Midwest

Inland Real Estate Acquisitions Buys 24 CVS/pharmacy Properties in 14 States for $116M

by Amy Works October 18, 2016

OAK BROOK, ILL. — Oak Brook-based Inland Real Estate Acquisitions, acting on behalf of an Inland affiliate, has arranged the acquisition of 24 newly developed CVS/pharmacy properties across 14 states for $116 million. Totaling 276,466 square feet, the properties are located in Arkansas, Georgia, Illinois, Kentucky, Louisiana, Michigan, Minnesota, New York, Ohio, Pennsylvania, South Carolina, Texas, Virginia and Wisconsin. Joe Cosenza of The Inland Real Estate Group and Inland Real Estate Acquisitions facilitated the acquisition for the buyer.

October 18, 2016

Illinois Midwest Multifamily Student Housing

HFF Arranges Sale of 11-Property, Five-Land Site Housing Portfolio in Chicago

by Amy Works October 18, 2016

CHICAGO — HFF, acting on behalf of University of Chicago, has arranged the sale of a housing portfolio that includes 11 properties and five land sites in Chicago. Pioneer Acquisitions LLC acquired the 394-unit housing portfolio free and clear of existing debt for an undisclosed price. The portfolio includes six graduate student housing properties, four faculty/staff buildings, one retail property and five land sites. The properties have a total of 520 beds and approximately 272,593 square feet with residential units averaging 692 square feet. Located in Chicago’s Hyde Park, the properties are within walking distance of campus and six miles south of Chicago’s central business district. Michael Higgins and Brian Kelly of HFF represented the seller in the deal.

October 18, 2016

Michigan Midwest Retail

Motown Museum to Undergo $50M Expansion in Detroit

by Amy Works October 18, 2016

DETROIT — Motown Museum will undergo a $50 million expansion to increase the size of the museum to 50,000 square feet in Detroit. The expansion will be designed and built around the current museum space and the Hitsville U.S.A. house, the first headquarters for the legendary recording label. The new facility will feature interactive exhibits, a state-of-the-art performance theater, recording studios, an expanded retail area and meeting spaces. The project team includes Perkins + Will, Hamilton Anderson Associates, Brinker Group and Gallagher & Associates.

October 18, 2016

Illinois Loans Midwest Multifamily

American Street Capital Secures $6.6M Acquisition Loan for Multifamily Property in Chicago

by Amy Works October 18, 2016

CHICAGO — American Street Capital has secured $6.6 million in acquisition financing for a seven-story, multifamily portion of a mixed-use property located in Chicago’s South Loop. Provided by a correspondent life insurance company lender, the non-recourse, 15-year loan includes a 30-year amortization schedule. The recently renovated property features 30 apartment units in a mix of one- and two-bedroom layouts. Igor Zhizhin of American Street Capital originated the loan for the undisclosed borrower.

October 18, 2016

Illinois Midwest Retail

Podolsky|Circle CORFAC Brokers Sale of 100,000 SF Retail Center in Normal, Illinois

by Amy Works October 18, 2016

NORMAL, ILL. — Podolsky|Circle CORFAC International has arranged the sale of College Plaza Shopping Center, a retail center located in Normal’s primary retail trade area near Bloomington. Phillips Edison acquired the property from Normal Properties of Illinois LLC for an undisclosed price. In 1999, the single-tenant property was redeveloped into a 100,000-square-foot multi-tenant retail center. Alissa Adler, John Homsher and Steven Tick of Podolsky|Circle CORFAC International represented the seller in the transaction.

October 18, 2016

Illinois Midwest Office Top Stories

Beacon Capital Partners Acquires AMA Plaza in Chicago for $467.5 Million

by Katie Sloan October 18, 2016

CHICAGO — Beacon Capital Partners has acquired AMA Plaza, a 1.2 million-square-foot office building and an adjacent 902-stall parking garage, for $467.5 million. The Class A asset is located in the River North neighborhood of Chicago. The office component of the property is located above a 316-room Langham Hotel, which was not included in the sale. The hotel is housed on levels two through 13 of the building. The LEED Gold-certified property is situated on the banks of the Chicago River, and is a designated Chicago landmark listed on the National Register of Historic Places. It is also the last and largest American building designed by German-American architect Ludwig Mies van der Rohe. The building was 96-percent leased at the time of sale to tenants including the American Medical Association, the law firm of Latham & Watkins LLP, SmithBucklin Corp., BDO USA LLP and Swanson, Martin & Bell LLP. Originally opened in 1973, the property recently underwent $73.8 million in renovations including the addition of all new mechanical systems, elevators, HVAC, restrooms and a green Roof. Jaime Fink, Jeff Bramson, Mark Katz, Michael Kavanau, John Pelusi, Gerard Sansosti and Patrick Shields of HFF represented the seller, an affiliate of Five …

October 18, 2016

California Colorado Midwest North Dakota Retail South Dakota Western

Ross Stores Opens 34 New Locations, Adds 93 Total Stores in 2016

by Nellie Day October 17, 2016

DUBLIN, CALIF. — Ross Stores has opened 25 Ross Dress for Less and nine dd’s DISCOUNTS stores across 16 different states in September and October. These new locations round out the company’s 2016 expansion plans to add approximately 90 locations during the year. Ross Stores, Inc. is headquartered in Dublin, Calif., with 1,342 stores in 36 states, the District of Columbia and Guam. The company also currently operates 193 dd’s DISCOUNTS in 15 states.

October 17, 2016

Illinois Midwest Retail

Baum Realty Group Negotiates Sale of 164,000 SF Retail Center in Niles, Illinois

by Amy Works October 17, 2016

NILES, ILL. — Baum Realty Group has arranged the sale of Oak Mill Plaza, a grocery-anchored retail property located at 7900 N. Milwaukee Ave. in the Chicago suburb of Niles. Major Realty Group sold the center to an affiliate of Phillips Edison & Co. for an undisclosed price. The 164,000-square-foot property is anchored by Jewel-Osco. Greg Dietz and Danny Spitz of Baum Realty Group represented the seller in the deal.

October 17, 2016

Industrial Michigan Midwest

Signature Associates Facilitates Sale of 39,262 SF High-Tech Space in Wixom, Michigan

by Amy Works October 17, 2016

WIXOM, MICH. — Signature Associates has negotiated the investment sale of a high-tech space located at 51229 Century Court in Wixom, a northwest suburb of Detroit. Synergy Investments acquired the 39,262-square-foot space from CRS for an undisclosed sum. Jim Montgomery and John Fricke of Signature Associates represented the seller, while Montgomery also represented the buyer in the deal.

October 17, 2016

Indiana Midwest Retail

Namdar Realty Group Acquires 19,425 SF Retail Center in Columbus, Indiana

by Amy Works October 17, 2016

COLUMBUS, IND. — Namdar Realty Group has acquired State and Mapleton Plaza, a neighborhood retail center located at 2150 State St. in Columbus, about 40 miles south of Indianapolis. A private investor sold the property for a little more than $1 million. At the time of acquisition, the 19,425-square-foot property was fully occupied with CVS/pharmacy and Dollar General as anchor tenants. Joel J. Gorjian of Namdar Realty completed the all-cash, off-market transaction for the company.

October 17, 2016

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