Midwest

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

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

Midwest Multifamily

NORTHERN INDIANAPOLIS MULTIFAMILY ASSET SELLS FOR $18.4M

by admin August 15, 2013

INDIANAPOLIS — Marcus & Millichap has arranged the sale of The Lodge at Trails Edge, a 268-unit multifamily community in northern Indianapolis. The $18.4 million sales price equates to $68,657 per unit. Alex Blagojevich and David Gaines of Marcus & Millichap represented the seller, a Kansas City, Mo.-based partnership. The buyer was Irvine, Calif.-based Steadfast Cos. The Lodge at Trails Edge is located at 9535 Benchmark Drive near I-465, and is near the business district of Keystone at the Crossing, downtown Indianapolis and the city of Carmel. The 202,608-square-foot Lodge at Trails Edge includes 13 two-story buildings.

August 15, 2013

Midwest Multifamily

JOHNSON CAPITAL ARRANGES $10.8M LOAN FOR MULTIFAMILY PROPERTY

by admin August 15, 2013

FORT WAYNE, IND. — Johnson Capital has arranged a $10.8 million loan secured by Willow Creek Crossing, a 582-unit multifamily property in Ft. Wayne. The property is located on Lakeridge Drive and was built in three phases between 1971 and 1987. A local operator owns the garden-style apartment complex, which is situated on more than 43 acres. Huntoon Hastings, a Johnson Capital subsidiary, provided the nonrecourse, Section 223(f) FHA financing. The 35-year loan is self-amortizing and includes a fixed interest rate below 3 percent. Proceeds from the loan will be used for renovations on the apartment community.

August 15, 2013

Industrial Midwest

PARTNERSHIP TO BUILD 218,500 SF WAREHOUSE IN WAUKEGAN

by admin August 14, 2013

WAUKEGAN, ILL. — HSA Commercial Inc. has partnered with Boston-based Great Point Investors to develop a 218,500-square-foot speculative warehouse facility at Delany and Blanchard roads in Waukegan, a northern suburb of Chicago. The partnership broke ground this month on the new industrial building, which will be divisible to 25,000-square-foot suites. The suites will offer 30-foot clear heights, 28 truck docks, four drive-in doors, 300 parking spaces and access to Highway 41 and Interstate 94. Michael Caprile, vice chairman, and Steve Roth, executive vice president, of CBRE secured Great Point Investors for the joint venture with HSA. Birmingham, Ala.-based Regions Bank is providing construction financing for the project, and Premier Design + Build will serve as the general contractor.

August 14, 2013

Midwest Office

DENHOLTZ RECEIVES $29M FOR FIVE-PROPERTY PORTFOLIO

by admin August 14, 2013

CHICAGO — Denholtz Associates has received a $29 million loan for the refinancing of a five-property office and industrial portfolio located in Illinois and Florida. The portfolio, which totals 649,586 square feet, features four assets in suburban Chicago and 7129 University Blvd. in Winter Park, Fla. The Illinois properties include 1050-1138 Tower Lane in Bosenville; 747 N. Church Road in Elmhurst; 2625 Butterfield Road in Oak Brook; and 625-701 Executive Drive in Willowbrook. The portfolio is 84 percent leased to 117 different tenants and includes 56 percent office, 30 percent flex and 13 percent warehouse/industrial space. Natixis Real Estate Capital Inc. provided the five-year loan. Proceeds from the loan were used to repay an existing mortgage. Jon Mikula, senior managing director, and Michael Klein, director, of HFF represented Denholtz Associates in the transaction.

August 14, 2013

Midwest Multifamily

ALLIANT CLOSES $9.6M LOAN FOR APARTMENT BUILDING

by admin August 14, 2013

BERKLEY, MICH. — Alliant Capital LLC has closed a $9.6 million loan for the refinancing of Oxford Park Towers, a 214-unit multifamily property in Berkley, about 15 miles north of Detroit. Built in 1974, Oxford Park Towers includes one- and two-bedroom units. The seven-year loan includes a fixed interest rate and a 30-year amortization schedule.

August 14, 2013

Industrial Midwest

BREAKOUT INVESTMENTS BUYS 20,000 SF INDUSTRIAL BUILDING

by admin August 14, 2013

SULLIVAN, WIS. — Breakout Investments LLC has purchased a 20,000-square-foot industrial building and three self storage buildings totaling 18,000 square feet in Sullivan. Hotchkiss LLC and Sullivan Self Storage LLC were the sellers of the properties, which are located at W2355 Highway 18, about 40 miles west of Milwaukee. Zach Noble of Dickman Co. Inc./CORFAC International was the broker in the transaction.

August 14, 2013

Midwest Multifamily

EIGHT-UNIT MULTIFAMILY PROPERTY SELLS IN METRO CHICAGO

by admin August 13, 2013

PARK RIDGE, ILL. — Millennium Properties R/E has completed the sale of a 12,200-square-foot, eight-unit apartment complex at 1 N. Hamlin Ave. in Park Ridge, a northwest suburb of Chicago, for $150,000 per unit. According to Millennium Properties, the multifamily property generates more than $100,000 in annual rent. Situated on the corner of Hamlin and Touhy avenues, the units in this property feature hardwood floors, eat-in kitchens and private patios and lawns. The building includes on-site laundry, storage and 14 parking spaces split between a six-car garage and an eight-space parking lot. Millennium Properties served as the sales advisor to a bankruptcy court in the transaction.

August 13, 2013

Midwest Retail

SAKS, OLD NAVY, CARTER SIGN LEASES AT MAYFAIR COLLECTION

by admin August 13, 2013

WAUWATOSA, WIS. — HSA Commercial Real Estate has finalized leases with Saks Fifth Avenue OFF 5TH, Old Navy and Carter’s for The Mayfair Collection, a 270,000-square-foot shopping center development in Wauwatosa, a western suburb of Milwaukee. The project, which broke ground in April, already has lease commitments with Nordstrom Rack, Dick’s Sporting Goods and Ulta Beauty. Saks Fifth Avenue OFF 5TH has 67 stores, and The Mayfair Collection store will be its first in Wisconsin. The store’s grand opening is slated for spring 2014.

August 13, 2013

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