Midwest

Rockford Construction to Build $35M Fulton Place at Grand Valley State University

by Danielle Everson April 23, 2015

GRAND RAPIDS, MICH. — Rockford Construction will break ground on the $35 million Fulton Place residential development in Grand Rapids on the western edge of Grand Valley State University’s Pew campus. The project will include three buildings and is set for completion by the 2016-2017 school year. Fulton Place will also include approximately 10,000 square feet of retail space on the ground level, as well as on-site residential parking in a two-story garage and street-level parking. The first building will be 13,000 square feet with seven three-story townhomes, each with four bedrooms, ranging from 1,400-2,000 square feet. The second building will be 5,500 square feet, three stories and house three apartments, each with three bedrooms. The third building will be 125,000 square feet, five stories and have 102 apartments that are a mix of loft and one-, two- and four-bedroom units.

April 23, 2015

Industrial Midwest Minnesota

Hillcrest Development, Opus to Develop Industrial Park in Cottage Grove, Minn.

by Danielle Everson April 23, 2015

COTTAGE GROVE, MINN. — Hillcrest Development LLLP and The Opus Group will develop a 40-acre industrial business park in Cottage Grove. The property is located south of U.S. Highway 61 at the northwest corner of Hemingway Avenue South and 91st St. South adjacent to Hamlet Park. Plans for the site include a variety of development scenarios ranging from 425,000 to 550,000 square feet of rail-served industrial space with the ability to support a 38-foot ceiling height and outside storage. Canadian Pacific will provide rail service to the site.

April 23, 2015

Midwest Multifamily Ohio

M&M Arranges $3.3M Sale of Apartment Property in Grove City, Ohio

by Danielle Everson April 23, 2015

GROVE CITY, OHIO — Marcus & Millichap has arranged the $3.3 million sale of Williamsburg Place, an 82-unit apartment, townhome community in Grove City, a southwest suburb of Columbus.The community includes one-bedroom garden and two-bedroom townhome units, as well as 36 detached garages. Michael Barron, Daniel Burkons, Joshua Wintermute, Richard Lattro and Jordan Marshall, of Marcus & Millichap’s Columbus office, along with the Marcus & Millichap Tax Credit Group out of the firm’s Seattle office, had the exclusive listing to market the property on behalf of the seller, a Seattle limited partnership.

April 23, 2015

Industrial Market Reports Midwest Midwest Market Reports Nebraska

New Industrial Parks Will Help Ease Tight Market Conditions in Omaha

by Danielle Everson April 23, 2015

For years the Omaha industrial market — approximately 68 million square feet strong — seemed to be slow and steady. When the market tightened, developers were still able to meet demand. Over the past 15 years, companies looking to construct new facilities have historically had an ample number of options in which to relocate along I-80 in the southwest part of the metro area. The Great Recession of the late 2000s seemingly halted speculative construction. During the rebound of the early 2010s, the vacancy rate began to steadily decline. Tenants started to absorb excess space at a healthy clip. All of a sudden, the market has begun to face two overwhelming challenges: virtually full occupancy among rental space and few readily available land options to build new product. Space Users Stay Active Industrial vacancy in Omaha has continued to plummet, ending 2014 at a 3 percent vacancy rate. Both large national companies and local businesses have accounted for the healthy absorption of space. Sergeant’s Pet Care Products (which built 349,680 square feet), Airlite Plastics (71,272 square feet), and Election Systems & Software (40,000 square feet) all increased their footprint in 2014. Additionally, several smaller transactions have occurred this year. Companies …

April 23, 2015

Illinois Midwest

33 Realty Arranges $10.5M Sale of Five-Building Apartment Portfolio in Chicago

by Danielle Everson April 22, 2015

CHICAGO — 33 Realty has arranged the $10.5 million sale of a five-building multifamily portfolio in Chicago. The portfolio includes a total of 35 units. The five properties include 1653 N. Halsted (seven units) for $2.5 million; 5731-33 N. Winthrop (eight units) for $2.15 million; 1657 N. Halsted (six units) for $2.2 million; 2246 W. Belden (five units) for $1.5 million; and 4653-57 N. Beacon (nine units) for $2.15 million. Eric Weber of 33 Realty represented the seller. A group of Japanese investors purchased the properties.

April 22, 2015

Hospitality Indiana Midwest

Hampton Inn & Suites Hotel Coming to Keystone at the Crossing

by Danielle Everson April 22, 2015

INDIANAPOLIS — Hilton Worldwide has signed a franchise license agreement with PK Partners to develop the 125-room Hampton Inn & Suites Indianapolis/Keystone. The five-story hotel will be located at 8980 River Crossing Blvd. in Indianapolis. PK Partners will own the property and Schahet Hotels Inc. will operate the hotel. Located in the heart of Keystone at the Crossing, adjacent to the River North at Keystone, Hampton Inn & Suites Indianapolis/Keystone will be part of a mixed-use development and within walking distance to the Fashion Mall at Keystone. The new hotel is set for completion in late 2016.

April 22, 2015

Industrial Midwest Ohio

Meridian Design Build Begins Construction on Industrial Spec Project in Ohio

by Danielle Everson April 22, 2015

TWINSBURG, OHIO — Meridian Design Build has begun construction on a new 207,360-square-foot, speculative industrial building in Twinsburg. Scannell Properties is the developer for the project. The multi-tenant facility is located on a 14-acre site within Cornerstone Business Park. The new spec building will include 171 auto parking stalls, five tenant entrances and 26 loading docks. The building is scheduled for completion in late summer. Precept Design LLC is providing architectural services for the project. Weber Engineering Services is completing civil engineering work.

April 22, 2015

Midwest Ohio Retail

M&M Arranges $6.3M Sale of 20,928 SF Retail Property in Columbus

by Danielle Everson April 22, 2015

COLUMBUS — Marcus & Millichap has arranged the $6.3 million sale of East Broad Commons, a 20,928-square-foot retail property in Columbus. The property is located at 6572-6608 E. Broad St. Tenants at the shopping center include Dunkin Donuts, Rite Rug, Salon Lofts, AT&T Wireless and Gratzi Pizzeria. Arthur Kaplan and Lisa Sickinger of Marcus & Millichap’s Columbus office represented the seller, a developer.

April 22, 2015

Illinois Loans Midwest Multifamily

Oak Grove Capital Arranges $27.9M Construction Loan in Chicago

by Danielle Everson April 21, 2015

CHICAGO — Oak Grove Capital has arranged $27.9 million in construction financing for a 120-unit, mid-rise luxury apartment building in Chicago. The site for the market-rate apartments is located at 2211 N. Milwaukee Ave. in Chicago’s Logan Square neighborhood. Principal Real Estate Investors provided the financing for the borrower, New York City-based Property Markets Group (PMG). Ryan Cahalan of Oak Grove Capital arranged the loan for the borrower.

April 21, 2015

Illinois Midwest Office

M&M Brokers $8.6M Sale of Crown Corporate Center in Gurnee, Ill.

by Danielle Everson April 21, 2015

GURNEE, ILL. — Marcus & Millichap has brokered the $8.6 million sale of Crown Corporate Center, a four-building, single-story office portfolio in Gurnee. The property is located at 1275-1425 Tri State Parkway. The properties were built between 1989-1998 and total 156,765 rentable square feet. The asset is 51 percent leased to six tenants. The portfolio is located immediately off of I-94 across from Gurnee Mills Shopping Outlet Mall. Stephen Lieberman of Marcus & Millichap represented the seller, New York-based Crown Properties. Bridgeview, IIl.-based Costa Construction purchased the property in a 1031 exchange.

April 21, 2015

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