Industrial Midwest

Conor Commercial Delivers 70-Acre Industrial Business Park in Bolingbrook, Illinois

by Amy Works September 13, 2016

BOLINGBROOK, ILL. — Conor Commercial Real Estate, a member of The McShane Companies, has completed Fountain Square Commerce Center, a 70-acre industrial business park located at Remington Boulevard and S. Schmidt Road in Bolingbrook. Situated within the I-55 corridor, the park includes four speculative buildings ranging in size from 109,088 to 320,532 square feet. Each facility can support single- or multi-tenant configurations with space available from 40,000 square feet. Additionally, the park features ample on-site vehicle and truck parking, substantial dock door positions, efficient truck maneuverability, 32-foot clear heights, ESFR sprinkler systems, office space to suit individual tenants and a two-acre public park. The business park also includes a 12-acre site available for a fully customized build-to-suit construction accommodating up to 216,000 square feet. McShane Construction Co. and Ware Malcomb provided design/build construction services for the development.

September 13, 2016

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