Midwest

ESSEX BROKERS $1.1M SALE OF MIXED-USE BUILDING IN CHICAGO

by admin September 17, 2013

CHICAGO — Essex Realty Group Inc. has arranged the $1.1 million sale of 1270 N. Milwaukee Ave., a two-unit, mixed-use building in Chicago’s Wicker Park neighborhood. The yellow brick building includes two renovated rental units that feature spacious floor plans with two bedrooms and a den, a large living room with exposed brick, newer island kitchens, central air, private iron balconies and enclosed parking. The property also features 1,600 square feet of retail space. Jim Darrow and Jordan Gottlieb of Essex were the brokers in the transaction.

September 17, 2013

MUMFORD CO. BROKERS SALE OF COURTYARD BY MARRIOTT OF GOSHEN

by admin September 16, 2013

GOSHEN, IND. — Mumford Co. has arranged the sale of the Courtyard by Marriott of Goshen, a two-story, 91-room hotel located about 28 miles east of South Bend. Morris Lasky Receiver and Torchlight Investments sold the hotel to a North Carolina-based owner and operator with holdings in the Midwest. The new owner plans to renovate and rebrand the property. Steve Kirby, principal, Ed James, principal, and Lance Potter, vice president at Mumford Co., represented the seller in the transaction. Located on U.S. Highway 33 at Goshen’s primary retail corridor, the property is Goshen’s largest hotel, according to Mumford Co. Amenities at the hotel include an indoor and outdoor pool with hot tub, exercise room and The Market, a convenience store adjacent to the front desk.

September 16, 2013

Midwest Mixed-Use

ARES CLOSES $37M MEZZANINE LOAN ON CHICAGO PROPERTY

by admin September 16, 2013

CHICAGO — Ares Commercial Real Estate Corp. has originated a $37 million mezzanine loan secured by the office and parking portion of a 49-story, mixed-use property in Chicago. The proceeds of the loan were used to refinance the mixed-use property and fund improvements. A joint venture between Walton Street Capital and GlenStar Properties owns the property, which is located in the central business district of Chicago.

September 16, 2013

Midwest Multifamily

$19.7M, 198-UNIT MULTIFAMILY COMMUNITY COMING TO CLIVE

by admin September 16, 2013

CLIVE, IOWA — Hubbell Realty Co. and Stonegate Capital Partners LLC have broken ground on Stonegate Crossing, a 198-unit multifamily development in Clive. The $19.7 million project is located on the southeast corner of Boston Parkway and N.W. 156th Street, about 10 miles west of Des Moines. The development includes 96 one-bedroom, 54 two-bedroom and 48 three-bedroom units, along with 198 garages within six buildings. Community amenities include a swimming pool and clubhouse with a community room, theater room, business center, internet café and 24-hour fitness center. Apartment homes will be available for leasing in summer 2014.

September 16, 2013

Midwest Office

RIVERWOODS CORPORATE CENTER WELCOMES TWO NEW TENANTS

by admin September 16, 2013

RIVERWOODS, ILL. — Podolsky|Circle CORFAC International has arranged two new leases at Riverwoods Corporate Center in Riverwoods, located about 29 miles north of Chicago. Partners In Design Architects Inc. has leased 2,621 square feet and Office Revolution has leased 1,380 square feet at the property. With these transactions, Riverwoods Corporate Center is fully leased. Partners In Design, an architectural firm, will move into its space later this year. The firm has previously leased 3,500 square feet in the building. Office Revolution, a provider of high-quality furniture, will move into its space later this month. Riverwoods Corporate Center, located at 2610 Lake Cook Road, is a two-story, Class A office building totaling 46,000 square feet. Building features include executive heated underground parking and grade-level parking for more than 130 cars. Tenants include Podolsky|Circle, Hardt, Stern & Kayne PC, Irgens Development Partners, Creative Financial Services Indorama Ventures and Contract Resource. Randy Podolsky, managing principal, and Corey Chase, principal of Podolsky|Circle CORFAC International, represented the building’s owner, RCC JV LLC, in the transaction.

September 16, 2013

Industrial Midwest

MONMOUTH BUYS TWO INDUSTRIAL BUILDINGS FOR $11.9M

by admin September 13, 2013

GREEN BAY, WIS. AND ROCHESTER, MINN. — Monmouth Real Estate Investment Corp. has acquired two industrial buildings in Green Bay, Wis., and Rochester, Minn., in separate transactions for a combined total of $11.9 million. The 99,102-square-foot industrial building at 3383 Spirit Way in Green Bay was purchased for $6.6 million. The 60,398-square-foot industrial building located at Schumann Drive in Rochester was acquired for $5.3 million. Both properties are net-leased for 10 years to FedEx Ground Package System Inc.

September 13, 2013

Midwest Multifamily

M&M ARRANGES $1.7M SALE OF 36-UNIT APARTMENT BUILDING

by admin September 13, 2013

BROOKLYN CENTER, MINN. — Marcus & Millichap has arranged the $1.7 million sale of Beard Avenue Apartments, a 36-unit apartment property in Brooklyn Center, a northern suburb of Minneapolis. Dan Linnell, Josh Talberg and Evan Miller, investment specialists in Marcus & Millichap’s Minneapolis office, marketed the property on behalf of the seller, a partnership. An outside brokerage company represented the buyer, a limited liability company.

September 13, 2013

Midwest Retail

WHOLE FOODS MARKET TO OPEN NEW STORE IN CHICAGO

by admin September 13, 2013

CHICAGO — Whole Foods Market has plans to open a new store in the Englewood neighborhood on Chicago’s South Side. DL3, led by Leon Walker, will develop the 18,000-square-foot store. Slated to open in 2016, the grocery store is part of a 13-acre development located at a four-way intersection near Kennedy King Community College. The new store will bring an estimated 100 jobs to the area. Whole Foods provides healthy and organic food to its customers.

September 13, 2013

Midwest Mixed-Use

SPERRY VAN NESS SELLS LINCOLN SQUARE MIXED-USE PROPERTY

by admin September 13, 2013

CHICAGO — Sperry Van Ness Chicago Commercial has completed the sale of a mixed-use property in Chicago's Lincoln Square neighborhood. The corner property is located at 4660 N. Rockwell Ave. and includes four retail/office units and two apartment units. Jeffrey Baasch, senior vice president of multifamily sales, and Brian Kochendorfer, senior advisor at Sperry Van Ness LLC, represented the buyer and seller in the transaction. The property sold for $875,000.

September 13, 2013

Kansas Market Reports Midwest Market Reports

Mixed-Use, Build-to-Suit Office Developments Add Sizzle to Steak in KC

by admin September 13, 2013

Kansas City is best known for its beer, barbecue and jazz, and an economy inextricably linked to railroads and cattle. It’s not unusual for an Easterner flying over Kansas City on his way to Los Angeles to remark, “I hear I can get a great steak down there.” You can indeed find a great steak down here, but most importantly the economy is more about the steak than the sizzle. The truth is that the local economy is so broad-based that it is difficult to define. Kansas City’s economic growth today is driven by life sciences, architecture and engineering, information technology as well as financial services. All of these industries feature homegrown companies and institutions that began with entrepreneurial roots such as telecommunications giant Sprint, a company that traces its roots to a small utility company west of Kansas City. The world’s power plants and sports stadiums are designed in Kansas City, and a cure for cancer is ongoing driven by The Stowers Institute for Medical Research and the University of Kansas in conjunction with the Kansas City Area Life Sciences Institute. Cerner, the second largest health care technology company in the world with more than 8,000 employees, announced in …

September 13, 2013

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