Midwest

Presbyterian Manors of Mid-America Completes $35M Seniors Housing Expansion in Wichita

by Christina Cannon April 29, 2016

WICHITA, KAN. — Presbyterian Manors of Mid-America, a nonprofit operator of 18 communities in Missouri and Kansas, has completed a $35 million expansion at Wichita Presbyterian Manor, a continuing care retirement community in Wichita. The expansion consisted of two phases, both of which started in 2014. In the first phase, the owner added 24 memory care suites, 30 skilled nursing suites and 20 private “post-acute to home” rehabilitation rooms, as well as a new kitchen, bistro, library, beauty salon and barbershop. The second phase of development added The Westerly Residences, which included 90 independent living apartments and an array of new amenities.

April 29, 2016

Midwest Minnesota

Kraus-Anderson Construction Breaks Ground on $22M Special Education School Near St. Paul

by Christina Cannon April 29, 2016

LAKE ELMO, MINN. — Kraus-Anderson Construction Co. has broken ground on a $22 million special education school for the Northeast Metro Intermediate School District 916 in Lake Elmo, 15 miles east of St. Paul. The school is for students in grades K-8. Construction on the 76,000-square-foot Pankalo Education Center, located at 8568 Eagle Point Blvd., is expected to be complete by August 2017. The school will provide programs for students with autism spectrum disorders, developmental cognitive disabilities, emotional/behavioral disorders and other health disabilities. The project is part of the district’s strategic facilities plan, which includes construction of a consolidated K-8 facility in the northwest part of the district, construction of a consolidated K-8 facility in the southeast part of the district (Pankalo) and replacement of the existing Capitol View Center, built in 1958.

April 29, 2016

Industrial Midwest Wisconsin

CenterPoint to Develop 200,696 SF Industrial Building in Wisconsin

by Christina Cannon April 29, 2016

PLEASANT PRAIRIE, WIS. — CenterPoint Properties will develop a new 200,696-square-foot industrial building within LakeView Corporate Park in Pleasant Prairie, approximately 40 miles south of Milwaukee. The speculative building, LakeView Corporate Center, can accommodate up to three tenants. The facility will feature LED lighting, 32-foot clear heights, 20 exterior docks, two drive-in doors, 18 trailer parking spaces and office space to suit. LakeView Corporate Park is an 11 million-square-foot development that is home to over 80 tenants. The project is currently spread over 2,400 acres and has more than 200 acres remaining for future development.

April 29, 2016

Illinois Midwest Multifamily

Interra Realty Brokers $2.5M Sale of 24-Unit Apartment Building in Chicago

by Christina Cannon April 29, 2016

CHICAGO — Interra Realty has brokered the $2.5 million sale of a multifamily property in Chicago’s Rogers Park neighborhood. The 24-unit property, located at 7526 N. Seeley Ave., features one- and two-bedroom units. Recent renovations include new porches, a new HVAC system, granite countertops, stainless steel appliances, hardwood floors and all new copper plumbing and electric wiring. A group of local investors sold the property to an undisclosed buyer. Interra Realty was the sole broker in the transaction.

April 29, 2016

Michigan Midwest Office

Friedman Arranges 16,454 SF Office Lease in Troy, Michigan

by Christina Cannon April 29, 2016

TROY, MICH. — Friedman Integrated Real Estate Solutions has arranged a 16,454-square-foot office lease in Troy, approximately 30 miles north of Detroit. Law firm Dinsmore & Shohl LLP will occupy space at Wilshire Plaza North, which is located at 900 Wilshire Drive. Steve Eisenshtadt and Keith Grebinski of Friedman represented the landlord in the transaction.

April 29, 2016

Michigan Midwest Mixed-Use Retail

Beaumont Health to Demolish Shopping Center in Royal Oak, Michigan for Future Development

by Christina Cannon April 28, 2016

ROYAL OAK, MICH. — Beaumont Health is set to demolish the Northwood Shopping Center and nearly two dozen row houses in Royal Oak to make way for a new development. Plans call for the demolition of the buildings, situated on the southwest corner of 13 Mile Road and Woodward Avenue, to begin July 1. Beaumont hasn’t disclosed any official plans for the area but says the new development will likely be mixed-use. Demolition costs are $2.6 million, excluding environmental cleanup costs. The 213,000-square-foot shopping center was built in 1954 and is 59 percent occupied by 12 tenants. The remaining tenants are on month-to-month leases. Beaumont has owned the property since 1982.

April 28, 2016

Illinois Midwest Mixed-Use

CBRE Arranges $8.5M Sale of Three Mixed-Use Properties in Chicago

by Christina Cannon April 28, 2016

CHICAGO — CBRE has arranged the sale of three assets in Chicago in separate transactions totaling $8.5 million. New York-based Jenel Management Corp. purchased the mixed-use buildings and has plans to demolish all three properties and build a new retail and residential development. Joe and Annie Doppes sold a 9,885-square-foot property and a 4,800-square-foot lot at 1437-36 N. Wells St. The building was comprised of 5,660 square feet of commercial space and three residential units. Jenel also purchased a 5,000-square-foot retail property and 2,400-square-foot lot, located at 1435 N. Wells St., from Metro Park. The last property, situated at 1443 N. Wells St., is a 4,927-square-foot property with a 2,400-square-foot lot that was acquired from an undisclosed seller. Keely Polczynski, James Otto and Michael Gendell of CBRE brokered the transactions.

April 28, 2016

Indiana Loans Midwest Multifamily Seniors Housing

Capital One Provides $5.9M Loan to Refinance Seniors Housing Facility in Indiana

by Christina Cannon April 28, 2016

PRINCETON, IND. — Capital One has provided a $5.9 million fixed-rate loan to refinance a skilled nursing facility in Princeton, approximately 150 miles southwest of Indianapolis. Joshua Rosen of Capital One originated the 35-year HUD 232/223(f) financing. The Waters of Princeton consists of 45 semi-private and five private rooms. The facility was built in 1968 with an addition completed in 1974. The borrower in the transaction was undisclosed.

April 28, 2016

Industrial Midwest Ohio

NGKF Brokers $4.5M Sale of 147,000 SF Industrial Property Near Cleveland

by Christina Cannon April 28, 2016

WESTLAKE, OHIO — Newmark Grubb Knight Frank (NGKF) has brokered the purchase of an industrial property in Westlake, approximately 15 miles southwest of Cleveland, for $4.5 million. The property, located at 1006-1008 Crocker Road, features 23,000 square feet of office space and 147,000 square feet of warehouse and manufacturing space. The facility, situated on 18.7 acres, also includes a retention pond and running trails. Chris Haas, president and CEO of All Pro Trucking/All Pro Freight Systems, purchased the facility under 1006-1008 Crocker Road LLC. Bonne Bell, which was formerly headquartered in the building, was the seller. Mike Petrigan of NGKF represented the buyer in the transaction, and Kevin Kelly of Cushman & Wakefield/CRESCO represented the seller.

April 28, 2016

Healthcare Illinois Midwest

The Missner Group Completes Build-Out for Illinois Bone & Joint Institute

by Christina Cannon April 28, 2016

GLENVIEW, ILL. — The Missner Group has completed a medical office build-out for Illinois Bone & Joint Institute (IBJI) OrthoAccess. The property, located at 2401 Ravine Way in Glenview approximately 20 miles northwest of Chicago, is a walk-in clinic designed to treat sports injuries and minor auto accident injuries. The build-out included the addition of an entire floor of exam rooms, nursing stations and three waiting areas. The new space for IBJI also features an on-site X-ray suite and renovated reception area. Stephen Rankin Associates provided the architectural services for the project.

April 28, 2016

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