Midwest

First Hospitality Group to Develop 200-Room Hotel at Chicago’s Navy Pier

by Christina Cannon May 3, 2016

CHICAGO — The City of Chicago has unveiled plans for a 200-room hotel at Navy Pier. Construction on the $90 million project is slated to start next year and be complete by the later half of 2018. The five-story hotel will be built next to Festival Hall on the east end of the pier and will anchor the dining and entertainment portion of the Navy Pier’s Centennial Vision, a reimagination and redevelopment of the 100-year-old pier. KOO is the architect for the hotel, and First Hospitality Group will develop and manage the property. James McHugh Construction Co. will build the hotel. The brand of the hotel has yet to be determined. Originally opened in 1916 as a shipping and recreation facility, Navy Pier showcases more than 50 acres of parks, restaurants, attractions, retail shops, sightseeing and dining cruise boats, exposition facilities and more.

May 3, 2016

Loans Midwest Minnesota Multifamily

HFF Secures $48.1M Loan for Acquisition of 427-Unit Apartment Property in St. Paul

by Christina Cannon May 3, 2016

ST. PAUL, MINN. — HFF has secured a $48.1 million acquisition loan for a 427-unit apartment property in St. Paul. The borrower is an affiliate of Abacus Capital Group LLC. HFF originated the floating-rate loan through Freddie Mac’s CME Program. The Burlington, located at 1180 Cushing Circle, is 98 percent leased and offers studio, one- and two-bedroom units. Apartments at The Burlington range from 454 to 1,361 square feet. Amenities at the property include a swimming pool, spa, grilling area, tennis court, fitness center and clubhouse with coffee bar. Mona Carton of HFF, which will service the loan, represented the borrower in the transaction.

May 3, 2016

Iowa Midwest Multifamily Seniors Housing

Marcus & Millichap Arranges Sale of Two Skilled Nursing Facilities in Iowa for $7.2M

by Christina Cannon May 3, 2016

WASHINGTON AND MUSCATINE, IOWA — Marcus & Millichap has arranged the sale of All-American Care of Washington and All-American Care of Muscatine, both skilled nursing facilities in Iowa, for $7.3 million. The facilities are located approximately 40 miles apart from each other in the southeast corner of the state, near the Illinois border. Mark Myers, Ryan Fleming and Joshua Jandris of Marcus & Millichap represented the seller, a husband and wife partnership exiting the nursing home business. The buyer was a private owner/operator out of the Northeast. All-American Care of Washington, a 90-bed facility on 5.2 acres, sold for $3.1 million. All-American Care of Muscatine, a 100-bed facility on 3.9 acres, sold for $4.1 million. Both facilities were built in the 1970s and renovated in the 1990s and 2000s. The combined sales price equates to approximately $38,000 per bed.

May 3, 2016

Illinois Industrial Midwest

HSA Commercial Arranges 120,249 SF Industrial Lease in Waukegan, Illinois

by Christina Cannon May 3, 2016

WAUKEGAN, ILL. — HSA Commercial Real Estate has arranged a 120,249-square-foot industrial lease at the Delany Commerce Center in Waukegan, approximately 40 miles north of Chicago. Trifinity Partners, a third-party logistics firm, will occupy space at the distribution center located at 2431 Delany Road. HSA Commercial and Great Point Investors developed the 218,500-square-foot building. There is approximately 100,000 square feet of space still available at the facility, which features 30-foot clear heights, 14 truck docks, a drive-in door and 300 parking spaces. Tim Thompson of HSA Commercial represented the ownership in the transaction, and Tom Boyle and Jared Paff of Transwestern represented the tenant.

May 3, 2016

Midwest Office Wisconsin

Siegel-Gallagher Negotiates 3,335 SF Office Lease in Milwaukee Suburb

by Christina Cannon May 3, 2016

BROOKFIELD, WIS. — Siegel-Gallagher has negotiated a 3,335-square-foot office lease in Brookfield, approximately 13 miles west of Milwaukee. Atlas Chiropractic will occupy space at Arbor Terrace I. AH Holding LLC and Wabash Acceptance LLC own the property located at 333 Bishops Way. Shaun Dempsey of Siegel-Gallagher brokered the transaction.

May 3, 2016

Illinois Loans Midwest Multifamily Seniors Housing

Capital Funding Group Provides $19.8M HUD Loan for Seniors Housing Community in Arlington Heights, Illinois

by Christina Cannon May 2, 2016

ARLINGTON HEIGHTS, ILL. — Capital Funding Group has provided a $19.8 million Section 232 HUD construction loan for Transitional Care of Arlington Heights. Transitional Care of Arlington Heights is a planned 120-bed skilled nursing facility in the northwest Chicago suburb of Arlington Heights. The loan, which will finance the construction of the community, has a 40-year term. Craig Casagrande of Baltimore-based Capital Funding Group originated the loan.

May 2, 2016

Michigan Midwest Mixed-Use

Wabash & Main to Redevelop Mixed-Use Space in Michigan for $5.3M

by Christina Cannon May 2, 2016

MILAN, MICH. — Wabash & Main LLC will redevelop over 10,000 square feet of retail space in Milan, approximately 17 miles south of Ann Arbor. The $5.3 million project, located at 2 E. Main St., will also include the addition of 15 loft-style apartments in addition to the eight retail spaces. The property is part of the Milan Main Street Historic District and was the first brick building built in the town. Jim Chaconas, Paul Godek and Gerald O’Connor of Colliers International represented the developer in the deal.

May 2, 2016

Michigan Midwest Retail

Friedman Arranges Sale of 14,238 SF Strip Retail Center in Detroit Suburb

by Christina Cannon May 2, 2016

SOUTHGATE, MICH. — Friedman Integrated Real Estate Solutions has arranged the sale of a 14,238-square-foot strip retail center in Southgate, approximately 15 miles southwest of Detroit, for an undisclosed price. Metropolitan Real Estate – Wyandotte LLC sold the multi-tenant building, located at 16134-16146 Eureka Road, to Southgate Property LLC for an undisclosed price. The property was built in 1963. Greg Hornby of Friedman represented both parties in the transaction.

May 2, 2016

Midwest Ohio Retail

Cooper Commercial Brokers $1.3M Sale of Building Net Leased to Starbucks North of Columbus

by Christina Cannon May 2, 2016

SUNBURY, OHIO — The Cooper Commercial Investment Group has brokered the $1.3 million sale of a building net leased to Starbucks in Sunbury, approximately 25 miles north of Columbus. An Ohio-based private investor sold the approximately 1,613-square-foot asset to a Florida buyer in an all-cash transaction. The asset sold for 98 percent of the list price at a 5.1 percent capitalization rate.

May 2, 2016

Michigan Midwest Office

NAI Wisinski Arranges 6,300 SF Office Lease in Downtown Grand Rapids

by Christina Cannon May 2, 2016

GRAND RAPIDS, MICH. — NAI Wisinski of West Michigan has arranged a 6,300-square-foot office lease in downtown Grand Rapids. Modustri, a digital precision measurement tool company, will occupy the entire sixth floor at the 35 Oakes building. Mary Anne Wisinski-Rosely and Hillary Woznick of NAI Wisinski of West Michigan represented the landlord, Project 35 LLC, in the transaction. Adam Vranian of North Star Commercial represented Modustri.

May 2, 2016

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