Midwest

UPS Leases 273,640 SF Industrial Building in Southwest Suburb of Chicago

by Christina Cannon April 12, 2016

LOCKPORT, ILL. — UPS has leased a 273,640-square-foot building within Panattoni Development Co.’s recently delivered 355 Corporate Center in Lockport, approximately 35 miles southwest of Chicago. The facility features 65 docks, four drive-in doors and parking for 268 cars. UPS leased the first of two buildings delivered within the industrial park. The second building is 228,690 square feet and includes 65 docks, four drive-in doors and parking for 240 cars. Both buildings also feature 32-foot clear heights and ESFR sprinkler systems. Frank and Matt Minik of Jupiter Realty Services represented UPS in the transaction. Mark Barbato and Adam Stokes of Nicolson, Porter & List represented Panattoni Development Co.

April 12, 2016

Illinois Midwest Multifamily Seniors Housing

Michuda Construction, Heritage Enterprises Open Assisted Living Community in Illinois

by Christina Cannon April 12, 2016

ORLAND PARK, ILL. — Owner and operator Heritage Enterprises and Michuda Construction have opened Evergreen Senior Living at Parkview Campus, an assisted living and memory care community in Orland Park, approximately 25 miles southwest of Chicago. The community features 76 assisted living apartments and 40 memory care apartments. Heritage, based in Central Illinois, developed and will operate the community. Chicago-based Michuda oversaw the design and construction. Worn Jerabek Wiltz Architects PC of Chicago provided architectural services.

April 12, 2016

Loans Midwest Missouri Multifamily Seniors Housing

Cain Brothers Arranges $51.8M in Bond Financing to Reposition Seniors Housing Community in Kansas City

by Christina Cannon April 11, 2016

KANSAS CITY, MO. — Cain Brothers has arranged $51.8 million in bond financing for Kingswood Senior Living Community, a continuing care retirement community in Kansas City. The bonds will fund the repositioning of the community, which Life Care Services operates. The campus was built in 1982. LCS Development has formulated a turnaround plan that includes converting the obsolete independent living units to new assisted living and memory care units. Renovations will also be performed throughout the remaining units, common areas and amenities. In addition to the 35-year, non-rated, fixed-rate bonds, Cain Brothers arranged $2 million of mezzanine financing to execute the development plan.

April 11, 2016

Indiana Midwest Office

HEARN, CrossHarbor Capital Partners Acquire BMO Plaza in Indianapolis for $40M

by Christina Cannon April 11, 2016

INDIANAPOLIS — HEARN and equity partner CrossHarbor Capital Partners have purchased the BMO Plaza in downtown Indianapolis for $40 million. True North Management Group sold the 440,000-square-foot, 28-story office building. Located at 135 N. Pennsylvania St., BMO Plaza is the sixth tallest building in Indianapolis and houses tenants such as BMO Harris Bank, the U.S. Department of Defense, General Electric and law firms Rubin & Levin and Quarles & Brady. James Hanson, Erik Foster, Bill Ehret and Nancy Merritt of Avison Young represented the seller in the transaction.

April 11, 2016

Hospitality Midwest

Marcus & Millichap Brokers $30M Sale of Two Hotel Properties in North Dakota

by Christina Cannon April 11, 2016

FARGO, N.D. — Marcus & Millichap has arranged the $30 million sale of a two-property hospitality portfolio in Fargo. The hotels are comprised of 387 rooms collectively and are located on the same site at the intersection of I-29 and 13th Avenue South. The purchase price equates to more than $77,500 per room. A Los Angeles-based private equity group sold the Holiday Inn and Holiday Inn Express to an undisclosed local investor. The Holiday Inn has completed more than $10 million in renovations since 2000, including a complete remodeling of the guest rooms in 2006, and The Holiday Inn Express was fully renovated in 2014. Both hotels come with 15-year branding licenses that expire in 2030. Shane Skubis of Marcus & Millichap represented the seller in the transaction and procured the buyer.

April 11, 2016

Hospitality Midwest Ohio

AC Hotel Cincinnati by Marriott Opens at Liberty Center in Ohio

by Christina Cannon April 11, 2016

CINCINNATI — The AC Hotel Cincinnati by Marriott has opened at Liberty Center, a 1.2 million-square-foot mixed-use development. Raymond Management Co. is the developer and operator of the 130-room hotel. Amenities at the hotel include a fitness center, indoor pool, on-site parking, local restaurant dinner delivery and a full-service business center. The property also features AC-branded amenities such as a kitchen, lounge, store, library and meeting space. The 64-acre Liberty Center includes over 800,000 square feet of retail and entertainment space, 75,000 square feet of office space and 240 luxury apartment units. The shopping district opened last October.

April 11, 2016

Illinois Loans Multifamily

Dougherty Mortgage Closes $9.4M Fannie Mae Loan for Apartment Property in Chicago Suburb

by Christina Cannon April 11, 2016

WILLOWBROOK, ILL. — Dougherty Mortgage LLC has closed a $9.4 Fannie Mae loan to refinance Willowbrook Apartment Homes, approximately 25 miles west of Chicago. The apartment property features 140 market-rate apartments. Amenities at Willowbrook Apartment Homes includes walk-in closets, walk-through kitchens, separate dining areas and private balconies or patios. The five-year interest-only loan features a 10-year term and 30-year amortization schedule. Heartland Willowbrook LLC was the borrower.

April 11, 2016

Healthcare Midwest Wisconsin

Physicians Realty Trust to Acquire 52 Medical Office Assets for $724.9M

by Christina Cannon April 8, 2016

MILWAUKEE — Physicians Realty Trust, a healthcare REIT, has executed a series of purchase and sales agreements, as well as a letter of intent, to acquire 52 medical office facilities from the Catholic Health Initiatives (CHI) for $724.9 million. The CHI portfolio is 94 percent leased and contains 3.1 million square feet of space across 10 states. Approximately 93 percent of the in-place net operating income during the first year will stem from new 10-year lease agreements. The portfolio purchase price includes $32.9 million of future capital improvements, most of which will be completed in the next five years. Physicians Realty Trust expects to close the acquisition in two tranches, the first of which will close this month and cost $202 million. The acquisitions are subject to customary closing conditions, which include the Vatican’s approval to purchase 35 facilities. Catholic Health Initiatives, the fifth largest non-profit health system in the United States, owns over 103 hospitals.

April 8, 2016

Michigan Midwest Retail

Kroger to Invest $180M in Michigan With Three New Marketplace Stores, Plus Six Fuel Centers

by Christina Cannon April 8, 2016

NOVI, MICH. — Novi-based The Kroger Co. of Michigan will invest $180 million in Michigan’s grocery sector during 2016 by adding three Kroger Marketplaces stores and six new fuel centers. The grocer will also increase its ClickList online shopping service to 22 locations and remodel 11 existing stores. The new stores will be located at 12 Mile Road and Stephenson Highway in Royal Oak, M-59 and Elizabeth Lake Road in White Lake Township and at 26 Mile Road and Van Dyke Avenue in Shelby Township. The Kroger Co. of Michigan includes 129 Kroger stores, 69 fuel centers and 103 pharmacies. Kroger Marketplace stores average 110,000 square feet and are multi-department stores that offer full-service grocery, pharmacy, outdoor living products, electronics, home goods and toys.

April 8, 2016

Loans Michigan Midwest Multifamily Seniors Housing

NorthPoint Arranges $7M Refinancing for 134-Unit Seniors Housing Community in Michigan

by Christina Cannon April 8, 2016

ST. JOSEPH, MICH. — NorthPoint Capital Funding has arranged the $7 million refinancing of The Whitcomb Senior Living Community, a 134-unit community in St. Joseph, located in the southwest corner of the state along the banks of Lake Michigan. Originally constructed as a hotel in 1928, the property was converted to seniors housing in 1973. NorthPoint Capital Funding is a subsidiary of NorthPoint Capital Group, a lender based in Chicago.

April 8, 2016

Newer Posts

Older Posts