Midwest

Goodman Real Estate Services Group Brokers $10.5M Sale of Shoppes at Chapel Hill

by Danielle Everson November 11, 2014

CUYAHOGA FALLS, OHIO — Goodman Real Estate Services Group LLC has brokered the $10.5 million sale of the Shoppes at Chapel Hill, an 84,758-square-foot shopping center in Cuyahoga Falls. The property, built in 1992, is 98.5 percent leased to tenants such as Michaels, Staples, Panera Bread, Jimmy John’s, Aaron’s and Brick House Tavern + Tap. Target shadow-anchors the shopping center. Kyle Hartung of Goodman represented the undisclosed seller of the property and also procured the buyer, a Florida-based real estate investment and development company.

November 11, 2014

Iowa Loans Midwest Retail

Cronheim Mortgage Secures $9.7M Bridge Loan for Retail Center Acquisition

by Danielle Everson November 11, 2014

DAVENPORT, IOWA — Cronheim Mortgage has secured a $9.7 million bridge loan to fund the acquisition, renovation and lease-up of a 235,000-square-foot retail center in Davenport. JoAnn Fabric and Crafts Stores, Planet Fitness and Iowa Workforce Development anchor the center, which is 70 percent occupied. The property is located across the street from NorthPark Mall. The five-year bridge financing was structured to 80 percent of the project’s hard costs. David Turley and Janet Proscia of Cronheim Mortgage arranged the non-recourse loan. Cronheim’s private equity affiliate, Channel Funds, acquired the property in partnership with Madison, N.J.-based Capstone Group.

November 11, 2014

Healthcare Indiana Midwest Office

Millennium Properties Brokers $4.4M Sale of 30,000 SF Medical Office Complex

by Danielle Everson November 11, 2014

VALPARAISO, IND. — Millennium Properties R/E has brokered the $4.4 million sale of a 30,000-square-foot medical center in Valparaiso. The Glendale Medical Center is located between Valparaiso University and the Porter Regional Hospital, which was built in 2012. The medical center consists of two separate buildings: a 21,443-square-foot office, that was built in 1985 and an 8,630-square-foot expansion that was completed in 2007. Much of the original building has been updated and the property was 85 percent occupied at the time of sale. Millennium Properties represented the seller, a Chicago-based investor group. Strawberry Fields, a national healthcare REIT with assets located throughout the Midwest, purchased the property.

November 11, 2014

Industrial Midwest Wisconsin

M&M Arranges $17M Sale of Staples Distribution Center

by Danielle Everson November 10, 2014

OAK CREEK, WIS. — Marcus & Millichap has arranged the $17 million sale of a 279,828-square-foot Staples distribution facility in Oak Creek. The sale equates to $61 per square foot. Situated on a 28-acre parcel at 120 W. Opus Drive, the building features 20,000 square feet of office space and 259,828 square feet of warehouse space with a clear span of 33.5 feet. The building can be expanded by an additional 51,748 square feet. The facility is part of two-property, single-tenant industrial portfolio. The other asset, a 63,740-square-foot FedEx freight terminal in Aurora, Ill. sold for $15.9 million in May. Opus Group developed the property. Nick Manganais and Matthew Fitzgerald of Marcus & Millichap arranged the transaction for the seller, an Illinois-based family trust.

November 10, 2014

Civic Midwest Missouri

Hilliker Corp. Arranges Lease for Charter School in St. Louis

by Danielle Everson November 10, 2014

ST. LOUIS — Hilliker Corp. has arranged a five-year lease of a 64,000-square-foot building for St. Louis Language Immersion Schools Inc. (SLLIS) in St. Louis. The federal non-profit organization, which operates a network of independent charter public schools, moved two of its schools into one building located at 3740 Marine Ave. The property, built in 1929, sits on more than an acre of land and previously served as the site of a Salvation Army. H. Meade Summers of Hilliker represented the tenant.

November 10, 2014

Michigan Midwest Restaurant Retail

Howard Schwartz Arranges Lease for Buffalo Wild Wings in Royal Oak, Mich.

by Danielle Everson November 10, 2014

ROYAL OAK, MICH. — Howard Schwartz Commercial Real Estate LLC has arranged the lease of 9,144 square feet in Royal Oak. Buffalo Wild Wings will occupy space at the former Barnes & Noble bookstore located at 500 S. Main St. Diversified Restaurant Holdings Inc. leased the space and will complete $2.6 million in renovations for the restaurant. The new eatery is expected to open January 2015.

November 10, 2014

Healthcare Illinois Midwest

Reed Construction to Complete Ground-Up Addition for Cadence Cancer Center

by Danielle Everson November 10, 2014

WARRENVILLE, ILL. — Reed Construction will build a new Gamma Knife Radiosurgery Center for Cadence Cancer Center in Warrenville, approximately 31 miles west of Chicago. The project will feature a two-story, ground-up addition to the existing facility to create a new, state-of-the-art advanced radiation treatment center for adults and children. The 11,268-square-foot build-out will include the addition of multiple offices, post/pre operation rooms, a nurses’ station and conference room. The property is located at 4405 Weaver Pkwy. Scott Pickands and Cy Rangel will lead Reed’s construction team, which includes Jack Sbertoli and Jim Blake. RTKL is providing architectural services. The project is scheduled for completion in March 2015.

November 10, 2014

Loans Midwest Minnesota Multifamily Seniors Housing

Dougherty Closes $6M Loan for Oak Ridge Assisted Living of Hastings

by Danielle Everson November 7, 2014

HASTINGS, MINN. — Dougherty Funding LLC has closed $6 million in acquisition financing for Oak Ridge Assisted Living of Hastings. The 67-unit property is located in Hastings and sits on nearly three acres. The facility, built in 2001, is comprised of both assisted living and memory care units and was 96 percent leased as of August 2014. Dougherty Funding LLC serves as lead lender for the loan, which was arranged for the borrower, Hastings ACQ LLC.

November 7, 2014

Illinois Midwest Retail

Impact Completes Construction of HomeGoods Store in Fairview Heights, Ill.

by Danielle Everson November 7, 2014

FAIRVIEW HEIGHTS, ILL. — IMPACT Strategies has completed construction of a HomeGoods store in Fairview Heights. The 24,000-square-foot store is located at U.S. Highway 159 across from St. Claire Square in the new Fairview City Centre. MCG Architecture of Cleveland designed the store. Since August 2013, IMPACT Strategies has built nearly 112,000-square-feet of new retail space as part of Fairview City Centre for retailers including Sports Authority, Petco, OfficeMax and Fresh Thyme Farmers Market. In phase I, IMPACT demolished the existing structure, which formerly housed a Kmart and other retailers. In spring 2014, IMPACT began phase II of construction, which included building Fresh Thyme and the space for the center’s fifth tenant, HomeGoods. Kimco Realty Corp. owns the shopping center.

November 7, 2014

Midwest Minnesota Retail

Waba Financial Acquires Polar Plaza Center in North St. Paul, Minn.

by Danielle Everson November 7, 2014

NORTH ST. PAUL, MINN. — Waba Financial has acquired the Polar Plaza retail center in North St. Paul from an undisclosed seller. The 23,362-square-foot shopping center is situated on nearly 3.4 acres and is leased to a variety of retail tenants, with 7,769 square feet available for lease. Anderson Property Management will manage the shopping center. Matthew Klein of Eagan, Minn.-based KW Commercial Midwest represented the buyer.

November 7, 2014

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