ELKHORN, WIS. — Dougherty Funding LLC has closed an $8.9 million loan for the new construction of Aurora Medical Office Building, a 30,000-square-foot medical center in Elkhorn, a southwest suburb of Milwaukee. Aurora Health Care has signed a 15-year lease, with two five-year extensions, for the property. The financing was arranged for ElkhornMedical Office Building LLC. Dougherty Funding serves as the lead lender in all of its transactions and funds each financing by selling loan participations to an extensive network of banks and institutional lenders throughout the U.S.
CHARLESTON, ILL. — Triad Real Estate Partners has arranged the sale of University Village, a 391-bed student housing property serving Eastern Illinois University in Charleston, about 50 miles south of Champaign. The property was an REO sale, owned by Fifth Third Bank in Chicago. The buyer was a Champaign, Ill.-based student housing operator that is looking to expand at Eastern Illinois University and other campuses around the Midwest. University Village is located 2.5 miles east of Eastern Illinois University, a public university with a fall 2012 enrollment of 11,178. The project suffered from high vacancy in recent years, posting 2012-13 occupancy of just more than 70 percent. The new owner plans to renovate and reposition the property, renting some units to families.
WILLOWBROOK, ILL. — NAI Hiffman has represented Illinois Property Solutions in two new leases at 500 Joliet Road in Willowbrook, a southwest suburb of Chicago, totaling 78,000 square feet. Environmental Technical Institute (ETI) will occupy approximately 50,000 square feet of office space in the building. ETI offers technical and professional training for persons looking to begin a career in the heating, air conditioning and refrigeration industry. Raths, Raths & Johnson (RRJ), a structural engineering and architectural service provider, will lease 28,000 square feet. Built in 1992, the two-story office building includes warehouse space. With these leases, the building is fully leased. Dan O’Neill and Jim Adler, both executive vice presidents with NAI Hiffman’s office services group, represented Illinois Property Solutions in both transactions. Jeff Janda and Mike Plumb of Lee & Associates represented Environmental Technical Institute. RRJ was represented by Paine/Wetzel.
Most retail brokers in Des Moines are cautiously optimistic in their expectations for 2013. For the first time in years, I’m seeing a lot of site plans for new retail developments come across my desk. Several projects that had been on the back burner for the last few years have finally begun to take shape. Des Moines, like most markets, got hurt when the Great Recession hit. However, with its major industry based in insurance, it weathered the storm better than many other markets. At its high point, the unemployment rate was 6.8 percent, and the rate as of May was 4.3 percent. The Des Moines retail market didn’t get nearly as overbuilt as many of the other nearby larger markets. There wasn’t a ton of first-generation space that sat vacant on the retail market in Des Moines once the recession hit. Most of the retail developers here are conservative. Much of the first-generation space that sat vacant was the result of lenders taking back the properties and not wanting to invest any money in those assets. Lessons Learned The developers in today’s market have a more disciplined approach than many of their predecessors. There was a time when real …
LOCKBOURNE, OHIO — CME Wire and Cable Inc. has signed an 84,616-square-foot lease at CreekSide Parkway, Suite 400 in Lockbourne, located 15 miles south of Columbus. The company outgrew its current building at the CreekSide Industrial Center and will move into the new office and warehouse building, which The Pizzuti Cos. is constructing, in April 2014. CME Wire and Cable is a subsidiary of XIGNUX Group, a 50-year-old firm, with more than 20,000 employees in North and South America and revenues exceeding $3.2 million. The wire distribution company opened its North American headquarters in Georgia in 1998, when it relocated from South Carolina. The company’s other distribution centers are located in California, Illinois and Texas. Cresa represented CME Wire and Cable Inc. in the lease transaction.
CHICAGO — Essex Realty Group Inc. has arranged the $7.5 million sale of a 12-story apartment building in Chicago’s Uptown neighborhood. Situated on the northeast corner of Kenmore and Lawrence avenues, The Lawrence House includes 371 apartments and five commercial spaces. The Lawrence House is currently marketed to adults over 65. Each apartment is furnished and includes weekly maid service that provides clean linens and light cleaning. Doug Imber, Matt Welke and Doug Fisher of Essex represented the buyer and seller, private investors, in the transaction.
PORTAGE, MICH. — Marcus & Millichap has arranged the $1.5 million sale of a 3,378-square-foot, net-leased property in Portage, located about 50 miles south of Grand Rapids. Glen Kunofsky, executive vice president of investments at Marcus & Millichap’s Manhattan office, marketed the property on behalf of the seller, a partnership. Jonathan Dwoskin, also of Marcus & Millichap, assisted in closing the transaction. Wendy's occupies the property, which is located on a 1.4-acre parcel at 4301 W. Centre Ave. The restaurant signed a new 20-year, triple-net lease at closing.
LAKE GENEVA, WIS. — Jones Lang LaSalle has been hired to sell the 55,100-square-foot Geneva Commons shopping center in Lake Geneva, about 50 miles southwest of Milwaukee. The complex is fully preleased to tenants including TJ Maxx, Jo-Ann Fabrics & Crafts, DaVita Dialysis, Rue21, Kay Jewelers and Great Clips. The shopping center will open for business this fall. Geneva Commons is located on 8.1 acres near the intersection of U.S. Route 12 and Highway 50. Guy Ponticiello, Maury Vanden Eykel and Matthew Berres of Jones Lang LaSalle will market the property.
CHICAGO — Essex Realty Group Inc. has arranged the $4.8 million sale of 1832-42 N. Humboldt, a 45-unit multifamily building located in Chicago’s Logan Square neighborhood. The property includes 31 one-bedroom units and 14 two-bedroom units. Doug Imber and Kate Varde of Essex were the brokers in the transaction. Jill Sickle of Hanover Hamilton Investments purchased the property.
KANSAS CITY, MO. — Terracap Investments Inc. has acquired Shadow Creek Apartments in Kansas City. Diversified Asset Management Co. sold the 231-unit apartment community, which was 93 percent occupied at the time of sale. The purchase price was undisclosed. Shadow Creek, located at 5417 E. 96th Place, includes 13 apartment buildings, a clubhouse and a maintenance garage. Aaron Mesmer of Block Real Estate Services represented Diversified Asset Management Co. in the transaction. Michael Block, also of Block Real Estate Services, represented Terracap Investments.