Midwest

OPUS GROUP COMPLETES NEW AQUATIC CENTER AT LUTHER COLLEGE

by admin July 10, 2013

DECORAH, IOWA — The Opus Group has completed construction on a new 17,800-square-foot aquatic center at Luther College in Decorah, located about 70 miles north of Waterloo. The new center houses an eight lane, 25-yard competition pool and a 13-foot deep diving well with one- and three-meter springboards. Features of the new facility include a state-of-the-art timing system, a large LED scoreboard, space for 280 spectators and an advanced water filtration system. The diving pool is equipped with a soft water landing system, which can be turned on to provide divers a softer landing during practice. The new building is an addition to the Regent’s Center, which houses a gymnasium, fitness center, field house and new multi-use court, which replaced the previous pool. Construction of the aquatic center began in September 2012 and was completed in June. Opus Design Build served as the design-builder on this project and, Opus AE Group served as the architect and structural engineer.

July 10, 2013

CAPITAL ADVISORS SECURES $57.5 M LOAN FOR W MINNEAPOLIS

by admin July 9, 2013

MINNEAPOLIS — Capital Advisors has arranged a $57.5 million loan for the refinancing of the 229-room W Minneapolis – The Forshay. The borrower is a partnership between RWB Holdings Inc. and Ryan Cos. US Inc. The 32-story hotel is located at 821 Marquette Ave. in downtown Minneapolis and features 212 guest rooms and 17 suites, which include private dining areas, fireplaces, wet bars and other amenities. After acquiring the 1920s-era Art Deco tower in 2006, the ownership group converted the property from its former office use to a five-star hotel. Ridge Stafford of Capital Advisors’ Charlotte office arranged the 10-year loan, which includes a 30-year amortization schedule. CMBS lender Jefferies LoanCore LLC provided the loan.

July 9, 2013

Midwest Office

AMERITUS BUYS 205 W. WACKER DRIVE FOR $22.3M

by admin July 9, 2013

CHICAGO — Ameritus LLC has entered into a joint venture with an East Coast-based private equity firm to acquire the Engineer’s Building at 205 W. Wacker Drive in Chicago. The sales price was $22.3 million, according to local media reports. The 25-story, 263,000-square-foot building was constructed in 1928 and includes panoramic views of the Chicago River. Ameritus plans to invest more than $10 million in the property to replace the mechanical systems, renovate the lobby and common areas and provide tenant amenities to the building. Chris Cassata and Scott Sessa of CBRE will serve as the leasing agents for the property.

July 9, 2013

Healthcare Midwest

24,988 SF MEDICAL OFFICE PROPERTY SELLS FOR $5.4M IN JACKSON, OHIO

by admin July 9, 2013

JACKSON, OHIO — Marcus & Millichap has arranged the sale of Adena Health Center, a 24,988-square-foot, net-leased medical office property in Jackson, about 80 miles south of Columbus, for $5.4 million. Scott Niedergang, Christopher Mitchel and Gino Lollio of Marcus & Millichap’s Healthcare Real Estate Group marketed the property on behalf of the seller, a private investor, and the buyer, a REIT. Constructed in 2003, the two-story building is located at 1000 Veterans Drive and is fully occupied by Adena Health System.

July 9, 2013

Midwest Office

PARTNERSHIP SELLS BELDEN CENTRE IN CHICAGO’S LINCOLN PARK

by admin July 9, 2013

CHICAGO — A joint partnership between ACG Equities and Purinton Development has sold Belden Centre at 2301-15 N. Clark St. in Chicago to Newport Capital Partners. The purchase price was undisclosed. The 52,806-square-foot retail property, which is located in Chicago’s Lincoln Park neighborhood, includes 76 parking spaces. Built in 1991 and renovated in 2011, the fully leased property includes tenants ranging from retail and dining establishments to personal services. Keely Polczynski, a retail investment sales advisor for CBRE, assisted the partnership in the sale.

July 9, 2013

Industrial Midwest

HACKMAN CAPITAL BUYS OHIO INDUSTRIAL REAL ESTATE PORTFOLIO

by admin July 8, 2013

COLUMBUS, OHIO — Privately held real estate investment firm Hackman Capital Partners LLC has acquired a 28-building industrial portfolio totaling 2.5 million square feet. The portfolio includes multi-tenant buildings throughout Ohio. Five of the properties are located in Columbus totaling 611,578 square feet, and 16 properties are located in Cleveland totaling 1.5 million square feet. The remaining seven properties are located in Cincinnati and total 394,072 square feet. Two land parcels in Columbus, totaling 23.5 acres, are also included in the portfolio. The multi-tenant buildings include 108 tenant spaces ranging from 2,400 to 219,600 square feet. As of closing, 73 percent of the space is occupied. Deutsche Bank provided first mortgage financing in connection with the transaction, and affiliates of New York-based Square Mile Capital Management LLC supplied an additional $25 million of capital. In addition to Hackman Capital’s internal team, the company has retained leasing agents for the new Ohio portfolio from Jones Lang LaSalle, CBRE, Newmark Grubb Knight Frank, RG Boll and Colliers International. Hackman Capital also retained Colliers International as property managers of the portfolio.

July 8, 2013

Midwest Retail

SUBURBAN CLEVELAND SAM’S CLUB SELLS FOR $21.4M

by admin July 8, 2013

BROOKLYN, OHIO — Marcus & Millichap has arranged the sale of a 147,771-square-foot, triple-net leased Sam’s Club building in suburban Cleveland for $21.4 million. A Sam’s Club Fuel Center outparcel was also included in the sale. Scott Wiles, vice president of investments, and Craig Fuller, a senior associate in Marcus & Millichap’s Cleveland office, along with Erin Patton, a vice president of investments in the firm’s Columbus office, represented the seller, a northeast Ohio-based limited liability company. Sam’s Club has 5.5 years remaining on its lease and a percentage rent clause tied to the store’s gross sales. The property is located at 10250 Brookpark Road in Brooklyn at the intersection of Tiedeman and Brookpark roads. The store was built in 1987 on 9.9 acres and has been periodically remodeled during the last decade.

July 8, 2013

Midwest Multifamily

GRANDBRIDGE FINANCES $17.7M MISSOURI MULTIFAMILY PROPERTY

by admin July 8, 2013

SPRINGFIELD, MO. — Grandbridge Real Estate Capital has closed a $17.7 million mortgage loan secured by Weaver Creek Apartments, a 254-unit multifamily property in Springfield. Frank Sciara, a vice president at Grandbridge Kansas City’s office, originated the refinance. Funding for the fixed rate loan was provided through one of Grandbridge’s CMBS investors. The 10-year loan includes a 25-year amortization schedule and one year of interest-only payments. Property amenities include a swimming pool, fitness center, business center and game room.

July 8, 2013

Midwest Seniors Housing

REIT BUYS ASSISTED LIVING FACILITY IN ALEDO, ILL., FOR $8.6M

by admin July 8, 2013

ALEDO, ILL. — Cornerstone Core Properties REIT Inc. (Core REIT) has acquired a 66-unit assisted living facility in Aledo, located about 25 miles south of Davenport, Ill., for $8.6 million. Built in 2006, the facility is 95 percent occupied. An affiliate of Meridian Senior Living operates the seniors housing property under a triple-net lease. Meridian currently operates more than 100 facilities in 12 states.

July 8, 2013

Midwest Office

MOLINA HEALTHCARE SELLS TWO OFFICE BUILDINGS FOR $158M

by admin July 3, 2013

LONG BEACH, CALIF. AND COLUMBUS, OHIO — Molina Healthcare has sold its headquarters office complex in Long Beach, Calif., and an office building in Columbus, Ohio, for $158 million in a sale-leaseback transaction. The 160,000-square-foot building in Columbus was acquired in December 2012 and serves as the principal health plan operations of Molina Healthcare of Ohio. The Long Beach corporate office complex is approximately 500,000 square feet and was purchased in 2011. Angelo Gordon & Co., AGNL Clinic L.P was the buyer. The McKinney Advisory Group, led by Damian McKinney, represented Molina Healthcare in the transaction. In addition, Western Reserve Partners LLC, led by Victor Faris, managing director, and supported by associate Matthew Reus and analyst Andrew Foster, served as a co-advisor and placement agent to Molina Healthcare.

July 3, 2013

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