Midwest

Namdar Realty Acquires 165,450 SF Retail Center in Northeast Ohio

by Christina Cannon May 23, 2016

AKRON/TALLMADGE, OHIO — Namdar Realty Group has acquired Midway Plaza Shopping Center, a 165,450-square-foot retail property in Ohio, for $1.2 million. A private investment partnership sold the center, which is located on the Akron/Tallmadge city line. The single-story property is situated on an 18.8-acre site. Current tenants at Midway Plaza include Rent-A-Center, Petra Middle Eastern Foods supermarket, Save-A-Lot, A & A Beauty Supply, Doll House, Liberty Tax Service, Appliance Mart Parts & Repair and Goodwill. Joel J. Gorjian represented Namdar in the transaction.

May 23, 2016

Illinois Industrial Loans Midwest

Wool Finance Partners Secures $3.8M Loan for 36,730 SF Industrial Property in Chicago

by Christina Cannon May 23, 2016

CHICAGO — Wool Finance Partners has arranged a $3.8 million refinancing loan for a 36,730-square-foot industrial property in the Fulton Market district of Chicago. The single-tenant, net-leased building is situated on a nearly one-acre site. Matt Lebenson of Wool Finance Partners originated the floating-rate, three-year loan through an undisclosed regional bank.

May 23, 2016

Midwest Missouri Retail

GBT Realty Corp. to Build $54M, 300,000 SF Retail Center in Metro St. Louis

by Christina Cannon May 20, 2016

ST. PETERS, MO. — GBT Realty Corp. has unveiled plans to develop a $54 million retail center, the largest project of its kind in the St. Louis metro area since 2008. The Shoppes at Mid Rivers, which will be located on 28 acres in St. Peters, a northwestern suburb of St. Louis, is slated to open in late 2017. Current plans for the 300,000-square foot regional center include three anchor tenants, five to seven junior anchors, small shop space and four, one-acre outparcels. Demolition of existing buildings will start immediately upon acquisition of the site later this year.

May 20, 2016

Illinois Loans Midwest Multifamily

Grandbridge Arranges $26.2M Refinancing Loan for 308-Unit Apartment Community in Chicago Suburb

by Christina Cannon May 20, 2016

LISLE, ILL. — Grandbridge Real Estate Capital has arranged a $26.2 million refinancing loan for a 308-unit multifamily property in Lisle, approximately 30 miles west of Chicago. Arboretum Village Apartments features amenities such as an outdoor pool, playground, Internet café and 24-hour fitness center. The fixed-rate, non-recourse loan features a 10-year term. Ben Fazendin of Grandbridge Real Estate Capital originated the Fannie Mae financing for the undisclosed borrower.

May 20, 2016

Loans Michigan Midwest Mixed-Use

Bernard Financial Secures $15.5M Loan for Detroit’s Broderick Tower

by Christina Cannon May 20, 2016

DETROIT — Bernard Financial Group has arranged a $15.5 million refinancing loan for Broderick Tower, a 34-story mixed-use building in Detroit. The high-rise, located at the southeastern corner of Woodward Avenue and Grand Circus Park, features office space on floors 2-4, apartment units on floors 5-34, with floors 25-34 consisting of penthouses. Motown Construction Partners LLC is the borrower. Dennis Bernard and Kevin Kovachevich of Bernard Financial arranged the financing through Fifth Third Bank.

May 20, 2016

Illinois Midwest Retail

The Boulder Group Brokers $6.9M Sale of Building Net Leased to Bank of America

by Christina Cannon May 20, 2016

GLENVIEW, ILL. — The Boulder Group has arranged the sale of a building net leased to Bank of America for $6.9 million. The property is located at 1400 Waukegan Road in Glenview, approximately 20 miles northwest of Chicago. Other retailers in the immediate area include Walgreens, Trader Joe’s, Jewel-Osco, Ace Hardware, Staples and Starbucks. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based real estate development company, in the transaction. The buyer was a local 1031 exchange investor. The Bank of America ground lease has over 13 years remaining and expires in December 2029. The ground lease features 10 percent rental escalations every five years throughout the primary term and renewal option periods.

May 20, 2016

Industrial Midwest Wisconsin

The Dickman Company Arranges 31,890 SF Industrial Lease in Milwaukee Suburb

by Christina Cannon May 20, 2016

WEST ALLIS, WIS. — The Dickman Company Inc./CORFAC International has arranged a 31,890-square-foot industrial lease in West Allis, approximately seven miles west of Milwaukee. NexGen Building Supply will occupy the space at 1707 S. 101st St. The landlord is Univar USA Inc. Zach Noble and Cale Berg of The Dickman Company brokered the transaction.

May 20, 2016

Illinois Midwest Office

Chicago Post Office Sells for $130M, Buyers Plan $500M Redevelopment Project

by Christina Cannon May 19, 2016

CHICAGO — International Property Developers North America (IPDNA) has sold Chicago’s Old Post Office and adjacent sites to 601W Cos. for $130 million. The new owners have unveiled plans for a five-year, $500 million redevelopment of the sprawling building. The conversion will turn the 2.7 million-square-foot building into office space and will add a three-acre rooftop park, outdoor cafes, event space, a fitness center, basketball and paddle tennis courts and a quarter-mile running track. The redevelopment, to be conducted in three phases, is slated for completion in 2018. HFF represented 601W Cos. in the transaction, and Savills represented IPDNA.

May 19, 2016

Indiana Midwest Mixed-Use

Holladay Properties to Build $37M Mixed-Use Development in Northern Indiana

by Christina Cannon May 19, 2016

PORTAGE, IND. — Holladay Properties has scheduled an August groundbreaking for The Promenade at Founders Square, a $37 million mixed-use development in Portage, approximately 10 miles east of Gary. The initial five buildings will surround Founders Square Park and offer residential space with ground-floor commercial properties. Other recent investments in The City of Portage include the new Founders Square Park, fire station, police station and an outdoor entertainment pavilion.

May 19, 2016

Loans Midwest Minnesota Multifamily Seniors Housing

Grandbridge Arranges $17.9M Construction Loan for 120-Unit Seniors Housing Community in Minnesota

by Christina Cannon May 19, 2016

LITTLE CANADA, MINN. — Grandbridge Real Estate Capital has closed a $17.9 million loan for the construction of Cardigan Ridge, a 120-unit independent living, assisted living and memory care community in the Twin Cities suburb of Little Canada. Hearth Development is building the project, which is already under construction. Grandbridge estimates total development costs will exceed $20 million. Dave Rasmussen, a senior vice president in Grandbridge’s Minneapolis office, originated the loan. A local bank is providing the capital. The non-recourse loan featured a five-year term, 25-year amortization and an interest rate near 3.5 percent.

May 19, 2016

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