Midwest

LORMAX STERN DEVELOPMENT CO. ACQUIRES MACOMB MALL

by admin June 5, 2013

ROSEVILLE, MICH. — Lormax Stern Development Co. has purchase Macomb Mall, located at 32233 Gratiot Ave. in Roseville. Constructed in 1964, the 921,000-square-foot Macomb Mall is located near I-94. The new owners plan to renovate the single-story building, which include both interior and exterior upgrades. The sale price of the property was undisclosed. Macomb Mall features more than 85 specialty stores, including Aeropostale, American Eagle Outfitters, Bath & Body Works, Charlotte Russe, Helzberg Diamonds, and resturants such as National Coney Island and Olga’s Kitchen.

June 5, 2013

MIXED-USE PROJECT NEAR UNIVERSITY OF AKRON UNDERWAY

by admin June 5, 2013

AKRON, OHIO — Co-developers, Akron-based LRC Realty and Hallmark Campus Communities, are developing University Edge, a 578-bed community focused on the students of the University of Akron.Delivering fall 2014, University Edge is located across the street from campus and will feature many amenities and two-bed, two-bath, three-bed, three-bath, and four-bed, four-bath furnished floor plans. University Edge will also include several thousand square feet of ground floor retail consisting of national and local retailers and restaurants. Peak Campus Management will manage the project. The University Edge leasing center will open early fall 2013.

June 5, 2013

Midwest Seniors Housing

WORK BEGINS ON $6.3M TRANSITIONAL CARE CENTER IN OMAHA

by admin June 5, 2013

OMAHA, NEB. — Promontory Healthcare Cos. and Lund-Ross Constructors broke ground on a $6.3 million transitional care center in the Old Mill area of Omaha. Construction on Old Mill Rehabilitation is expected to last 12 months, with an opening scheduled for spring 2014. Once complete, the facility will provide transitional rehabilitation services and be a licensed skilled nursing facility. The 40,000-square-foot facility will feature 44 private suites and common areas including a great room, dining room, library and chapel. Physical therapy rooms, nursing stations and administrative space will also be located on the grounds. Mainland Healthcare Development LLC will be in charge of development. Ankrom Mosian Architects is serving as the project architect. Lamp Rynearson & Associates is serving as civil engineer. Great Western Bank will provide construction financing. Lund-Ross Constructors will act as general contractor, and Promontory Healthcare Cos. will operate Old Mill Rehabilitation.

June 5, 2013

Midwest Office

BRIDGE DEVELOPMENT RENEWS TWO TENANTS IN ELMHURST

by admin June 5, 2013

ELMHURST, ILL. — NAI Hiffman represented Bridge Development Partners in securing two lease renewals totaling 14,903 square feet of office space at 501 W. Lake St. in Elmhurst. Anderson Pest Control has renewed its 9,829-square-foot lease, and Patterson Medical, a provider of rehabilitation products, renewed its lease for 5,074 square feet. The offices are located within the Corporate Plaza of Elmhurst, which is 96 percent leased. The building offers docks and drive-in doors and tenant-controlled HVAC and security. Dan O’Neill, Steve Connolly and Jeff Fischer of NAI Hiffman represented the landlord in both transactions, while Tim Carlson of Cresa represented Patterson Medical.

June 5, 2013

Hospitality Midwest

NEW $144M CEDAR RAPIDS CONVENTION COMPLEX OPENS

by admin June 4, 2013

CEDAR RAPIDS, IOWA — The new DoubleTree by Hilton Cedar Rapids Convention Complex in Cedar Rapids has opened, following a dramatic two-year, $144 million capital improvement and expansion plan led by the city. Formerly Crowne Plaza Five Seasons, the new convention complex was purchased by the city of Cedar Rapids in 2011. The project includes the adjacent 9,600-seat U.S. Cellular Arena, as well as an 80,000-square-foot convention complex. The 267-guestroom hotel features glass elements, and original sculptures and artwork throughout the lobby and public areas. Frew Development served as developer for the project.

June 4, 2013

Midwest Seniors Housing

SENIORS HOUSING COMMUNITIES RECEIVE MORE THAN $20M

by admin June 4, 2013

HOPKINS, MINN. — Dougherty Mortgage LLC has arranged $20 million in refinancing for two seniors housing facilities located within the St. Therese Southwest senior community in Hopkins. The Terraces Assisted Living LLC received a $10.9 million HUD 232/223(a)(7) loan for the refinancing of The Terraces, an 86-unit assisted living/dementia care facility. The loan includes a 34-year amortization schedule. The Towers LLC received a $9.6 million HUD/FHA 223(a)(7) loan for the refinance of The Towers, a 224-unit, age-restricted seniors housing property. The owners plan to use the refinancing loans to reduce the interest rates on the loans and improve property operations. Golden Valley, Minn.-based Great Lakes Management Co. manages both properties.

June 4, 2013

Civic Midwest

WELSH CONSTRUCTION BREAKS GROUND ON SCHOOL

by admin June 4, 2013

ST. PAUL, MINN. — Welsh Construction has broken ground on the conversion of the former Church of St. Andrew into the Twin Cities German Immersion School. The 60,580-square-foot project is located in the Como Park area of St. Paul and will include renovating the existing school, converting the worship space into a gym and auditorium and constructing a new building to connect the existing structures. Construction is slated for completion by the end of November.

June 4, 2013

Industrial Midwest

GRAND WAREHOUSE SIGNS 83,115 SF LEASE IN CHICAGO

by admin June 4, 2013

CHICAGO — Grand Warehouse Logistics Corp. has signed an 83,115-square-foot industrial lease at 1401-1505 E. 96th St. in Chicago. The space is located within the 2.2 million-square-foot Calumet Business Center, an industrial park on Chicago’s south side. Chris Gary of NAI Hiffman represented the landlord, Ashley Capital, in the transaction. Grand Warehouse Logistics is a family-owned and operated public warehouse and distribution center. The corporation selected this facility to service clients that operate within Calumet Business Center.

June 4, 2013

Hospitality Midwest

SUMMIT CLOSES $153M ACQUISITION OF MIDWEST HOTELS

by admin June 3, 2013

INDIANAPOLIS — Summit Hotel Properties Inc. (NYSE: INN) has closed on the purchase of four Midwest hotels for $153 million from affiliates of White Lodging Corp. The acquisition features a four-hotel portfolio with a combined total of 786 guestrooms. The properties include the 135-guestroom Fairfield Inn & Suites by Marriott and the 198-guestroom SpringHill Suites by Marriott in Louisville, Ky.; the 156-guestroom SpringHill Suites by Marriott and the 297-guestroom Courtyard by Marriott in Indianapolis. The Austin, Texas-based REIT funded the acquisition through a combination of bridge financing and borrowings under its senior secured revolving credit facility.

June 3, 2013

Healthcare Midwest

PROHEALTH PLANS NEW $70M NEW CANCER CENTER

by admin June 3, 2013

PEWAUKEE, WIS. — ProHealth Care has announced plans to build a new $70 million cancer center in Pewaukee on a 14-acre site along Pewaukee Road, about 20 miles west of Milwaukee. The 116,000-square-foot cancer center will be the hub of ProHealth’s cancer program and include a variety of services from diagnosis and treatment to support and survivorship services. The health system will be seeking community support to help cover part of the cost of the project, according to a statement released by Waukesha, Wis.-based ProHealth. Construction on the center is slated for this fall, with an opening in January 2015. The health system will continue to operate cancer centers at Oconomowoc Memorial Hospital and the D. N. Greenwald Center in Mukwonago. The outpatient cancer services on the Waukesha Memorial Hospital campus will relocate to the new cancer center.

June 3, 2013

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