Midwest

CONNOR GROUP BUYS LENNOX FLATS IN COLUMBUS FOR $17M

by admin January 7, 2014

COLUMBUS, OHIO — The Connor Group, a Centerville, Ohio-based real estate investment firm, has purchased Lennox Flats from Kinnear Road Redevelopment LLC for $17 million. The 194-unit community is located within walking distance of Ohio State University and features five different floor plans, as well as a resort-style swimming pool, 24-hour fitness center and private theater. The Connor Group, which specializes in Class A apartment communities in Class A locations, owns nine communities in the Columbus market.

January 7, 2014

JV SELLS VACANT RETAIL SPACE IN SUBURBAN MINNEAPOLIS

by admin January 7, 2014

MONTICELLO, MINN. — The Hampshire Cos., in a joint venture with The Lipsitz Cos., have sold an 86,479-square-foot retail building located at 300 Seventh St. W. in Monticello, about 38 miles northwest of Minneapolis. The property was sold to JR&RII LLC. The retail building was under lease with Kmart until November 2015, but was vacated in the first quarter of 2012 as part of parent company Sears Holding Corp.’s efforts to close a number of its underperforming retail stores. The recent sale allows Kmart to exit its lease on the building before its scheduled expiration, according to The Hampshire Cos. Wayne Elam of Commercial Realty Solutions represented the buyer in the transaction.

January 7, 2014

Industrial Midwest

MORGAN/HARBOUR CONSTRUCTION COMPLETES 87,975 SF INDUSTRIAL FACILITY

by admin January 7, 2014

ELK GROVE VILLAGE, ILL. — Morgan/Harbour Construction has completed an 87,975-square-foot industrial facility for Weiss Rohlig Logistics. CenterPoint Properties is the developer of the new ground-up facility located at 1601 Estes Ave. in Elk Grove Village, a northwest suburb of Chicago. CenterPoint selected Morgan/Harbour as the general contractor for the project that began with the demolition of an existing building. The industrial building is divisible for two tenants and features a glass curtain wall at each entry. Weiss Rohlig will use 57 percent of the space. The property includes 16,000 square feet of office, 15 loading docks and two drive-in doors. Weiss Rohlig Logistics is the partnership of Gebruder Weiss and Rohlig Logistics and its core business is overland transport, air and sea freight and complex logistics solutions. Ben Warriner, vice president of construction, and Noah Warriner, project manager, led Morgan/Harbour’s construction team. Cornerstone Architects provided the architectural services.

January 7, 2014

Midwest Multifamily

DOUGHERTY CLOSES $11.2M LOAN FOR BUZZA LOFTS OF UPTOWN

by admin January 7, 2014

MINNEAPOLIS — Dougherty Mortgage LLC has originated an $11.2 million HUD-insured 223(f) loan for the refinancing of Buzza Lofts of Uptown, a 136-unit multifamily property in Minneapolis. The self-amortizing loan features a 35-year term. The property was originally built in 1907 as a warehouse building and was renovated in 2012 into an apartment building. As part of the renovation, the owner secured federal historic preservation tax credits and a matching Minnesota historic preservation tax credit. The property operates as a Section 42 Low Income Housing Tax Credit property with all of the units having restricted rents at 60 percent or less of the area median income.

January 7, 2014

Market Reports Midwest Market Reports Missouri

Retail Market Comes Alive with Expansions and Additions

by admin January 7, 2014

The famous Kansas City song — first recorded by Wilbert Harrison in 1959 — says, “I’m going to Kansas City, Kansas City here I come.” Well, in 2013, the retailers did come to Kansas City, which was beautiful music to the ears of developers and landlords throughout the area. Some of the most notable new additions to the Kansas City retail scene include IKEA, The Container Store, Academy Sports + Outdoors, Scheels Sporting Goods, REI, Fresh Market, Rock & Brews, Cinetopia, Eileen Fisher, Freebirds World Burrito, Chuy’s and Hallmark’s new store concept called “HMK.” Still other retail additions include Pinstripes, an upscale entertainment and dining venue featuring bocce and bowling, as well as Sprouts and Corner Bakery. Geographic proximity to other established markets for these retailers led to a natural migration pattern to Kansas City. However, the following factors created new inventory opportunities and supplied the key ingredients for an active retail climate in 2013 that should continue in 2014: • the metro’s declining unemployment rate to 6.3 percent from a recent high of 8.4 percent in 2010; • the buoyant housing market, with an estimated 5,960 new residential and apartment units added during 2013 versus 2,342 units in 2010; …

January 7, 2014

Midwest Retail

GLIMCHER ACQUIRES ARBOR HILLS IN MICHIGAN FOR $52.6M

by admin January 6, 2014

ANN ARBOR, MICH. — Glimcher Realty Trust has purchased Arbor Hills, an open-air retail center in Ann Arbor totaling 85,000 square feet, for approximately $52.6 million. The North Shore Property Group and Campus Realty developed the center, which held its grand opening in August 2013. The property is approximately 87 percent leased to tenants including Anthropologie, Arhaus, lululemon, Madewell and The North Face. Glimcher purchased a 93 percent interest in the center through a newly formed joint venture. The acquisition was funded primarily through a combination of a property level debt and working capital.

January 6, 2014

Midwest Retail

DEVONSHIRE REIT BUYS FIVE RETAIL PROPERTIES IN OHIO FOR $31M

by admin January 6, 2014

TOLEDO AND WATERVILLE, OHIO — Devonshire REIT Inc., a private real estate investment trust, has acquired five retail properties in Ohio for $31 million. Four of the properties are located on Monroe Street in Toledo. These properties include Monroe Street Square Shopping Center, a 124,904-square-foot, Hobby Lobby-anchored center; Bed, Bath & Beyond Plaza, a fully leased, 55,139-square-foot retail property; the 45,594-square-foot Office Depot Plaza; and a 9,860-square-foot property fully occupied by Pier 1 Imports. Devonshire also acquired 125 acres of the 350-acre, mixed-use Villages at Waterville Landing development in Waterville. The 125 acres are zoned for retail and currently include a new 80,000-square-foot Kroger, a Farmers & Merchants State Bank branch and a Speedway fuel center that is under construction. Goldman Sachs Mortgage Company provided financing for the Monroe Street acquisitions and for the refinancing of the first phase at Franklin Place. The financing package totaled $24 million. The properties were purchased from local real estate developers and investors, Tom Helberg and Thomas Schlachter.

January 6, 2014

Midwest Seniors Housing

BERKADIA PROVIDES $28M IN FINANCING FOR THREE SENIORS HOUSING PROPERTIES

by admin January 6, 2014

HORSHAM, PA. — Berkadia Commercial Mortgage LLC has provided three acquisition loans totaling $28 million for Capital Senior Living Corp. Lisa Lautner, senior vice president of Berkadia’s seniors housing and healthcare group, originated the loans for the seniors housing properties located in Ohio, Wisconsin and Georgia.Lautner arranged a $11.9 million loan through Fannie Mae for Hyland Park of Fitchburg in suburban Madison, Wis. The 10-year loan includes a fixed interest rate and 30-year amortization schedule. The property features 82 independent and assisted living units and is 98 percent occupied. Berkadia also provided a $7.6 million loan through Fannie Mae for Woodlands of Middletown, located in suburban Cincinnati. The senior living community features 61 assisted living and memory care units, which have studio and one-bedroom layouts, as well as companion suites. The 10-year loan includes a fixed interest rate and 30-year amortization schedule. The property is currently 93 percent occupied. In addition to the Fannie Mae financings, Lautner arranged an $8.5 million loan through Berkadia’s proprietary bridge lending program for Peachtree Plantation, a 64-unit assisted living and memory care facility located in Oakwood, Ga.

January 6, 2014

Midwest Retail

95,446 SF SHOPPING CENTER IN METRO CLEVELAND SELLS FOR $17.8M

by admin January 6, 2014

NORTH OLMSTED, OHIO — Marcus & Millichap has arranged the $17.8 million sale of the North Olmsted Towne Center, a 95,446-square-foot shopping center in North Olmsted, approximately 17 miles southwest of Cleveland. The sales price equates to $186 per square foot. Scott Wiles and Craig Fuller in Marcus & Millichap’s Cleveland office, along with Erin Patton in the firm’s Columbus office, represented the seller, a local Cleveland investment group. Wiles, Fuller, Patton and Dustin Javitch, who is also in the Cleveland office, advised the buyer, an out-of-state private investor. The property is located in the center of North Olmsted’s commercial district at 25100 Brookpark Road, east of the intersection of Brookpark Road and Great Northern Boulevard. Shadowed by Target and a Walmart Supercenter, tenants at the North Olmsted Towne Center include David’s Bridal, The Tile Shop, Jimmy John’s, La-Z-Boy, Men’s Wearhouse, Moe’s Southwest Grill, Party City and Pearle Vision.

January 6, 2014

Midwest Multifamily

M&M ARRANGES $1.2M SALE OF 12-UNIT APARTMENT BUILDING

by admin December 23, 2013

ELMURST, ILL. — Marcus & Millichap has arranged the $1.2 million sale of Lexington Apartments, a 12-unit multifamily property in Elmhurst, a suburb of Chicago. Ryan Engle and Andrean Angelov, investment specialists in Marcus & Millichap’s Oak Brook, Ill., office, marketed the property on behalf of the seller, a private investor. Engle and Angelov also represented the buyer, a private investor. Lexington Apartments is located at 15W630 Lexington St. and includes four one-bedroom and eight two-bedroom units. The property also features 24 off-street parking spaces, on-site laundry facilities and one storage space per unit.

December 23, 2013

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