Midwest

Kraus-Anderson to Begin $8.1M Expansion of Myles Reif Performing Arts Center in Grand Rapids

by John Nelson April 1, 2015

GRAND RAPIDS, MINN. — Kraus-Anderson Construction Co. (KA) will begin an $8.1 million expansion and renovation of the Myles Reif Performing Arts Center in Grand Rapids. A groundbreaking ceremony for the project will take place on Monday, April 6 at the arts center, located at 720 N.W. Conifer Drive. The 45,000-square-foot regional arts center was designed by Alliance of Minneapolis and will include the addition of 60 seats in the main theater, a new 200-seat studio theater and an expanded lobby. The Myles Reif Performing Arts Center was built in 1981. The Reif Center also serves as a facility for private events, concerts and conferences. The project is estimated to be completed February 2016.

April 1, 2015

Meridian to Complete 219,858 SF Build-to-Suit Project in Chicago

by John Nelson April 1, 2015

CHICAGO — Scannell Properties has selected Meridian Design Build to design and construct a 219,858-square-foot automated package sorting and distribution center in Chicago. The property is for a provider of global shipping and information services. The development will feature more than 3,000 square feet of expressway frontage along the north side of I-55 at South Damen Avenue. The project will include dynamic compaction and other engineered ground improvements to support the construction of three new buildings on the site. Site work will be completed to accommodate 452 auto parking stalls and 301 trailer storage positions. The main building design will include 61 loading docks, 156 interior van loading positions, and 8,153 square feet of office space. Freestanding security and vehicle maintenance buildings will also be constructed to support the daily operation of the facility. Cornerstone Architects is providing architectural services. Spaceco Inc. will provide civil engineering work.

April 1, 2015

Eagle Lake Landing Apartments Speedway Indiana

Indiana Midwest Multifamily

Tikijian Associates Brokers Sale of Indiana Apartment Community to Steadfast Apartment REIT

by John Nelson April 1, 2015

SPEEDWAY, IND. — Tikijian Associates has arranged the sale of Eagle Lake Landing Apartments, a 277-unit apartment community located in Speedway. Eagle Lake Landing was built in 1976 and was renovated in 2011. The $6.3 million renovation included upgrades to unit interiors with the addition of new kitchens and bathrooms, the addition of washers and dryers to each unit, new entry and interior doors, new light fixtures and all new floor coverings. The exterior of the property also received improvements including new roofs, windows and patio doors, full exterior painting, new signage and exterior lighting. A new clubhouse with fitness/health center, business center and leasing office was also constructed in 2011. Tikijian Associates represented the seller, Indianapolis-based Van Rooy Properties. Steadfast Apartment REIT purchased the property. Steadfast Apartment REIT is sponsored by California-based Steadfast REIT Investments LLC, an affiliate of Steadfast Cos.

April 1, 2015

Illinois Loans Midwest Office

Thorofare Funds $5.3M Bridge Loan for 1144 W. Fulton Market in Chicago

by John Nelson April 1, 2015

CHICAGO — Thorofare has funded a $5.3 million bridge loan for 1144 W. Fulton Market in Chicago. The Class A office property is 78.5 percent occupied. Thorofare will advance a capital expenditure and leasing cost earn-out facility in order to capitalize the sponsor’s business plan of converting the ground floor from office to retail to improve the profitability of the property and fill the retail void in the neighborhood. Thorofare capitalizes its transactions through a series of private closed-end funds on behalf of institutional investors.

April 1, 2015

Midwest Ohio Retail

M&M Brokers $4.7M Sale of 29,400 SF Retail Property in Lancaster, Ohio

by Danielle Everson March 31, 2015

LANCASTER, OHIO — Marcus & Millichap has brokered the $4.7 million sale of The Shops at Ety Village, a 29,400-square-foot retail property in Lancaster. The property is located at 1348-1374 Ety Road. The property was a bank-owned deal and was 69 percent occupied at the time of sale. Tenants include Panera Bread, Pet Supplies Plus, Gamestop and Great Clips along with a few local retailers. The asset sits as an outparcel to a Giant Eagle grocery store and is across the street from Walmart, Menards and Kohls. C.J. Jackson, Erin Patton, Craig Fuller and Scott Wiles of Marcus & Millichap’s Columbus and Cleveland offices marketed the property on behalf of the seller, a regional bank. Jackson, Patton, Wiles and Fuller also secured and represented the buyer, a private investor.

March 31, 2015

Illinois Industrial Midwest

Paine/Wetzel TCN Worldwide Arranges 25,488 SF Industrial Lease in Tinley Park, Ill.

by Danielle Everson March 31, 2015

TINLEY PARK, ILL. — Paine/Wetzel TCN Worldwide has arranged a 25,488-square-foot industrial lease within a 100,000-square-foot building at 7650 W. 185th St. in Tinley Park, a suburb south of Chicago. Emerson Process Management assists companies in controlling and managing their water and energy processes to cut costs and create efficiency. The company, already located in Tinley Park, is expanding its operations into this new location. Emerson selected the building due to its close proximity to expressways, a train station, hotels and restaurants. The building includes a 30-foot ceiling height, five docks, one drive-in door and parking for up to 60 cars. Ed Wabick, Curt Stanton and Patrick Fitzgerald of Paine/Wetzel represented the tenant, Emerson Process Management. NAI Hiffman’s Mike Robbins and Ben Cremer represented the building’s landlord, SAVI Properties LLC.

March 31, 2015

Illinois Midwest Office

Metonic Real Estate Solutions Buys 58,000 SF Office Building in Chicago

by Danielle Everson March 31, 2015

CHICAGO — Metonic Real Estate Solutions has purchased a six-story, 58,000-square-foot, brick and timber office building in Chicago for an undisclosed sales price. The property is located at 217 N. Jefferson St. in the West Loop and includes an adjacent 40-stall surface parking lot. The building was originally constructed in 1938 and redeveloped in 2008. It is fully occupied primarily by technology and creative tenants.

March 31, 2015

Illinois Industrial Midwest

Lee & Associates Arranges Sale of 52,000 SF Industrial Building in Burr Ridge, Ill.

by Danielle Everson March 31, 2015

BURR RIDGE, Ill. — Lee & Associates has arranged the $4.1 million sale of a 52,000-square-foot truck terminal industrial building located at 7545 S. Madison in Burr Ridge. Justin Fierz, Brian Vanosky and Tim McCahill of Lee & Associates’ Illinois office represented the seller, RAB Properties Inc. Kip Hennelly of Patrick Commercial Real Estate represented the buyer.

March 31, 2015

Midwest Retail Wisconsin

Cohen Financial Arranges $11M Loan for Retail Property In Lake Geneva, Wis.

by Danielle Everson March 30, 2015

LAKE GENEVA, WIS. — Cohen Financial has arranged an $11 million refinancing loan for Geneva Square, a retail center in Lake Geneva. The 169,692-square-foot property is 98 percent leased and is located at Interchange N and US-12. Anchor tenants include a 50,000-square-foot Piggly Wiggly and the 63,000-square-foot Aurora Health Center, a health care provider. Don Trossman of Cohen Financial secured the fixed-rate, seven-year loan, which includes a 25-year amortization schedule. The borrower is Lake Geneva Investors LLC. Schermerhorn Commercial Real Estate of Illinois manages the property. Geneva Square was built in 1980. The current owner purchased the property in 1999. Aurora Health Center became a tenant in 2005, and the Piggly Wiggly franchisee has been a tenant in the property since it was built.

March 30, 2015

Midwest Minnesota Office

Investors Real Estate Trust Arranges Sale of Several Office Showroom Properties

by Danielle Everson March 30, 2015

MINNEAPOLIS — Investors Real Estate Trust (IRET) has sold four office showroom properties in metro Minneapolis for $26.6 million. The properties include the 205,494-square-foot Plymouth Tech I-V in Plymouth; the 61,138-square-foot Whitewater Plaza in Minnetonka; the 58,300-square-foot Southeast Tech Center in Eagan; and the 45,019-square-foot Burnsville Bluffs II office property in Burnsville. CBRE arranged the sale on behalf of IRET. The sales advance IRET’s portfolio transformation plan to narrow its focus to multifamily, healthcare and bulk industrial properties. IRET continues to sell off substantially its commercial office and retail property portfolios.

March 30, 2015

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