Midwest

JOINT VENTURE ACQUIRES CHICAGO STUDENT HOUSING TOWER FOR $58.5M

by admin April 8, 2013

CHICAGO — A joint venture between Atlas Real Estate Partners, Marc Real Residential and Angelo, Gordon and Co. has acquired 2 E. 8th St., a 330-unit student housing property in Chicago, for $58.5 million. Located in Chicago's South Loop, the 28-story high-rise building is close to Columbia College, Roosevelt University and more than 20 other schools. The property includes 882 beds, 20,000 square feet of ground-floor retail and a four-story parking garage. At the time of sale, the property was 96 percent leased. Chris Bancroft and Chris Epp of ARA Student Housing Group and Susan Lawson and Todd Stofflet of ARA Chicago represented the seller, Philadelphia-based Equus Capital Partners Ltd., formerly BPG Properties Ltd., in the transaction.

April 8, 2013

Midwest

OPUS DEVELOPMENT SELLS TWO ACRES IN MAPLE GROVE TO GREAT SOUTHERN BANK

by admin April 8, 2013

MAPLE GROVE, MINN. — Opus Development Co. LLC has sold two acres of land in Maple Grove, a northwest suburb of Minneapolis, to Great Southern Bank for an undisclosed sum. The parcel of land is located at 7680 Zachary Lane and includes easy access to I-94. Chris Simmons and Kris Schisel of Colliers International represented Opus. Jim Damiani of Colliers International represented Great Southern Bank in the transaction.

April 8, 2013

Midwest Mixed-Use

WALTER TOWER REALTY HIRES @PROPERTIES AS LEASING AGENT FOR CHICAGO BUILDING

by admin April 8, 2013

CHICAGO — Water Tower Realty has hired @properties Commercial to lease 26,000 square feet of retail space and 8,000 square feet of office space in the historic Marshall Field & Co. building in downtown Oak Park. The building was built in 1929 as a miniature replica of Marshall Field’s landmark State Street store. Field’s occupied the property until 1986. It was added to the National Register of Historic Places in 1988. Most recently, the retail space was leased to Borders bookstore, which closed in 2011. Dan Stratis and Larry Cohn of @properties Commercial are the leasing agents for the 91,451-square-foot building located at 1144 Lake St.

April 8, 2013

Indiana Market Reports Midwest Market Reports

Office Landlords, Tenants Adapt to the Needs of a Changing Workforce

by admin April 8, 2013

The big story in the Indianapolis office market is not the latest change in the occupancy rate or rents, but rather the desire by landlords and tenants to create a sense of place. Connectivity and collaboration, amenities and perks, as well as talent recruitment and retention have taken on a heightened importance. Interestingly, these buzzwords are used just as frequently when assessing corporate real estate as they are in the human resources department. Employees today look for their work experience to offer something more than a desktop. They look for connectivity to diverse and conveniently located amenities within walking distance. They want easy access to biking and walking trails and fitness facilities. They seek open collaborative workstations, game rooms, huddle rooms, bike storage, as well as showers and lockers. Their desires are influencing real estate development and the locations employers ultimately select. There is ample evidence of these trends in Indianapolis. Thanks to the wisdom of the city’s early founders and more recently key city officials, Indianapolis enjoys a condensed city core. Its downtown already has the framework to offer up an easy-to-connect experience, recently enhanced with a world-class urban bike and pedestrian path connecting neighborhoods, cultural districts and other …

April 8, 2013

Healthcare Midwest

GRIFFIN-AMERICAN ACQUIRES THREE MEDICAL OFFICE BUILDINGS IN MIDWEST

by admin April 5, 2013

INDIANAPOLIS AND DETROIT — Griffin-American Healthcare REIT II Inc. has acquired three medical office buildings in Indianapolis and Detroit as part of a five-building, $46 million purchase throughout the United States. The properties include the 44,000-square-foot Riverview Medical Arts Building in Noblesville, Ind., a northwest suburb of Indianapolis; and the 94,000-square-foot Eastern Michigan Medical Office Building Portfolio, which includes Keystone Medical Center and West Oaks Medical Office Building in Novi and West Bloomfield, Mich. Riverview Medical Arts Building was acquired from an entity affiliated with Cornerstone Cos. Inc. Eastern Michigan Medical Office Building Portfolio was acquired from entities affiliated with RSM Development and Management. The other two medical office buildings in the deal include the 28,000-square-foot St. Anthony North Medical Office Building II in Westminster, Colo., a northern suburb of Denver; and the 45,000-square-foot Ultima at Eagles Landing in Stockbridge, Ga., located about 20 miles south of Atlanta. Newport Beach, Calif-based American Healthcare Investors facilitated the acquisition on behalf of Griffin-American Healthcare REIT II Inc.

April 5, 2013

Midwest Multifamily

HFF ARRANGES $44M CONSTRUCTION FINANCING FOR STUDENT HOUSING DEVELOPMENT

by admin April 5, 2013

MINNEAPOLIS — HFF has arranged $44 million in construction financing and joint venture equity for Metro Park East, a 194-unit, 551-bed, campus-adjacent student housing development at the University of Minnesota – Twin Cities in Minneapolis. Adam Herrin of HFF worked on behalf of the developer, Fountain Residential Partners LLC, to secure a $29.5 million construction loan through American Bank of Texas. In addition, HFF assisted in securing $11.56 million in joint venture equity with an institutional capital partner. Metro Park East is located at 2635 SE. 4th St. in the Stadium Village neighborhood directly adjacent to the East Bank campus of the university. Due for completion for fall semester 2014 occupancy, the project will be built to LEED Silver standards and will include one-, two-, three- and four-bedroom apartment units.

April 5, 2013

Industrial Midwest

GS HYDRAULICS PURCHASES 50,000 SF MUKWONAGO FACILITY NEAR MILWAUKEE

by admin April 5, 2013

MUKWONAGO, WIS. — GS Hydraulics, in a move to expand their hydraulic systems business, has purchased a 50,000-square-foot industrial building, located at 929 Empire Drive in Mukwonago, about 25 miles southwest of Milwaukee. GS Hydraulics purchased the building from Empire Industries, a manufacturer of pipe hangers and supports. The purchase price was undisclosed. Kurt Van Dyke of Cassidy Turley Barry represented Empire Industries in the transaction. Dave Hazenfield of The Dickman Co. represented GS Hydraulics.

April 5, 2013

Midwest Office

ADVANTAGE FUTURES MOVES CHICAGO HEADQUARTERS TO 231 S. LASALLE

by admin April 5, 2013

CHICAGO — Futures broker Advantage Futures LLC has signed a 10-year lease for 41,500 square feet of office space at 231 S. LaSalle St. in Chicago’s financial district. Chicago-based Advantage will move from its 28,500-square-foot office, located at 141 W. Jackson Blvd., later this month. In addition, Advantage will retain its Business Continuity/Disaster Recovery Center in Downers Grove, Ill. as well as 10 data centers ensuring redundant connectivity and server colocation facilities.

April 5, 2013

Midwest Mixed-Use

DEVELOPERS, MAYOR BREAK GROUND ON $45.6M MIXED-USE PROJECT IN CHICAGO

by admin April 4, 2013

CHICAGO — Developers and Chicago Mayor Rahm Emanuel held a groundbreaking ceremony Tuesday for the $45.6 million Shops and Lofts project in the Bronzeville neighborhood of Chicago. The three-acre development, which is located at 47th Street and Cottage Grove Avenue, includes a new five-story, 72-unit apartment building with 55,000 square feet of retail; two new six-flats; a new nine-flat; and a rehabilitated three-flat; along with parking for residents and visitors. A Walmart Neighborhood Market will occupy most of the retail space, which is being developed by Skilken and Troy Enterprises. The Community Builders Inc. will develop the residential component, comprised of 44 affordable, 28 public housing and 24 market-rate apartments.

April 4, 2013

Healthcare Midwest

MCCARTHY BREAKS GROUND ON $28M MERCY/CENTERRE REHAB HOSPITAL IN SPRINGFIELD

by admin April 4, 2013

SPRINGFIELD, MO. — McCarthy has broken ground on a $28 million rehabilitation hospital for Mercy and Centerre Healthcare . The 63,000-square-foot, two-story rehab hospital is located across the street from the Mercy Orthopedic Hospital Springfield site in Springfield. Mercy Rehabilitation Hospital Springfield will include 60 beds and provide inpatient rehabilitation for patients who are recovering from strokes, brain or spinal cord injuries, amputations, complex orthopedic injuries and other conditions. Construction is slated for completion in early 2014. Indianapolis-based Duke Realty Corp. will own the building. Nashville, Tenn.-based Earl Swensson Associates, Inc. is the project architect. Mercy Rehabilitation Hospital Springfield is a partnership between Mercy and Centerre Healthcare Corp.

April 4, 2013

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