Midwest

M&M ARRANGES $1.8M SALE OF 32-UNIT APARTMENT BUILDING

by admin November 18, 2013

SAINT CROIX FALLS, WIS. — Marcus & Millichap has arranged the $1.8 million sale of Pine Ridge Apartments, a 32-unit apartment property in Saint Croix Falls, a city in northwest Wisconsin. Evan Miller, Dan Linnell, Josh Talberg and Jon Ruzicka, investment specialists in Marcus & Millichap’s Minneapolis office, marketed the property on behalf of the seller, a private investor. Mox Gunderson, also in Marcus & Millichap’s Minneapolis office, represented the buyer, a private investor. The sales price closed at 103 percent of the original listing price, according to Marcus & Millichap. Pine Ridge Apartments is located at 317-323 Simonson Road and features two-bedroom units and six buildings, two of which are garages.

November 18, 2013

Record-Low Vacancy Rate Limits Options for Large Space Users

by admin November 18, 2013

The Columbus industrial real estate market has continued down a path of decreased vacancy and increased build-to-suit activity. Many developers and tenants are trying to determine if this space tightening is going to continue or diminish in the coming months. Industrial real estate experts who had their pulse on the market accurately predicted a year ago that absorption would be taking place at a healthy clip at the end of 2012 heading into 2013. This change in the market has resulted in limited options for tenants seeking space above 100,000 square feet. Meanwhile, developers are considering the possibility of building warehouses on a speculative basis and tenants are seeing a change in economics and concessions from previous years. Pendulum Swings The current 7.6 percent industrial vacancy rate in the Columbus market is at an all-time low. You have to go back to the late 1990s and early 2000s to find a period when the vacancy rate was nearly as low as it is today. The recent lack of space availability is starting to impact tenant choices. A tenant that used to have six or seven options for a 400,000-square-foot warehouse space is now finding that it only has two to …

November 18, 2013

Midwest Retail

L3 CAPITAL BUYS MARKET SQUARE ON CHICAGO’S NORTHSHORE FOR $35.5M

by admin November 15, 2013

LAKE FOREST, ILL. — L3 Capital, a Chicago-based real estate investment firm, has acquired Market Square, a historic retail property with 26 retailers and restaurants in Lake Forest for $35.5 million. The shopping center features a mix of national and local retailers, including Williams-Sonoma, J. Crew, Bluemercury and Talbots, as well as Kiddles Sporting Goods, Forest Bootery and The Lake Forest Shop. As part of L3’s strategy, the firm intends to invest heavily over the next two years in Market Square with an intensive marketing plan, infrastructure upgrades, life safety upgrades and historic restoration projects. The property consists of seven buildings and totals 100,000 square feet, with 50,000 square feet of retail and 50,000 square feet of office space. The addresses for Market Square include 653 Bank Lane, 659 Bank Lane, 722 Bank Lane and 675 Forest Ave. Market Square was originally developed in 1916 for $750,000 as part of an improvement plan for the Lake Forest area, a northern suburb of Chicago.

November 15, 2013

Midwest Multifamily

BERKELEY ARRANGES $20.7M LOAN FOR ACQUISITION OF STONEGATE APARTMENTS

by admin November 15, 2013

GLENDALE, ILL. — Berkeley Point has closed $20.7 million in acquisition financing for the acquisition of Stonegate Apartments, a 420-unit apartment community in Glendale Heights, a western suburb of Chicago. The seven-year loan includes a fixed interest rate and a 30-year amortization schedule. The borrower will provide an additional $1.2 million to fund property upgrades. The borrower is Stonegate Holdings GH LLC, an entity formed by Chicago-based Rockwell Partners. Adam Randall, managing director, led the Berkeley Point capital team that arranged the Freddie Mac loan and introduced Riverbanc as the preferred equity partner in the deal.

November 15, 2013

Midwest Retail

FIRST WESTERN PROPERTIES ARRANGES $1.5M SALE OF RETAIL BUILDING

by admin November 15, 2013

CHICAGO — First Western Properties has arranged the sale of a 2,500-square-foot retail building in Chicago for $592 per square foot, which equates to $1.5 million. The seller was Mary Dodas, a longtime cafe operator. The buyer, Yuliang Tan, plans to remodel the space and open a new restaurant at the property. The building is located at 215 E. Grand Ave. in downtown.

November 15, 2013

Midwest

SCOTT SAVACOOL TO BE VICE PRESIDENT OF CORFAC INTERNATIONAL

by admin November 15, 2013

FALLS CHURCH, VA. — Corporate Facility Advisors (CORFAC International) has appointed the 2014 leadership at the U.S.-based firm. Robert Tillsley, principal with Paramus, N.J.-based McBride Corporate Real Estate, will serve as president and Scott Savacool, senior associate with St. Louis-based Sansone Group, will serve as vice president. Savacool previously served on CORFAC’s executive committee as treasurer and secretary. An office leasing, sales and tenant representation broker specializing in the St. Louis metropolitan market, Savacool has been recognized several times as the top-referring broker within CORFAC. Tillsley has served in several leadership roles with CORFAC International, most recently as vice president.

November 15, 2013

Civic Midwest

STAHL CONSTRUCTION COMPLETES $25M NATIONAL GUARD FACILITY

by admin November 14, 2013

ARDEN HILLS, MINN. — Stahl Construction has completed work on the 107,500-square-foot Minnesota Army National Guard Field Maintenance Shop in Arden Hills, a northeast suburb of Minneapolis. Designed by BWBR Architects, the $25 million facility includes space for the equipment to maintain National Guard vehicles and provides a centralized location for guard training around the Twin Cities. Along with 36 maintenance/training bays and four warm-up and wash bays, the building also includes tool rooms, offices, classrooms and a fitness area. In addition to constructing the field maintenance shop, the scope of work included approximately 15 acres of paved concrete for the storage of roughly 1,500 military vehicles. Stahl Construction expects the project to receive LEED Gold certification from the U.S. Green Building Council.

November 14, 2013

Midwest Retail

BARNETT CAPITAL SELLS THE SHOPPES AT PRIME VILLAGE

by admin November 14, 2013

SCHAUMBURG, ILL. — CBRE has arranged the $7.3 million sale of The Shoppes at Prime Village, a 38,313-square-foot retail center in suburban Chicago. Barnett Capital sold the property, which is located at 1410-1444 Algonquin Road in Schaumburg, to St. Louis-based Integris Ventures. Barnett Capital originally purchased the loan on the property from TCF Bank and brought the property through foreclosure. CBRE was hired to both lease and manage the building for Barnett after the loan purchase. The CBRE team of Karen Pence-Hollan and Gavin Smith oversaw the management of the center, and Lynn Brackett and Marissa Roussel handled the leasing. The group brought The Shoppes at Prime Village to 100 percent capacity at the time of sale. Aldi anchors the center, which includes 322 parking spaces.

November 14, 2013

Midwest Office

REED COMPLETES INTERIOR BUILD-OUT AT INLAND STEEL BUILDING

by admin November 14, 2013

CHICAGO — Reed Construction has completed a 12,000-square-foot buildout on behalf of the Jacobson Group at Chicago’s Inland Steel Building. Located at 30 W. Monroe, the Inland Steel Building is situated in the Central Loop. Skidmore Owings & Merrill designed the landmark building in 1955. The Jacobson Group, an executive search firm, is relocating its offices to the 19-story property from its previous location at 120 S. LaSalle. Reed Construction was selected to complete the interior renovations for the tenant’s new space on the 15th floor. Renovations feature new open office areas, private offices, conference rooms, a collaboration room and a server room. Michael Davis was the project manager for Reed Construction, and Techno Ltd. provided the architectural services. Robert Sevim of Studley represented the Jacobson Group in the lease transaction. Gary Denenberg and Sara Spicklemire of MB Real Estate represented the building’s ownership.

November 14, 2013

Midwest Retail

BIANCO BUYS 36,603 SF RETAIL CENTER IN MORTON GROVE

by admin November 14, 2013

MORTON GROVE, ILL. — Bianco Properties has acquired Lonore Plaza Shopping Center, a 36,603-square-foot retail center in Morton Grove, about 15 miles northwest of Chicago. The property is located at 7130-7188 Dempster St. The purchase marks St. Louis-based Bianco’s second acquisition in the greater Chicago area in the last year. Bianco entered the Chicago market last year, with the purchase of a retail property anchored by CVS/pharmacy and Starbucks Coffee in the West Loop across from Union Station.

November 14, 2013

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