Midwest

Leopardo_Rosenbloom-Center-on-Vision-and-Aging3

Leopardo Cos. Completes Multiphase Project for the Illinois College of Optometry

by Danielle Everson February 26, 2015

CHICAGO —Leopardo Cos. has completed a multiphase project for the Illinois College of Optometry, an optometric institution. The 28,000-square-foot interior renovation included modernizing aspects of an existing library and converting administrative space to make room for a new elderly eye care center. The library renovations added individual study areas, administrative and academic offices, as well as high-tech conference and student study rooms. The Alfred and Sarah Rosenbloom Center on Vision and Aging is a new elderly eye care facility to be used by the Illinois Eye Institute, a non-profit eye clinic providing eye care, outreach programs and research. Leopardo served as general contractor on the project. Chicago-based architect Jensen & Halstead provide architectural services.

February 26, 2015

Illinois Midwest Multifamily

Essex Realty Brokers $7.6M Sale of 31-Unit Multifamily Building in Chicago

by Danielle Everson February 26, 2015

CHICAGO — Essex Realty Group has brokered the $7.6 million sale of 3808-16 N. Sheffield Ave. in Chicago. The 31-unit courtyard building is located in Chicago’s Lakeview neighborhood. The building was converted to condominiums in 2008. Doug Imber and Kate Varde of Essex Realty represented the undisclosed seller and buyer.

February 26, 2015

Illinois Loans Midwest

Thorofare Capital Provides $5.4M Loan for Acquisition of 1144 West Fulton

by Danielle Everson February 26, 2015

CHICAGO — Los Angeles-based Thorofare Capital has funded a $5.4 million bridge loan for Cedar Street Capital’s acquisition of 1144 W. Fulton Market Street in the Fulton Market district of Chicago. The financing included a $4.5 million A-note and an $804,000 B-note, which represents nearly 80 percent of the total capital stack. The office property is located at 351 N. May St. and includes 32 parking spaces. The 27,689-square-foot loft building was originally built in the mid-1920s. The property is 78.5 percent occupied.

February 26, 2015

Hospitality Midwest Nebraska

HREC Arranges Sale of Holiday Inn in Lincoln, Neb.

by Danielle Everson February 26, 2015

LINCOLN, NEB. — HREC Investment Advisors has brokered the sale of the 231-room Holiday Inn Downtown located in Lincoln. AJ Capital Partners purchased the property for an undisclosed sales price. The hotel is located within the historic Haymarket District of downtown Lincoln and is in walking distance to the University of Nebraska and the Nebraska State Capitol. The 16-story Holiday Inn Lincoln was built in 1974 and will undergo a major renovation. Geoff Davis, Patrick Culligan and Scott Kaniewski of HREC Investment Advisors represented the seller, Rick Takach of Vesta Lincoln Partners LLC, in the sale. Rick Takach and Vesta Hospitality Services will continue to manage the property.

February 26, 2015

Market Reports Midwest Midwest Market Reports Missouri Office

A New Round of Office Development Appears Imminent in Metro St. Louis

by Danielle Everson February 26, 2015

The big story in the St. Louis office market is that available Class A space continues to become more scarce. As we watch the larger blocks of space being absorbed, and as Class A asking rates continue to increase, the probability for new development seems inevitable, leaving some property owners wondering if they should move forward and build. Although little new office construction is underway, the tightening market has undoubtedly prompted conversations. Expect projects to surface once developers land their first major tenant. The most likely submarkets for new development are in Clayton and West County, where many tenants requiring more than 25,000 contiguous square feet of office space are looking. You cannot have a full recovery for office occupancy until employment increases and the abundance of empty desks is absorbed. The local unemployment rate reached its peak of 10.9 percent in February 2010. The good news is that the unemployment rate hit a six-year low of 5.4 percent in October 2014. This significant drop can be attributed to the gain of over 11,000 jobs since January 2014 in the professional and business services sector. The St. Louis office market ended the year at a 10.5 vacancy rate, with Class …

February 26, 2015

Healthcare Michigan Midwest

Beaumont Breaks Ground on $40M Proton Therapy Center in Royal Oak, Mich.

by Danielle Everson February 25, 2015

ROYAL OAK, MICH. — Construction has begun on a new Proton Therapy Center at Beaumont Hospital’s Cancer Institute in Royal Oak. Proton therapy is a newer, high-tech alternative to treating certain cancers. The $40 million project will be the first single-room proton treatment center of its kind in Michigan. Upon completion, the two-story Proton Therapy building will span 25,200-square-feet, including a basement. The first floor will house the Proton Therapy Center. The 10,000-square-foot space will include a cyclotron that produces the proton beams and a single-room treatment area. The first patients will undergo treatment at the Proton Therapy Center in the spring of 2017. The 8,000-square-foot second floor will house Beaumont Children’s Hospital’s Pediatric Oncology and Hematology program. Along with hundreds of construction jobs, the new Proton Therapy Center will create at least 30 clinical positions at Beaumont. Beaumont will develop the project in cooperation with Proton International, an Atlanta-based proton therapy development group with expertise in all phases of proton therapy development and operations.

February 25, 2015

Illinois Midwest Mixed-Use Multifamily Retail

Interra Realty Arranges Sale of 23-unit Mixed-Use Property in Northwest Chicago

by Danielle Everson February 25, 2015

CHICAGO — Interra Realty has brokered the $1.1 million sale of a 23-unit mixed-use building located at 4712-20 W. Diversey Ave. in the Kelvyn Park neighborhood northwest of Chicago. The property includes five retail spaces, 10 studio apartments and eight one-bedroom apartments. Joe Smazal and James Clough of Interra represented the undisclosed seller.

February 25, 2015

Midwest Missouri

Brown Ave. Holdings Signs Lease for 52,937 SF in St. Louis

by Danielle Everson February 25, 2015

ST. LOUIS — Intelica CRE has arranged the lease of a 52,937-square-foot industrial space in St. Louis. Holdings LLC will occupy space located at 5485 Brown Ave. at Union Seventy Center. Intelica CRE represented both parties in the lease transaction.

February 25, 2015

Illinois Industrial Midwest

Paine/Wetzel TCN Worldwide Arranges 7,000 SF Industrial Lease in Bensenville, Ill.

by Danielle Everson February 25, 2015

BENSENVILLE, ILL. — Paine/Wetzel TCN Worldwide has arranged a 7,000-square-foot industrial lease in Bensenville. Ary Trucking LLC will occupy space within a 14,000-square-foot building located at 401 Frontier Way. The new lease represents an expansion and new location for the Northbrook-based general freight tucking company. Joe Karmin of Transwestern represented the building’s owner. Phil Reiff and Phil Reiff Jr. represented Ary Trucking LLC.

February 25, 2015

Illinois Industrial Midwest

HSA Commercial Arranges 48,000 SF Industrial Lease in Bolingbrook, Ill.

by Danielle Everson February 24, 2015

BOLINGBROOK, ILL. — HSA Commercial Real Estate has arranged the lease of a 48,024-square-foot industrial building in Bolingbrook. Forest Envelope Co., a manufacturer and printer of specialty envelope products, will occupy space located at 309 East Crossroads Parkway. The fully air conditioned facility is located near the interchange of Bolingbrook Drive and I-55, and is just west of I-355. Forest Envelope Co. is relocating its operations from its current 23,000-square-foot building in Lisle, Ill. Timothy Thompson of HSA Commercial Real Estate represented building ownership. Mark Moran of NAI Hiffman represented Forest Envelope Co.

February 24, 2015

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