Midwest

CSRT’s new 11-story corporate headquarters in downtown Cedar Rapids

Cedar Rapids Rises to Commercial Real Estate Challenge Following Major Flood

by Jeff Shaw August 13, 2015

In the April 2014 edition of Heartland Real Estate Business, I pointed out that the recovery from the historic 2008 flood was nearing completion in Cedar Rapids, a city of approximately 129,000 residents. The last of the damaged city facilities, a recreation center in the Time Check neighborhood on the city’s northwest side, has been demolished. Taking its place will be a new 17,000-square-foot recreation center currently under construction. In July, the Cedar Rapids City Council approved the $600 million flood protection system alignment on both sides of the Cedar River; all the flood system funding plan is now in place, except for the federal appropriation of $78 million pending approval in Congress. Three sections of flood protection are complete or under construction. The National Civic League recognized this feat in 2014 when it named Cedar Rapids as a recipient of the All-America City Award, which recognizes communities that overcome citywide challenges and achieve uncommon results. (The National Civic League is a nonprofit organization that advocates for transparency, effectiveness, and openness in local government.) The city’s strong recovery following the devastating flood in 2008 is evident by the accolades it has received from a variety of media outlets and interest …

August 13, 2015

Phelps County Regional Medical Center Waynesville Medical Plaza

Healthcare Midwest Missouri

McCarthy Building Cos. Completes $18M Medical Clinic in Mid-Missouri

by Jeff Shaw August 12, 2015

WAYNESVILLE, MO. — McCarthy Building Cos. Inc. has completed construction of the $18 million, four-story Phelps County Regional Medical Center (PCRMC) Waynesville Medical Plaza in Waynesville. The new facility, visible from I-44 and located next to the Veteran’s Primary Care Clinic in the heart of the Missouri Ozarks, enables PCRMC to offer expanded healthcare services to Pulaski County. Services include a walk-in clinic, a full imaging suite, cardiac testing services, physicians’ offices, physical therapy and a sleep lab. It also provides a physicians’ clinic with 23 exam rooms and space for various services. The Waynesville Medical Plaza is part of a five-year master plan that PCRMC began implementing in 2013 in an effort to expand and improve patient care in the area. As part of the plan, McCarthy also completed the renovation of the pharmacy and cardiac rehabilitation departments at the main medical center in Rolla and broke ground on the new Delbert Day Cancer Institute at PCRMC this spring.

August 12, 2015

Illinois Midwest Mixed-Use

Associated Bank Finances $17M Mixed-Use Project in Chicago

by Jeff Shaw August 12, 2015

CHICAGO — Associated Bank has provided a $17 million construction loan for a new mixed-use development at 2501 W. Armitage Ave. in Logan Square. The developer is a partnership between Mario Greco and Dimitri Nassis of Spearhead Properties LLC and Chris Fifield of Fifield Construction and Realty Inc. Michael McGovern of Associated Bank’s commercial real estate division originated the loan. The LEED-certified development will include two buildings comprised of 78 apartments and 6,500 square feet of retail space along Armitage. The project will feature a private courtyard and large landscaped second-floor terraces. Eight affordable units will be made available. Once completed, the new apartments will offer tenants sleek modern finishes and an amenity package that includes an automated package room, high-speed fiber Internet service, a workout area, 55 parking spaces, bicycle parking and a 1,300-square-foot amenity space overlooking a 6,000-square-foot landscaped courtyard. Demolition is scheduled to start in early August and construction will begin soon after.

August 12, 2015

Midwest Minnesota Multifamily

Dougherty Mortgage Closes $10.6M HUD Loan for Olympic Ridge Apartments

by Jeff Shaw August 12, 2015

EDEN PRAIRIE, MINN. — Mortgage banking firm Dougherty Mortgage LLC has closed a $10.6 million HUD 223(f) loan for the refinancing of Olympic Ridge Apartments, a 143-unit market-rate apartment property located in Eden Prairie. Dougherty Mortgage’s Minneapolis office arranged the fully amortizing 35-year loan for the borrower, Olympic Ridge Limited Partnership. Olympic Ridge Apartments, which is managed by Park Avenue of Wayzata Inc., offers nine three-story, wood-framed walk-up buildings with attached garages, some with individual entrances. Amenities include a whirlpool spa, exercise and party rooms, restrooms with showers, tot lot and volleyball net.

August 12, 2015

Michigan Midwest Multifamily Seniors Housing

Ciena Healthcare Opens New Skilled Nursing and Rehabilitation Center in Metro Detroit

by Jeff Shaw August 12, 2015

SHELBY TOWNSHIP, MICH. — Ciena Healthcare, a manager and operator of skilled nursing and rehabilitation centers in Michigan and Connecticut, has opened its newest skilled nursing and rehabilitation center in Shelby Township, about 30 miles north of Detroit. To meet the medical needs of the residents, the 116-bed Regency at Shelby Township offers a range of comprehensive therapy and nursing care under the direction of a board-certified physician. Skilled services include 24-hour nursing care, physical and occupational therapy, speech and language pathology, wound care and pain management, and IV therapy. Therapy is available seven days a week in the state-of-the-art therapy gym that helps bridge the gap between hospital and home. Regency at Shelby Township is dedicated to improving patients’ mobility and function, allowing them to return home in a timely manner. Located on six acres and built at a cost of $10 million, the facility includes 60 private suites and 28 semi-private suites with individual showers, complimentary television, phone, and Internet service, 24-hour room service, rejuvenating spa, full-service salon with massage room, manicure and pedicure services, spacious dining room and common areas throughout. All rooms in the center offer scenic views for resident relaxation and rejuvenation. Lush courtyards and …

August 12, 2015

Hospitality Illinois Midwest

CBRE Brokers Sale of Ramada Galena Hotel and Day Spa in Northwest Illinois

by Jeff Shaw August 12, 2015

GALENA, ILL. — CBRE Hotels has arranged the sale of the 72-room Ramada Galena Hotel and Day Spa, including a 4,000-square-foot banquet hall, in Galena to Galena Prime Hotels LLC for an undisclosed price. Galena Pines LLC was the seller. Brian Silberman, Stanley Wang and Scott Miller in the Chicago office of CBRE Hotels represented Galena Pines in the sale of the property. Ramada Galena Hotel and Day Spa is located at 11383 U.S. 20, two miles from historic downtown Galena and 12 miles from Dubuque, Iowa. The property, which offers bed-and-breakfast charm in northwestern Illinois, is situated on nearly 10 acres, including a catch-and-release fishing pond and gardens. The city of Galena attracts over 1 million visitors annually with a historic downtown shopping district, winter outdoor activities, museums, historic homes and buildings, wineries and more. The new owners have over 20 years of hospitality experience.

August 12, 2015

A rendering of First Park 94 to be built in Somers, Wis.

Industrial Midwest Wisconsin

First Industrial Realty to Develop 309-Acre Business Park in Southeast Wisconsin

by Jeff Shaw August 11, 2015

SOMERS, WIS. — First Industrial Realty Trust Inc. (NYSE: FR) has unveiled plans to develop First Park 94, a master-planned business park in Somers, located eight miles north of the Illinois/Wisconsin border. First Park 94 will be built on 309 acres that First Industrial recently acquired for $13.4 million. Somers is situated in Kenosha, Wis., an industrial submarket of Chicago. The first phase of First Park 94 calls for the commencement of infrastructure work and construction of a 600,000-square-foot cross-dock distribution center featuring 36-foot clear heights, 185-foot truck courts, generous trailer parking, extensive dock-high loading, and an ESFR sprinkler system. In total, First Park 94 can accommodate approximately 4.6 million square feet of development including build-to-suits ranging from 150,000 square feet to 1.5 million square feet. The site is accessible to I-94 from three four-way interchanges and offers frontage along the Canadian Pacific Railway with potential rail access. First Park 94 is located less than one hour from both O’Hare International Airport in Chicago and Mitchell International Airport in Milwaukee. First Industrial’s development team for this project is comprised of Adam Moore, regional director; Chad Parrish, director of development; Jim Schlundt, operations director; and Brad Kluever, investment associate. As of June …

August 11, 2015

Michigan Midwest Retail

Mid-America Arranges Sale of 99,564 SF Grocery-Anchored Center in West Michigan

by Jeff Shaw August 11, 2015

WAYLAND, MICH. — Mid-America Real Estate Corp. has brokered the sale of Chambers Corners, a 99,564-square-foot, grocery-anchored retail center in Wayland, about 21 miles south of Grand Rapids, Mich. The sales price was undisclosed. A private investment group led by Joel Kiss of Ramapo, N.Y.-based Northeast Capital Group and Jacob Berger of Montreal, Quebec-based Hampton Properties purchased the retail center. The seller was an undisclosed public real estate investment trust. Chambers Corners is located at the southeast corner of U.S. 131 and Superior Street in Wayland, an established bedroom community. The retail center is anchored by Harding’s Friendly Market and Family Farm & Home, and is complemented by tenants including Family Dollar, Sprint and Hungry Howie’s Pizza. Carly Gallagher and Ben Wineman of Mid-America Real Estate Corp., in cooperation with Daniel Stern of Mid-America Real Estate–Michigan Inc., were the exclusive brokers in the transaction on behalf of the public REIT.

August 11, 2015

Midwest Multifamily Ohio

Reichle Klein Group Brokers $4.15M Apartment Sale in Bowling Green, Ohio

by Jeff Shaw August 11, 2015

BOWLING GREEN, OHIO — Reichle Klein Group has brokered the $4.15 million sale of Green Meadow Apartments, a 190-unit apartment complex in Bowling Green, about 25 miles south of Toledo. Located at 214 Napoleon Road, Green Meadows Apartments consists of one- and two-bedroom units. The apartment complex features a centralized laundry facility, 24-hour maintenance service, locked mailboxes and ample parking. Green Meadow Apartments is within walking distance of local drug, automotive, grocery and furniture stores. Walter (Tony) Plath and Harlan Reichle of Reichle Klein Group’s Investment Property Advisors Apartment Group represented the seller, a private investor from Santa Barbara, Calif., in the transaction. The buyer was Park Avenue Realty of Union, N.J.

August 11, 2015

Oakley Industrial Machinery Inc. is a tenant at 1601 Lunt Ave.

Illinois Industrial Midwest

Lee & Associates Arranges 35,791 SF Industrial Lease in Elk Grove, Ill.

by Jeff Shaw August 11, 2015

ELK GROVE VILLAGE, ILL. — Lee & Associates has negotiated a lease for a 35,791-square-foot industrial space located at 1601 Lunt Ave. in Elk Grove Village, approximately 25 miles northwest of Chicago. Chris Nelson, principal at Lee & Associates of Illinois, represented the landlord, Colony Capital. Phil Reif of Paine Wetzel represented the tenant, Oakley Industrial Machinery Inc., a manufacturer of heating element production machinery and terminal pins.

August 11, 2015

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