Midwest

RCP PROPERTIES ACQUIRES TWO HOTELS IN COLUMBUS

by admin June 19, 2013

COLUMBUS, OHIO— Dallas-based RCP Properties (RCP) has acquired the 156-room Hilton Garden Inn and the 129-room Hampton Inn at the Port Columbus International Airport in Columbus. RCP plans to invest $2.5 million in both hotels for renovations. Key improvements include modernizing the façade of the Hampton Inn and refurbishing the guest rooms. RCP purchased the two hotels, which are the only hotels on airport property, from a court-appointed receiver. Steve Heldenfels of the HFF Dallas office arranged the financing.

June 19, 2013

ENGLEWOOD CONSTRUCTION BUILDS 2,162 SF RETAIL STORE

by admin June 19, 2013

ROSEMONT, ILL. — Englewood Construction’s retail group has started construction on Ports 1961, a 2,162-square-foot luxury apparel store located within Fashion Outlets of Chicago development in Rosemont. Santa Monica, Calif.-based Montalbo Architects Inc. is designing the space. The 530,000-square-foot Fashion Outlets of Chicago will open in August. This is Ports 1961 first store in the Chicago area.

June 19, 2013

Midwest Office

LANE4 PROPERTY GROUP ACQUIRES I-70 BUSINESS CENTER

by admin June 18, 2013

LAWRENCE, KAN. — Partners of LANE4 Property Group, along with other investors, have acquired the I-70 Business Center in Lawrence, located about 35 miles west of Kansas City. The purchase price was undisclosed. The 95,000-square-foot center is located at 1025 N. Third St. The property was originally built in 1993 as a retail outlet, but has been repositioned in the last few years as a corporate office center. The center was 90 percent occupied at the time of sale. LANE4 plans to create two outparcels on the 12-acre site intended for restaurant and/or convenience store space. LANE4 will serve as the center’s property manager. Ken Schmanke of KS Commercial Real Estate Services Inc. will continue as the leasing agent for existing vacancies at the property.

June 18, 2013

Midwest Office

URBAN INNOVATIONS BUYS TWO OFFICE BUILDINGS FOR $14M

by admin June 18, 2013

CHICAGO — Urban Innovations has acquired two office buildings in the Greektown neighborhood of Chicago totaling 150,000 square feet for $14 million. Urban Innovations previously owned the properties and sold them in 2005 to a private investor. The properties purchased include a 60,000-square-foot office building located at 833 W. Jackson Blvd. and a 90,000-square-foot property located at 322 S. Green St. The buildings sit adjacent to one another, separated by a parking lot that services the properties. The company plans to renovate the buildings’ exteriors, common areas, lobbies, restrooms and vacant spaces. Current tenants within the new portfolio include CAN TV, University of Illinois, Incisent Labs Group and Chicago-based nonprofit Family Health Network, which occupies nearly 24,000 square feet. Aaron Zaretsky of Urban Innovations represented the firm in the transaction. John Slivka of CBRE worked on behalf of the seller, Wells Fargo N.A.

June 18, 2013

Midwest Office

MARCUS & MILLICHAP ARRANGES $4.8M LOAN IN ILLINOIS

by admin June 18, 2013

ROMEOVILLE, ILL. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $4.8 million loan for the refinancing of a 25,000-square-foot, Class B office building. The single-tenant property is located in Romeoville, about 35 miles southwest of Chicago. MMCC worked with a bank to secure the long-term loan, which carries a fixed rate of 4 percent. The loan also includes a 25-year amortization schedule. Dean Giannakopoulos, an associate director in the originations department of the firm’s Chicago office, arranged the loan. The property is leased to Rasmussen College and located at 1400 W. Normantown Road.

June 18, 2013

Midwest Office

SUBURBAN CHICAGO OFFICE CONDO SELLS FOR $1.3M

by admin June 18, 2013

OAKBROOK TERRACE, ILL. — Sperry Van Ness Chicago Commercial has arranged the sale of a 13,105-square-foot office condominium for $1.3 million, or $102 per square foot. The office condo, which is located at One Trans Am Plaza in Oakbrook Terrace, a western suburb of Chicago, was sold via bank directed short sale. The buyer is a technology company, which will use the space for its Chicago operations. Wayne Caplan and Olivia Czyzynski of Sperry Van Ness represented the seller in the transaction.

June 18, 2013

Midwest Retail

STAENBERG GROUP BUYS SOUTHWEST PLAZA FOR $45.1M

by admin June 17, 2013

SPRINGFIELD, ILL. — An investor group led by St. Louis-based The Staenberg Group (TSG) has acquired ≈, a 368,000-square-foot shopping center in Springfield, for $45.1 million. TSG purchased the fully occupied shopping center, which is located at the intersection of South Veterans Parkway and Wabash Avenue, from Charles Robbins Realty Co. Bank of America provided long-term financing to TSG. The center is fully leased to tenants including Best Buy, Sports Authority, Bed, Bath & Beyond, Michael’s, Office Depot and Ross Dress For Less. Alvin Mansour of The Mansour Group arranged the sale. Michael Staenberg formed TSG after selling some of his ownership interests in various national commercial real estate entities to Stan Kroenke, his longtime partner, in late 2012.

June 17, 2013

Midwest Multifamily

BERKADIA ORIGINATES $29.3M FOR MULTIFAMILY PROPERTIES

by admin June 17, 2013

YPSILANTI AND PITTSFIELD TOWNSHIP, MICH. — The Detroit office of Berkadia Commercial Mortgage LLC has originated $29.3 million for two multifamily properties in Ypsilanti and Pittsfield Township, located near Ann Arbor. Ernie Katai, Pete Benedetto and Colin Callaghan, senior vice presidents for Berkadia, worked with borrower McKinley, a commercial real estate investment and management firm, to secure the loans through Berkadia’s FHA/HUD program. The 477-unit Evergreen Pointe Apartments, which is located at 3089 Woodland Hills Drive in Pittsfield Township, received an $18.1 million loan. The 35-year, fixed-rate loan will be used to refinance existing debt on the property. The 228-unit Roundtree Apartments, which is located at 2835 Roundtree Boulevard in Ypsilanti, received an $11.2 million loan. The 35-year loan, which will be used to refinance the property, includes a 2.9 percent fixed interest rate.

June 17, 2013

Midwest Multifamily

KEYBANK FINANCES $21M SECOND PHASE OF DEVELOPMENT

by admin June 17, 2013

CLEVELAND, OHIO — KeyBank (NYSE:KEY) has closed a transaction to provide New Markets Tax Credit (NMTC) financing to the $21 million second phase of the University Circle Uptown development, a mixed-use and student housing project in Cleveland. The NMTC program, which was established in 2000 as part of the Community Renewal Tax Relief Act 2000, provides tax credit incentives to investors for equity investments in low-income communities. Keybank provided $9 million in NMTC loans and nearly $9 million in NMTC equity to the entire Uptown development. The second phase of the development will include retail and 50 dorm spaces for the Cleveland Institute of Art, providing nearly 130 beds for students. The property will also provide 40 additional units of traditional student housing and more than 20,000 square feet or ground-level retail space, including a new Corner Alley bowling. MRN Ltd. is developing the second phase, which is currently under construction.

June 17, 2013

Midwest Retail

INLAND BUYS COMMERCE CENTER FOR $9.9M IN ILLINOIS

by admin June 17, 2013

DOWNERS GROVE, ILL. — Inland Real Estate Acquisitions Inc. has acquired Commerce Center, a shopping center in Downers Grove, a western suburb of Chicago, for $9.9 million. The center is located at Butterfield Road and South Highland Avenue along a major retail corridor. Commerce Center totals 104,196 square feet and is leased to Toys “R” Us and Best Buy. Mark Cosenza, vice president of Inland Real Estate Acquisitions, facilitated the transaction. Toys “R” Us has been open at the center for more than 30 years. Best Buy opened in 1992 and recently signed a 10-year lease renewal. In addition to the retail store, Best Buy uses the location to house a 10,000-square-foot training center and regional office.

June 17, 2013

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