Midwest

Principle Construction Corp. Completes Construction of Brewery in Hodgkins, Ill.

by Jonathan Mehall July 29, 2015

HODGKINS, ILL. — Principle Construction Corp. has completed construction on a 5,149-square-foot craft brewery for Blue Nose Brewery at 6119 East Ave. in Hodgkins, approximately 18 miles southwest of downtown Chicago. A new 12,320- square-foot multi-tenant retail building houses the brewery. Visitors to the brewery will be able to see fermenting kettles, mash tuns and hot liquor tanks from a 3,000-square-foot viewing room. Principle Construction broke ground on the brewery in April of 2014. Bear Real Estate owns the building and Ben’s Rental & Sales occupies the remaining portion of the building. Costs of the project were not disclosed.

July 29, 2015

Illinois Midwest Mixed-Use

Alter Asset Management Named Property Manager for One11 West Illinois

by Jonathan Mehall July 28, 2015

CHICAGO — Alter Asset Management (AAM) has been contracted to manage One11 West Illinois, a 99 percent leased Class A mixed-use office and retail building in Chicago’s River North neighborhood. The new owner, GLL Real Estate Partners GmbH, a Munich-based real estate fund management group, selected AAM as part of its acquisition of the property. One11 West Illinois is a 227,604-square-foot 10-story building anchored by the regional headquarters of salesforce.com, the global cloud-computing firm, which leases 77 percent of the leasable space. WeWork, a New York-based company that provides shared office space, is the second largest tenant. AAM is headquartered in Lombard, Ill., and maintains fully staffed offices in Chicago, Phoenix, and Atlanta.

July 28, 2015

Loans Midwest Minnesota Multifamily

Grandbridge Closes $1.4M Refinancing Loan for Apartment Property in Minneapolis

by Jonathan Mehall July 28, 2015

MINNEAPOLIS — Grandbridge Real Estate Capital financed a $1.4 million first mortgage loan secured by a two-property multifamily portfolio. Both properties are located in the Twin Cities metro area and include two buildings totaling 32 units. Funding for the loan was provided by a life insurance company and featured a 15-year fixed rate and amortization schedule. The loan required no personal guaranty and loan proceeds were used to retire existing debt. The properties, all of which were 100 percent occupied at closing, feature a variety of unit types and amenities. Tony Carson of Grandbridge’s Minneapolis office originated the refinance transaction.

July 28, 2015

Midwest Retail Wisconsin

Marcus & Millichap Sells Net Leased Department Store in Eau Claire, Wis. For $12.45M

by Jonathan Mehall July 28, 2015

EAU CLAIRE, WIS. — Marcus & Millichap has brokered the sale of a net leased department store at 955 W. Clairemont Ave. in Eau Claire, 93 miles east of Minneapolis. The sales price was $12.45 million, which at 94,705 square feet, equates to $131 per square foot. The Shopko building was originally built in 1978 and was renovated in 1992. The store sits on approximately 9 acres of land, with a location that benefits from a rent per square foot that is well below market. Headquartered in Green Bay, Wis., Shopko Stores Operating Co. LLC is a $3 billion retailer that operates more than 330 stores in 21 states. Listing agent Glen Kunofsky of Marcus & Millichap’s Manhattan office procured the undisclosed buyer.

July 28, 2015

Illinois Industrial Midwest

Avison Young Brokers Sale of 149,000 SF Industrial Facility in Chicago

by Jonathan Mehall July 28, 2015

SOUTH HOLLAND, ILL. — Avison Young brokered the sale of a 149,000-square-foot industrial facility at 410-470 W. 169th St. in South Holland, a Chicago suburb. The multi-tenant building is partially leased to Armacell, a company that manufactures flexible insulation foams for the equipment insulation market. Keith Puritz and Brett Kroner of Avison Young’s Chicago office represented the seller, a private investor. Mike Mangan of Savills Studley represented the buyer, Rosemont, Ill.-based Venture One Real Estate LLC. Terms of the transaction were not disclosed.

July 28, 2015

Michigan Midwest Office

Grand Offices in Novi, Mich. Now 100 Percent Occupied

by Jonathan Mehall July 28, 2015

NOVI, MICH. — The two-story Grand Offices office building located at 44725 Grand River Ave., between Novi and Taft roads, filled its last three vacancies in the second quarter of 2015. Novi is located 30 miles northwest of Detroit. The most recent tenants to join the office are a regional office for O.C. Tanner and Desco Properties, a relocation of a local property management company. Tjader Gerdom and Larry Siedell of Gerdom Realty and Investment represented the landlord in these transactions. It took Grand Offices less than three years to go from 0 percent occupancy to 100 percent occupancy.

July 28, 2015

Illinois Midwest Multifamily

Ryan Cos., Lincoln Property Co. Reveal Plans for Luxury Apartment Tower in Chicago

by Jonathan Mehall July 27, 2015

CHICAGO — Co-developers Ryan Cos. US Inc. and Lincoln Property Co. have unveiled plans for a luxury apartment tower in Chicago’s downtown Gold Coast residential market. The 31-story, 373-unit tower, known as 833 North Clark Street Apartments, will be constructed at the southeast corner of Clark and Chestnut streets on a 41,000-square-foot site that was purchased from U.S. Bank. A groundbreaking ceremony took place Friday, July 24, days after the development team purchased the land parcel and closed on an $88 million construction loan from U.S. Bank. 833 North Clark Street is within walking distance of Chicago’s Magnificent Mile, the downtown CBD, the Northwestern and Loyola University graduate school campuses, and the Northwestern medical center. The luxury high-rise is set to open in early 2017.

July 27, 2015

Michigan Midwest Mixed-Use

REDICO Closes on Purchase of Fisher and Kahn Buildings for $12.2M

by Jonathan Mehall July 27, 2015

DETROIT — REDICO and its development partners have closed on the $12.2 million acquisition of the Fisher and Albert Kahn buildings in downtown Detroit. The buildings were acquired at auction in June. REDICO, in partnership with local developers Peter Cummings, John Rhea, RHEAL Capital Management LLC, and New York-based HFZ Capital Group, plan significant improvements for both buildings. A residential component is expected to be a key part of renovations for the Kahn building. The 30-story Fisher Building was constructed in 1928 and has served office and retail tenants. Designated a National Historic Landmark in 1989, the building also includes the 2,089-seat Fisher Theatre, one of Detroit’s oldest live theater venues. The Albert Kahn Building, formerly known as the New Center Building, was completed in 1931 and added to the National Register of Historic Places in 1980. Standing 10 stories tall, it currently serves as an office building.

July 27, 2015

Illinois Midwest Office

NGKF Named Leasing Agent for 31-Story Office Building in Oakbrook Terrace, Ill.

by Jonathan Mehall July 27, 2015

OAKBROOK TERRACE, ILL. — Newmark Grubb Knight Frank has been selected as the leasing agent for 1 Tower Lane in Oakbrook Terrace, the tallest building in the state outside of downtown Chicago. Oakbrook Terrace Tower is a Class A, 792,192-square-foot office building located in the western suburbs of Chicago. Built in 1987, the 31-story property features expansive views of the western suburbs and downtown Chicago, a fitness center, conference center, food service, on-site management, on-site security and an executive underground garage. The property also offers easy access to O’Hare airport. John Clark, Rob Lundin and John Norris of Newmark Grubb Knight Frank will lead the brokerage team.

July 27, 2015

Healthcare Midwest Missouri

McGrath Begins $6.5M Expansion of New Energy Center at Des Peres Hospital in St. Louis

by Jonathan Mehall July 27, 2015

ST. LOUIS — McGrath & Associates has begun construction on a $6.5 million energy center expansion at Des Peres Hospital in St. Louis. The architect for the project is ACI Bolland Architects. The 3,475-square-foot expansion is expected to increase capacity and reliability of the hospital’s heating, cooling and emergency power systems. The expanded center will house a new chiller, boilers, switchgear, and automatic transfer switches. A new cooling tower and fuel tanks will be installed adjacent to the expansion. When completed, the Des Peres Hospital energy center will total 8,875 square feet. The project will be completed in phases to allow the hospital and its heating, cooling and emergency power systems to remain fully operational throughout construction, which is scheduled for completion in the spring of 2016.

July 27, 2015

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