Midwest

Mid-America Brokers $15.2M Sale of Retail Property in St. Louis

by Christina Cannon June 14, 2016

ST. LOUIS — Mid-America Real Estate Corp. has brokered the $15.2 million sale of Southtown Centre, an 88,364-square-foot retail property in St. Louis. Newport Capital Partners acquired the property on behalf of Newport Capital Partners Fund II. Southtown Centre is comprised of five buildings located at the northwest corner of Chippewa Street and Kingshighway Boulevard in the Tower Grove South neighborhood. Tenants at the center include Walgreens, PetSmart, OfficeMax, Athletico and Starbucks. Ben Wineman of Mid-America was the sole broker in the transaction and represented the seller, a publicly traded REIT.

June 14, 2016

Midwest Office Wisconsin

Walker & Dunlop Arranges $11.6M Loan for Office Park in Madison, Wisconsin

by Christina Cannon June 14, 2016

MADISON, WIS. — Walker & Dunlop has arranged an $11.6 million loan for the acquisition of High Point Office Park in Madison. The 217,814-square-foot office park includes 11 buildings, which vary from one to three stories. Amenities in the office park include a fitness center, walking paths, a pond, gazebos and picnic areas. The 10-year, fixed-rate loan features a debt-service coverage ratio of 1.67. The borrower was a Chicago-based investment firm. Justin Nelson of Walker & Dunlop placed the financing with a Midwest-based correspondent life company.

June 14, 2016

Illinois Midwest Office

VSA Partners Renews 51,422 SF Lease at Office Building in Chicago

by Christina Cannon June 14, 2016

CHICAGO — VSA Partners has renewed its office lease for 51,422 square feet of space at 600 West Chicago. VSA Partners, a branding and marketing company, began occupying space at the building in 2011. Renovations at 600 West Chicago, which is located along the Chicago River, are underway and include a rooftop deck, renovated plaza, expanded river walk and water taxi service. The 1.4 million-square-foot building is currently 100 percent leased. Other tenants at the office building include Groupon, Lightbank Cos., Uptake, rEvolution, Innerworkings, Freeman Decorating and IntegraMed. 600 West Chicago was built in 1901 as the Montgomery Ward catalog building. In 2001, it was repurposed as an office building. Chicago-based Equity Commonwealth has owned the building since 2012. Jack O’Brien and Matt Pistorio of The Telos Group represented the owner in the transaction. Thomas Volini and Sven Sykes of Colliers International represented VSA Partners.

June 14, 2016

Iowa Midwest Nebraska Restaurant Retail

Scooter’s Coffee Acquires Coffeesmiths and its Three Retail Stores in Iowa

by Christina Cannon June 14, 2016

OMAHA, NEB. — Omaha-based Scooter’s Coffee has acquired Coffeesmiths, a coffee company with three locations in the Cedar Rapids metro area. Scooter’s will own and operate the three locations at 7037 C Ave. NE, 2300 Edgewood Road SW and 690 Marion Blvd. Scooter’s will rebrand the coffee shops throughout the summer and began offering its menu items June 13. Scooter’s operates more than 135 stores in 15 states and plans to open 40 new locations by the end of the year.

June 14, 2016

Illinois Midwest Office

McDonald’s to Relocate Headquarters to Downtown Chicago

by Christina Cannon June 13, 2016

CHICAGO — McDonald’s will relocate its corporate headquarters from Oak Brook to downtown Chicago by the spring of 2018. The fast food giant has signed a lease at 1045 W. Randolph St. in the West Loop neighborhood. McDonald’s was headquartered in Chicago from 1955 to 1971. The new location will provide offices, as well as house Hamburger University, one of seven worldwide training centers. According to Crain’s Chicago, McDonald’s will likely lease over 300,000 square feet at the building, which formerly served as Oprah Winfrey’s Harpo Studios. McDonald’s currently operates over 36,000 locations in over 100 countries.

June 13, 2016

Illinois Industrial Midwest

Amazon to Open Two 700,000 SF Fulfillment Centers in Edwardsville, Illinois

by Christina Cannon June 13, 2016

EDWARDSVILLE, ILL. — Amazon has unveiled plans to open two fulfillment centers in Edwardsville, approximately 30 miles northeast of St. Louis, Mo. The two facilities will create more than 1,000 full-time jobs. Each facility will span more than 700,000 square feet and be located where employees pick, pack and ship items. One building will specialize in handling larger items such as big-screen televisions, sports equipment and kayaks. The other building will handle smaller items such as books, toys and electronics.

June 13, 2016

Hospitality Illinois Midwest

Peak Construction Breaks Ground on 103-Room Marriott Residence Inn in Chicago Suburb

by Christina Cannon June 13, 2016

BOLINGBROOK, ILL. — Peak Construction Corp. has broken ground on a four-story, 77,000-square-foot Marriott Residence Inn in Bolingbrook, approximately 30 miles south of Chicago. The hotel will feature 103 rooms, a swimming pool, outdoor patio with picnic area and a multi-purpose sports court. Hallmark Investment Corp. and Love Hotel Management Co. are overseeing the project. Norr Architects is providing architectural services, and Manhard Consulting Ltd. is the civil engineer. The project is slated for completion next spring.

June 13, 2016

Michigan Midwest Multifamily

Compatriot Capital Acquires Remaining Ownership of Village Green Holding

by Christina Cannon June 13, 2016

FARMINGTON HILLS, MICH. — Compatriot Capital Inc. has acquired Jonathan Holtzman’s remaining ownership interest in Village Green Holding, a privately held developer, owner and manager of apartment properties headquartered in Farmington Hills. Compatriot Capital and Village Green had been co-owners of the company since 2011. Holtzman stepped down as chairman and CEO but acquired a majority ownership in select apartment communities owned by Village Green. Village Green will retain its name and maintain its property management, acquisition and development business model. Village Green, established in 1919, manages $4.5 billion in real estate assets and approximately 40,000 units at more than 150 properties. Headquartered in Dallas, Texas, Compatriot directs the real estate investment strategy for Sammons Enterprises Inc., a global holding company with assets in excess of $71 billion.

June 13, 2016

Midwest Multifamily Ohio

Reichle Klein Group Brokers $1.2M Sale of 87-Unit Apartment Property in Toledo

by Christina Cannon June 13, 2016

TOLEDO, OHIO — Reichle Klein Group has brokered the sale of an 87-unit apartment property in Toledo for $1.2 million. Devonshire Apartments is a three-building property that is situated on 4.8 acres at 902 Gribbin Lane. Australia-based First Eleven LLC sold the property to an investor based on the East Coast. Walter Plath and Harlan Reichle of the Reichle Klein Group represented the seller in the transaction.

June 13, 2016

Hospitality Midwest Ohio

Skanska Signs $51M Contract to Manage Construction of Hotel and Conference Center near Cincinnati

by Christina Cannon June 10, 2016

MADISONVILLE, OHIO — Skanska has signed a $51 million contract with RBM Development to oversee construction of the Dolce Lifestyle Hotel and Conference Center in Madisonville, approximately 10 miles northeast of Cincinnati. The project is a redevelopment of a former warehouse site and will convert an existing parking garage into a 239-room, 131,233-square-foot boutique hotel and conference center. The full-service, nine-story hotel will feature meeting spaces, 16 event spaces, a rooftop garden, outdoor dining area and a combined restaurant and lounge. Construction is scheduled to begin this month and is slated for completion in December 2017.

June 10, 2016

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