Midwest

Time Equities Inc. Acquires Six Office Buildings in Independence, Ohio for $20M

by Danielle Everson March 2, 2015

INDEPENDENCE, OHIO — Time Equities Inc. has acquired a six-property office portfolio in Independence for $20 million. The Rockside Office Portfolio includes six commercial buildings spread across three office parks totaling 422,037 square feet. Buildings within this acquisition include: Rock Run North, a two-story, Class B, 63,294-square-foot building located at 5700 Lombardo Center; Rock Run Center, a two-story, Class B, 63,294-square-foot building located at 5700 Lombardo Center; Freedom Square I, a four-story, Class B, 40,435-square-foot building located at 4401 Rockside Road; Freedom Square II, a five-story, Class B, 114,680-square-foot building located at 6000 Freedom Square Drive; Freedom Square III, a four-story, Class A, 71,052-square-foot building located at 4511 Rockside Road; Oak Tree Place, a five-story, Class B, 69,318-square-foot building located at 6111 Oak Tree Boulevard. The portfolio was 66 percent occupied to 29 tenants at the time of sale. Jim Postweiler of JLL Capital Markets Group brokered the deal on behalf of the seller, Duke Realty. In-house counsel represented TEI while Angela Hsu of Duke Realty represented the seller. JLL will manage the property. CBRE will lease space within the portfolio.

March 2, 2015

Loans Midwest Minnesota Office

Grandbridge Finances $4.9M for Office/Warehouse in Chanhassen, Minn.

by Danielle Everson March 2, 2015

CHANHASSEN, MINN. — Grandbridge Real Estate Capital closed a $4.9 million first mortgage loan secured by a 115,520-square-foot office/warehouse located in Chanhassen. Dave Rasmussen of Grandbridge originated the fixed-rate loan for the undisclosed borrower through a life insurance company. The property was fully leased with 55 percent office finish.

March 2, 2015

Civic Illinois Midwest

Holland Breaks Ground on New 105,000 SF School in Wayne City, Ill.

by Danielle Everson March 2, 2015

WAYNE CITY, ILL. — Holland Construction Services Inc. has broken ground on a new K-12 grade school in Wayne City. The new school will include separate wings for K-2nd grade, 3rd-6th grade, junior high and high school, which will lay adjacent to a common area, shared reading room and cafeteria. The new facility will also feature a competition gymnasium and a smaller elementary school gym. Construction of the 105,000-square-foot school is scheduled for completion in August 2016. The school district’s existing facility was built in the 1930’s with multiple additions added throughout the years. After construction is complete, all grades will move to the new building and the current school will be demolished. O’Fallon, Ill.-based FGM Architects is designing the new school.

March 2, 2015

Midwest Multifamily Wisconsin

Lee & Associates Brokers $2M Land Sale in Madison, Wis.

by Danielle Everson March 2, 2015

MADISON, WIS. — Lee & Associates has brokered the $2 million sale of land at 149 E. Wilson St. in Madison. McGrath Projects purchased the property and plans to build a luxury multistory housing project on the site. Steve Doran of Lee & Associates of Madison and Debby Dines of Dines Inc. were the brokers involved in the transaction. McShane Construction was the seller.

March 2, 2015

Illinois Midwest Office Retail

Adelphia Properties Arranges $1.2M Sale of Itasca Park Place Plaza

by Danielle Everson March 2, 2015

ITASCA, ILL. — Adelphia Properties has arranged the $1.2 million sale of Itasca Park Place Plaza in Itasca. The 22,000-square-foot property is located at 913-935 Irving Park Road. The strip center includes retail and office spaces. Simeon Spirrison and George Spirrison of Adelphia Properties represented the seller and the buyer, both private investors.

March 2, 2015

Hospitality Indiana Midwest Mixed-Use

21c Museum Hotels Plans to Redevelop Old City Hall in Downtown Indianapolis

by Danielle Everson February 27, 2015

INDIANAPOLIS — 21c Museum Hotels plans to redevelop Old City Hall in downtown Indianapolis into a museum and hotel space. The $55 million project will be redeveloped following the approval of city and other financing incentives. The project will include the rehabilitation of Old City Hall and the construction of a new addition on the adjacent parcel into a 21c Museum Hotel and unique tenant space. The property will feature a boutique hotel with approximately 150 rooms, guest suites with private terraces on the rooftop, art-filled meeting and event spaces. The tenant space will occupy the second, third and fourth floors of Old City Hall. The property will also feature rotating exhibitions that reflect the global nature of art today, as well as site-specific installations and cultural programming. 21c will manage the tenant spaces and work with the city to lease space to arts-related tenants. New York-based architects Deborah Berke Partners will design the property. 21c will secure approximately $29 million in project financing, which includes equity and debt. The company will also work closely with the city to apply for an $11.3 million federal loan through the U.S. Department of Housing and Urban Development Section 108 program, which will …

February 27, 2015

Kansas Midwest Retail

Block & Co. Arranges $8.8M Sale of 61,657 SF Retail Building in Overland Park, Kan.

by Danielle Everson February 27, 2015

OVERLAND PARK, KAN. — Block & Co. Inc. Realtors has arranged the $8.8 million sale of a 61,657-square-foot retail building in Overland Park to an undisclosed buyer. A Jo-Ann Fabric and Craft Stores anchors the freestanding building, which is located at 11401 Metcalf Ave. The property is situated on more than five acres. The Tile Shop also occupies 18,847 square feet of the building. David M. Block and Bill Maas of Block & Company, Inc., Realtors negotiated the transaction on behalf of the seller, a third party TIC.

February 27, 2015

Illinois Midwest

Reed Construction Completes Renovation at Rush University Medical Center

by Danielle Everson February 27, 2015

CHICAGO — Reed Construction has completed the construction of a new, simulation lab for Rush University Medical Center at 1717 W. Congress Parkway in Chicago. The 8,200-square-foot build-out features the addition of multiple labs, control rooms, debriefing rooms and the associated infrastructure. Reed Construction’s senior project manager Rich Melone oversaw the construction team, which included project manager Nick Theisinger and senior project superintendent Matt Mallers. Proteus Group was the architect for the project. Rush is a non-profit health care, education and research enterprise that includes Rush University Medical Center, Rush University, Rush Oak Park Hospital and Rush Health. Rush University Medical Center encompasses a 664-bed hospital serving adults and children.

February 27, 2015

Midwest Retail Wisconsin

Mid-America Real Estate Arranges Sale of 6,900 SF Bank Building in Kimberly, Wis.

by Danielle Everson February 27, 2015

KIMBERLY, WIS. — Mid-America Real Estate – Wisconsin LLC has arranged the $460,000 sale of a 6,900-square-foot retail building in Kimberly, four miles east of Appleton. Commercial Horizons Inc. purchased the former Associated Bank, which is located at 600 W. Kimberly Ave. Community First Credit Union will occupy the building. Joe Kleiman and Dan Rosenfeld of Mid-America Real Estate – Wisconsin LLC represented the undisclosed seller in the transaction.

February 27, 2015

Illinois Industrial Midwest

I.M. Construction Group Completes 40,000 SF Build-Out for Dreamworks in Glenview, Ill.

by Danielle Everson February 27, 2015

GLENVIEW, ILL. — I.M. Construction Group has completed a 40,000-square-foot build-out for Dreamworks Graphics Communications in Glenview. The property is located at 2323 Ravine Way. Dreamworks is a print solutions company that provides offset, UV and lenticular printing. The firm is relocating its presses to this location from its current facility in Skokie, Ill. The build-out included the construction of a pre-press room and printing control room. IMCG also built-out office space with private offices and open work areas as well as completed all necessary electrical work, painting and finishes throughout. IMCG provided the construction services for the relocation along with Nomellini and Project Manager Kent Nepras leading the construction team. Angelo Christopher served as the project superintendent. Gensberg Ltd. provided the architectural services.

February 27, 2015

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