Midwest

Meritex Brokers Sale of Office Building in St. Paul

by Danielle Everson October 6, 2014

ST. PAUL, MINN. — Meritex has brokered the sale of a 282,565-square-foot office building in St. Paul to an undisclosed buyer. The property, located at 444 Lafayette Road, is fully leased to the State of Minnesota-Department of Human Services. The marketing and sale of the property was part of a 677,500-square-foot, four-building portfolio sale coordinated between owners Meritex and NGP Lafayette Portfolio Owners Corp. The sellers cooperated in the joint marketing, contract negotiations, due diligence coordination and final closing for the entire portfolio. Steven Buss, Tom Holtz, Ryan Watts and Judd Welliver of CBRE represented Meritex and NGP. Meritex has been retained by the buyer as property manager for the entire portfolio. Fred Koehler, asset manager for Meritex, will be responsible for park management.

October 6, 2014

Midwest Multifamily Nebraska

Haley Real Estate Group Acquires Five Multifamily Communities for $64.3M

by John Nelson October 3, 2014

OMAHA, NEB. — Haley Real Estate Group, an Omaha, Neb.-based real estate investment firm, has acquired five apartment communities for $64.3 million. The properties include Meadow Walk Apartments in Arkansas City, Kan.; Woodscape Apartments and Forest Lake Apartments in Newport News, Va.; Fox Run Apartments in Broken Arrow, Okla.; and Pryor Creek Apartments in Pryor, Okla. The company plans to invest an additional $3.4 million for capital improvements to the communities, which feature a combined total of 1,028 apartment homes. The addition of the properties increases Haley Real Estate Group’s portfolio to 46 communities representing 11,380 units in 13 states.

October 3, 2014

Civic Midwest Missouri

Kwame Building Group to Provide Construction Services on Firehouse in St. Louis

by John Nelson October 3, 2014

ST. LOUIS — Kwame Building Group Inc. (KWAME) will serve as the construction project manager for a new $6.2 million firehouse in St. Louis. KWAME will build a 30,000-square-foot brick and stone building for The Northeast Ambulance and Fire Protection District in St. Louis County. The building will include a lower level, a 17,500-square-foot main floor with five vehicle bays and a second floor. KWAME will serve as the liaison with district staff and officials, design firms and contractors on the construction, equipping and occupancy of the firehouse. KWAME will also review the district’s selection of a building site and evaluate the land for cost effectiveness, usefulness, code compliance, zoning and ability to meet the district’s goals and operational needs. JEMA will provide architectural services for the project.

October 3, 2014

Healthcare Midwest Wisconsin

Capital Square Realty Advisors Acquires Healthcare Buildings in Wisconsin, Virginia

by John Nelson October 3, 2014

HARTFORD, WIS. AND MECHANICSVILLE, VA. — Capital Square Realty Advisors has acquired two healthcare buildings for an undisclosed price in the Richmond suburb of Mechanicsville and the Milwaukee suburb of Hartford. The portfolio includes a 73,756-square-foot, two-story building located at 1550 Innovation Way in Hartford and a build-to-suit 20,066-square-foot, single-story medical office building located at 7515 Right Flank Road in Mechanicsville. Each of the healthcare properties are on long-term leases to tenants.

October 3, 2014

Loans Midwest Minnesota

Grandbridge Arranges $3M First Mortgage Loan for Apartment Complex in Blaine, Minn.

by John Nelson October 3, 2014

BLAINE, MINN. — Grandbridge Real Estate Capital has arranged a $3 million first mortgage loan for a 60-unit apartment complex in Blaine. The fully occupied property features a mix of one-, two, and three-bedroom units. Tony Carlson of Grandbridge’s Minneapolis office originated the 15-year, fixed-rate loan with a 25-year amortization schedule through an unnamed life insurance company. The loan required no personal guaranty for the undisclosed borrower, which plans to use the loan proceeds to retire existing recourse debt.

October 3, 2014

Midwest Minnesota Retail

Mid-America Real Estate Corp. Brokers $27.4M Sale of Retail Center

by Danielle Everson October 2, 2014

MAPLEWOOD, MINN. — Mid-America Real Estate Corp. – Minnesota LLC has brokered the $27.4 million sale of Birch Run Station in Maplewood, a suburb of Minneapolis. Greenwood Village, Colo.-based GDA Real Estate purchased the 278,347-square-foot retail center. Birch Run Station is located at the northwest quadrant of Beam Avenue and Southlawn Drive and is adjacent to the Maplewood Mall. Marshalls, Jo-Ann Stores, Burlington Coat Factory, Herberger’s and Dollar Tree anchor the shopping center. Joe Girardi and Rick Drogosz of Mid-America Real Estate represented the seller, Los Angeles-based RPD Catalyst.

October 2, 2014

Kansas Loans Midwest Multifamily

NorthMarq Capital Arranges $15.8M Refinancing of The Overlook Apartments

by Danielle Everson October 2, 2014

TOPEKA, KAN. — NorthMarq Capital has arranged the $15.8 million refinancing of The Overlook Apartments, a 318-unit multifamily property in Topeka. The apartment community is located at 1310 S.W. Summit Woods Drive. Dan Trebil of NorthMarq Capital’s Minneapolis office arranged financing for the borrower through its seller/servicer relationship with Freddie Mac.

October 2, 2014

Healthcare Midwest Ohio Seniors Housing

NexCore Breaks Ground on 130,000 SF Fitness/Health Facility in Ohio

by Danielle Everson October 2, 2014

ORANGE TOWNSHIP, OHIO — NexCore Group LLC has broken ground on a 130,000-square-foot, integrated ambulatory care center for Mount Carmel Health System in Lewis Center, an unincorporated community of northwestern Orange Township. The site for MC Fitness & Health is located at 7100 Graphics Way. The three-level center will provide outpatient care, fitness, wellness education and rehabilitation facilities. In addition to housing primary care and specialty physicians with the Mount Carmel Medical Group, the facility will also provide approximately 20,000 rentable square feet of medical office space for independent physicians. Construction on the project is set for completion in October 2015. Denver, Colo.-based NexCore Group is the developer and is the owner of the project. OLC Architecture is providing architectural services. Elford Inc. is the construction manager and NexCore Properties LLC will manage the property.

October 2, 2014

Michigan Midwest Retail

Colliers Arranges Sale of 63,511 SF Former Kroger Grocery Store in Michigan

by Danielle Everson October 2, 2014

COMMERCE TOWNSHIP, MICH. — Colliers International has arranged the sale of a 63,511-square-foot former Kroger grocery store in Commerce Township. Commerce Woods Shopping Center LLC purchased the property, located at 4788 Union Lake Road, for an undisclosed sales price. Brian Whitfield and Matthew Seeley of Colliers International represented the buyer. Planet Fitness will occupy 27,000 square feet of the building and will open for business before the end of the year. Whitfield and Seeley will handle leasing for the remaining 36,400 square feet of space.

October 2, 2014

Market Reports Midwest Midwest Market Reports Multifamily Ohio

Give An Assist to Apartment Renters for Helping Revitalize Cleveland’s CBD

by Danielle Everson October 2, 2014

To say that 2014 has been filled with great excitement for Cleveland would be an understatement. In early July, the Republican National Committee selected Cleveland as the host city for its 2016 convention. That same month, NBA star LeBron James announced his intent to return to his hometown Cavaliers. Beyond those splashy headlines, during the first half of the year several real estate projects were announced. The planned projects combined with those already under construction or completed since 2010 represent $5.5 billion in public and private investment in downtown Cleveland. Apartment Building Boom One of the most significant stories in Cleveland is that the residential boom downtown continues to gain momentum. The overall occupancy rate in the apartment sector within the CBD rose from 94.5 percent in the first quarter of 2014 to just over 98 percent at mid-year, according to a recent study released by the Downtown Cleveland Alliance. As a result, new projects continue to pile up in an effort to meet the ever-increasing demand. In addition to the 1,000-plus rental units currently under construction, there are now more than 1,100 units in various planning stages. Projects announced since the first of the year include The Standard Building …

October 2, 2014

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