Midwest

Joseph J. Duffy Co. Breaks Ground on $12.5M Mixed-Use Building in Chicago

by Christina Cannon August 5, 2016

CHICAGO — Joseph J. Duffy Co. has broken ground on a $12.5 million mixed-use building in Chicago’s Woodlawn neighborhood. Trianon Lofts, to be located at 803 E. 61st St., will consist of 24 two-bedroom/two-bathroom units and 7,000 square feet of retail space. Units, which will average from 900 to 950 square feet, will include 10-foot ceilings, stainless steel appliances, granite countertops, in-unit washers and dryers and be predominantly market rate. Preservation of Affordable Housing (POAH) is the developer, and Urban Works is the project architect. The project is part of the city of Chicago and POAH’s Choice Neighborhoods Partnership, which is redeveloping the former Grove Parc apartments.

August 5, 2016

Michigan Midwest

Marcus & Millichap Arranges $11.3M Sale of 900-Unit Self-Storage Facility in Metro Detroit

by Christina Cannon August 5, 2016

WALLED LAKE, MICH. — Marcus & Millichap has arranged the sale of a 900-unit self-storage property in Walled Lake, approximately 35 miles northwest of Detroit, for $11.3 million. Mini Storage Depot includes 15 buildings totaling 111,050 square feet. The property, built in 2004, was 95 percent leased at the time of sale. Mini Storage Depot, located at 46550 Pontiac Trail, features 259 climate-controlled units, 641 non-climate-controlled units, 108 outdoor parking spaces for boat and recreational vehicle storage, an on-site management office, 24-hour video surveillance and 24-hour gate access. Brett Hatcher of Marcus & Millichap represented the seller and procured the buyer, both limited liability companies, in the transaction.

August 5, 2016

Illinois Midwest Multifamily Seniors Housing

Colliers Brokers $6M Land Sale for Future Development of Seniors Housing Facility Near Chicago

by Christina Cannon August 5, 2016

LINCOLNWOOD, ILL. — Colliers International has brokered the sale of 13 acres in Lincolnwood, roughly 13 miles northwest of Chicago, for over $6 million. South Bay Partners acquired the land and plans to develop a seniors housing facility, which will include assisted living and memory care, on the site. The property, located at 3400 W. Pratt Ave., is the former headquarters site for Bell and Howell, a media equipment supplier. Steven Kohn of Colliers International represented the seller, CenterPoint Properties, in the transaction.

August 5, 2016

Michigan Midwest Office

REDICO Acquires 150 West Jefferson in Detroit’s Financial District

by Christina Cannon August 4, 2016

SOUTHFIELD, MICH. — REDICO has acquired the 150 West Jefferson office building in Detroit’s financial district for an undisclosed price. The 500,000-square-foot, 25-story tower was built in 1989 and is 89 percent leased. Tenants at 150 West Jefferson include Miller, Canfield, Paddock & Stone; Jones Day Gensler; Lockbridge; NORR; Plunkett Cooney; Butzel Long; Starcom/Digitas; and KPMG. Amenities at the property include three restaurants/cafes, a convenience store, dry cleaning service and parking garage. The seller was Georgia-based Piedmont Office Realty Trust, according to Crain’s Detroit Business. The Detroit News reports that the building sold in 2003 for $93.8 million.

August 4, 2016

Midwest Multifamily Ohio Seniors Housing

Spectrum Opens 100-Unit Assisted Living Community in Ohio

by Christina Cannon August 4, 2016

HILLIARD, OHIO — Spectrum Retirement Communities has opened Hilliard Assisted Living & Memory Care, a 100-unit assisted living and memory care community in the Columbus suburb of Hilliard. The new community features 75 assisted living units, 25 memory care units and a transitional memory care program for seniors with only mild cognitive impairment. The 87,000-square-foot community includes studio, one-bedroom and two-bedroom units. Spectrum currently has three other communities under construction in the Columbus area and another in the planning stages. Based in Denver, Spectrum owns and operates 31 communities in 12 states totaling more than 3,700 units, with eight more communities currently under construction.

August 4, 2016

Illinois Midwest Multifamily

Inland Arranges $8.1M Sale of Apartment Property in Metro Chicago

by Christina Cannon August 4, 2016

PALATINE, ILL. — Inland Real Estate Brokerage & Consulting Inc. has arranged the sale of an apartment portfolio totaling 102 units in Palatine, approximately 30 miles northwest of Chicago, for more than $8.1 million. The portfolio consists of 17 six-unit buildings located within the Long Valley Apartment complex and a controlling interest in the apartment association. The buildings, constructed in the 1970s, provide a mix of 80 percent two-bedroom units and 20 percent one-bedroom units. Both parties in the transaction are undisclosed.

August 4, 2016

Illinois Midwest Mixed-Use Office Retail

Colliers International Brokers $7.4M Sale of Mixed-Use Property in Chicago Suburb

by Christina Cannon August 4, 2016

WOODRIDGE, ILL. — Colliers International has brokered the $7.4 million sale of a five-building, mixed-use development in Woodridge, approximately 30 miles southwest of Chicago. A private investor sold the property located at 6315-6440 Main St. Built in 2007, the property consists of one office building and four retail buildings that total 55,626 square feet. Tenants at the buildings include Loyola University Medical, Jimmy John’s, Sport Clips, Salon Aria, Aurelios, ATI Holdings, Seven Bridges Eye Care, Little Kids Learning, Sunburst Innovations, DMB Dental, Cherry Creek Mortgage and 3Vue. Main Street at Seven Bridges is part of a larger lifestyle center and was 93 percent leased at the time of sale. Joseph Yendrek of Equitable Realty Group represented the undisclosed buyer in the transaction.

August 4, 2016

Michigan Midwest Multifamily

Friedman Arranges Sale of 104-Unit Apartment Property Near Detroit

by Christina Cannon August 4, 2016

SOUTHFIELD, MICH. — Friedman Integrated Real Estate Solutions has brokered the sale of a 104-unit apartment property in Southfield, approximately 15 miles northwest of Detroit. Cambridge Square Partners LLC sold the property, located at 27315 Greenfield Road, to Loop Cambridge Square LLC and OM Gardner LLC. Cambridge Square Apartments offers one- and two-bedroom units. Amenities at the property include a playground, courtyard and covered parking. Ryan Cohn and David Cohen of Friedman Integrated Real Estate Solutions represented the seller in the transaction.

August 4, 2016

Market Reports Michigan Midwest Midwest Market Reports Multifamily

Metro Detroit Apartment Market Finds Its Groove

by Christina Cannon August 4, 2016

Favorable hiring trends in metro Detroit have driven household formation to its highest point since the start of the new millennium. As a result, multifamily asset performance and operations have shown marked improvement with respect to demand, occupancy, rents and prices. In the first quarter of the year, local employers created 14,500 jobs for a year-over-year gain of 2.3 percent, which brought Detroit’s unemployment level to its lowest level since 2001. Employment advances were led by the professional and business services sector as well as the leisure and hospitality sector, which added 16,100 and 6,000 workers, respectively. Total employment at the end of 2016 is projected to be 1.9 percent higher than it was at the end of 2015. The generally higher paying professional and business services jobs will lead to broad-based employment growth through the rest of the year, and gains in this segment are expected to support growing demand for luxury rentals. In any event, rental demand in Detroit is on the rise for the foreseeable future. Construction takes off Encouraged by positive employment trends, economic indicators and a recovering automotive industry, new construction, renovation and conversion are thriving. Developers have new multifamily projects underway in more than …

August 4, 2016

Illinois Midwest Office

Equus Capital Partners Acquires 414,442 SF Office Property in Metro Chicago

by Christina Cannon August 3, 2016

OAKBROOK TERRACE, ILL. — An affiliate of Equus Capital Partners Ltd. has acquired a Class A office property in Oakbrook Terrace, approximately 20 miles west of Chicago, for an undisclosed price. Mid America Plaza is a 414,442-square-foot complex that includes two 10-story buildings. The property was 87 percent leased at the time of sale. Mid America Plaza, built in 1985, features amenities such as a conference center, deli, restaurant, a 16,600-square-foot fitness center, picnic areas, walking trails, a softball field and a pond. The complex is also located across the street from the Oakbrook Center Mall, which is currently undergoing a $150 million expansion. Mark Katz and Bryan Rosenberg of HFF represented the undisclosed seller in the transaction.

August 3, 2016

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