MCCOOK, ILL. — The PrivateBank has provided a $27.2 million construction loan to the Bridge Development Group to finance a 365,369-square-foot distribution center in McCook. The property located at 8201 W. 47th St. is a build-to-suit property for Freeman Decorating Services Inc., a tradeshow exhibit company. The PrivateBank served as the administrative agent in the transaction. Associated Bank served as the joint lead arranger.
Midwest
WOODBURY, MINN. — The Boulder Group has arranged the $2.3 million sale of a single tenant Chuck E. Cheese’s ground lease in Woodbury. The newly constructed 15,762-square-foot retail building is located at 445 Commerce Drive on a 2.3-acre parcel. The new building is adjacent to a SuperTarget and is the most recent addition to the Commerce Hill Shopping Center, which also includes a McDonald’s, Bruegger’s Bagels, European Wax, Great Clips and CorTrust Bank. Chuck E. Cheese’s is the sole occupant of the building and has 15 years remaining on the ground lease, which features 10 percent rental escalations every five years. The entertainment franchise operates a system of 567 stores located in 47 states and nine foreign territories. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based developer, in the transaction. The buyer was a private investor from the West Coast.
HOMER GLEN, ILL. — Marcus & Millichap has arranged the $3.1 million sale of Chili's, a 5,557-square-foot net-leased property located in Homer Glen. The restaurant, located at 14205 S. Bell Road, is a 20-year, absolute net-lease property that includes four, five-year option periods with 1.5 percent annual rental increases throughout the lease. ERJ Dining guarantees the lease.Sean Sharko and Austin Weisenbeck of Marcus & Millichap represented the seller, a private investor. Sharko and Weisenbeck also represented the buyer, also a private investor.
COLUMBUS, OHIO — The Gilbert Group Inc. has been selected by a California-based owner to provide property management and project leasing services for the Georgesville Center, a shopping center in Columbus. Located at 1355-1397 Georgesville Road, the property consists of two retail buildings totaling approximately 26,390 square feet of space. The center is visible from I-270 and is shadow anchored by a Walmart Supercenter. Tenants at the center include Starbucks Coffee, Jimmy Johns Subs, Davita Dialysis and Verizon Wireless. There are currently four spaces available at the center, which range from 1,365 square feet to 5,506 square feet.
Optimism abounds in the Twin Cities apartment market, and for good reason. It’s a top performer in the Midwest, and ranks high in the nation overall. The key indicators are compelling: low vacancies with rental rates rising; steady apartment sales; robust new development, especially in core urban and first-tier markets; and flowing pipelines. Among 52 metropolitan areas showing the most economic momentum heading into 2014, Minneapolis/St. Paul ranked No. 14, according to the Praxis Strategy Group. Criteria included GDP growth, job growth, real median household income growth and current unemployment. Property owners, buyers, developers and funding sources are all benefiting from a strengthening apartment market, a trend that began in 2009. Although statistics vary by source, there is consensus on future apartment trends in the seven-county metro area. For apartment owners, a tight rental market means growing revenues, a far cry from the glut of vacant units that existed a few years ago. Last year, vacancy rates averaged 2.8 percent, compared to 7.9 percent in 2009, according to real estate research firm Reis. A boon for landlords, rising rents are forcing many lower-income renters out of the cities into the suburbs. Statistics show the average rent in the Twin Cities …
CINCINNATI — Hybrid Capital, a New York-based full service commercial mortgage brokerage and advisory firm, has arranged $4.6 million in financing for the acquisition of three medical office properties in greater Cincinnati. The 30,000-square-foot Mercy Health Systems portfolio consists of three buildings, located at 10663 Montgomery Road and 12115 Sheraton Lane in Cincinnati and 328 Thomas More Parkway in Crestview Hills, Ky. The portfolio is 100 percent occupied by Mercy Health’s Cincinnati Sports Medicine and Orthopedic Center. The 10-year, fixed-rate loan was arranged through StanCorp Mortgage Investors on behalf of Med Cincinnati 3 LLC. Mercy Health Systems is a subsidiary of Ohio-based Catholic Health Partners.
WEST COLUMBUS, OHIO — Friedman Integrated Real Estate Solutions has arranged the sale of a multifamily community in West Columbus for an undisclosed price. Havenwood Townhomes, an affiliate of The Romney Group, purchased the former Metro West Apartments, a 1,200-unit apartment complex located at 4312 Westport Road. Havenwood has plans for a multi-million-dollar interior and exterior renovation of the apartment site. Barry Swatsenbarg and Rich Deptula of Investment and Loan Sale Advisory Services represented the seller in the transaction.
MILWAUKEE — The Dickman Co. Inc./CORFAC International has brokered the sale of a 42,550-square-foot industrial building in Milwaukee. The property is located at 7221 W. Parkland Court. Empower Properties LLC purchased the building from Parkland Court Enterprises. Samuel M. Dickman Jr., Samuel D. Dickman and Nick Keys of The Dickman Co. represented the seller in the transaction. Rand Wolf of The Boerke Co. Inc. represented the buyer.
CARMEL, IND. — Lee & Associates has arranged a lease of a 2,430-square-foot retail space for Huntington National Bank N.A. The space is in the Providence at Old Meridian building, located at 12505 Old Meridian St. Scot Courtney and Bart Jackson of Lee & Associates represented the tenant. Gary Perel of Newmark Knight Frank Halakar represented the landlord, Providence HUD LLC.
DETROIT — The Downtown Development Authority (DDA) has approved Barton Malow-Hunt-White to serve as the general contractor for construction of the new Detroit events center, which will be home to the Detroit Red Wings. The new facility is set to be located west of Woodward Avenue at I-75. The construction of the new center, residential and commercial mixed-use district will create approximately 8,300 jobs and $290 million in job-related income. Barton Malow-Hunt-White is an industry leader in sports and entertainment construction. Notable projects of the joint venture include the expansion and renovation of Michigan Stadium, Detroit Riverfront, Detroit Medical Center Pediatric Specialty Center and Amway Arena in Orlando, Fla. The new Detroit events center is a part of the $650 million public-private catalyst development project that includes a $200 million investment by Olympia Development of Michigan to redevelop an underutilized area in downtown Detroit. The area will be redeveloped into a mixed-use development of residential, retail and office space. Of the project costs, ODM will contribute $367 million (or 56 percent) and the state of Michigan and the DDA will contribute $283 million (or 44 percent). It is expected that the project’s economic impact on Detroit, the region and state …