Midwest

$250M THE METROPOLITAN AT THE 9 UNDERWAY IN CLEVELAND

by admin October 7, 2013

CLEVELAND — Developer Geis Cos. and Sandvick Architects Inc. have teamed up to transform the former AmeriTrust tower and Cleveland Trust Rotunda into The Metropolitan at The 9. The $250 million hotel will be located at the intersection of East 9th Street and Euclid Avenue in downtown Cleveland. When it opens in the fall of 2014, the hotel will include 156 rooms and suites, featuring 16 custom-designed sky suites with large windows that provide panoramic views of downtown Cleveland. The project will also feature 12,000 square feet of meeting space, a Heinen’s grocery store, indoor dog park, spa and fitness center. Additional amenities include the Adega restaurant, offering Mediterranean cuisine and downtown Cleveland’s largest outdoor dining area, along with Azure Sky, which will offer the downtown’s largest rooftop bar. Geis Cos. and Sandvick Architects plan to preserve the site’s architectural features, while combining that with modern technology and design. The hotel will be affiliated with Marriott International’s Autograph Collection of more than 50 independent hotels. Geis-owned GLSD Architects is designing the project.

October 7, 2013

Midwest

ORIGIN CAPITAL PARTNERS LAUNCHES $100M INVESTMENT FUND

by admin October 7, 2013

CHICAGO — Origin Capital Partners, a real estate private equity firm based in Chicago, has launched Origin Capital Fund II LLC (Fund II), a $100 million investment fund. Fund II will invest in value-add medical office, multifamily, office, industrial and retail properties throughout the country. The launch of Fund II follows the closing of The Origin Capital Opportunity Fund (Fund I), which raised and has allocated almost $26 million in equity. The Fund I portfolio —11 properties in five states— totals approximately $163 million in assets. Fund II will include at least 10 assets, with no single asset accounting for more than 10 percent of the fund’s equity. Fund II has been seeded with four investment properties, including: Lux24, a 67-unit multifamily development in Chicago; Naper Place, a mixed-use development in Naperville; Kingwood, a 90,000-square-foot medical office in Houston; and Arium North Point, a 236-unit multifamily development in Atlanta.

October 7, 2013

Midwest Office

CASTO PARTNERS PURCHASES COLUMBIA GAS HQ FOR $15M

by admin October 7, 2013

COLUMBUS, OHIO — The headquarters building for Columbia Gas of Ohio in downtown Columbus has sold to CC-13 LLC. The property sold for $15 million, according to Columbus Business First. The acquisition includes the 15-story, 239,532-square-foot office building and a 16,158-square-foot, 484-space parking garage, as well as the furniture, fixtures and equipment in the building and the underlying 1.9 acres. Columbia Gas of Ohio built the Class A office building in 1983 and has leased, occupied and maintained it since then. The office building includes an auditorium, fitness center, full-service cafeteria, kitchenettes, two open-air balconies and other amenities. CC-13 LLC, which is owned by Casto Partners and local attorney Robert Meyers, purchased the property from Civic Center Drive LP. Indiana, Pa.-based First Commonwealth Bank provided the financing for the acquisition. Don Roberts and George Stecz of CBRE represented both the buyer and seller in the transaction.

October 7, 2013

Midwest Retail

M&M ARRANGES $1.1M SALE OF RETAIL CENTER IN METRO CHICAGO

by admin October 7, 2013

LAKE ZURICH — Marcus & Millichap has arranged the $1.1 million sale of Trader Joe’s Out Parcel Center, a 2,995-square-foot retail property in suburban Chicago. Sean Sharko and Austin Weisenbeck, investment specialists in Marcus & Millichap’s Oak Brook office, marketed the property on behalf of the seller, a private investor. The California-based buyer was a private individual in a 1031 tax-deferred exchange. Trader Joe’s Out Parcel Center is located at 797-799 W. Main St. in Lake Zurich. FedEx and GameStop, which both signed five-year leases in 2008, occupy the center. FedEx recently signed a five-year extension, while GameStop signed a two-year. The property is situated across from the Village Square Shopping Center, which is anchored by TJ Maxx, OfficeMax, Petco, MC Sports and Trader Joe's.

October 7, 2013

Iowa Market Reports Midwest Market Reports

Downtown Des Moines Undergoes a Gradual Metamorphosis

by admin October 7, 2013

Things are happening downtown. A number of public and private initiatives are transforming downtown Des Moines from a place to work to a place where you can truly live, work and play. Wellmark Blue Cross and Blue Shield recently moved into its new 600,000-square-foot LEED Platinum-certified office building fronting the John and Mary Pappajohn Sculpture Park, and Principal Financial announced a $250 million renovation of its existing downtown campus. In addition, EMC Insurance Cos. recently added to its downtown footprint by purchasing the Hub Tower and Kaleidoscope at the Hub, the centerpiece of the new Walnut Street transformation. Finally, Nationwide Insurance is firmly entrenched in its 1 million-square-foot campus building. New Home For YMCA Adding to the momentum is a three-way sale and trade fueled by a public/private partnership spearheaded by Des Moines real estate leader William C. Knapp, chairman emeritus of Knapp Properties. Included is an approximate $30 million project for a downtown Wellmark YMCA to be located in the former Polk County Convention Complex. According to The Des Moines Register, construction is expected to begin by year’s end on the YMCA’s new downtown home, which will include expanded recreational offices and a 50-meter, Olympic-sized swimming pool. YMCA supporters …

October 7, 2013

Midwest Multifamily

OPUS COMPLETES 310-UNIT APARTMENT COMMUNITY IN METRO CHICAGO

by admin October 4, 2013

LISLE, ILL. — The Opus Group has completed Avant at the Arboretum, a 310-unit, luxury mid-rise residential development in Lisle, a suburb of Chicago. The four-story apartment building features in-unit washers and dryers, stainless steel appliances, private balconies, granite countertops, nine-foot ceilings, USB charging stations, deep kitchen sinks and 42-inch cabinets. The development offers nine different floor plans and 310 indoor parking stalls. The community also features an outdoor heated swimming pool, patio area, communal gas grills, outdoor fire pit, fitness center, business center, conference center, club room, bike storage area and dog park. Lincoln Property Cos. Manages the property. Opus Development Co. LLC served as the developer; Opus Design Build LLC was the contractor; and BSB Design Inc. was the project architect.

October 4, 2013

Midwest Multifamily

JOINT VENTURE BUYS TWO MULTIFAMILY PROPERTIES IN CHICAGO AREA

by admin October 4, 2013

CHICAGO AND ROLLING MEADOWS, ILL. — The Canyon Multifamily Impact Fund has acquired two apartment properties in the Chicago area. York Terrace, a 331-unit apartment complex on Chicago’s southside and the 662-unit Woodfield Crossing apartment community in Rolling Meadows will undergo a series of improvements during the next year. The Canyon Multifamily Impact Fund is a joint venture between Canyon Capital Realty Advisors and Citi Community Capital that addresses the need for higher quality workforce housing in underserved communities across the United States. The joint venture’s improvement program for York Terrace will focus on addressing deferred maintenance and creating new amenities, including a community multi-purpose room, gym, business center and laundry room. Canyon’s improvement program for Woodfield Crossing will include new roofs and more energy-efficient heating and plumbing systems.

October 4, 2013

Midwest Office

SUMMIT COMPLETES TWO TENANT BUILD-OUTS AT CUMBERLAND CENTRE

by admin October 4, 2013

CHICAGO — Summit Design + Build LLC has completed two tenant build outs at Cumberland Centre, a 330,000-square-foot office complex in Chicago. Glenstar Properties owns and manages the complex, which is located at 5440 N. Cumberland Ave. Summit completed a 5,000-square-foot build out for Dr. Wiener. The board-certified plastic surgeon formerly occupied a facility at Resurrection Medical Center and is relocating to Cumberland Centre to accommodate his growing practice. The Interior Design Group provided architectural services for the project. The firm also completed a 10,572-square-foot office and training center for BIR, an English-language instruction company.

October 4, 2013

Midwest Office

COLLIERS ARRANGES SALE OF 25,000 SF OFFICE BUILDING IN ANN ARBOR

by admin October 4, 2013

ANN ARBOR, MICH. — Colliers International Ann Arbor has arranged the sale of the Ashley Square Building located at 123 N. Ashley St. in downtown Ann Arbor. The Ashley Square Building includes 25,000 square feet of office space and 42 on-site parking spaces. The building is located one block from Main Street and is situated within the D1 zoning overlay district. Jim Chaconas and Brendan Cavender of Colliers International Ann Arbor represented both the seller, Amper, LLC, and the buyer in the transaction.

October 4, 2013

Midwest Retail

BERKADIA ORIGINATES $20.5M FOR TWO RETAIL PROPERTIES IN MICHIGAN

by admin October 3, 2013

WATERFORD AND INDEPENDENCE, MICH. — The Detroit office of Berkadia Commercial Mortgage LLC has originated $20.5 million in financing for two retail properties in the Detroit metropolitan area totaling 185,184 square feet. Ernie Katai, senior vice president, and William Brenner, vice president at Berkadia, worked with borrower DS Partners LP to secure the loan through Nationwide Life Insurance Co. The borrower will use the 27-year loan to refinance existing debt on the properties. The loan features a 4.55 percent fixed interest rate and a 75 percent loan-to-value ratio. Both properties are located 40 miles northwest of downtown Detroit at 5111 Highland Road in Waterford, and 5990 Sashabaw Road in Independence. The properties are 92 percent occupied collectively. Kroger anchors each property and additional tenants include Starbucks and Panera Bread.

October 3, 2013

Newer Posts

Older Posts