Midwest

JLL ARRANGES $43M IN FINANCING FOR CHICAGO APARTMENT PROJECT

by admin January 16, 2014

CHICAGO — Jones Lang LaSalle (JLL) has secured $43 million in construction financing for a 190-unit, boutique apartment building in Chicago’s West Loop submarket. JLL arranged $37.5 million in debt financing through First Merit Bank and an additional $5.5 million in equity from Oak Realty for JeffJack Investments LLC. Located at 601 W. Jackson Blvd., the site will include apartment units and ground-floor retail. Units will feature open floor plans, floor-to-ceiling windows, stainless steel appliances and modern fixtures. Construction will begin later this month with first occupancy by spring 2015. Dave Hendrickson, managing director, and Keith Largay, executive vice president, led the JLL team in the transaction.

January 16, 2014

M&M ARRANGES $5.2M SALE OF 72-UNIT APARTMENT BUILDING

by admin January 16, 2014

BENSENVILLE, ILL. — Marcus & Millichap has arranged the $5.2 million sale of Accent Apartments, a 72-unit apartment property located in Bensenville, a western suburb of Chicago. Ryan Engle and Andrean Angelov, investment specialists in Marcus & Millichap’s Oak Brook office, marketed the property on behalf of the seller, a private investor. Investment specialists in Marcus & Millichap’s Chicago office represented the buyer, also a private investor, in the transaction. Accent Apartments is located at 1001, 1002 and 1004 Argyle St. and features ample parking, one storage space per unit and an on-site laundry facility.

January 16, 2014

Industrial Midwest

EXPANSION PLANNED FOR GRIMES DISTRIBUTION CENTER

by admin January 16, 2014

WEST DES MOINES, IOWA — Hubbell Realty Co. is continuing development of the Grimes Distribution Center in West Des Moines with a third building, 1400 SE Gateway Drive, located directly west of the current facilities at 1300 and 1350 SE Gateway Drive. The new facility will be identical to the other buildings and total 110,000 square feet and feature 24-foot clear ceiling heights. Construction is slated to begin this spring and is scheduled for occupancy in late fall 2014.

January 16, 2014

Midwest

20 ACRES OF VACANT LAND SOLD IN ARMADA TOWNSHIP, MICH.

by admin January 16, 2014

ARMADA TOWNSHIP, MICH. — Colliers International has arranged the sale of 20 vacant acres located on Armada Ridge Road in Armada Township, about 44 miles north of Detroit. Jack Williams of Colliers International represented the seller, Macomb County Properties LLC, in the transaction.

January 16, 2014

Midwest Retail

NORTHMARQ ARRANGES $29.4M IN LOANS FOR TWO RETAIL PROPERTIES

by admin January 15, 2014

OAK LAWN, ILL., AND OVERLAND PARK, KAN. — NorthMarq Capital has arranged a total of $29.4 million in acquisition financing for two retail properties in metro Chicago and Kansas City. The Shops at 95th and Cicero, located at 9621-9633 South Cicero Ave. in Oak Lawn, Ill., spans 76,479 square feet. Financing for the $10.5 million acquisition includes a 10-year term and 30-year amortization schedule. Overland Crossing Shopping Center, located at 11900-12070 Metcalf Ave. in Overland Park, Kan., measures 174,497 square feet. The $18.9 million acquisition financing for the property includes a 10-year term and 30-year amortization schedule. A life insurance company provided both loans. John Stewart, senior vice president of NorthMarq Capital’s Denver office, arranged the financing.

January 15, 2014

Midwest Retail

88,348 SF RETAIL CENTER SELLS FOR $2.8M IN SOUTHERN INDIANA

by admin January 15, 2014

NEWBURGH, IND. — The Cooper Commercial Investment Group has arranged the $2.8 million sale of the grocery-anchored Apple Center in Newburgh, a city in southern Indiana. Dan Cooper, president and broker at Cooper Commercial in Cleveland, Ohio, represented the owner, an Atlanta-based private investment group out of Atlanta. The buyer was a New York City-based private investment group. Ruler Foods, a division of Kroger, and Ace Hardware anchor the center, which is 93 percent occupied. The 88,348-square-foot center is located along the State Route 66 corridor.

January 15, 2014

Midwest Multifamily

TWO APARTMENT COMPLEXES TRADE HANDS IN IOWA

by admin January 15, 2014

DES MOINES, IOWA — Marcus & Millichap has arranged the sale of two apartment complexes in Des Moines — the 168-unit Timberland Crest and the 86-unit Meadow Chase. Built in 1990, the 79,040-square-foot Meadow Chase sold for $85,500 per unit. The property’s market-rate apartments average 930 square feet, and the average rent is $875 per month. The market-rate units at Timberland Crest have an average unit size of 728 square feet. The average rental rate per unit is $628 per month. Built in 1973, the multifamily community is located at 4530 Lower Beaver Road. David Gaines and Alex Blagojevich, both vice president investments at Marcus & Millichap, represented the sellers in each transaction. Barry A’Hearn in Marcus & Millichap’s Cedar Rapids office is the firm’s broker of record in Iowa.

January 15, 2014

Industrial Midwest

CHICAGO WAREHOUSE BUILDING SELLS FOR $1.6M

by admin January 15, 2014

CHICAGO — The Frame Factory has sold its 18,000-square-foot warehouse/office building and adjacent 10,000-square-foot parking lot in Chicago for $1.6 million. The custom framing company relocated to a 13,500-square-foot building at 3924 W. Devon Ave. in Lincolnwood. Lee French and Pat McGuire of @properties Commercial represented the Frame Factory in the transaction. Mitch Goltz of Chody Real Estate represented the buyer, Chicago-based PERL Mortgage, which is nearly doubling its space from its current headquarters on Belmont Avenue in Avondale. The property is located at 3400 N. Pulaski Road in Chicago’s Irving Park neighborhood.

January 15, 2014

Midwest Retail

PHILLIPS EDISONÐARC BUYS 11 SHOPPING CENTERS FOR $156M

by admin January 14, 2014

CINCINNATI —Phillips Edison–ARC Shopping Center REIT Inc. has acquired 11 grocery-anchored shopping centers located throughout the U.S. for $156 million. The acquisition include a seven-property portfolio of Walmart Supercenter-anchored shopping centers located in Ohio, Michigan and Indiana; Southgate Shopping Center in Des Moines, Iowa; Sterling Pointe Shopping Center in Lincoln, Calif.; Arcadia Plaza in Phoenix; and Stop & Shop Plaza in Enfield, Conn. The properties total 1.3 million square feet. The acquisitions added two new states to the company’s portfolio, Michigan and Connecticut, as well as a new grocery anchor, Stop & Shop. Cincinnati-based Phillips Edison–ARC Shopping Center REIT’s portfolio now includes interests in 83 shopping centers anchored by 28 grocers in 23 states.

January 14, 2014

Midwest Retail

MMCC ARRANGES $10.6M LOAN FOR RETAIL CENTER

by admin January 14, 2014

JOLIET, ILL. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $10.6 million loan for the acquisition of North Ridge Plaza, a 238,000-square-foot retail power center in Joliet. Richard Lynn, a director in MMCC’s Oak Brook office, arranged the loan. Robert Horvath and Todd Tremblay in Marcus & Millichap’s Boston office represented the buyer, North Windham Properties LLC. Scott Wiles, Craig Fuller, Sean Sharko, Austin Weisenbeck and Erin Patton, also of Marcus & Millichap, represented the seller. The four-year loan carries a fixed interest rate of 4.5 percent and includes a 25-year amortization schedule. The loan-to-value is 75 percent. Current tenants at the retail center include Ultra Foods, OfficeMax, Hobby Lobby, Burlington Coat Factory, GameStop, Fashion Bug, Home Choice and Sally Beauty & Supply.

January 14, 2014

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