Midwest

Brown Commercial Brokers One Property Sale, Three Leases Totaling 26,000 SF in Illinois

by Christina Cannon October 9, 2015

CHICAGO — Brown Commercial Group has brokered one sale and three leases totaling 26,000 square feet in Chicago’s northwestern suburbs. Knight Tool Works Inc. inked a deal to lease 11,000 square feet of industrial space at 1200 Abbott Drive in Elgin from Brite Properties LLC. Brian Lindgren and Dan Brown of Brown Commercial represented the landlord. John D’Orazio of Colliers International represented the tenant. Andrew Minehart and Edward Jones have acquired a 2,370-square-foot retail/office suite located at 2445 Westfield in Elgin from Union Nation Bank. Brian Lindgren represented the buyers and Les Liakatas of Landmark Partners represented the seller. Mac-Ster is the new tenant of a 9,120-square-foot industrial property located at 1450 Bernard Drive in Addison. Mike Antonelli represented the landlord, an undisclosed private investor. Mack Stone of SC Group Real Estate represented the tenant. Antonelli also represented the tenant and the landlord in a 3,600-square foot lease transaction. DG Vault LLC is the new tenant of an office property located at 396 E. St. Charles Road in Carol Stream.

October 9, 2015

Leopardo Completes Construction of 134,000 SF High School in Spring Valley, Ill.

by Christina Cannon October 8, 2015

SPRING VALLEY, ILL. — Leopardo Cos. Inc. has completed the construction of Hall High School in Spring Valley at a cost of $32 million. Located approximately 57 miles north of Peoria, the 134,000-square-foot school replaces a 100-year-old facility. Hall High School includes a main academic building, athletic complex and performing arts center. The athletic complex is made up of two gymnasiums, a weight training and fitness room, locker rooms and a concession area. The performing arts center includes a stage with sound and recording systems, art and food labs, a kiln room and a set design area with a cafeteria and kitchen. The high school opened in September.

October 8, 2015

Illinois Midwest Retail

Mid-America Brokers $19.6M Sale of 40,306 SF Retail Property in Chicago

by Christina Cannon October 8, 2015

CHICAGO — Mid-America Real Estate Corp. has brokered the sale of the Roosevelt Galleria in Chicago. Acadia Realty Trust purchased the 40,306-square-foot retail property for $19.6 million. Tenants include Golfsmith, Petco, Sleepy’s, United Healthcare and The Vitamin Shoppe. Joe Girardi and Stan Nitzberg of Mid-America were the sole brokers in the transaction and represented the seller, Ravine Park Partners and Development Resources.

October 8, 2015

Loans Midwest Minnesota

Dougherty Closes $11M Fannie Mae Refinancing Loan for Senior Apartments in Minneapolis Suburb

by Christina Cannon October 8, 2015

OAK PARK HEIGHTS, MINN. — Dougherty Mortgage LLC has closed an $11 million Fannie Mae loan for the Villas of Oak Park Senior Apartments in Oak Park Heights, a suburb of Minneapolis. The loan proceeds were used to refinance the 62-unit, age-restricted property. The 12-year loan, which includes a 30-year amortization schedule, was arranged by Dougherty’s Minneapolis office for the borrower, Oakgreen Senior Villas LLC.

October 8, 2015

Illinois Midwest Multifamily

Interra Realty Arranges Sales of Two Multifamily Properties in Chicago for $3.9M

by Christina Cannon October 8, 2015

CHICAGO — In separate transactions, Interra Realty has arranged the sale of two apartment properties on the north side of Chicago for a total of $3.9 million. A 12-unit property located at 3748 W. School St. in Avondale sold for $2 million, or $170,000 per unit. The 13,300-square-foot building was constructed in 1918 and renovated in 2007. The property was originally slated to be condos. The building has been operating as a rental property for the last eight years. A 19-unit property located at 6971 N. Greenview Ave. in Rogers Park sold to an undisclosed cash buyer for $1.9 million, or $100,000 per unit. The 15,200-square-foot property traded at a cap rate of 5.1 percent and was built in 1930. James Clough and Joe Smazal of Interra represented both undisclosed parties in the transactions.

October 8, 2015

Indiana Midwest Retail

Quantum Brokers $1.9M Sale of 36,800 SF Property in Merrillville, Ind.

by Christina Cannon October 8, 2015

MERRILLVILLE, IND. — Quantum Real Estate Advisors Inc. has brokered the sale of a 36,800-square-foot, multi-tenant retail building located at 5160-5210 E. 81st Ave. in Merrillville, approximately 40 miles southeast of Chicago. The property, Madalyn Plaza, sold for $1.9 million and is comprised of two multi-tenant retail buildings and two warehouse units. The two retail buildings, which total 22,406 square feet, are currently 71 percent occupied. Chad Firsel of Quantum was the sole broker in the transaction.

October 8, 2015

Indiana Industrial Market Reports Midwest Midwest Market Reports

Online Retail Sales Spur Growth in Central Indiana’s Industrial Market

by Christina Cannon October 8, 2015

Consumers’ desire for shopping convenience and lower prices is driving online retail sales up, accounting for 7.2 percent of total U.S. retail sales so far in 2015, according to the U.S. Census Bureau. And that percentage is expected to double by 2020. It’s no wonder that the popularity of online shopping also is spurring growth in the industrial segment of commercial real estate, particularly in central Indiana. Over the past three years, the growth of e-commerce has accounted for 55 percent of total industrial net absorption in the United States. In 2015 alone, e-commerce has been responsible for 31 percent of industrial net absorption year to date. During the current expansion, the Indianapolis industrial market ranks eighth among all U.S. industrial markets in terms of total net absorption, according to Cushman & Wakefield. In the second quarter of this year, net absorption for modern bulk space totaled 1.6 million square feet, more than any other industrial segment in the market. Since 2013, nearly 15 percent of industrial square footage leased in metro Indianapolis has been related to e-commerce. The FedEx Factor With a compound annual growth rate of 14 percent since 2008, e-commerce has driven retailers to establish dedicated dot-com …

October 8, 2015

Illinois Midwest Multifamily Seniors Housing

Koelsch Begins Construction on $13.3M Memory Care Community in Illinois

by Christina Cannon October 7, 2015

BLOOMINGDALE, Ill. — Seniors housing developer Koelsch Senior Communities has started construction on Lakeview Memory Care Community in Bloomingdale, about 25 miles west of Chicago. The 46-unit, 65-bed memory care community totals 33,958 square feet and will cost $13.3 million to complete. Koelsch expects to open the community’s doors in October 2016. RJ Development Services is the developer of the community. Olympia, Wash.-based Koelsch will be general contractor, interior designer and, when complete, operator of the community. Wedgwood Architects of Vancouver, Wash., provided architectural services. Koelsch owns and operates 17 seniors housing communities in Arizona, Montana, Idaho, Washington, Texas, Illinois and California.

October 7, 2015

Loans Michigan Midwest Multifamily Seniors Housing

Silver Arch Closes $4.75M Refinancing for Assisted Living Facility in Michigan

by Christina Cannon October 7, 2015

LAKE CITY, MICH. — Silver Arch Capital Partners has closed a $4.75 million loan for the owner/operator of Belle Oakes Living Center, a 48-unit, 32,000-square-foot assisted living facility on 20 acres in Lake City, approximately 40 miles southeast of Traverse City. The loan is a refinancing of an existing mortgage, which will help the community pay off debt incurred as part of an 11-unit expansion. Constructed in 2002 and renovated in 2012, Belle Oakes is situated in Missaukee County, in Michigan’s lower peninsula. Silver Arch Capital Partners is a private commercial real estate lender based in New Jersey.

October 7, 2015

Loans Midwest Minnesota Multifamily

Dougherty Mortgage Provides $4.3M Fannie Mae Loan for Apartments in Minneapolis suburb

by Christina Cannon October 7, 2015

CRYSTAL, MINN. — Dougherty Mortgage LLC has closed a $4.3 million Fannie Mae refinancing loan for LouAnn Terrace Apartments in Crystal, a Minneapolis suburb. The 71-unit complex is located at 7201 36th Ave. N. and was built in 1971. The loan has a 10-year term. The borrower is Lou-Ann Terrance Limited Partnership. Amenities include controlled access entry, a grilling area, on-site management and on-site laundry.

October 7, 2015

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