Midwest

Bridge Development, Akard Street to Develop Two Industrial Buildings in Metro Chicago

by Christina Cannon August 24, 2016

SCHILLER PARK, ILL. — A joint venture between Bridge Development Partners LLC and Akard Street Partners has acquired a 10-acre parcel in Schiller Park, approximately 20 miles northwest of Chicago, for the future development of two industrial buildings. The site, located at the intersection of Rose Street and Soreng Avenue, currently features approximately 200,000 square feet of functionally obsolete manufacturing space. Bridge will demolish the buildings and develop the Bridge Point Schiller Park on the site, which will consist of an 84,700-square-foot building and a 72,825-square-foot building. The project is slated for completion by the third quarter of 2017. The buildings will feature 32-foot clear ceiling heights, ESFR sprinklers, 125-foot truck courts, one loading dock for every 3,000 square feet, above-standard car parking ratios and office space to suit. Geoff Dowling and Daniel Tobin of CTK Chicago Partners represented the seller, Hostess Brands, in the transaction. Tom Rodeno and Patrick Turner of Colliers International represented Bridge. Rodeno and Turner will market the property for lease. Hunt Realty Investments will manage the joint venture.

August 24, 2016

Healthcare Indiana Midwest

Four Springs Capital Trust Acquires Plasma Donation Center for $8M

by Christina Cannon August 24, 2016

GREENWOOD, IND. — Four Springs Capital Trust has acquired a single tenant medical building in Greenwood, approximately 10 miles south of Indianapolis, for $8 million. BioLife Plasma Services operates the 16,694-square-foot building as a plasma collection facility. The seller in the transaction was undisclosed.

August 24, 2016

Midwest Ohio Retail

Cooper Commercial Brokers $3.2M Sale of Shopping Center Near Cincinnati

by Christina Cannon August 24, 2016

FINNEYTOWN, OHIO — The Cooper Commercial Investment Group has brokered the $3.2 million sale of Winton & Galbraith, a 26,488-square-foot retail center in Finneytown, approximately 15 miles north of Cincinnati. Dollar Tree anchors the center, which is 100 percent occupied by other tenants including Graeter’s Ice Cream, LaRosa’s Pizza, Subway and J. Gumbo’s. An Ohio-based private investment group sold the property to a California buyer. Dan Cooper of Cooper Commercial represented the seller in the transaction.

August 24, 2016

Loans Midwest Retail Wisconsin

BMC Capital Arranges $1.7M Loan for Retail Building in Madison

by Christina Cannon August 24, 2016

MADISON, WIS. — BMC Capital has arranged a $1.7 million acquisition loan for a building occupied by Valvoline and Enterprise Rent-a-Car in Madison. The 2,368-square-foot building was constructed in 1987. The 10-year loan features a 4.8 percent fixed rate for five years and a 25-year amortization schedule. Jada Jordan of BMC Capital arranged the loan through one of the company’s correspondent banking relationships.

August 24, 2016

Iowa Market Reports Midwest Midwest Market Reports Mixed-Use Multifamily Office Retail

Cedar Rapids Real Estate Market Stays Hot As Flood Recovery Efforts Wind Down

by Christina Cannon August 24, 2016

The historic flood of June 2008 is becoming a distant memory as the city of Cedar Rapids prepares for the dedication of the new Northwest Recreation Center, the last public facility to be completed as part of the flood recovery project. The dedication ceremony is slated for Thursday, Aug. 25. The recovery has led to a revitalization of many flood-impacted areas in the city, ranging from residential neighborhoods to the downtown business district. Now the momentum is turning toward several new projects: • This month, tenants will begin moving into the 11-story CRST tower downtown, which features 300 feet of the new flood protection system. • A 28-story, mixed-use tower is being proposed on city-owned property downtown. The development may contain retail, office, hotel and residential space led by Allen Development, an Iowa City developer. • Over 10 downtown housing projects are under construction that will create almost 400 new condo and apartment units, which will bring our core closer to a live-work-play environment. These projects are also putting vacant retail and office buildings to new uses. • The Czech Village-New Bohemia neighborhood continues to grow with historic buildings being renovated and repurposed while augmenting exciting new construction featuring retail, …

August 24, 2016

Industrial Midwest Minnesota

United Properties Breaks Ground on 402,000 SF Industrial Build-to-Suit Project Near Minneapolis

by Christina Cannon August 23, 2016

LINO LAKES, MINN. — United Properties has broken ground on a 402,000-square-foot industrial facility for Distribution Alternatives Inc., a third-party logistics firm. The build-to-suit project is located on a 30-acre site in Lino Lakes, approximately 20 miles northeast of Minneapolis. Distribution Alternative plans to occupy the facility in the fall of 2017. The building will feature a cross-dock layout, 32-foot clear heights and outside trailer storage. R.J. Ryan will serve as the general contractor for the project, and Lampert Architects will provide design services.

August 23, 2016

Healthcare Midwest Ohio

Cooper Commercial Brokers $2.4M Sale of Medical Office Building Near Cleveland

by Christina Cannon August 23, 2016

CLEVELAND — The Cooper Commercial Investment Group has brokered the sale of a 13,095-square-foot, multi-tenant medical office building near Cleveland. An Ohio-based private investor sold the building to an undisclosed Ohio-based buyer for $2.4 million. Bob Havasi and Dan Cooper of the Cooper Commercial Investment Group represented the seller in the transaction.

August 23, 2016

Midwest Mixed-Use Wisconsin

Brookfield Corners Arranges Three New Leases at The Corners of Brookfield Near Milwaukee

by Christina Cannon August 23, 2016

BROOKFIELD, WIS. — Brookfield Corners LLC has arranged three new leases at The Corners of Brookfield, a 750,000-square-foot upscale lifestyle center 13 miles west of Milwaukee. Free People, Paper Source and Francesca’s will join other retailers such as L.L. Bean, Arhaus, Twigs, Café Hollander, Evereve, Anthropologie and lululemon athletica at the development, which is scheduled to come on line in the spring of 2017. Bradford Real Estate Services Corp. is the development manager for the facility. The Corners of Brookfield will feature 400,000 square feet of retail and restaurant space, anchored by a 140,000-square-foot Von Maur department store and a 30,000-square-foot Sendik’s Food Market. The project will also include 244 luxury apartment homes and parking for more than 1,700 cars.

August 23, 2016

Illinois Midwest Restaurant Retail

Krispy Kreme to Open New Location in Chicago Suburb

by Christina Cannon August 23, 2016

HOMEWOOD, ILL. — Krispy Kreme will open a new store in Homewood, approximately 25 miles south of Chicago. The donut franchise will build a ground-up facility on an outparcel to a Home Depot and Jewel-Osco. This store, to be located at 17815 S. Halsted St., will be the first of eight locations opened in the Cook county area. Currently the Chicago area has only one Krispy Kreme store, which is situated in Elk Grove Village. The new Homewood location will be the franchise’s first retail location opened in the Chicago area in seven years. Lynne Brackett and Adam Foret of CBRE represented the landlord in the transaction.

August 23, 2016

Kansas Midwest Office

Vigilias Telehealth Signs 400 SF Headquarters Lease at 125 N. Market in Wichita

by Christina Cannon August 23, 2016

WICHITA, KAN. — Vigilias Telehealth LLC has leased 400 square feet of space at 125 N. Market, a 19-story office building in Wichita. The company, a telemedicine and technology platform provider, will occupy space on the 14th floor, which will serve as its headquarters. The building has undergone roughly $4 million of improvements and upgrades since 2013. Amenities at 125 N. Market include free valet parking, a video conference center and concierge services. The facility can accommodate users with needs anywhere from 600 square feet to 26,000 square feet. Security National Life Insurance Co. owns 125 N. Market, and other tenants in the building include Cornerstone Design Development, Viaan Electronics and BalanceComp. Istvan Tamas of Weigand-Omega arranged the lease.

August 23, 2016

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