Midwest

CBRE Secures $18M Refinancing for Retail Property in Roseville, Minnesota

by Kristin Harlow December 12, 2016

ROSEVILLE, MINN. — CBRE has secured $18 million in refinancing for Rosedale Marketplace in Roseville, north of St. Paul. The 153,400-square-foot retail property includes tenants such as Total Wine, Hobby Lobby, Cost Plus World Market and Men’s Warehouse. Doug Seylar of CBRE originated the financing. The new financing allowed the borrower to retire the existing debt on the property. The owner, Rosedale Marketplace Associates LP, is an entity affiliated with Canada-based Tanurb Development Inc., the original developer of the property that was constructed in 1989. CBRE secured a new mortgage for Rosedale Marketplace through its relationship with Morgan Stanley.

December 12, 2016

Iowa Loans Midwest Multifamily

Dougherty Mortgage Arranges $3.8M Fannie Mae Loan for Multifamily Property in Davenport, Iowa

by Kristin Harlow December 12, 2016

DAVENPORT, IOWA — Dougherty Mortgage LLC has arranged a $3.8 million Fannie Mae loan for the acquisition of Castlewood Apartments in Davenport, part of the Quad Cities and located near the Illinois border. The 96-unit multifamily property offers two- and three-bedroom townhomes. The 16-year loan features a 30-year amortization schedule. In conjunction with the loan, tax credit equity will also be used to fund the moderate rehabilitation of the project. Dougherty’s Minneapolis office arranged the financing on behalf of the borrower, Davenport MAHC LLLP.

December 12, 2016

Midwest Missouri Mixed-Use

Westcott Investment Group Receives Approval for Development of The Grove in Lee’s Summit, Missouri

by Kristin Harlow December 9, 2016

LEE’S SUMMIT, MO. — The Lee’s Summit City Council has approved the rezoning and preliminary development plan for The Grove at Lee’s Summit, a 1 million-square-foot, mixed-use project in Lee’s Summit, about 20 miles southeast of Kansas City. The project developer is Westcott Investment Group. Development on the site begins this month. The 73-acre land site will include retail, restaurant, entertainment, multifamily housing, commercial office, warehouse and light manufacturing space. The first phase of the project includes 500,000 square feet of industrial space near the southern portion of the business park. Klover Architects will serve as architect and BHC Rhodes will provide civil engineering services. Daren Fristoe is project manager and Aaron March of White Goss is the development attorney.

December 9, 2016

Loans Michigan Midwest Mixed-Use

Berkadia Arranges $24M Loan for Refinancing of David Whitney Building in Detroit

by Kristin Harlow December 9, 2016

DETROIT — Berkadia has arranged a $24 million loan for the refinancing of one of downtown Detroit’s iconic landmarks, the David Whitney Building. Originally constructed in 1915, the 19-story building was named after David Whitney Jr., a wealthy lumber baron. The building recently underwent a complete renovation, with features including a 136-room Aloft Hotel, 105 luxury apartments and ground-level retail. David Sibbold, Terry Halverson, Andy Coleman and Mauricio Rodriguez of Berkadia secured the financing through Citigroup Global Markets on behalf of the borrower, Whitney Partners LLC, a joint venture of the Roxbury Group and Vos Hospitality. Whitney Partners purchased the building in 2011.

December 9, 2016

Illinois Midwest Mixed-Use

Spirit Bascom Acquires Mixed-Use Building in Chicago for $18.9M

by Kristin Harlow December 9, 2016

CHICAGO — Spirit Bascom Ventures LLC, a partnership between The Bascom Group LLC and Spirit Investment Partners LLC, has acquired a mixed-use building in Chicago for $18.9 million. The building is located in the Rogers Park neighborhood at 6807 N. Sheridan Road. In addition to 160 apartment units, the property features 10,150 square feet of fully leased retail space. Todd Stofflet of KIG represented the undisclosed seller in the transaction. Andy Feinberg, Marc Schulder and David Harte of Ackman-Ziff arranged a first mortgage loan from local lender First Midwest Bank and a mezzanine loan from New York-based Hillcrest Real Estate.

December 9, 2016

Industrial Kansas Midwest

Block & Co. Negotiates 20,970 SF Lease for Baseball, Softball Training Academy in Lenexa, Kansas

by Kristin Harlow December 9, 2016

LENEXA, KAN. — Block & Co. Inc. has negotiated the lease of a 20,970-square-foot industrial building in Lenexa in the Kansas City metro area for D-BAT Baseball & Softball Training Academy. D-BAT Kansas City signed a 10-year lease for the space at 16150 W. 110th Street. There are over 40 D-BAT locations nationwide. In addition to private baseball and softball lessons, the company offers pitching machines, a fully stocked pro shop, camps and clinics. D-BAT Kansas City, which opens later this month, is owned and operated by former professional baseball player Curt Lowry. Max DiCarlo and David M. Block of Block & Co. represented D-BAT Kansas City LLC in the transaction.

December 9, 2016

Illinois Midwest Mixed-Use

Baum Arranges $2.8M Sale of Mixed-Use Building in Chicago

by Kristin Harlow December 9, 2016

CHICAGO — Baum Realty Group LLC has arranged the sale of a mixed-use building in Chicago for $2.8 million. The 10,000-square-foot building is located in the Andersonville neighborhood at 5531-39 N. Clark St. Chase Bank and Hair Cuttery occupy the first floor, while the second floor features an office tenant and loft apartment. Danny Spitz and Greg Dietz of Baum Realty Group represented the seller, a local investor. A Chicago-based investment group was the buyer.

December 9, 2016

Illinois Midwest Mixed-Use

Developers of Addison & Clark Mixed-Use Project Strike Up Leases With Two New Tenants in Chicago

by Kristin Harlow December 8, 2016

CHICAGO — Lucky Strike Entertainment and Shake Shack Inc. have signed leases at Addison & Clark, the mixed-use development opening in Chicago’s Lakeview neighborhood in 2018. The center will be Lucky Strike Entertainment’s second Chicago location and Shake Shack’s fourth Chicago-area restaurant. Lucky Strike Entertainment will occupy 30,000 square feet and offer a premium bowling experience, with a chef-driven menu, private function spaces and live music. Shake Shack, which offers burgers, hot dogs and shakes, will occupy 3,500 square feet. CMX luxury dine-in movie theater has already signed a lease at the building, located directly across from Wrigley Field. Upon completion, the development will include 148 luxury apartments and 150,000 square feet of retail space. Project developers include a joint venture between M&R Development and Bucksbaum Retail Properties LLC.

December 8, 2016

Illinois Industrial Midwest

Transwestern Negotiates 47-Acre Ground Lease in Chicago Suburb

by Kristin Harlow December 8, 2016

LEMONT, ILL. — Transwestern has negotiated a 47-acre ground lease for Chicago Truck Parking in Lemont, a suburb of Chicago. The multi-million deal is one of the largest parking leases ever in metro Chicago. The operator of parking lots for tractor-trailers and other commercial vehicles will occupy the space at 12300 New Ave. Located in the I-55 industrial corridor, the new parking lot will allow Chicago Truck Parking to consolidate multiple yards into a single location. The company will continue to operate its truck parking at Veterans Parkway and I-55 in Bolingbrook, Ill., but will consolidate its Archer Avenue and Route 83 location in Lemont at the new location. Terri Alexander of Transwestern represented the tenant in the eight-year lease. Tim McCahill and Brian Vanosky of Lee & Associates represented the landlord, Realterm Logistics.

December 8, 2016

Industrial Midwest Wisconsin

Dickman Co. Arranges 12,040 SF Industrial Lease in Milwaukee

by Kristin Harlow December 8, 2016

MILWAUKEE — The Dickman Co. Inc./CORFAC International has arranged the lease of 12,040 square feet of industrial and office space for Naturescape Inc. in Milwaukee. The lawn and landscape care company will occupy the building at 5757 N. Lovers Lane Road. Samuel M. Dickman Jr., Samuel D. Dickman and Cale Berg of the Dickman Co. represented the landlord, Marva’s Realty LLC. Lori Hake of Judson & Associates represented the tenant.

December 8, 2016

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