Midwest

Historic Boutique Drake Oak Brook hotel Reopens in Illinois

by Danielle Everson April 13, 2015

OAK BROOK, ILL. — Rosemont, Ill.-based First Hospitality Group Inc. has reopened The Drake Oak Brook hotel in Oak Brook. The boutique hotel recently underwent extensive renovations to the exterior, lobby, an 11,300-square-foot meeting space, a 2,000-square-foot outdoor patio, office space and its 84 guest rooms. Originally built in 1961 as the suburban counterpart to Chicago’s famous Drake Hotel, Jim Nagle and Tely Nagle own the independent hotel. First Hospitality Group manages the hotel. Unique details of the property include a piece of floral, floating artwork composed of 1,000 pieces of glass and a gold-leafed table in the lobby designed by an artist who’s work also appears in the Vatican, and original murals. The hotel is accessible to downtown Chicago and O’Hare International Airport via I-88 and I-294.

April 13, 2015

Illinois Midwest Office

NAI Hiffman Signs New Lease at One Oakbrook Terrace

by Danielle Everson April 13, 2015

OAKBROOK TERRACE, ILL. — NAI Hiffman has signed a new lease for its corporate headquarters at One Oakbrook Terrace, located at the intersection of Butterfield Road and 22nd Street in Oakbrook Terrace. The provider of commercial real estate services has occupied space in the building for more than 10 years. The new lease consolidates NAI Hiffman’s brokerage, management, marketing and research, and accounting services onto an entire floor, taking up more than 20,000 square feet. Jim Adler and Michael Flynn of NAI Hiffman’s office services group represented NAI Hiffman in the transaction. Brian Edgerton of NAI Hiffman represented the institutional owner.

April 13, 2015

Midwest Office Wisconsin

Siegel-Gallagher Arranges 17,432 SF Office Lease in Milwaukee

by Danielle Everson April 13, 2015

MILWAUKEE — Siegel-Gallagher has arranged a 17,432-square-foot office lease in Milwaukee. Robertson Ryan & Associated Inc. will occupy space within Plaza East Office Center located at 330 E. Kilbourn Ave. Shaun Dempsey and John Kuhn of Siegel-Gallagher represented the tenant in the transaction. Tishman Speyer was the landlord.

April 13, 2015

Kansas Loans Midwest Multifamily

NorthMarq Arranges $32.6M Acquisition Loan for Apartments in Overland Park, Kan.

by Danielle Everson April 10, 2015

OVERLAND PARK, KAN. — NorthMarq Capital’s Kansas City office has arranged acquisition financing of $32.6 million for Corbin Crossing Apartments, a 298-unit multifamily property in Overland Park. The property is located at 6801 W. 138th Terrace. Greg Duvall of NorthMarq arranged the seven-year loan that includes two-year interest-only payments and a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its seller-servicer relationship with Freddie Mac.

April 10, 2015

Midwest Minnesota Retail

Marcus & Millichap Arranges Sale of 98,157 SF Shopping Center in Stillwater, Minn.

by Danielle Everson April 10, 2015

STILLWATER, MINN. — Marcus & Millichap has arranged the $8.9 million sale of Oak Park Ponds, a 98,157-square-foot shopping center in Stillwater. Oak Park Ponds is located at 5801 Neal Ave. N. Kowalski’s Markets is a long-term anchor at the property. Mark Taylor and Dean Zang of Marcus & Millichap’s Philadelphia office, along Sean Doyle and Cory Villaume of the firm’s Minneapolis office, represented the seller, a limited liability company. Matt Hazelton, Adam ‘AJ’ Prins and Michael Marzinske of Marcus & Millichap’s Minneapolis office represented the buyer, another limited liability company.

April 10, 2015

Illinois Industrial Midwest

Impact Strategies Completes Expansion Project for Chelar Tool & Die in Belleville, Ill.

by Danielle Everson April 10, 2015

BELLEVILLE, ILL. — IMPACT Strategies has completed a $1.1 million expansion project for Chelar Tool & Die Inc., a Belleville-based tool manufacturer. Construction of the 12,000-square-foot addition began in October 2014 and completed in March. IMPACT Strategies built a single-story, pre-engineered metal building. The facility is equipped for making metal stamping dies, metal stampings, specialty precision machinery and Blanchard grinding. IMPACT Strategies collaborated on the project with architect EWR Associates Inc. of Fairview Heights.

April 10, 2015

Indiana Midwest Multifamily

Tikijian Associates Brokers Sale of 740-Unit Apartment Property in South Bend, Ind.

by Danielle Everson April 10, 2015

SOUTH BEND, IND. — Tikijian Associates has brokered the sale of Castle Point Apartments in South Bend. The property is located at 18011 Cleveland Road and is less than two miles away from Notre Dame University’s campus. The property includes 740 units and is known for its castle-like architecture. Tikijian Associates represented the seller, Zidan Management Group. Metonic Real Estate Services, an Omaha-based real estate investment management company, purchased the property for an undislosed sales price. Metonic plans to complete a renovation at Castle Point to include a comprehensive clubhouse rehab, exterior updates such as a new paint scheme, interior unit upgrades, additional landscaping and more. Omaha, Neb.-based Seldin Co. will serve as property manager.

April 10, 2015

Industrial Michigan Midwest

Friedman Arranges Sale of Two Industrial Buildings in Southfield, Mich.

by Danielle Everson April 10, 2015

SOUTHFIELD, MICH. — Friedman Integrated Real Estate Solutions has brokered the sale of two industrial buildings in Southfield. The properties include a 19,350-square-foot building and a 21,500-square-foot building. The properties are located within the Southfield Research Park at 21644 Melrose Ave. and 21666 Melrose Ave. The seller, RREF KB-MI STRI LLC, sold the building to Nexcess, which provides web-hosting solutions. Dan Verderbar and Rick Tabbi of Friedman represented the seller and the buyer in this transaction.

April 10, 2015

Illinois Midwest Multifamily

Meridian Capital Group Arranges $43.8M Acquisition Loan for Apartment Community in Lakemoor, Ill.

by Danielle Everson April 9, 2015

LAKEMOOR, ILL. — Meridian Capital Group has arranged a $43.8 million agency loan on behalf of Strategic Properties of North America for the purchase of The Meadows Apartment Homes in Lakemoor. The 12-year Fannie Mae loan features a competitive fixed-rate below 4 percent and four years of interest-only payments. Shaya Ackerman in Meridian Capital Group’s New York office arranged the loan for the borrower. The Meadows Apartment Homes includes 496 units plus additional acreage with entitlements to construct up to 224 more units. The borrower, Strategic Properties of North America, purchased the asset from GE Capital.

April 9, 2015

Midwest Minnesota

Doran Cos. Buys 40-Acre Site in Maple Grove, Minn. for $10.5M

by Danielle Everson April 9, 2015

MAPLE GROVE, MINN. — Doran Cos. has purchased a 40-acre development site adjacent to The Shops at Arbor Lakes in Maple Grove for $10.5 million. The Frances A. Seleen Trust was the seller of the land. Located on the northeast corner of Hemlock Lane and Elm Creek Boulevard, the property was once farmed by multiple generations of the Seleen family. The Doran Cos. has no immediate plans for the property, but plans to work with the city of Maple Grove to determine the future development of the land.

April 9, 2015

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