Midwest

Marcus & Millichap Brokers $5M Sale of 55,829 SF Office Property in Metro Chicago

by Christina Cannon June 2, 2016

OAKBROOK TERRACE, ILL. — Marcus & Millichap has brokered the sale of a 55,829-square-foot office property in Oakbrook Terrace, approximately 20 miles west of Chicago. A limited liability company sold Terrace Oaks to a developer for over $5 million. Located at 17W645 Butterfield Road, the building features a marble lobby, three-story glass atrium, ample parking and conference room. John Abuja of Marcus & Millichap listed the property on behalf of the seller and represented the buyer in the transaction.

June 2, 2016

Illinois Industrial Midwest Office

Ryan Cos. Breaks Ground on 146,560 SF Office/Warehouse Facility in Suburban Chicago

by Christina Cannon June 2, 2016

JOLIET, ILL. — Ryan Companies US Inc. has broken ground on a 143,560-square-foot corporate headquarters and warehouse facility for Cadence Premier Logistics. The building will be located at 2250 Chicago St. within the Laraway Crossings Business Park in Joliet, approximately 45 miles southwest of Chicago. The facility will be situated on 44.5 acres and is slated for completion by the end of the year. The facility will feature 22,050 square feet of office space, an additional 22,050 square feet of mezzanine office space for future growth and expansion, 74,620 square feet of warehouse space and 24,840 square feet of breakout area. The building, which is expandable by approximately 94,500 square feet, will be a steel structure with precast concrete wall panels. The facility will also include 184 car stalls, 442 tractor-trailer spaces and an indoor soccer field. Harris Architects Inc. will serve as the architect of record, and Hefner Associates is the civil engineer.

June 2, 2016

Midwest Wisconsin

Miron Construction Breaks Ground on $75M Science Building for University of Wisconsin-Stevens Point

by Christina Cannon June 1, 2016

STEVENS POINT, WIS. — Miron Construction Co. has broken ground on a $75 million science building for the University of Wisconsin-Stevens Point, located 100 miles west of Green Bay. The four-story, 176,500-square-foot chemistry building will include classrooms, lecture halls, research and teaching labs, faculty and staff offices and a tropical conservatory. The facility, which is slated for completion in 2018, is the first major freestanding building constructed on the campus since 1971. The building is designed to use 40 percent less energy and 26 percent less water compared with a conventional design through the utilization of large windows, highly efficient mechanical and electrical systems, bioswales and rain gardens. HOK and Potter Lawson are designing the building.

June 1, 2016

Illinois Midwest Office

Opus Starts Construction on 175,000 SF Headquarters for MC Machinery Systems in Suburban Chicago

by Christina Cannon June 1, 2016

ELK GROVE VILLAGE, ILL. — The Opus Group has broken ground on a 175,000-square-foot corporate headquarters for MC Machinery Systems Inc. in Elk Grove, approximately 25 miles northwest of Chicago. MC Machinery Systems, a subsidiary of Mitsubishi Corp., sells high-tech manufacturing equipment used for metalworking and fabrication. The building will feature 50,000 square feet of office space, 75,000 square feet of ancillary office and storage areas and a 50,000-square-foot showroom. The facility will also include spaces for customer product demonstrations, research and development, machine refurbishment and a customer support call center. Construction is slated for completion by this December.

June 1, 2016

Industrial Midwest Ohio

CBRE Brokers $4.5M Sale of Industrial Building in Cincinnati Suburb

by Christina Cannon June 1, 2016

WEST CHESTER, OHIO — CBRE Group Inc. has arranged the $4.5 million sale of an industrial property in West Chester, approximately 25 miles north of Cincinnati. Ohio Eagle Distributing, a wholesale distributer of domestic, imported and craft beers, purchased the 136,550-square-foot building from Bakery Crafts LLC. The facility, located at 9300 Allen Road, features an office area with break room, hospitality and tasting room, private offices and a warehouse area. The building is situated on 15 acres. Robert Bunton of CBRE represented the seller in the transaction, and Rod MacEachen from SqFt Commercial represented the buyer. Ohio Eagle Distributing will relocate from its current space at 150 Lawton Ave. in Monroe after the building is retrofitted to Anheuser-Busch specifications.

June 1, 2016

Illinois Midwest Multifamily

Marcus & Millichap Negotiates $1.2M Sale of Apartment Property in Waukegan, Illinois

by Christina Cannon June 1, 2016

WAUKEGAN, ILL. — Marcus & Millichap has arranged the $1.2 million sale of a 38-unit apartment property in Waukegan, approximately 40 miles north of Chicago. A fund manager sold Waukegan Apartments and Townhomes, located at 766 Linden Ave., to an undisclosed buyer. The property consists of 20 three-bedroom/one-bathroom townhomes, 16 one-bedroom/one-bathroom apartments and four two-bedroom/one-bathroom apartments. Kyle Stengle and Joseph Bergman of Marcus & Millichap listed the property on behalf of the seller.

June 1, 2016

Industrial Midwest Ohio

NAI Cummins Arranges Sale of a 25,600 SF Industrial Facility in Ohio

by Christina Cannon June 1, 2016

WADSWORTH, OHIO — NAI Cummins has brokered the sale of a 25,600-square-foot industrial property in Wadsworth, approximately 40 miles south of Cleveland, for an undisclosed price. Koorsen Fire and Security purchased the facility at 875 Seville Road and is relocating from a smaller facility in Akron. The seller is a Massachusetts-based private entity. Bob Raskow, Scott Raskow and Jeff Davis of NAI Cummins represented both the buyer and seller in the transaction.

June 1, 2016

Healthcare Illinois Midwest Office

Ryan Cos. Acquires Land for Future $15M Medical Office Complex in Metro Chicago

by Christina Cannon May 31, 2016

WARRENVILLE, ILL. — Ryan Companies US Inc. has acquired a 9.5-acre site within the Cantera Business Park for the future development of a $15 million medical office complex. Located in Warrenville, approximately 35 miles west of Chicago, the 80,000-square-foot complex envisioned by Ryan Cos. will include two two-story office buildings with shared amenities and common space. David Justh of CBRE represented the seller, a private investor, and is working with Ryan Cos. to market the development to healthcare systems and related users.

May 31, 2016

Hospitality Midwest Wisconsin

Embassy Suites by Hilton Opens 203-Room Hotel After $10M Renovation

by Christina Cannon May 31, 2016

BROOKFIELD, WIS. — Embassy Suites by Hilton has opened a 203-room hotel following a $10 million renovation. The Embassy Suites by Hilton Milwaukee Brookfield, formerly the Brookfield Suites Hotel and Convention Center, is located 13 miles west of downtown Milwaukee. Brookfield Hotel Limited Partnership owns the property, and Aimbridge Hospitality manages it. Amenities at the hotel include made-to-order breakfast, complimentary evening receptions, a restaurant and bar, more than 6,000 square feet of meeting space, an indoor pool with whirlpool and sauna, business center, convenience store and fitness center. The Embassy Suites by Hilton Milwaukee Brookfield is located at 1200 S. Moorland Ave.

May 31, 2016

Loans Michigan Midwest Multifamily

Pillar Arranges $8.5M Loan for 136-Unit Apartment Property in Michigan

by Christina Cannon May 31, 2016

LANSING, MICH. — Pillar has originated an $8.5 million fixed-rate, Freddie Mac loan to refinance a 136-unit multifamily property in Lansing. Willow Ponds Apartments was built in 1998 and is fully leased. The property consists of two-, three- and four-bedroom units. The financing features a 10-year term and 30-year amortization schedule. Maplegrove Property Management of East Lansing and Grand Rapids, Michigan was the borrower. David Wilkins of Pillar arranged the financing.

May 31, 2016

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