Midwest

21c Museum Hotels Plans to Redevelop Old City Hall in Downtown Indianapolis

by Danielle Everson February 27, 2015

INDIANAPOLIS — 21c Museum Hotels plans to redevelop Old City Hall in downtown Indianapolis into a museum and hotel space. The $55 million project will be redeveloped following the approval of city and other financing incentives. The project will include the rehabilitation of Old City Hall and the construction of a new addition on the adjacent parcel into a 21c Museum Hotel and unique tenant space. The property will feature a boutique hotel with approximately 150 rooms, guest suites with private terraces on the rooftop, art-filled meeting and event spaces. The tenant space will occupy the second, third and fourth floors of Old City Hall. The property will also feature rotating exhibitions that reflect the global nature of art today, as well as site-specific installations and cultural programming. 21c will manage the tenant spaces and work with the city to lease space to arts-related tenants. New York-based architects Deborah Berke Partners will design the property. 21c will secure approximately $29 million in project financing, which includes equity and debt. The company will also work closely with the city to apply for an $11.3 million federal loan through the U.S. Department of Housing and Urban Development Section 108 program, which will …

February 27, 2015

Kansas Midwest Retail

Block & Co. Arranges $8.8M Sale of 61,657 SF Retail Building in Overland Park, Kan.

by Danielle Everson February 27, 2015

OVERLAND PARK, KAN. — Block & Co. Inc. Realtors has arranged the $8.8 million sale of a 61,657-square-foot retail building in Overland Park to an undisclosed buyer. A Jo-Ann Fabric and Craft Stores anchors the freestanding building, which is located at 11401 Metcalf Ave. The property is situated on more than five acres. The Tile Shop also occupies 18,847 square feet of the building. David M. Block and Bill Maas of Block & Company, Inc., Realtors negotiated the transaction on behalf of the seller, a third party TIC.

February 27, 2015

Illinois Midwest

Reed Construction Completes Renovation at Rush University Medical Center

by Danielle Everson February 27, 2015

CHICAGO — Reed Construction has completed the construction of a new, simulation lab for Rush University Medical Center at 1717 W. Congress Parkway in Chicago. The 8,200-square-foot build-out features the addition of multiple labs, control rooms, debriefing rooms and the associated infrastructure. Reed Construction’s senior project manager Rich Melone oversaw the construction team, which included project manager Nick Theisinger and senior project superintendent Matt Mallers. Proteus Group was the architect for the project. Rush is a non-profit health care, education and research enterprise that includes Rush University Medical Center, Rush University, Rush Oak Park Hospital and Rush Health. Rush University Medical Center encompasses a 664-bed hospital serving adults and children.

February 27, 2015

Midwest Retail Wisconsin

Mid-America Real Estate Arranges Sale of 6,900 SF Bank Building in Kimberly, Wis.

by Danielle Everson February 27, 2015

KIMBERLY, WIS. — Mid-America Real Estate – Wisconsin LLC has arranged the $460,000 sale of a 6,900-square-foot retail building in Kimberly, four miles east of Appleton. Commercial Horizons Inc. purchased the former Associated Bank, which is located at 600 W. Kimberly Ave. Community First Credit Union will occupy the building. Joe Kleiman and Dan Rosenfeld of Mid-America Real Estate – Wisconsin LLC represented the undisclosed seller in the transaction.

February 27, 2015

Illinois Industrial Midwest

I.M. Construction Group Completes 40,000 SF Build-Out for Dreamworks in Glenview, Ill.

by Danielle Everson February 27, 2015

GLENVIEW, ILL. — I.M. Construction Group has completed a 40,000-square-foot build-out for Dreamworks Graphics Communications in Glenview. The property is located at 2323 Ravine Way. Dreamworks is a print solutions company that provides offset, UV and lenticular printing. The firm is relocating its presses to this location from its current facility in Skokie, Ill. The build-out included the construction of a pre-press room and printing control room. IMCG also built-out office space with private offices and open work areas as well as completed all necessary electrical work, painting and finishes throughout. IMCG provided the construction services for the relocation along with Nomellini and Project Manager Kent Nepras leading the construction team. Angelo Christopher served as the project superintendent. Gensberg Ltd. provided the architectural services.

February 27, 2015

Leopardo_Rosenbloom-Center-on-Vision-and-Aging3

Healthcare Illinois Midwest

Leopardo Cos. Completes Multiphase Project for the Illinois College of Optometry

by Danielle Everson February 26, 2015

CHICAGO —Leopardo Cos. has completed a multiphase project for the Illinois College of Optometry, an optometric institution. The 28,000-square-foot interior renovation included modernizing aspects of an existing library and converting administrative space to make room for a new elderly eye care center. The library renovations added individual study areas, administrative and academic offices, as well as high-tech conference and student study rooms. The Alfred and Sarah Rosenbloom Center on Vision and Aging is a new elderly eye care facility to be used by the Illinois Eye Institute, a non-profit eye clinic providing eye care, outreach programs and research. Leopardo served as general contractor on the project. Chicago-based architect Jensen & Halstead provide architectural services.

February 26, 2015

Illinois Midwest Multifamily

Essex Realty Brokers $7.6M Sale of 31-Unit Multifamily Building in Chicago

by Danielle Everson February 26, 2015

CHICAGO — Essex Realty Group has brokered the $7.6 million sale of 3808-16 N. Sheffield Ave. in Chicago. The 31-unit courtyard building is located in Chicago’s Lakeview neighborhood. The building was converted to condominiums in 2008. Doug Imber and Kate Varde of Essex Realty represented the undisclosed seller and buyer.

February 26, 2015

Illinois Loans Midwest

Thorofare Capital Provides $5.4M Loan for Acquisition of 1144 West Fulton

by Danielle Everson February 26, 2015

CHICAGO — Los Angeles-based Thorofare Capital has funded a $5.4 million bridge loan for Cedar Street Capital’s acquisition of 1144 W. Fulton Market Street in the Fulton Market district of Chicago. The financing included a $4.5 million A-note and an $804,000 B-note, which represents nearly 80 percent of the total capital stack. The office property is located at 351 N. May St. and includes 32 parking spaces. The 27,689-square-foot loft building was originally built in the mid-1920s. The property is 78.5 percent occupied.

February 26, 2015

Hospitality Midwest Nebraska

HREC Arranges Sale of Holiday Inn in Lincoln, Neb.

by Danielle Everson February 26, 2015

LINCOLN, NEB. — HREC Investment Advisors has brokered the sale of the 231-room Holiday Inn Downtown located in Lincoln. AJ Capital Partners purchased the property for an undisclosed sales price. The hotel is located within the historic Haymarket District of downtown Lincoln and is in walking distance to the University of Nebraska and the Nebraska State Capitol. The 16-story Holiday Inn Lincoln was built in 1974 and will undergo a major renovation. Geoff Davis, Patrick Culligan and Scott Kaniewski of HREC Investment Advisors represented the seller, Rick Takach of Vesta Lincoln Partners LLC, in the sale. Rick Takach and Vesta Hospitality Services will continue to manage the property.

February 26, 2015

Market Reports Midwest Midwest Market Reports Missouri Office

A New Round of Office Development Appears Imminent in Metro St. Louis

by Danielle Everson February 26, 2015

The big story in the St. Louis office market is that available Class A space continues to become more scarce. As we watch the larger blocks of space being absorbed, and as Class A asking rates continue to increase, the probability for new development seems inevitable, leaving some property owners wondering if they should move forward and build. Although little new office construction is underway, the tightening market has undoubtedly prompted conversations. Expect projects to surface once developers land their first major tenant. The most likely submarkets for new development are in Clayton and West County, where many tenants requiring more than 25,000 contiguous square feet of office space are looking. You cannot have a full recovery for office occupancy until employment increases and the abundance of empty desks is absorbed. The local unemployment rate reached its peak of 10.9 percent in February 2010. The good news is that the unemployment rate hit a six-year low of 5.4 percent in October 2014. This significant drop can be attributed to the gain of over 11,000 jobs since January 2014 in the professional and business services sector. The St. Louis office market ended the year at a 10.5 vacancy rate, with Class …

February 26, 2015

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