Midwest

Weis Builders Breaks Ground on 115-Unit Seniors Housing Community near Minneapolis

by Christina Cannon June 10, 2016

ROSEVILLE, MINN. — Weis Builders has broken ground on Cherrywood Pointe of Roseville at Lexington, a 115-unit senior living community in Roseville, approximately eight miles northeast of Minneapolis. The four-story building, to be located at 2666 Lexington Ave. N., will consist of 85 independent and assisted living units, 24 memory care units and six private care units, which serve as an alternative to traditional nursing home care for those needing higher levels of care on a long- or short-term basis. L&M Associates is designing the 173,145-square-foot community, which is scheduled for completion by July 2017. United Properties will own the facility. Cherrywood Pointe of Roseville at Lexington will feature a dining room, private dining, overnight guest rooms, underground parking, decks and patios, a movie theater, fitness center, hair salon, bistro and group transportation.

June 10, 2016

Illinois Midwest Retail

Novak Construction Builds $18.3M Walmart Supercenter in Richton Park, Illinois

by Christina Cannon June 10, 2016

RICHTON PARK, ILL. — Novak Construction has completed a new 184,000-square-foot, $18.3 million Walmart Supercenter in Richton Park, approximately 35 miles south of Chicago. The store includes a grocery, produce and bakery area; vision center; photo center; electronics and sporting goods departments; credit service station; indoor and outdoor garden center; and indoor pharmacy with drive-thru. The 28-acre site also included two detention basins, a frontage road, retaining wall, parking for 800 cars and a full-service fueling center. The adjacent roadways were widened to accommodate the new store, and traffic signals were added to the intersections. Construction took eight months to complete. Merriam, Kan.-based BRR Architecture Ltd. designed the project.

June 10, 2016

Hospitality Michigan Midwest

Lowe Enterprises Investors Acquires 149-Room Hampton Inn in Ann Arbor

by Christina Cannon June 10, 2016

ANN ARBOR, MICH — Lowe Enterprises Investors (LEI), in a joint venture with a foreign investment client, has acquired the 149‐room Hampton Inn Ann Arbor for an undisclosed price. LEI plans to renovate the guest rooms, bathrooms and fitness center. Amenities at the hotel, located at 925 Victors Way, include an indoor pool and spa tub, fitness center, complimentary hot breakfast and a 24-hour business center. Hodges Ward Elliott represented the undisclosed seller in the transaction.

June 10, 2016

Loans Michigan Midwest Multifamily

Revere Capital Provides $4.8M in Financing for Acquisition of Two Apartment Properties near Detroit

by Christina Cannon June 10, 2016

LINCOLN PARK AND INKSTER, MICH. — Revere Capital has provided a $4.8 million acquisition loan for two multifamily properties in Southeast Michigan. Cherry Hill Club Apartments is a 154-unit complex in Inkster, approximately 17 miles west of Detroit. Located at 209 Cherry Hill Trail, Cherry Hill Club Apartments features on-site management, extra storage, a clubhouse, laundry facility and a swimming pool. Village Green of Lincoln Park is a 106-unit property, located at 1369 Fort St. in Lincoln Park, approximately 13 miles southwest of Detroit. The community features amenities such as a fitness center with saunas, laundry facility, swimming pool and picnic areas. The undisclosed borrower also utilized 1031 exchange proceeds to buy the apartment properties.

June 10, 2016

Indiana Midwest Multifamily

CBRE Brokers Sale of 232-Unit Apartment Complex in Indianapolis

by Christina Cannon June 9, 2016

INDIANAPOLIS — CBRE Group Inc. has brokered the sale of a 232-unit trophy apartment community on the north side of Indianapolis. Cityscape Residential, the original developer, sold 82 Flats at the Crossing to a private investor for an undisclosed price. Built in 2013, the property includes amenities such as a saltwater pool, game room, business center, media lounge, grilling cabana and outdoor lounge, cyber café with coffee bar and fitness center.

June 9, 2016

Midwest Ohio Retail

Sands Investment Group Brokers $10.2M Sale of Kroger in Northern Cincinnati Suburb

by Christina Cannon June 9, 2016

HAMILTON, OHIO — Sands Investment Group (SIG) has brokered the $10.2 million sale of a Kroger grocery store in Hamilton, approximately 30 miles north of Cincinnati. HOH Crimson LLC sold the 77,154-square-foot property located at 1450 S. Erie Blvd. to Exchangeright Real Estate LLC. This Kroger has increased sales every year since it opened and has 11 years remaining on its lease. Daniel Hoogesteger and Andrew Chana of SIG represented the seller in the transaction.

June 9, 2016

Hospitality Midwest Nebraska

HREC, Prudential Properties Arrange Sale of 197-Room Holiday Inn in Grand Island, Nebraska

by Christina Cannon June 9, 2016

GRAND ISLAND, NEB. — HREC Investment Advisors and Prudential Properties Inc. have arranged the sale of a 197-room hotel property in Grand Island for an undisclosed price. The Holiday Inn Grand Island Midtown will be renamed the Hotel Grand Conference Center. Amenities at the hotel include a business center, dry cleaning and laundry service, meeting space, fitness center, bar, lounge, indoor pool and free airport transportation. HREC Investment Advisors and Prudential Properties Inc. represented the seller, which has owned the Holiday Inn Grand Island Midtown since 1974. The buyer in the transaction was undisclosed.

June 9, 2016

Indiana Midwest Multifamily

KeyBank Provides $7.5M Construction Loan for Supportive Housing Complex in Northwest Indiana

by Christina Cannon June 9, 2016

GARY, IND. — KeyBank, in partnership with TWG Development LP, has provided a $7.5 million construction loan for Village of Hope Apartments, a 40-unit supportive housing complex in Gary. The three-story building will target individuals and families whose household income is 30 to 60 percent of the area median income and will provide housing to people who are homeless or at risk of becoming homeless. Village of Hope Apartments will consist of 21 one-bedroom units, 17 two-bedroom units and two three-bedroom units. The project will benefit from a Section 8 Housing Assistance Payments contract that will provide subsidized rents for all units. Kelly Frank of KeyBank arranged the financing.

June 9, 2016

Illinois Industrial Midwest Office

Power Home Remodeling Signs 31,000 SF Office Lease in Chicago

by Christina Cannon June 9, 2016

CHICAGO — Power Home Remodeling Group has signed a long-term lease for 31,000 square feet at the Bradley Business Center in Chicago. The company is relocating from 9450 W. Bryn Mawr Ave. in Rosemont where it occupied 7,000 square feet. Power Home Remodeling will use 21,000 square feet of space for offices and the remainder of the space will be used as warehouse space. The facility, located at 2500 W. Bradley Place, will serve as the company’s Midwest headquarters when the lease goes into effect this November. The mixed-use building features amenities such as a fitness center, rooftop deck, conference center, event space, bike storage and ample parking. Hansen Realty Services and Centrum Partners own the 500,000-square-foot Bradley Business Center, which is 86 percent occupied. Brett Berlin represented the ownership in-house. Marilyn Lissner and Joseph Gatto of Cushman & Wakefield represented the tenant in the transaction.

June 9, 2016

Illinois Midwest Multifamily Top Stories

CA Ventures, Habitat Partner on $600M Multifamily Portfolio in the Midwest

by Christina Cannon June 9, 2016

CHICAGO — CA Ventures and The Habitat Co. have formed a partnership whereby Habitat will manage a $600 million multifamily portfolio owned by CA Ventures. The five-property, 1,215-unit portfolio features four assets under construction and one that opened early this year. Additionally, the Chicago-based firms plan to pursue co-development and investment opportunities in select markets throughout the United States, targeting properties between $40 million and $120 million. “Since our inception, we have worked tirelessly to unearth opportunity in niche markets — both geographically and in various sectors of commercial real estate — where few other developers have thought to look,” says Tom Scott, CEO of CA Ventures. “Our strategic alliance with The Habitat Co. is one of many relationships we’ve established along the way and will supplement our development and investment expertise with best-in-class management services for which Habitat has been known for the past 45 years.” Habitat will initially oversee operations at the following CA Residential communities, which are in various stages of development: * The Buckler is an 11-story, 207-unit luxury rental community located west of the Milwaukee River in downtown Milwaukee. The development opened in early 2016 and is currently in lease-up. * 8 E. Huron is …

June 9, 2016

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