Midwest

Several Factors Keeping Retail Construction in Check Across Metro Chicago

by Danielle Everson March 5, 2015

Mid-America Real Estate’s annual Chicagoland Shopping Center Report shows construction completions totaled 2.4 million square feet in 2014, a slight uptick from the 2.26 million square feet completed in 2013. Looking ahead, 2015 should yield a little over 2 million square feet, which will likely prove to be within the normal range for development going forward. However, this is significantly less than the 8.3 million square feet completed in 2007. One of the primary causes of this decline is the demand for new shopping center space in the suburbs is primarily limited to single users, predominately grocery stores. While the demand for multi-tenant retail developments in urban markets remains high, the barriers to entry are significant. Consider, for example, that of the combined 26 new projects delivered in 2014 and planned for 2015, only one project, Regency Centers’ Shops on Main in Schererville, Indiana, is a suburban project built to accommodate more than one big-box retailer. Anchored by Gordmans, Shops on Main is also home to DSW, Home Goods, Ross, Pier 1 Imports and a planned Whole Foods. All of the remaining suburban projects are limited to single users such as Walmart/Sam’s Club, Target, Mariano’s or Meijer. The mid-sized boxes …

March 5, 2015

Illinois Loans Midwest Retail

Cohen Financial Arranges $9M Acquisition Loan for Retail Property in Barrington, Ill.

by Danielle Everson March 4, 2015

BARRINGTON, ILL. — Cohen Financial has arranged a $9 million acquisition loan for The Shops at Flint Creek, an upscale retail shopping center located at 500 N. Hough St. in Barrington. Heinen’s Grocery Store anchors the shopping center, which is fully leased. Dan Rosenberg of Cohen Financial’s Chicago office secured the fixed-rate CMBS loan, which is structured with a 10-year term and a 75 percent loan-to-value ratio. Rosenberg secured the loan with Citigroup Global Markets Inc. The borrower is a venture of Next Realty, a national owner of retail properties.

March 4, 2015

Indiana Industrial Midwest Ohio

DTZ Sells Two Industrial Properties for $8.3M

by Danielle Everson March 4, 2015

MASON, OHIO AND NORTH VERNON, IND. — DTZ has brokered the $8.3 million sale of two single-tenant industrial properties located in Mason and North Vernon. The Cincinnati Fan property, situated on 17.6 acres, is located at 7697 Snider Road in Mason, northeast of Cincinnati. The 122,898-square-foot industrial manufacturing facility was sold to Robinson & Sons LLC for $4.7 million. Cincinnati Fan and Ventilator will continue to operate in the property. In the other transaction, Agracel Inc. acquired a manufacturing facility in North Vernon from Martinrea Industries. The 140,960-square-foot building, situated on 11.5 acres, sold for $3.6 million. Martinrea Industries, a Tier I automotive supplier, will continue to operate in the facility on a long-term lease. DTZ’s capital markets and industrial leasing teams represented owners Cincinnati Fan and Martinrea Industries in both investment sales transactions.

March 4, 2015

Illinois Industrial Midwest

Entre Arranges $2M Sale of 40,180 SF Industrial Property in Elmhurst, Ill.

by Danielle Everson March 4, 2015

ELMHURST, ILL. — Entre Commercial Realty has arranged the $2 million sale of a 40,180-square-foot industrial property in Elmhurst. Jimenus, a distributor of steel rule dies, tools, jigs, boards and fixtures, purchased the property located on 1.8 acres at 727 Larch Ave. The firm is relocating to this space from 220 Gateway Drive in Bensenville, Ill. The property features 18-foot ceiling heights, four docks and 3000 amp of power. Improvements planned for the building include 4,000 square feet of newly designed office with additional upgrades to the exterior facade and landscaping starting in spring of 2015. The facility is located off York Road along the Eisenhower Expressway, with access to I-290, I-294 and the O’Hare submarkets. John Gazzola and Mike Gazzola of Entre Commercial Realty represented Jimenus. Mark Barbato of Nicolson Porter & List represented the seller.

March 4, 2015

Civic Illinois Midwest

Holland Begins Construction on New Catholic High School in Glen Carbon, Ill.

by Danielle Everson March 4, 2015

GLEN CARBON, ILL. — Holland Construction Services Inc. began work on the new Father McGivney Catholic High School in Glen Carbon. The new 53,000-square-foot, two-story facility is located at the corner of Old Troy and Bouse roads. The new school includes classrooms, commons area, a chapel, library, gymnasium and a student lounge. Hurford Architects Inc. designed the new school, which is scheduled to open in August for the 2015-2016 school year.

March 4, 2015

Healthcare Illinois Midwest

Quantum Real Estate Advisors Brokers Sale of Medical Office Building in Berwyn, Ill.

by Danielle Everson March 4, 2015

BERWYN, ILL. — Quantum Real Estate Advisors Inc. has brokered the $945,000 sale of a single-tenant medical office building located at 3300 S. Oak Park Ave. in Berwyn. Vanguard Health Systems, a wholly owned subsidiary of Tenet Healthcare, occupies the freestanding, 5,990-square-foot building. A Pennsylvania-based real estate fund was the seller. The buyer was a private real estate investor based in Scottsdale, Ariz. Chad Firsel of Quantum Real Estate Advisors Inc. was the sole broker in the transaction.

March 4, 2015

Industrial Midwest Minnesota

Opus to Develop Spec Industrial Office/Warehouse Building in Brooklyn Park, Minn.

by Danielle Everson March 3, 2015

BROOKLYN PARK, MINN. — The Opus Group plans to develop a 145,800-square-foot speculative industrial office and warehouse facility in Brooklyn Park. The new property will be located at the intersection of 85th Avenue and Wyoming Avenue North. The building will be conducive for single or multi-tenant occupancy. Construction of the facility will begin in May and completion is scheduled for this fall. Opus Development Co. and Founders Properties will own the property. Opus Development Co. will be the project’s developer. Opus Design Build is the design-builder for the project and Opus AE Group is the architect and engineer of record. Cushman & Wakefield/NorthMarq will market the property for lease.

March 3, 2015

Illinois Midwest Office

Panasonic Signs 48,813 SF Lease at Continental Towers in Rolling Meadows, Ill.

by Danielle Everson March 3, 2015

ROLLING MEADOWS, ILL. — Panasonic Corp. of North America has signed a long-term lease for 48,813 square feet at Continental Towers in Rolling Meadows. The office, which moves from 5201 Tollview Road in Rolling Meadows, will serve as the consumer electronics company’s Midwest regional headquarters. It will take the entire 11th and 12th floors of Tower 3 when the lease begins in June 2015. Continental Towers is a 911,341-square-foot, three-tower office complex. Amenities include a 30,000-square-foot, full-service fitness center, a conference/training facility and a Foodbarz deli. The buildings is situated on a 34-acre corporate campus which is visible along I-90. Mitch Loveman and Kevin Duckler of Newmark Grubb Knight Frank represented Panasonic in the transaction. GlenStar Properties’ Dave Trumpy and Bill Debb represented ownership.

March 3, 2015

Illinois Midwest

South Street Capital Changes Name to R2 Cos.

by Danielle Everson March 3, 2015

CHICAGO — South Street Capital, a Chicago-based real estate firm, has changed its name to R2 Cos. Managing principal Matt Garrison will continue to lead the company. “We have grown to a national owner and operator of multiple asset types with a fully integrated, end-to-end operations platform and expansive network of relationships in many markets” says Garrison. “Our new name and brand reflects our data-driven approach to investment, as well as our growth and aspirations for the future.” R2 currently owns and operates more than 1.5 million square feet of commercial real estate in Chicago and Minneapolis and also operates a discretionary mid-market yield fund, R2 Yield Plus.

March 3, 2015

Loans Midwest Minnesota Retail

Grandbridge Arranges $5.5M in Refinancing for Retail Property in Sartell, Minn.

by Danielle Everson March 3, 2015

SARTELL, MINN. — Grandbridge Real Estate Capital has arranged a $5.5 million loan to refinance a 62,000-square-foot retail property in Sartell. Tony Carlson of Grandbridge’s Minneapolis-based office originated the 11-year loan, which includes a 25-year amortization schedule. A life insurance company provided funding for the loan. The undisclosed borrower will use the loan to pay off existing debt.

March 3, 2015

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