Midwest

Dunkin’ Donuts to Develop 46 New Stores in Indiana

by John Nelson February 20, 2015

INDIANAPOLIS, FORT WAYNE AND LAFAYETTE, IND. — Dunkin’ Donuts has signed multi-unit store development agreements with two existing franchise groups to build 46 restaurants in Indiana over the next several years. Existing franchise group Kings Point Ventures plans to develop 38 Dunkin’ Donuts restaurants in Indianapolis and Fort Wayne, 10 of which will be located outside of the major metropolitan area. The group currently operates more than 70 Dunkin’ Donuts restaurants in several states. Existing franchisee Bud Patel plans to develop eight Dunkin’ Donuts locations in Lafayette and Indianapolis. Three of these new restaurants will be located in smaller towns and communities outside Lafayette and Indianapolis. Patel currently operates more than 20 Dunkin’ Donuts restaurants in the metro Chicago area and Davenport, Iowa. Jay Punukollu, Patel’s partner, will be responsible for overseeing the daily restaurant operations in Lafayette. The duo’s first restaurant is planned to open in 2016, and the remainder by 2019. Currently, there are nearly 30 Dunkin’ Donuts restaurants located throughout Indiana, and the company is continuing to recruit franchisees in the cities of Evansville and Terre Haute.

February 20, 2015

Hospitality Loans Midwest Minnesota

Dougherty Arranges $18.5M Construction Loan for Pier B Hotel in Duluth, Minn.

by John Nelson February 20, 2015

DULUTH, MINN. — Dougherty Funding has arranged an $18.5 million construction loan for Pier B hotel in Duluth. The 140-room full-service waterfront hotel will be located in the Canal Park area. The site includes four 90-by-90 foot cement silos that are nearly 100 years old that will provide an iconic image for the development. The hotel complex will include a spa, banquet center, a pool overlooking Duluth’s harbor, and outdoor patios near bars and restaurants. Dougherty Funding served as the lead lender and servicer for the loan, which was arranged for the borrower, Pier B Holding LLC.

February 20, 2015

Illinois Industrial Midwest

Zilber Property Group Sells 110,000 SF Industrial Facility in Elgin, Ill.

by John Nelson February 20, 2015

ELGIN, ILL. — Zilber Property Group has sold a 110,000-square-foot industrial facility in Elgin to Bucher Hydraulics. The property is located at 2545 – 2555 Northwest Parkway. The facility includes 24-foot clear ceiling heights. Adam Marshall of Newmark Grubb Knight Frank represented Bucher Hydraulics in the sale. Joe Bronson of NAI Hiffman represented Zilber Property Group.

February 20, 2015

Illinois Industrial Midwest

Iris Construction Services Completes Expansion of Warehouse Space in Bolingbrook, Ill.

by John Nelson February 20, 2015

BOLINGBROOK, ILL. — Iris Construction Services (ICS) has completed a 35,000-square-foot expansion for an industrial warehouse in Bolingbrook. BC Foods occupies the warehouse space located at 485 Crossroads Parkway. Renovations included the addition of a new demising wall, drive-in door, lighting and other general improvements. This is the third project ICS has completed for BC Foods at the facility.

February 20, 2015

Illinois Midwest Retail

Inland Real Estate Corp. to Redevelop Joliet Commons Shopping Center in Joliet, Ill.

by Danielle Everson February 19, 2015

JOLIET, ILL. — Inland Real Estate Corp. (IRC) is redeveloping Joliet Commons, a power center in Joliet, and adding a new 65,000-square-foot building for Dick’s Sporting Goods and DSW. Construction on the project is set to begin this spring. To accommodate the new tenants, IRC will redevelop a former movie theater at the center into a brand new building for the retailers. With the addition of the new building, the total gross leasable area of Joliet Commons will increase to 229,000 square feet. Dick’s Sporting Goods and DSW will join other national retailers at the center such as PetSmart, Old Navy, Party City and Famous Footwear. The project is expected for completion this fall.

February 19, 2015

Industrial Midwest Office Wisconsin

Gramercy Property Trust Acquires Five Properties for $44.4M

by Danielle Everson February 19, 2015

MILWAUKEE — New York-based Gramercy Property Trust Inc. has acquired one office and four industrial properties totaling approximately 590,000 square feet for $44.4 million. The properties include a portfolio of three single-tenant industrial properties totaling approximately 450,000 square feet in the Milwaukee; a cross-dock truck terminal located in Milford, Conn.; and a 115,000-square-footm Class A call center, office and operations facility in Charlotte. The properties are fully leased with a weighted average lease term of 6.7 years.

February 19, 2015

Midwest Ohio Retail

M&M Brokers $5.4M Sale of 103,910 SF Shopping Center in Mentor, Ohio

by Danielle Everson February 19, 2015

MENTOR, OHIO — Marcus & Millichap has brokered the $5.4 million sale of Mentor Plaza, a 103,910-square-foot retail property in Mentor, approximately 24 miles north of Cleveland. The shopping center is located at 8485 Market St. Gabriel Brothers and Big Lots anchor the plaza. Craig Fuller, Scott Wiles and Erin Patton of Marcus & Millichap’s Cleveland and Columbus offices marketed the property on behalf of the seller, a private investment fund. The team also represented the buyer, a limited liability company.

February 19, 2015

Midwest Missouri Retail

Block & Co. Arranges Sale of 15,418 Retail Property in Independence, Mo.

by Danielle Everson February 19, 2015

INDEPENDENCE, MO. — Block & Co. Inc. has brokered the sale of Guitar Center, a 15,418-square-foot retail property in Independence. The property is located at 3911 Bolger Road. The freestanding building sits at the at the entrance drive to Walmart Supercenter, PetSmart and Sam’s Club and is across the street from Independence Center Mall. Guitar Center is a guitar retailer that operates 225 stores in the United States. David Block, Max Kosoglad and John Cobb of Block & Co. represented the buyer, a private investor who purchased the property in a 1031 tax-deferred exchange.

February 19, 2015

Loans Midwest Minnesota Multifamily Seniors Housing

NorthMarq Capital Arranges $33M in Refinancing for Two Multifamily Properties

by Danielle Everson February 18, 2015

MINNEAPOLIS AND ROSEVILLE, MINN. — NorthMarq Capital’s Minneapolis office has arranged $33 million in refinancing for two multifamily properties in Minneapolis and Roseville. The first property is ElseWarehouse Apartments, a mixed-use building that includes 116 apartment units and five commercial spaces. The property is located at 730 Washington Ave. N. in Minneapolis. NorthMarq arranged $21 million in financing for the borrower through its seller-servicer relationship with Freddie Mac. Cherrywood Pointe is the second property, which is a seniors housing property that includes 80 units. The property is located at 2996 Cleveland Ave. N. in Roseville. NorthMarq arranged $12 million in refinancing for the borrower through its seller-servicer relationship with Freddie Mac. Patrick Minea of NorthMarq arranged both of the loans.

February 18, 2015

Illinois Loans Midwest Office

Cohen Financial Arranges $8.3M Acquisition Loan for Office Property

by Danielle Everson February 18, 2015

OAKBROOK TERRACE, ILL. — Cohen Financial has arranged an $8.3 million acquisition loan for a mid-rise office building located at 2 Trans Am Plaza Drive in Oakbrook Terrace. The property is a 5-story office building adjacent to a Marriott Courtyard hotel. The property is leased to multiple tenants. Dan Rosenberg of Cohen Financial’s Chicago office secured the loan with American Capital Ltd., a publicly traded private equity firm and global asset manager. The borrower is American Landmark Properties, a commercial real estate owner/manager experienced in office properties.

February 18, 2015

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