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Midwest

HospitalityMidwest

M&M ARRANGES $2.2M SALE OF 113-ROOM HOSPITALITY PROPERTY

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PLYMOUTH, MINN. — Marcus & Millichap has arranged the $2.2 million sale of the Days Inn Plymouth West/Minneapolis, a 113-room hospitality property located in Plymouth, a western suburb of Minneapolis. Jon Ruzicka, a hospitality investment specialist, and Gordon Allred, vice president of investments at Marcus & Millichap, represented the seller, a private fund, and the buyer, a limited liability company. The four-story property is located near the intersection of Interstate 494 and Highway 55 at 2955 Empire Lane. The buyer plans to renovate the property.

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IndustrialMidwest

ML REALTY PARTNERS ANNOUNCES NEW CHICAGOLAND LEASE

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LOCKPORT, ILL. — PressSense Pressure Sensitive Papers Inc. has leased 52,005 square feet of warehouse space at Heritage Crossing Corporate Center in Lockport, located about 38 miles southwest of Chicago. The industrial warehouse property at 14503 Gougar Road spans 121,800 square feet. Polly Ozack, president of Winner’s Edge Inc., represented PressSense in the transaction. Dan Leahy, Mark Moran, and John Whitehead of NAI Hiffman represented the landlord, ML Realty Partners LLC. PressSense Pressure Sensitive Papers is a distributor of specialty label paper and print media.

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MidwestOffice

J.C. ANDERSON COMPLETES 20,000 SF BUILD-OUT FOR RIGHTPOINT

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CHICAGO — J.C. Anderson Inc. has completed a 20,000-square-foot office build-out for Rightpoint, a technology consulting firm, at 29 N. Wacker Drive in Chicago. The firm relocated its headquarters from 626 W. Jackson in Chicago to the Windy City’s Central Business District. The move doubled the space for the growing firm, which was founded in 2007. The new office space includes conference rooms, private offices, a pantry area and an open floor plan. Construction also featured millwork finishes, high-end barn doors and exposed ceilings. Joe Maguire was the project executive for J.C. Anderson Inc. Matt Kantro, project manager, and Darrel Panfil, superintendent, also of the firm, led the construction team. Holabird & Root provided the architectural services.

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Market ReportsMidwest Market ReportsMissouri

Corporate Expansions, Millennials Lead Surge in Downtown St. Louis

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Downtown St. Louis has always marched to the beat of a different drummer. Despite a sluggish economy and a history of major corporations leaving for a variety of reasons, the downtown office market has experienced steady, incremental growth that has been reflected by the positive absorption since 2009. Much of this growth is due to tenants looking to expand or relocate in order to take advantage of the many options downtown, which generally are less expensive than suburban locations. Since 2012, downtown St. Louis has gained 425,000 square feet of positive absorption in the office sector. New Life for Older Buildings Recent building renovations also play a part in the growth. Creative companies are looking for open, contemporary facilities, which can be found in old buildings that have been redeveloped. These revitalized buildings now offer new infrastructure and modern space that exude a cool look and vibe. Indeed, that trend can be found in historic structures like the 450,000-square-foot Park Pacific, once the headquarters of the Missouri Pacific Railroad and now 80 percent luxury apartments and 20 percent office (tenants are CBS Radio and Creative Producers Group) and retail space. Cupples 9, a 144,000-square-foot building that was once part of …

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MidwestMixed-Use

NEW CITY PROJECT IN CHICAGO SECURES $182M CONSTRUCTION LOAN

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CHICAGO — Bucksbaum Retail Properties LLC, Structured Development LLC and institutional investors advised by J.P. Morgan Asset Management have begun construction on New City, a 500,000-square-foot mixed-use project in Chicago. The development team received a $182 million construction loan to build New City. The development will be located on 8.5 acres at the intersection of Clybourn and Halsted streets in the city’s Clybourn Corridor. The project will feature 360,000 square feet of retail space and a 200-unit, 16-story residential tower when it is complete in fall 2015. Mariano’s and Dick’s Sporting Goods will anchor the retail component of the project. The Mariano's store at New City will be the grocer's largest one in Chicago. The project will also feature new-to-market retailers ArcLight Cinemas, Earls Kitchen + Bar and Kings Bowl.

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MidwestOffice

PINNACLE ARRANGES $26M FOR FOUR-PROPERTY OFFICE PORTFOLIO

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CLEVELAND, OHIO — Pinnacle Financial Group Inc. has arranged $26 million in refinancing for a four-property historic office portfolio in downtown Cleveland and Pittsburgh. The 382,814-square-foot portfolio includes the Park Building, Diamond Building and the Superior Building in Cleveland, as well as the Investment Building in Pittsburgh. Pinnacle worked on behalf of E.V. Bishoff Co. to secure the 15-year, non-recourse loan through a life insurance company lender. The loan also includes a fixed interest rate.

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HospitalityMidwest

WESTIN O’HARE HOTEL TO UNDERGO $22M RENOVATION

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ROSEMONT, ILL. — The 525-room Westin O’Hare will undergo a $22 million renovation that will include transforming the lobby lounge into a Starbucks Coffee café. The project will also upgrade 50,000 square feet of meeting and ballroom space with new carpeting, wall vinyl, lighting fixtures, artwork, audio/video services and both wired and wireless Internet connectivity. The Gettys Group, a Chicago-based hotel consulting and design firm, will begin construction of the Starbucks this month, followed by a complete redesign of the front desk and lobby areas and construction of a 3,800-square-foot ballroom. The project is slated for a completion in March 2014. The project comes on the heels of a multi-million dollar renovation completed this past March, which included upgrading all of the guest rooms and meeting space.

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MidwestMultifamily

TIKIJIAN ARRANGES SALE OF 208-UNIT APARTMENT COMPLEX

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GREENFIELD, IND. — Tikijian Associates has arranged the sale of Bluestone Apartments, a 208-unit luxury apartment community in Greenfield, an eastern suburb of Indianapolis. The purchase price was undisclosed. Tikijian Associates represented the property’s developer, Indianapolis-based Paragus, in the sale. Lauth Communities, an affiliate of locally based Lauth Group Inc., was the buyer. The community features large floor plans, attached and detached garages and a full community amenity package. Completed in 2009, Bluestone is the newest apartment community in the Greenfield market, according to Tikijan Associates.

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MidwestMultifamily

NORTHMARQ ARRANGES $21.7M LOAN FOR TWO APARTMENT COMPLEXES

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OVERLAND PARK, KAN. — NorthMarq Capital has arranged a $21.7 million loan for the refinancing of two apartment communities in Kansas and Tennessee. NorthMarq arranged a 10-year loan for Louisburg Square Apartments, a 313-unit conventional market multifamily property located at 9301 Santa Fe Lane in Overland Park. The Freddie Mac loan includes a 30-year amortization schedule. The owners of Sunnybrook Apartments, a 152-unit affordable housing community in Knoxville, also received a 10-year loan through Freddie Mac. Greg Duvall, senior vice president and managing director of NorthMarq’s Kansas City regional office, arranged the loan.

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CivicMidwest

UNION COUNTY OPENS $10.7M COURTHOUSE IN JONESBORO, ILL.

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JONESBORO, ILL. — A new $10.7 million courthouse, which replaces a pre-Civil War facility that served Union County for 155 years, has opened in Jonesboro, a city in southwest Illinois. Designed by HOK of St. Louis, the new 46,000-square-foot courthouse consolidates Union County’s government services in one location. The courthouse is sustainable and features energy-efficient mechanical systems for heating and cooling. The new facility will cut energy costs by 25 percent compared to the old structure. The design team includes general contractor River City Construction; engineering design firm BRiC Partnership LLC; civil engineering firm Clarida & Ziegler Engineering; and project facilitator Hodgson Associates. The project was funded by a one-cent sales tax in Union County approved by taxpayers in 2010.

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