Midwest

RYAN COS. WORKS ON TWO SENIORS HOUSING RENOVATIONS

by admin August 19, 2013

NAPERVILLE, ILL. — Ryan Cos. US Inc. has worked on two continuing care retirement community renovation projects for Three Crowns Park in Evanston and Friendship Village of Schaumburg. The Minneapolis-based developer and builder has renovated half of the third floor of Three Crowns Park’s Landstrom Manor building. Though not in use, the 10,000-square-foot space had included a skilled nursing unit. A new kitchen and dining facility was added to the space, along with a state-of-the-art nurse call, 14 skilled nursing units and wandering security system. The project was completed in late July. At Friendship Village, Ryan Cos. will complete a series of interior and exterior projects over the course of the next five to six months. On the exterior, Ryan Cos. will rebuild various hardscape areas, including a decorative fountain and a tenant atrium that features a stone labyrinth that is part of the community’s memory care program. The primary interior project will be the renovation of the Briarwood Wing, a phase of the community that features approximately 80 living units. Ryan Cos. will renovate the common areas and tenant spaces and rebuild the existing physical and occupational therapy areas. The project is expected to be completed by early fall.

August 19, 2013

J.C. ANDERSON COMPLETES REMODEL OF MEDICAL OFFICE SPACE

by admin August 19, 2013

CHICAGO — J.C. Anderson Inc. has completed a 9,200-square-foot renovation project for the Child and Adolescent Health Associates Ltd. practice at 1030 N. Clark St. in Chicago. The project included the renovation of private doctor offices, exam rooms, waiting areas, a nursing station and laboratory. The project also included the addition of a sick patient waiting room. IA provided the architectural services for the renovation project. CRESA was the project manager for ownership. Child and Adolescent Health Associates was established in 1980 as a private practice in general pediatrics. Affiliated with Children’s Memorial Medical Center and Northwestern Memorial Medical Center, the practice’s physicians provide comprehensive healthcare for children up to 18 years old.

August 19, 2013

Midwest Retail

M&M ARRANGES SALE OF 2,761 SF PROPERTY IN OHIO

by admin August 19, 2013

BOARDMAN, OHIO — Marcus & Millichap has arranged the $850,000 sale of DentalWorks, a 2,761-square-foot, net-leased property located in Boardman about 50 miles east of Akron. Brian Parmacek and Stephen Rachman, investment specialists in Marcus & Millichap’s Chicago O’Hare office, marketed the property on behalf of the seller, a private investor. Parmacek and Rachman, also represented the buyer, a limited liability company in the transaction. DentalWorks is located at 930 Boardman Poland Road. This facility is one of 160 locations in 14 states and is now part of DentalOne Partners, one of the nation's largest privately owned dental services companies. Michael Glass, the Ohio broker of record, assisted in closing the transaction.

August 19, 2013

Market Reports Midwest Market Reports Ohio

Cincinnati's Retail Market to Have a Great Run

by admin August 19, 2013

Like other markets throughout the region, Cincinnati’s retail market was slow to recover from the Great Recession. But it has now turned the corner and is in the midst of an upswing in both transaction velocity and leasing momentum. Overall, the recovering Cincinnati economy is drawing investors to the market and sales of retail assets will continue to gain traction. Single-tenant assets have never been more popular among private investors as evidenced by cap rates that have fallen to levels that would have amazed most industry watchers in 2007. Cap rates have compressed to the point that some long-term ground leases are trading in the mid-4 percent range, while best-of-class fee simple property yields begin 100 to 150 basis points higher. A number of investors are targeting single-tenant, net-leased assets with lower-credit tenants or leases that will expire in the near future with the potential to re-sign or re-tenant the property, trading at yields starting in the 6 percent range. In the multi-tenant segment, investors are scouring the market for grocery-anchored deals, though limited supply will hinder transactions. Value-add plays are popular with private buyers across the metro area, providing owners in low-profile submarkets the opportunity to cash out while …

August 19, 2013

Midwest Multifamily

$14.8M MIXED-INCOME MULTIFAMILY COMMUNITY UNDERWAY

by admin August 16, 2013

DES MOINES, IOWA — Hubbell Realty Co. has broken ground on Phase I and Phase II of the $14.8 million Broadway Heights, a 155-unit mixed-income multifamily property in northern Des Moines. Phase I of the project includes 90 market-rate units within three buildings, as well as a clubhouse. Phase II of Broadway Heights includes 65 affordable housing units within two buildings. The apartment community is located at 4216 N.E. 50th St. near the intersection of US-65 and US-6/Hubbell Avenue. Community amenities will include a community room, fitness centers, dog park, business centers and playground area. Hubbell Construction Services is the builder. Apartment homes will be available in summer 2014.

August 16, 2013

Midwest Multifamily

Q10 ARRANGES $5M LOAN FOR 126-UNIT APARTMENT COMMUNITY

by admin August 16, 2013

OMAHA — Q10 | Daisley Ruff Financial has arranged $5 million in financing for Parkwood Terrace Apartments, a 126-unit apartment complex in Omaha. The 20-year loan includes a 4.25 percent fixed interest rate. Roger Porter of Q10 | Daisley Ruff Financial secured the financing. The borrower plans to use the funds to recapitalize on Parkwood Terrace Apartments. The apartment community is located at 1015 S. 78th St. and includes one- and two-bedroom floor plans.

August 16, 2013

Midwest Office

CHILDCARE PROVIDER SIGNS 15-YEAR LEASE IN CHICAGO

by admin August 16, 2013

CHICAGO — Children’s Learning Place has signed a 12,260-square-foot lease for first-floor space at 3532 N. Halsted St. in Chicago. The 15-year lease is valued at more than $4.8 million, according to Jameson Commercial LLC, which represented the landlord in the lease transaction. Children’s Learning Place provides early childhood and preschool education for families in its existing locations in Wicker Park, Logan Square and downtown Chicago. This new Lakeview facility, which is slated to open in mid-2014 after a planned remodeling project estimated at more than $1.5 million, will accommodate approximately 140 children. Noah O’Neill of RN Realty represented Children’s Learning Place. Chris Irwin, senior vice president of retail sales & leasing at Jameson Commercial represented the landlord.

August 16, 2013

Midwest Office

WATER TOWER REALTY SECURES FOUR NEW LEASES IN CHICAGO

by admin August 16, 2013

CHICAGO — Water Tower Realty Management has secured four leases at two of its commercial properties in Chicago. Three of the four leases are for office space at 415 N. LaSalle St., a 68,000-square-foot loft building in Chicago’s River North neighborhood. Larry Cohn, senior broker, and Lindsay Guhl, broker at @properties Commercial arranged the leases for Water Tower Realty. 1060 Capital Management LLC, an investment management firm, signed a three-year lease for 1,475 square feet of space in the building. David Burkards, senior vice president for MB Real Estate, represented the tenant in the transaction. Bialow Real Estate LLC, a full-service real estate consulting firm, also signed a three-year lease for 1,475 square feet of space. Cohn was the sole broker in the transaction. Hartland Mortgage Centers, a mortgage company with locations throughout the U.S., opened its new Chicago office in the building after signing a three-year lease for 1,400 square feet of space. Cohn was also the sole broker in the transaction. Whitney Abrams Jewelry Inc. signed a three-year lease for 840 square feet of retail space at 1 E. Superior St., in Chicago’s River North neighborhood. The custom jewelry designer moved from its previous location at 9 E. …

August 16, 2013

Midwest Retail

DDR, BLACKSTONE BUY SEVEN SHOPPING CENTERS FOR $332M

by admin August 15, 2013

BEACHWOOD, OHIO — A joint venture between DDR Corp. and an affiliate of Blackstone Real Estate Partners VII LP has acquired a portfolio of seven shopping centers totaling 2.4 million square feet. The purchase price was $332 million, including assumed debt of $207 million and $28 million in new mortgage debt. Blackstone owns 95 percent of the common equity of the joint venture and an affiliate of DDR owns the remaining 5 percent. DDR also invested $30 million in preferred equity in the venture with a fixed dividend rate of 9 percent. Additionally, DDR will provide leasing and management services. The centers include Silver Spring Square in Harrisburg, Pa.; Falcon Ridge Town Center in Los Angeles; Sycamore Crossing and Indian Springs in Cincinnati; Fortuna Center in Washington, D.C.; Orchards Market Center in Portland, Ore.; and Vista Village in San Diego. Each asset averages approximately 345,000 square feet. The portfolio is 93 percent leased to retailers including Target, Walmart, Ross Dress for Less, Dick's Sporting Goods, Petco, Best Buy and The Fresh Market.

August 15, 2013

Midwest Multifamily

OPUS TO BUILD THREE NEW STUDENT HOUSING PROJECTS

by admin August 15, 2013

MINNEAPOLIS — The Opus Group has teamed up with Harrison Street Real Estate Capital LLC to develop and construct three apartment complexes near university campuses in Madison, Wis., Milwaukee and Minneapolis. Under the agreement, Harrison will own the projects in Minneapolis and Milwaukee, while the project in Madison is a joint venture between the two companies. The 162-bed, six-story Varsity Quarters, will be located adjacent to the University of Wisconsin – Madison campus and will include 7,000 square feet of ground-floor retail. IVY on Fourteenth, a 165-bed student-housing complex, will be located adjacent to the Marquette University campus in Milwaukee. The six-story, mixed-use development will include 7,000 square feet of ground-floor retail. The six-story, 247-bed student housing project in Minneapolis will include 9,500 square feet of ground-floor retail. Construction is scheduled to begin on all three projects later this month with completion slated for August 2014. Opus Development Co. LLC will be the developer and Opus Design Build LLC will be the contractor for all three projects. Eppstein Uhen Architects will design the Madison project, and Korb Tredo Architects will serve as the architect for the Milwaukee project. Opus AE Group in partnership with Minneapolis-based Elness Swenson Graham Architects Inc. …

August 15, 2013

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