Midwest

Why E-Commerce Will Drive Growth of Indianapolis Industrial Market

by Christina Cannon March 10, 2016

The greater Indianapolis industrial market has experienced incredible growth over the past three years, and it continues to be one of the most sought-after industrial markets in the country. Supply and demand is the big story in early 2016. Because shovel-ready land is difficult to find, demand for land alternatives is pushing development further and further away from the beltway while simultaneously causing land prices to escalate. Local communities that figure out how to competitively bring shovel-ready land to the market will reap great rewards. There is strong demand for space across the industrial sector, with second-generation and medium-size distribution space outpacing the other industrial product types. Those seeking smaller, single-tenant buildings under 50,000 square feet are realizing how difficult they are to find. Additionally, the supply of available speculative space in the greater Indianapolis market has been on everyone’s radar for the past two years. Demand for spec space is catching up to the supply as evidenced by several new leases signed since the end of 2015. Currently, there is approximately 2.2 million square feet of industrial product under construction, including 1.4 million square feet of speculative development and 800,000 square feet of build-to-suit construction. Game changer The e-commerce …

March 10, 2016

Illinois Midwest Retail

CBRE Brokers $14.8M Sale of Two Retail Properties in Chicago Suburbs

by Christina Cannon March 9, 2016

HUNTLEY AND HAZEL CREST, ILL. — CBRE has brokered the $14.8 million sale of two retail properties located in the suburbs of Chicago. In the first deal, Interstate Partners sold a 43,361-square-foot shopping center known as Regency Square to Hamilton Partners for $10.8 million. The center was 97 percent leased at the time of sale and is located at 12200-12300 Princeton Drive in Huntley. Aldi anchors the shopping center, and other tenants include Athletico, Jimmy John’s, Little Caesar’s and SportClips. In the second transaction, Baceline Investments acquired The Commons of Hazel Crest for $4 million from an undisclosed seller. The 51,222-square-foot strip center is located at 18220-18244 Kedzie Ave. in Hazel Crest. Dollar Tree anchors the retail property, which was 76 percent occupied at the time of sale. Other tenants at The Commons of Hazel Crest include CSL Plasma, Allstate Insurance and H&R Block. Derrick Almassy and Rich Frolik of CBRE represented the seller in both transactions.

March 9, 2016

Illinois Midwest Retail

Woodman’s Food Market Agrees to Acquire 74 Acres for Future Development

by Christina Cannon March 9, 2016

LAKEMOOR, ILL. — Woodman’s Food Market Inc. has agreed to acquire a 74-acre parcel of land from Inland for an undisclosed price. Woodman’s Food Market, an employee-owned and-operated grocery company, plans to develop a 240,000-square-foot grocery store on the site located in Lakemoor, approximately 50 miles northwest of Chicago. Woodman’s Food Market also has plans to build a fuel center and automotive station. The deal is expected to close this summer and is slated for completion in late 2017.

March 9, 2016

Midwest Multifamily Seniors Housing Wisconsin

Blueprint Arranges $6.5M Sale of Assisted Living Community Near Milwaukee

by Christina Cannon March 9, 2016

WEST ALLIS, WIS. — Blueprint Healthcare Real Estate Advisors, a brokerage based in Chicago, has arranged the $6.5 million sale of Lamplight Inn of West Allis, a 118-unit assisted living community in the Milwaukee suburb of West Allis. The seller was a private ownership group looking to divest non-core assets. The buyer is a publicly traded REIT, which will continue leasing the property to the current operator. None of the specific companies involved in the transaction were disclosed. The purchase price equates to approximately $55,000 per unit. Ben Firestone and Jacob Gehl led the Blueprint team, supported by Mike Segal and Mario Wilson.

March 9, 2016

Industrial Michigan Midwest

Friedman Brokers Sale of 165,016 SF Flex Property in Detroit Suburb

by Christina Cannon March 9, 2016

FARMINGTON HILLS, MICH. — Friedman Integrated Real Estate Solutions has brokered the sale of a three-building flex park in Farmington Hills, approximately 22 miles northwest of Detroit, for an undisclosed price. Garrison Investment Group LP sold Discovery Centre to Haggerty 4 LLC. The 165,016-square-foot property was 81 percent occupied at the time of sale and is located on Country Club Drive. Rich Deptula of Friedman represented the seller in the transaction, and Todd Hawley of Friedman represented the buyer.

March 9, 2016

Illinois Midwest Retail

Boulder Group Arranges $1.3M Sale of Building Net Leased to PNC Bank

by Christina Cannon March 9, 2016

WASHINGTON, ILL. — The Boulder Group has arranged the $1.3 million sale of a building net leased to PNC Bank. The facility, located at 1996 Freedom Parkway in Washington just east of Peoria, is an outparcel to a Walmart Supercenter. The seller was a West Coast-based private investor, and the buyer was a Midwest-based 1031 exchange investor. PNC Bank’s lease expires in December 2028 and features 14 percent rental escalations every five years.

March 9, 2016

Illinois Midwest Office Top Stories

Hilco, Executives of MB Real Estate Acquire Historic Office Tower in Chicago

by Katie Sloan March 9, 2016

CHICAGO — Hilco Real Estate LLC, in a joint venture with Peter Westmeyer and Kevin Purcell, both of whom are senior executives with MB Real Estate Services Inc. (MBRE), has acquired One North LaSalle, a historic office building located in Chicago’s Central Loop. No terms of the transaction were disclosed. Built in 1929, the 500,000-square-foot office building is situated on the northeast corner of LaSalle and Madison streets, and offers easy access to public transportation and highways, as well as a variety of hotels, restaurants and retail. The most recent building renovation included restoration of the Art Deco detailing and installing new elevators, HVAC, electrical and plumbing systems. The 47-story property is set to undergo an extensive redevelopment under its new ownership, which will include high-end tenant amenities, the addition of spec suites and remodeling the building’s interior. Once complete, the property will feature a renovated lobby, tenant corridors and restrooms, and first-class tenant amenities including a rooftop deck, tenant lounge, conference facility, fitness center and bike room. A multi-million dollar capital budget is being put forth by the new ownership group, and MBRE has been contracted to provide ongoing management, leasing and construction oversight for the property. MBRE’s Mark …

March 9, 2016

Illinois Loans Midwest Multifamily

NorthMarq Capital Arranges $42.2M Refinancing Loan for Apartment Community in Chicago Suburb

by Christina Cannon March 8, 2016

MOUNT PROSPECT, ILL. — NorthMarq Capital has arranged a $42.2 million refinancing loan for a multifamily property in Mount Prospect, approximately 24 miles northwest of Chicago. The Residences at 1550 is a 509-unit apartment complex that includes amenities such as a fitness center, laundry facility, swimming pools, pet waste stations, copy and fax service and access to public transportation. Unit amenities include kitchen appliances, walk-in closets, faux granite countertops and private balconies or patios. NorthMarq arranged the adjustable rate loan through Freddie Mac. The financing features a seven-year term with two years of interest-only payments and a 30-year amortization schedule.

March 8, 2016

Hospitality Midwest Wisconsin

Marcus & Millichap Arranges $4.5M Sale of Holiday Inn & Suites Hudson Near Minneapolis

by Christina Cannon March 8, 2016

HUDSON, WIS. — Marcus & Millichap has arranged the $4.5 million sale of the Holiday Inn & Suites Hudson, a 68-room hotel located in Hudson, approximately 27 miles east of Minneapolis. An undisclosed partnership sold the asset, located at 1200 Gateway Blvd., to a private investor. Jon Ruzicka of Marcus & Millichap listed the property on behalf of the seller. Ruzicka, along with Matthew Fitzgerald of Marcus & Millichap, also secured the buyer.

March 8, 2016

Illinois Industrial Midwest Office

Transwestern Brokers $2.7M Sale of Flex Building in Chicago Suburb

by Christina Cannon March 8, 2016

BUFFALO GROVE, ILL. — Transwestern has brokered the $2.7 million sale of a flex building in Buffalo Grove, a northwest Chicago suburb. A private investor bought the fully leased 24,620-square-foot building from FSGB LLC. The recently renovated building, located at 350-370 Lexington Drive, houses eight companies that occupy between 2,000 and 6,000 square feet. All tenants have at least two years remaining on their leases. Adam Schneiderman represented the undisclosed buyer in the transaction. Schwab Realty & Development represented the seller.

March 8, 2016

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