Midwest

NGKF Brokers 1.1M SF Tenant Relocation in Joliet

by Amy Works May 27, 2015

JOLIET, ILL. — Newmark Grubb Knight Frank (NGKF) represented Saddle Creek Logistics in its relocation to a 1.1 million-square-foot build-to-suit distribution facility in Joliet. Located within CenterPoint Intermodal Center, the state-of-the-art facility will be situated on 60 acres. The $43 million facility will feature 32-foot clear ceiling heights, 132 dock doors, four drive-in doors, ample parking, 328 trailer stalls and 15,000 square feet of office space. Saddle Creek is relocating to the new facility from its current 590,000-square-foot facility at 21051 W. Walter Strawn Drive in Elwood, Ill. The company plans to occupy the new space by February 2016. Jack Cozzie of NGKF and Ladson Montgomery of Newmark Grubb Phoenix Realty Group represented Saddle Creek, while Dan Leahy and Adam Roth of NAI Hiffman represented CenterPoint in the transaction.

May 27, 2015

Illinois Midwest

NorthPoint Capital Funding Names Charles Krawitz as COO

by Amy Works May 27, 2015

CHICAGO — NorthPoint Capital Funding Inc. has hired Charles Krawitz as chief operating officer. Based in the firm’s downtown Chicago office, Krawitz will oversee the expansion and training of the firm’s loan origination staff and play a central role in meeting the financing needs of clients either through correspondent life insurance relationships or as a direct lender. “Charles has been at the forefront of the commercial real estate finance industry for over 25 years and is both well-known and highly regarded,” notes Keith Volgman, president of NorthPoint Capital Funding. “He will be an invaluable asset to NorthPoint Capital Funding as we look to grow our loan originations business throughout the Midwest.” Previously, Krawitz served with LaSalle Select, and he currently serves as a board member for SomerCor 504, a non-profit certified development company, and is active with the City of Hope as a member of its REACH board.

May 27, 2015

Industrial Loans Michigan Midwest

Bernard Financial Group Arranges $24M Loan for Orion Commerce Center

by Amy Works May 27, 2015

ORION TOWNSHIP, MICH. — Bernard Financial Group has arranged a $24 million non-recourse loan for Orion Commerce Center in Orion Township. Located off I-75, the property features 890,000 square feet of warehouse/distribution space. Ashley Capital LLC is the borrower. Dennis Bernard and Kevin Kovachevich of Bernard Financial Group arranged the loan through a national CMBS lender.

May 27, 2015

Midwest Missouri Retail

Gershman Commercial Brokers Sale of 15,859 SF Retail Space in Missouri

by Amy Works May 27, 2015

EUREKA, MO. — Gershman Commercial Real Estate has brokered the sale of a 15,859-square-foot retail space located at 98 The Legends Parkway in Eureka. CUNA Mutual Investment Corp. sold the property to The Legends Plaza LLC for an undisclosed sum. Roger Zigler and Stephen Symsack of Gershman Commercial represented both parties in the transaction.

May 27, 2015

Industrial Market Reports Michigan Midwest Midwest Market Reports

Convergence of Factors Puts a Charge in Southeast Michigan’s Industrial Market

by Jaime Lackey May 27, 2015

A trifecta shaped by six years of a bull market, historically low interest rates and oil around $50 a barrel is benefitting one business sector arguably more than any other industry in the United States: automotive. Researcher AutoData Corp. estimates that, seasonally adjusted, the annual vehicle sales rate topped 17.1 million in March of this year, indicating the industry is on pace to have its best year in more than a decade. Further, the industry’s 5.6 percent sales increase in the first quarter has come entirely on gains of sales of trucks and sport-utility vehicles, two categories that do well when gas prices are low. Ford Motor Co. is forecasting that between 17 million and 17.5 million light vehicles — from all automakers — will be sold in the United States this year. The estimate is similar to competitor estimates. If it comes to pass, 2015 would be the best year for unit sales since 2006. Approximately 16.5 million cars and light trucks were sold nationally in 2014, according to AutoData. Consequently, it has been shocking to see how quickly so many vacant Detroit industrial buildings have been occupied in such a short period of time. Vacancy Rates Tumble The …

May 27, 2015

Loans Midwest Minnesota Multifamily

Dougherty Mortgage Arranges $9.6M Loan for Apartment Property in Minnesota

by Amy Works May 26, 2015

MOORHEAD, MINN. — Dougherty Mortgage has arranged a $9.6 million Fannie Mae loan for the refinancing of Summit Ridge Apartments in Moorhead, a suburb of Fargo, Minn. The 12-year loan features a 30-year amortization schedule. The borrower was Apartments at Johnson Farms LLC. The 125-unit apartment property features one-, two- and three-bedroom units with open floor plans, 9-foot ceilings on the first and second floors, vaulted ceilings on the third floor, walkout patios or balconies, in-unit washers/dryers and garages.

May 26, 2015

Midwest Missouri Office

Gershman Commercial Brokers Sale of 35,701 SF Office Property in Missouri

by Amy Works May 26, 2015

MARYLAND HEIGHTS, MO. — Gershman Commercial Real Estate has brokered the sale of an office property located at Craigshire Road in Maryland Heights. CUNA Mutual Investment Corp. sold the 35,701-square-foot property for an undisclosed price to Integrity Disbursing LLC, acting as qualified intermediary for Gamma Enterprises LLC. Tim Balk of Gershman represented the seller, while Lee & Associates of St. Louis represented the buyer in the transaction.

May 26, 2015

675-Industrial-Dr-Oakbrook-Terrace-IL-rebo

Illinois Industrial Midwest

Marcus & Millichap Arranges Sale of 53,944 SF Industrial Building in Illinois

by Amy Works May 26, 2015

CARY, ILL. — Marcus & Millichap brokers sale of an industrial building located at 675 Industrial Drive in Cary, a city northwest of Chicago. A private investor acquired the property for $1 million from an individual/private trust. Built in 1989, the 53,944-square-foot property features 18-foot clear ceiling heights, a finished 1,800-square-foot mezzanine level and a full sprinkler system. At the time of sale, the property was vacant. Tammy Saia of Marcus & Millichap represented both parties in the transaction.

May 26, 2015

Iowa Midwest Retail

The Opus Group Signs Two New Tenants at The Foundry in Ames, Iowa

by Amy Works May 26, 2015

AMES, IOWA — The Opus Group has added two tenants to The Foundry in Ames. Starbucks Coffee and Barefoot Campus Outfitter both signed leases for ground-floor space at the 53-unit student housing complex. Slated to open in fall 2015, Starbucks will occupy 2,000 square feet and Barefoot Campus Outfitter will occupy 3,500 square feet. The developer broke ground on The Foundry last fall. Slated to open this August, the project’s residential space is 100 percent pre-leased with 1,900 square feet of retail space still available. Chris Thomason and Steve Scott of NAI Optimum represented Opus in both transactions. Boh Kurylo of The Lerner Company represented Starbucks and Ryan Davenport of Scott Brown Commercial represented Barefoot Campus Outfitter in the deal.

May 26, 2015

Midwest Retail Wisconsin

Siegel-Gallagher Brokers 17,000 SF Retail Lease in Milwaukee

by Amy Works May 26, 2015

MILWAUKEE, WIS. — Siegel-Gallagher has brokered a 17,000-square-foot lease of retail space at 2220 N. Commerce St. in Milwaukee. Adventure Rock Inc. leased the space for a build-to-suit gymnasium from RiverCrest Equity II LLC, an affiliated entity of Mandel Group Inc. The mixed-use project will also include 46 apartment units on the final parcel in the Humboldt Yards development, which includes Pick-N-Save, Columbia St. Mary’s and RiverCrest Condominiums. John Kuhn of Siegel Gallagher represented the tenant in the transaction.

May 26, 2015

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