Midwest

Joliet-Logistics-Park-Joliet-IL

JOILET, ILL. — Hillwood, a Perot company, has acquired an 84.8-acre land site in Joliet for an undisclosed price. The company plans to develop Joliet Logistics Park, a 992,640-square-foot distribution center, on the site. With easy access to I-80 and I-55 and close proximity to BNSF and Union Pacific intermodal operations, the new spec facility will feature 36-foot clear heights, a cross-dock configuration, an ESFR fire protection system, 116 trailer parking spaces with an additional 150 remote spaces, and up to 222 auto space with another 310 available for future expansion. The park, which will have the capacity to expand to 1.5 million square feet, is slated for completion in mid-2017. FCL Builders will serve as the general contractor, and Traci Payette and John Suerth of CBRE will be leasing agents for the project.

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14700-Foltz-Parkway-Strongsville-OH

STRONGSVILLE, OHIO — Meridian Design Build has started construction on a speculative flex building at 14700 Foltz Parkway in Strongsville. Situated on 21.8 acres, the multi-tenant building will feature 28 loading docks, two drive-in doors and 164 auto parking stalls. Additionally, the design of the building includes a thermoplastic polyolefin roof and LED lighting. The site also includes space for a future 195,137-square-foot building. The project developer is Scannell Properties. Precept Design is providing architectural services and Weber Engineering Services is providing civil engineering work.

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CINCINNATI — KeyBank has provided a $3.9 million construction loan for the Sheakley Center for Youth in Cincinnati. The property will consist of a shelter unit and a housing unit. The shelter unit will contain 27,708 square feet of commercial space, including a day shelter, a 28-bed night shelter and street outreach offices and social services rooms, while the housing unit will include 39 studio and one-bedroom apartments. Greg Kiger of KeyBank’s Community Development Lending and Investment team arranged the financing for the undisclosed borrower.

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7960-7970-Wornall-Road-KC-MO

KANSAS CITY, MO. — Block & Company Realtors has brokered the sale of Wornall Plaza, a shopping center located at 7960-7970 Wornall Road in Kansas City. Solar Success acquired the property from Wornall Plaza 91 LLC for $2.1 million The 13,320-square-foot center is fully occupied by Sherwin-Williams Paints, Papa John’s Pizza, 9Round Boxing, Cricket Wireless and 5th Avenue Cleaners. Dimitri Rodopoulous of Block & Company represented the seller in the transaction.

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CLEVELAND — BGL Real Estate Advisors has arranged the development financing for Weston Inc. The loans will be used toward the historical conversion of the Standard Building in downtown Cleveland. The $81 million financing consists of senior construction debt, subordinated bridge debt, municipal city and state agency debt, federal and state historic tax credit equity and Weston Inc. GP equity. The Huntington National Bank, Fifth Third Bank, First Commonwealth Bank, Peoples Bank and Cleveland Development Advisors, as well as Ohio Water Development Authority and Ohio Development Services Agency, contributed capital to the transaction. Additionally, Piper Jaffray, Port of Cleveland, RSM US LLP and Stonehenge Capital were involved with the capital lease and historic tax credit equity structuring and syndication. Originally built in the 1920s for Standard Bank, the building will be converted from office space into market-rate apartments and first-floor retail space.

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VILLAGE OF SOMERS, WIS. — First Industrial Realty Trust has signed a long-term tenant for its first building at First Park 94, a 601,439-square-foot industrial facility located in Village of Somers. The cross-docked facility features 36-foot clear heights, 185-foot truck courts, ample trailer parking, extensive dock-high loading, skylighting and an ESFR sprinkler system. The name of the tenant was not disclosed. Additionally, First Industrial is breaking ground for the second building at the park. The second building will total approximately 600,000 square feet with expandability. Upon completion, First Park 94 will accommodate 4.6 million square feet of development, including build-to-suits ranging from 150,000 square feet to 2 million square feet. The site is accessible to Interstate 94 from three four-way interchanges and offers frontage along the Canadian Pacific Railway with potential rail access. Whit Heitman, Sam Badger and Brad Weiner of NAI Hiffman, Roger Siegel of Dickman Co. and Tony Haning of JLL assisted with the lease transaction.

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FREEHOLD, N.J. — Freehold-based UMH Properties has acquired two housing communities in Ohio for $2.9 million. The properties include 165 housing sites on approximately 71 acres. At the time of closing, the properties were approximately 64 percent occupied. The communities are part of a five-community portfolio, all located in Ohio, with a total purchase price of $17 million. The full portfolio contains a total of 821 sites on approximately 342 acres. UMH expects to close on the remaining communities before year-end.

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5532-S-Kimbark-Chicago-IL

CHICAGO — Millennium Properties R/E has arranged the sale of a six-flat apartment building located at 5532 S. Kimbark Ave. in Chicago’s Hyde Park neighborhood. Antheus Capital acquired the property for $1.3 million. The 7,050-square-foot building features six two-bedroom, two-bath units, each with large living spaces and eat-in kitchens. At the time of sale, the building was fully leased. The name seller was not released. Brad Thompson of Millennium Properties arranged the transaction.

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MINOT, N.D. — Investors Real Estate Trust, a publicly traded REIT based in Minot, has entered into six separate sales agreements with Edgewood Senior Living and its affiliates. The deals will result in Edgewood buying 26 IRET-owned seniors housing communities and one standard multifamily community for $236 million. Edgewood already operates 25 of the 26 seniors housing communities. The deal is expected to close before the end of the year. The six separate transactions are organized like so: IRET will sell five seniors housing properties containing 386 rentable units, located in Cheyenne, Casper, and Laramie, Wyo., for a total of $53 million. IRET will sell two seniors housing properties containing 256 rentable units, both located in Hermantown, Minn., forapproximately $36.8 million. IRET will sell four seniors housing properties containing 220 rentable units, located in Virginia, Minn.; Kalispell, Mont.; and Omaha and Hastings, Neb. For approximately $32.3 million. IRET will sell five seniors housing properties containing 514 rentable units, located in East Grand Forks and Brainerd, Minn.; Bismarck and Fargo, N.D.; and Rapid City, S.D., for approximately $71 million. IRET will sell nine seniors housing properties containing 278 rental units, located in North Dakota, South Dakota, Nebraska and Montana, for approximately $28.8 …

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