Midwest

Cocke Finkelstein Acquires Ramblewood Apartments for $100.4 Million

by Jonathan Mehall July 17, 2015

GRAND RAPIDS, MICH. — Cocke Finkelstein has acquired Ramblewood Apartments in Grand Rapids for $100.4 million. The 1,170-unit complex was built in phases from 1972 to 1985 and sits on two campuses that stretch across 188 tree-covered acres. The property offers wooded grounds and a pond, a community center with year-round indoor pool, a business office center, a 55,000-square-foot tennis and health club facility, and a number of other amenities. The property was 98 percent occupied upon acquisition. CFLane, the apartment management subsidiary of CFI, will manage the community. Berkadia arranged the transaction for the undisclosed seller.

July 17, 2015

Civic Midwest Missouri

KWAME to Manage $5.7M Firehouse Construction Project in North St. Louis County

by Jonathan Mehall July 17, 2015

BEVERLY HILLS, MO. — Kwame Building Group Inc. (KWAME) is serving as project manager for a new $5.7 million firehouse, located at 7100 Natural Bridge Road in Beverly Hills, a city in St. Louis County. The Northeast Ambulance and Fire Protection District (NEAFPD) has contracted with KWAME on the project. The architect is JEMA. The 27,500-square-foot, two-story brick and stone firehouse will include five vehicle bays and a two-story structure for the District headquarters office. The facility will also house training and community classroom space. Built to resist seismic and high-wind events, the facility will serve as a natural disaster relief center for local residents. An employee-owned company, St. Louis-based KWAME provides estimating, scheduling, project planning, value engineering and other project management services as an independent advocate for owners and developers.

July 17, 2015

Illinois Industrial Midwest Office

GlenStar Begins Rooftop Construction on Chicago Board of Trade Building

by Jonathan Mehall July 16, 2015

CHICAGO — Owner and developer GlenStar Properties has begun construction on a new rooftop terrace on the 23rd floor of the Chicago Board of Trade Building complex. The 4,300-square-foot deck will be located on the east side of the south building. It will accommodate up to 150 guests and feature a 20-foot illuminated water wall with bubblers, a 10-foot illuminated planter with bubbler, Cozumel curver sofas and sectionals, leather benches and wood deck tiling. The project is slated for completion later this year. Since acquiring the building, GlenStar has embarked on a significant capital campaign aimed at breathing new life into the landmark property and attracting a more diverse tenant base.

July 16, 2015

Kansas Midwest Multifamily

Berkadia Negotiates Sale of Multifamily Property in Kansas City

by Jonathan Mehall July 16, 2015

KANSAS CITY, KAN. — Berkadia has brokered the sale of Waterstone Apartments, located at 1100-1056 County Line Road in Kansas City, for an undisclosed price. The property was 90 percent occupied at the time of sale. The buyer was WI Waterstone LLC of Kansas City, Mo., with Worcester Investments serving as general partner. The seller was VIRTU KC1 Associates of Larkspur, Calif. The 372-unit property was built in 1969 and features one-, two-, and three-bedroom layouts. Unit amenities include fireplaces, fully equipped kitchens, decks or patios and walk-in closets. Community amenities include two swimming pools, a playground and covered parking. Phillip Brimble of Berkadia’s Kansas City office brokered the sale.

July 16, 2015

Midwest Minnesota Multifamily

Grandbridge Finances $16M Multifamily Property in St. Cloud, Minn.

by Jonathan Mehall July 16, 2015

ST. CLOUD, MINN. — Grandbridge Real Estate Capital recently closed a $16 million first mortgage loan secured by a 240-unit multifamily property in St. Cloud. The 282,554-square-foot property sits on 33 acres of land. Tony Carlson of the Minneapolis office of Grandbridge originated the refinancing loan. The fixed-rate, nonrecourse loan provided by a life insurance company includes a 15-year term and 25-year amortization schedule. The Class A property includes an abundance of amenities and large, finished units.

July 16, 2015

Michigan Midwest Retail

Third Coast Development Breaks Ground on Mixed-Use Project in West Michigan

by Jonathan Mehall July 16, 2015

GRAND RAPIDS, MICH. — Third Coast Development has broken ground on a two-building mixed-use project in downtown Grand Rapids that will offer a total of 26 apartments, plus two commercial spaces. The project is taking shape near the site of a Hampton Inn & Suites currently under construction in downtown Grand Rapids. The two buildings are located at 555 Michigan St. and 601 Michigan St. Third Coast Purple at 555 Michigan St. will be a three-story, 12,000-square-foot building featuring eight total apartments and one commercial space on the first floor. Third Coast Orange at 601 Michigan St. will be a four-story, 25,000-square-foot building that will include 18 total apartments and one commercial space on the main floor. The total cost for the two buildings is estimated at $7.4 million, and the project is expected to create at least 15 permanent retail jobs. Last December, the Michigan Community Revitalization Program awarded the project a $1 million grant. The City of Grand Rapids’ Brownfield Redevelopment Authority also provided $475,000 in local property tax breaks.

July 16, 2015

Midwest Restaurant Retail Wisconsin

Morgan Partners Is Developing Bakery-Cafe for Panera Bread in Oshkosh, Wis.

by Jonathan Mehall July 16, 2015

OSHKOSH, WIS. — The Morgan Partners is developing a 4,370-square-foot Panera bakery-cafe, complete with drive-thru, in Oshkosh. The freestanding building, subject to a ground lease with a 15-year primary term, is currently under construction on 1.68 acres at I-41 and Highway 21. Panera Bread expects the bakery-cafe to open this fall. Neighboring tenants include a newly constructed Dick’s Sporting Goods, McDonald’s, Lowe’s, Menards and Festival Foods. Ed Bowen of The Morgan Partners represented the development side of the transaction, while Joe Kleiman of Mid-America Real Estate Group represented the tenant.

July 16, 2015

Market Reports Midwest Midwest Market Reports Office Ohio

Cincinnati’s CBD Experiences Flurry of Development in Multiple Sectors

by Jeff Shaw July 16, 2015

Cincinnati’s central business district (CBD) is humming with activity, particularly in the office sector with nearly 13 million square feet of office space spread across 54 buildings. Class A office space has been in high demand in the past year as approximately 245,000 square feet was absorbed by area businesses, according to DTZ. During that time, the vacancy rate declined 380 basis points and now sits at 16.4 percent. The Banks, an 18-acre mixed-use development on the Ohio River between Great American Ball Park and Paul Brown Stadium, is driving much of the recent activity downtown. It links entertainment venues and connects the CBD to the waterfront via a riverfront park. A much-anticipated 340,000-square-foot office building is currently under construction there. The Banks’ office building, developed for General Electric’s new U.S. Global Operations Center, will accommodate up to 2,000 employees. The riverfront development edged out bids from other areas in the region, including Oakley and Mason, to land GE’s new operations center. In June, GE announced that it is leasing 80,000 square feet in the Atrium Two building on a three-year temporary basis, allowing the company time to set up operations during construction. Cincinnati Bell recently leased 220,000 square feet …

July 16, 2015

Midwest Missouri Mixed-Use

Opus Group Completes Construction of Mixed-Use Development in Kansas City, Mo.

by Jonathan Mehall July 15, 2015

KANSAS CITY, MO. — The Opus Group has completed construction on 51 Main, a mixed-use development in Kansas City’s South Plaza neighborhood. The six-story building includes 176 apartment units and 8,500 square feet of ground-level retail space. Owned by VanTrust Real Estate-related entities, 51 Main includes 345 onsite parking spaces, a clubhouse and courtyard, which includes an infinity pool, grilling area and cabana. 51 Main offers more than 50 unique unit configurations, ranging from studios to one- and two-bedroom units, some with additional study spaces. Construction began in January 2013 and the first residents moved into the building in February of this year. Opus Design Build LLC was the design-builder for the project, and Opus AE Group LLC was the architect and engineer of record.

July 15, 2015

Illinois Midwest Office

CBRE Assists University of Illinois in Lease Renewal, Expansion in Chicago

by Jonathan Mehall July 15, 2015

CHICAGO — The University of Illinois has expanded its lease at 200 S. Wacker in Chicago from 42,000 square feet to 44,000 square feet under terms of a 10-year renewal with building owner John Hancock Real Estate. The university’s Illini Center includes programs for university development, career services, fundraising and the Executive MBA and Masters in Tax Programs. Geoff Euston and Matt Dobry of CBRE represented the university in the transaction. Daniel Shapiro of John Hancock Real Estate represented the owner.

July 15, 2015

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