Midwest

Shopping Center Developers are Increasingly Active in Metro St. Louis

by Danielle Everson May 14, 2015

Statistically speaking, retail real estate market conditions have remained relatively stable in St. Louis throughout 2014 and early 2015. Close to 88,000 square feet of new retail space was delivered in the first quarter of this year, resulting in a slight uptick in vacancies. At the end of the first quarter, the overall vacancy rate stood at 7.3 percent, up 10 basis points from the prior quarter, according to CoStar Group. The pace of new development is expected to escalate this year, with several new projects on the drawing board: • Pace Properties is under contract in Midtown — across from the IKEA that will soon open — to develop Midtown Station. The project will include 150,000 square feet of retail space. • Summit Development Group is under contract in Richmond Heights to develop a mixed-use project totaling 120,000 square feet that will feature a combination of restaurant and retail space — possibly even a grocer — and a hotel. The project will be known as The Crossings at Richmond Heights. • The city of Kirkwood has approved plans to redevelop the southeast and southwest corners of Lindbergh Boulevard and Manchester Road to make way for a Fresh Thyme Farmers …

May 14, 2015

Indiana Midwest Multifamily Student Housing

ACC to Break Ground on $40M Butler University Student Residences in Indianapolis

by Danielle Everson May 13, 2015

INDIANAPOLIS — American Campus Communities Inc. will break ground on Sunset Student Residences, a 633-bed sophomore residence hall on the campus of Butler University in Indianapolis, this month. The $40 million facility will open in August 2016. The site previously had been a parking lot. Sunset Student Residences is the result of a partnership between ACC and Butler University. ACC will build and maintain the facility, while Butler will provide staff to manage the building. Sunset Student Residences will feature suites of three- and four-bedroom floor plans.

May 13, 2015

Illinois Midwest Office

Reed Construction Completes Build-Out for Eckenhoff Saunders Architects HQ

by Danielle Everson May 13, 2015

CHICAGO — Reed Construction has completed an 8,980-square-foot build-out of the new headquarters for Eckenhoff Saunders Architects (ESA). The office is located on the 18th floor within One Prudential Plaza at 130 E. Randolph in Chicago. ESA is a Chicago-based, midsize firm specializing in architecture, planning and interior design. The company recently relocated from the West Loop to One Prudential Plaza. The project featured custom, fabricated millwork throughout, the construction of open loft ceilings with high-end LED light fixtures and walls clad in walnut wood flooring. Reed Construction also simultaneously renovated the 18th floor corridor and elevator lobby space adjacent to the ESA suite. Project management firm JLL selected Reed Construction to complete interior renovations at to the new space. Scott Pickands was the project’s executive leading the construction team for Reed Construction and Joseph Kozlowski served as the project manager. ESA provided architectural services for the project.

May 13, 2015

Illinois Midwest Multifamily

Interra Realty Brokers $1.2M Sale of Apartment Property in Chicago

by Danielle Everson May 13, 2015

CHICAGO — Interra Realty has brokered the $1.2 million sale of a 13-unit, walk-up style apartment building at 1614 N. Harding Ave. in Chicago’s Humboldt Park neighborhood. The property features studio, one-, two- and three- bedroom layouts. Ten of the units have recently been renovated and the property. Joe Smazal and James Clough of Interra Realty represented both the buyer and the seller in the transaction.

May 13, 2015

Indiana Industrial Midwest

HSA Commercial Arranges Industrial Lease Renewal for Banning Engineering in Indiana

by Danielle Everson May 13, 2015

PLAINFIELD, IND. — HSA Commercial Real Estate has arranged a long-term lease renewal for Banning Engineering within the Gateway Industrial Business Park in Plainfield. The property is located at 853 Columbia Road. Banning, a civil engineering and surveying firm, occupies 16,000 square feet in the first distribution facility to be constructed at the 13-acre business park and was the original tenant at the park in 2004. HSA Commercial owns and manages the park, which has since expanded to include a 121,000-square-foot multi-tenant second phase that was built in 2006, a 34,880-square-foot facility occupied by the Federal Aviation Administration, and a 220,000-square-foot speculative warehouse that HSA built in partnership with Great Point Investors LLC in 2014.

May 13, 2015

Illinois Loans Midwest Multifamily

Oak Grove Capital Arranges $27M Loan for Algonquin Square Apartments

by Danielle Everson May 12, 2015

CHICAGO — Oak Grove Capital has arranged a $27 million adjustable-rate mortgage through Freddie Mac for Algonquin Square Apartments, a 220-unit multifamily property located in Chicago’s western suburbs.The property was built in 2012 and 2013. The loan was for a joint venture between Marquette Cos., EJ Plesko & Associates and American National Insurance, which served as the limited partner.The new loan allowed for the payoff of the construction loan, municipal loans and further returned some of the original investment to the investor members. Scott Streiff of Oak Grove Capital arranged the seven-year loan that includes two years of interest-only payments and a 30-year amortization schedule.

May 12, 2015

Civic Illinois Midwest

Barack Obama Presidential Center Set to Be Built on South Side of Chicago

by Danielle Everson May 12, 2015

CHICAGO — The Barack Obama Foundation plans to locate the future Barack Obama Presidential Center, which will include a museum, library, as well as office space for Foundation activities and events, in the South Side of Chicago. The site was selected over bids made by Columbia University in New York, the University of Hawaii and the University of Illinois at Chicago. The library is expected create hundreds of jobs and hundreds of millions of dollars a year in economic activity, according to Crain’s Chicago Business. A date for the development has not been announced. As a future neighbor and collaborator on the Center, the University of Chicago has pledged to make resources and infrastructure available to the Foundation in the near term for its planning and development work. The Foundation also intends to maintain a presence at Columbia University for the purpose of exploring and developing opportunities for a long-term association, and to work with the state of Hawaii to establish a lasting presence in Honolulu. Within Chicago, the Obama Foundation will additionally explore possible collaboration with the University of Illinois–Chicago.

May 12, 2015

Michigan Midwest Retail

Cooper Commercial Investment Group Brokers $7.2M Sale of Rivertown Center

by Danielle Everson May 12, 2015

GRANDVILLE, MICH. — The Cooper Commercial Investment Group has brokered the $7.2 million sale of the Rivertown Center, a 60,876-square-foot, multi-tenant retail center in Grandville. Dan Cooper of Cooper Commercial represented the seller, an Ohio-based private investment group, and the Illinois-based buyer. The property, which was built in 2000, is 93 percent occupied. Some tenants include Planet Fitness, Qdoba, Noodles & Co., Hallmark, Family Christian Stores, Chicago Title and Plato’s Closet.

May 12, 2015

Midwest Minnesota Retail

M&M Arranges Sale of Two Childcare Properties in Minnesota

by Danielle Everson May 12, 2015

SAINT PAUL AND ROSEVILLE, MINN. — Marcus & Millichap has arranged the $850,000 sale of two Kindercare Learning Centers located in Minnesota. The properties are located at 1541 Humboldt Ave. in Saint Paul and 2186 Fairview Ave. N. in Roseville. Reed Fenton and Tammy Saia of Marcus & Millichap’s Chicago Oak Brook office represented the seller and the buyer, both private investors. Craig Patterson of the firm assisted in closing the transaction. The property at 1541 Humboldt Ave. was built-to-suit for Kindercare in 1977. The building spans approximately 4,950 square feet. The property at 2186 Fairview Ave. N. was built-to-suit for Kindercare in 1976 and also spans approximately 4,950 square feet.

May 12, 2015

Hospitality Midwest Missouri

Laurus Completes $10M Renovation to Hilton Kansas City Hotel

by Danielle Everson May 11, 2015

KANSAS CITY, MO. — Laurus Corp. has completed a $10 million renovation on the Hilton Kansas City Airport Hotel. The property is located at 8801 NW 112th St. All 347 guest rooms and guest bathrooms saw renovations including new carpeting, stonework and modern artwork. All three ballrooms include 21,000 square feet of total meeting space and the largest meeting room accommodates up to 700 people in a theater-style setting. The newly renovated indoor/outdoor pool and lounge is designed to create an oasis for guests to relax and unwind. In addition, the restaurant and bar was revamped and now operates as Asado Grill. Surrounded by more than 6 million square feet of office space, including several Fortune 500 companies, the hotel offers proximity to shopping, dining and other entertainment venues.

May 11, 2015

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