Midwest

Ridgeline, Cabot Properties to Develop 438,150 SF Distribution Center in Crest Hill, Illinois

by Christina Cannon December 17, 2015

CREST HILL, ILL. — Ridgeline Property Group has unveiled plans to develop a 438,150-square-foot distribution center in Crest Hill, approximately 40 miles southwest of Chicago. Along with capital partner Cabot Properties Inc., Ridgeline will build the Class A facility on a 29-acre site that the two companies acquired in September. Site work will begin in January and completion is slated for August 2016. David Bercu and Jim Estus of Colliers International will market the property for lease. The cross-dock facility, located at 16824 Enterprise Blvd., will feature 32-foot clear heights, four drive-in overhead doors, 36 exterior docks, 319 car parking spaces and 163 trailer parking spaces.

December 17, 2015

Midwest Minnesota Multifamily Seniors Housing

Brookdale Completes $30M Renovation to Seniors Housing Community in Suburban Minneapolis

by Christina Cannon December 17, 2015

EDINA, MINN. — Brookdale Senior Living has completed a $30 million renovation to Brookdale Edina, formerly Edina Park Plaza. The seniors housing community is located in Edinborough Park in the Minneapolis suburb of Edina. Brookdale remodeled the independent living and assisted living apartments and added 36 memory care units. The project also adds a new main lobby, bistro, library, dining room and activity area to the community. The new and renovated units will be available for residents in January. Based in Brentwood, Tenn., Brookdale Senior Living is the largest owner and operator of seniors housing in the United States, managing more than 110,000 units, according to the American Seniors Housing Association’s ASHA 50 rankings.

December 17, 2015

Illinois Midwest Office

CBRE Arranges 110,000 SF Lease at Office Tower Under Construction in Chicago

by Christina Cannon December 17, 2015

CHICAGO — Acting on behalf of Riverside Investment & Development Co., CBRE has signed Navigant Consulting Inc. to an 110,000-square-foot lease at a 53-story office tower under construction in Chicago. Navigant will move its global headquarters to the new building to be located at 150 N. Riverside Plaza. As a result of the four-story lease to Navigant Consulting, the office tower is now 75 percent pre-leased. The Class A building, which will span 1.2 million square feet, is slated for completion in January 2017. William Blair & Co. LLC and Hyatt Corp. will also be moving their global headquarters to the building. Goettsch Partners is the building designer and Magnusson Klemencic Associates is serving as the structural engineer. Drew Neiman of CBRE represented Riverside Investment & Development Co. in the transaction.

December 17, 2015

Midwest Multifamily Ohio

Pillar Originates $11.8M Fannie Mae Loan for Multifamily Property in Cleveland

by Christina Cannon December 17, 2015

CLEVELAND — Pillar has originated an $11.8 million Fannie Mae loan for a multifamily property in Cleveland. Mariner’s Watch is a Class A property that was built in 2014. The 62-unit, four-story building includes 33 one-bedroom units and 29 two-bedroom units. The property also features an indoor parking garage and is 100 percent leased. Joe Markech and Brooke Jackson of Pillar originated the fixed-rate, 10-year loan that two-years of interest-only payments to refinance the original construction loan followed by a 30-year amortization schedule. The undisclosed borrower is a local multifamily property owner and operator. The Mariner’s Watch property has obtained a Energy Star certification for energy efficiency.

December 17, 2015

Industrial Michigan Midwest

Friedman Brokers Sale of 26,202 SF Industrial Building North of Detroit

by Christina Cannon December 17, 2015

PONTIAC, MICH. — Friedman Integrated Real Estate Solutions has brokered the sale of a 26,202-square-foot industrial building in Pontiac, approximately 30 miles north of Detroit. TSLLC Liquidation Co. LLC sold the property to Knight Properties Group LLC for an undisclosed price. The building is located at 1450 E. Highwood Blvd. Larry Schultz of Friedman represented the buyer in the transaction and Mike Koenigbauer of Friedman represented the seller.

December 17, 2015

Market Reports Midwest Midwest Market Reports Office Uncategorized Wisconsin

Downtown Milwaukee Continues Its Hot Streak, but Will It Cool in 2016?

by Christina Cannon December 17, 2015

The long-held perception of the Milwaukee office market is that it mostly trades tenants between buildings with one landlord winning at the other’s expense, while the overall pie remains the same size. However, with cranes dotting the horizon, large blocks of vacant space quickly leasing up, a number of major new developments waiting to break ground, and the inflow of outside dollars into Milwaukee, the market has recently experienced some amazing deal velocity. This activity is expected to continue as we head into 2016. However, the office market could slow down due to the completion of several projects currently under construction. The greater Milwaukee office vacancy rate stood at 15.5 percent in the third quarter, down slightly from 15.6 percent in the third quarter of 2014. The vacancy rate in the central business district (CBD) dropped from 16.2 percent to 14.9 percent during the same period. Meanwhile, rental rates have increased slightly in both the overall market and the CBD. Cranes in the skies Construction on the Northwestern Mutual Tower and Commons began in late 2014 in downtown Milwaukee and is scheduled for completion in late 2017. A 32-story office tower will adjoin a two-block-long, three-story space known as The Commons. The new development …

December 17, 2015

Indiana Midwest Multifamily

Flaherty & Collins Breaks Ground on $26.5M Multifamily Project In New Albany, Indiana

by Christina Cannon December 16, 2015

NEW ALBANY, IND. — Flaherty & Collins Properties has broken ground on a $26.5 million luxury apartment project in downtown New Albany, located across the Ohio River from Louisville, Ky. Flaherty & Collins is partnering with the city of New Albany and the Indiana Economic Development Corp. on the project. The Breakwater is being constructed on the site of the former Coyle Chevrolet property. The complex will feature 191 luxury units and 1,650 square feet of street-front retail space. Amenities will include a heated swimming pool with cabanas, an outdoor movie screen, bike storage, a pet washroom, a fitness club, dog park and an outdoor kitchen with grilling stations and a fire pit. Unit amenities will include 9-foot ceilings, granite countertops, over-sized tubs, faux wood flooring, washers and dryers and smart thermostats. The project is slated for completion in spring 2017. The developer is targeting residents with annual incomes between $50,000 and $60,000. The Breakwater will also be the first apartment project in Southern Indiana to offer gigabit Internet.

December 16, 2015

Illinois Midwest Mixed-Use

Baum Realty Brokers Purchase of $7.7M Mixed-Use Property in Chicago

by Christina Cannon December 16, 2015

CHICAGO — Baum Realty Group LLC has brokered the purchase of a loft building in Chicago for $7.7 million. CLK Properties, a New York-based developer, purchased the 31,050-square-foot building from an undisclosed seller. The property, located at 112 N. May St., is three stories and includes 28 surface parking spaces. The first floor consists of retail space and the second and third floors could be used for office or residential space. The building was 100 percent vacant at the time of sale. Danny Spitz and Greg Dietz of Baum Realty represented the buyer in the transaction.

December 16, 2015

Illinois Midwest Office

CBRE Arranges 265,000 SF Lease Extension for Law Firm Mayer Brown in Chicago

by Christina Cannon December 16, 2015

CHICAGO — CBRE has arranged a 265,000-square-feet lease extension for law firm Mayer Brown LLP at 71 S. Wacker Drive, a 48-story office building in Chicago. Mayer Brown has leased space at the office tower since it opened in 2005. The 1.5-million-square-foot building is 98 percent leased. Tenants at the building include Citizens Bank, Piper Jaffray, Legal & General, Towers Watson and Milliman. The office tower also features a restaurant, retail bank, cafeterias with catering service, a fitness center, conference center and public gardens. Henry Cobb of Pei Cobb Freed & Partners designed the building. Todd Lippman, James Whalen and Pete Delneky of CBRE represented Mayer Brown in the transaction. Brad Despot and Jon Copeland of Avison Young represented the landlord, Irvine Company Office Properties.

December 16, 2015

Michigan Midwest Multifamily Seniors Housing

American House to Add Memory Care Units to Two Seniors Housing Communities in Michigan

by Christina Cannon December 16, 2015

ROSEVILLE AND ROCHESTER HILLS, MICH. — American House Senior Living Communities will add 40 units of memory care to its communities in the Detroit suburbs of Roseville and Rochester Hills. Virtus Real Estate Capital, a Texas-based private equity firm, arranged a loan through Talmer Bank and Trust to fund the expansion by American House, a Michigan-based operator. Each of the two new communities will include 40 units of licensed memory care and will share a campus with existing American House communities. REDICO is developing both projects. The Roseville community is set to open in September 2016, while the Rochester Hills community is scheduled to open in late 2016.

December 16, 2015

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