Midwest

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

Industrial Midwest Ohio

Lancaster Port Authority Begins Development on 50,400 SF Industrial Building in Ohio

by Christina Cannon October 7, 2015

LANCASTER, OHIO — The Lancaster Port Authority and Lancaster Area Community Improvement Corp. (LCIC) have broken ground on a 50,400-square-foot, $2.4 million industrial building in Rock Mill Industrial Park in Lancaster, about 31 miles southeast of Columbus. The new building will be able to expand 25,000 square feet and will have 28-foot ceiling heights. The property is situated on a 6.6-acre lot and is slated for completion in early 2016. The City of Lancaster awarded Rock Mill Industrial Park a community reinvestment area designation providing 100 percent / 15-year real property tax abatement on improvements. Rock Mill Industrial Park is zoned heavy industrial and has full utilities.

October 7, 2015

Indiana Industrial Midwest Office

Bradley Co. Arranges Three Leases Totaling 10,572 SF in Fort Wayne, Ind.

by Christina Cannon October 7, 2015

FORT WAYNE, IND. — Bradley Co. has arranged three leases totaling 10,572 square feet in Fort Wayne. In the first transaction, Convoy Safety Technologies LLC inked a deal to occupy 5,400 square feet of industrial space located at 6049 Highview Drive. Kienan O’Rourke of Bradley represented the tenant in the transaction. The landlord was undisclosed. In a second leasing deal, Benchmark Family Services Inc. agreed to take 3,300 square feet of office space owned by Crown Properties 2 LLC and located at 1625 Magnavox Way. Russ Jehl of Bradley represented both parties in the transaction. In the third deal, Rivers Edge Construction took 1,872 square feet of industrial space located at 7616 DiSalle Boulevard. Russ Jehl of Bradley represented both the landlord, 7616 DiSalle Boulevard Partnership, and the tenant, in the transaction.

October 7, 2015

Illinois Midwest Multifamily

Origin Capital Partners, Randolph Street Realty Acquire 238 Apartment Units in Naperville for $38M

by Christina Cannon October 6, 2015

NAPERVILLE, ILL. — Origin Capital Partners and Randolph Street Realty Capital have acquired The Iroquois Club, an apartment complex located in Naperville, about 30 miles west of Chicago. The sales price was $38 million, and MB Financial provided the acquisition financing. As part of the investment strategy, the partnership acquired 238 existing apartment units. The entire complex consists of two phases and 264 total units. One phase, featuring 136 units, includes apartments. The second phase of 128 units started to undergo a condo conversion in 2006, but the conversion project ultimately stalled out in the late 2000s with 26 condo units sold. The balance of the units in the second phase remained apartments. The property was originally developed in 1989, and the Class B asset was 81 percent leased at the time of acquisition. The joint venture duo has plans to renovate, reposition and rebrand the complex. Renovations will include new stainless steel appliances, new kitchen and bathroom countertops, updated flooring and carpet and washers and dryers. The property amenities currently include 425 parking spaces, a club room, an indoor pool with retractable roof and a fitness center. Sean Connelly of 33 Realty represented the buyers in the transaction.

October 6, 2015

Healthcare Loans Midwest Wisconsin

Love Funding Arranges $25.9M HUD Refinancing Loan for Hospital in Edgerton, Wis.

by Christina Cannon October 6, 2015

EDGERTON, WIS. — Love Funding has closed a $25.9 million HUD refinancing loan for Edgerton Hospital and Health Services in Edgerton, approximately 30 miles outside of Madison. Steven Hunt of Love Funding secured the loan through HUD’s 242/223(a)(7) loan insurance program. The facility was built in 2011 with a FHA-insured loan. The new loan, which is non-recourse for a term of 21 years, is expected to generate $244,000 a year in debt-service savings, or more than $5 million over the life of the loan. The hospital includes inpatient care, swing bed care, emergency and urgent care, diagnostic services, rehabilitation and same-day surgery. The hospital is affiliated with SSM Health Care of Wisconsin.

October 6, 2015

Iowa Loans Midwest

Dougherty Mortgage Closes $3.2M Fannie Mae Loan for Apartments in Des Moines

by Christina Cannon October 6, 2015

DES MOINES, IOWA — Dougherty Mortgage LLC has closed a $3.2 million Fannie Mae loan for Hillcrest Group LLC for the acquisition of Hillcrest Apartments. The 90-unit apartment complex is located in Des Moines. The 10-year loan, which includes a 30-year amortization schedule, was arranged by Dougherty Mortgage’s Minneapolis office.

October 6, 2015

Hospitality Midwest Ohio

Waramaug LS Hotels Acquires 120-Room Courtyard by Marriott in Springfield, Ohio

by Christina Cannon October 6, 2015

SPRINGFIELD, OHIO — Waramaug LS Hotels LLC has acquired the Courtyard Springfield Downtown in Springfield for an undisclosed price. Springfield is located approximately 26 miles northeast of Dayton. The six-story, 120-room hotel property was recently renovated and features 6,500 square feet of meeting space. It also includes a 5,000-square-foot ballroom, an indoor heated pool, a business center, a fitness center and an on-site restaurant, Mela Urban Bistro. A new outdoor bar and patio seating area is under construction.

October 6, 2015

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