Midwest

16-UNIT APARTMENT BUILDING IN CREST HILL, ILL., SELLS FOR $1M

by admin July 3, 2013

CREST HILL, ILL. — Marcus & Millichap has arranged the sale of 1500 Pioneer Road, a 16-unit apartment property in Crest Hill, about 35 miles southwest of Chicago, for $1 million. Adam Fortino, Ryan Engle and Andrean Angelov, investment specialists in Marcus & Millichap’s Chicago Oak Brook office, marketed the property on behalf of the seller, a private investor. The buyer, a limited liability company, was also secured and represented by Engle and Fortino. The apartment property includes four studios and 12 two-bedroom units spanning approximately 500 to 850 square feet respectively. The property has undergone many recent capital improvements including a brand new roof and privacy fence.

July 3, 2013

JOINT VENTURE ACQUIRES HILTON HOTEL IN EVANSTON

by admin July 2, 2013

EVANSTON, ILL. — The Dow Hotel Co. LLC (DHC) in a joint venture with Carlyle Realty Partners VI, has acquired the 269-room Hilton Orrington hotel in Evanston, a suburb of Chicago. The purchase price was undisclosed. The hotel will undergo a $6 million renovation/upgrade during the next 12 months. The renovation plans include updates to guest rooms, corridors, the lounge, meeting areas and other public spaces. The property completed a total transformation in 2004 and further upgraded from an independent property to the Hilton brand in 2010. Located at 1710 Orrington Ave., the Hilton Orrington features a 12,000-square-foot International Association of Conference Centers-certified center. The hotel also includes an additional 20,000 square feet of ballroom and other meeting space, a 173-space parking garage, business center and retail shops. DHC will operate the hotel.

July 2, 2013

Midwest Multifamily

MARCUS & MILLICHAP ARRANGES SALE OF 8-UNIT APT. BUILDING

by admin July 2, 2013

CHICAGO — Marcus & Millichap has arranged the sale of an eight-unit apartment property located in Chicago for $1.7 million. Kyle Stengle, an investment specialist in Marcus & Millichap’s Chicago office, marketed the property on behalf of the seller, a local investment group, and the buyer, a limited liability company. The property is located at 3600 N. Oakley Ave., about six miles north of the Loop, in the upscale north side neighborhood of Roscoe Village. The multifamily building recently underwent extensive renovations, including the addition of granite countertops, individual HVAC and stainless steel appliances.

July 2, 2013

Midwest Multifamily

FIRST UNITS COMPLETE AT CHICAGO’S LAKE PARK CRESCENT

by admin July 2, 2013

CHICAGO — Weis Builders has completed five low-rise multifamily buildings at Lake Park Crescent, a $44 million redevelopment in Chicago. The initial 24 units are located at the south end of the property, on the corner of Lake Park and Bowen Avenue. The project will replace the 1960s-era public housing and provide mixed-income housing within both low and midrise buildings. The Davis Group contracted Weis Builders to add a total of 132 units to the community. Weis will also build a midrise building and three-story parking ramp, as well as site preparation for future buildings.

July 2, 2013

Midwest

HILCO GLOBAL UNVEILED AS NEW NAME FOR HILCO TRADING

by admin July 2, 2013

NORTHBROOK, lLL. — Jeffrey Hecktman, chairman and CEO of Hilco Trading LLC, has announced the rebranding of the Northbrook, Ill.-based international financial services holding company as Hilco Global. The international introduction of the Hilco Global brand began July 1, along with the rollout of a new logo, marketing communications programs and materials and a new website to follow. “We’re excited about the new brand, graphics and messaging as they not only accurately reflect the services we provide, but also underscore the relationships we have with our customers as a strategic partner,” says Gary Epstein, chief marketing officer at Hilco Global. Hilco provides strategic consulting services, appraising, auctioning, brokering, buying, investing and monetizing assets for companies.

July 2, 2013

Midwest Seniors Housing

JV BUYS 17 SENIORS HOUSING COMMUNITIES FOR $135M

by admin July 1, 2013

OLATHE, KAN. — A joint venture has acquired 17 assisted living and memory care communities throughout Illinois, Indiana, Iowa and Nebraska for $135 million. National Health Investors Inc. (NYSE: NHI) owns 85 percent of the joint venture and Bickford Senior Living owns 15 percent. The acquisition brings the total number of properties in the joint venture to 30, three of which are under construction. Wells Fargo Securities LLC served as financial advisor to NHI on this transaction. The 17 assisted living and memory care communities include 14 communities purchased from a subsidiary of Care Investment Trust Inc. (OTCQX: CVTR) for $123 million, and three communities purchased from affiliates of Bickford for $12 million.

July 1, 2013

Midwest Mixed-Use

$40M MIXED-USE DEVELOPMENT UNDERWAY IN DES MOINES

by admin July 1, 2013

WEST DES MOINES, IOWA — Hubbell Realty Co. and Persimmon Capital Partners have broken ground on Cityville on 9th, a $40 million mixed-use development in West Des Moines. Located on 10.5 acres in the Gray’s Landing neighborhood south of MLK Jr. Parkway, the Cityville on 9th will include 339 apartments, covered parking and 55,000 square feet of retail space within nine four-story buildings. The project will be built in three phases with the first phase, including 111 apartment homes, clubhouse and 20,000 square feet of commercial space, slated for completion in spring 2014.

July 1, 2013

Midwest Multifamily

TERRACE CAPITAL PROVIDES $13.5M LOAN TO HUGHES EQUITIES

by admin July 1, 2013

KALAMAZOO, MICH. — Hughes Equities LLC has received $13.5 million in mortgage financing, secured by a 711-unit multifamily portfolio, for the repayment of an existing floating-rate loanm. The non-recourse 10-year loan includes a 25-year amortization schedule. The portfolio, dubbed Western Michigan Apartments, includes six multifamily complexes located in Kalamazoo, Wyoming and Kentwood, Mich. Terrace Capital Inc. provided the loan.

July 1, 2013

Midwest Mixed-Use

MIXED-USE RETAIL BUILDING IN EVANSTON SELLS FOR $3.7M

by admin July 1, 2013

EVANSTON, ILL. — Marcus & Millichap has arranged the sale of Church Street Station, a 16,871-square-foot, mixed-use property located in Evanston, a suburb of Chicago, for $3.7 million. Adrian Mendoza, Dominic Sulo, Sean R. Sharko and Austin Weisenbeck, investment specialists in Marcus & Millichap’s Chicago Oak Brook office, marketed the property on behalf of the seller, a developer. Brian Parmacek, an investment specialist in Marcus & Millichap’s Chicago O’Hare office, represented the buyer, a private investor, in a 1031 tax-deferred exchange from an apartment sale. Church Street Station, located at 1642 Maple Ave., is fully occupied by five tenants, which operate under triple-net leases. Church Street Station is anchored by BMO Harris Bank.

July 1, 2013

Industrial Midwest

DUKE REALTY ARRANGES 456,719 SF IN INDUSTRIAL LEASES

by admin June 28, 2013

CHICAGO — Two logistics companies have leased a total of 456,719 square feet in industrial leases along the I-55 corridor. APL Logistics, a third-party logistics services provider, signed a new lease for 126,450 square feet in Crossroads 1, while existing tenant Exel Inc., a supply chain and logistics company, renewed its 241,110-square-foot lease and expanded by 89,159 square feet in Park 55 Building 1. Duke Realty owns both buildings. Larry Johnson with CBRE represented APL Logistics in its new lease, while Mark Moran and Steve Connolly with NAI Hiffman and Susan Bergdoll of Duke Realty represented the landlord. Jeanne Rogers with Arthur J. Rogers & Co. represented Exel Inc. in its renewal and expansion, while Trevor Ragsdale, Kelly Gray and Michael Connor with Jones Lang LaSalle and Bergdoll represented Duke Realty. Crossroads 1 is a 289,920-square-foot bulk distribution facility and one of seven Duke Realty industrial buildings in Crossroads Business Park at I-55 and Route 53 in Bolingbrook. Park 55 Building 1 is a 529,000-square-foot bulk distribution facility located a few miles southwest of Crossroads along I-55.

June 28, 2013

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