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

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

Midwest Multifamily

72-UNIT APARTMENT BUILDING SELLS FOR $8.2M

by admin June 3, 2013

ST. PAUL, MINN. — Marcus & Millichap has arranged the $8.2 million sale of Highlands on Graham, a 72-unit apartment property located in St. Paul. Dan Linnell of Marcus & Millichap’s Minneapolis office represented the buyer, a partnership, in the transaction. An outside brokerage firm represented the seller. Highlands on Graham is located at 1910 and1920 Graham Ave.

June 3, 2013

Midwest Retail

BOOKS HOLDING SELLS 25,000 SF RETAIL BUILDING

by admin June 3, 2013

AUBURN HILLS, MICH. — Books Holding LLC has sold a former Borders building in Auburn Hills, located about 30 miles north of Detroit. The purchase price was undisclosed. The 25,000-square-foot property is located at 3924 Baldwin Road. The building has been vacant for 18 months and is located near a Starbucks, Pier 1 Imports, Subway and U.S. Post Office. Detroit-based Stokas Bieri, an X Team International partner, represented the seller in the transaction. The buyer, JMG Auburn Hills LLC, was self-represented.

June 3, 2013

Market Reports Midwest Market Reports Minnesota

Expect Distressed Sales to Slow in Twin Cities as Banks Recover

by admin June 3, 2013

The recession negatively affected local, regional and national banks in Minneapolis/St. Paul and all commercial real estate product types. A wide range of real estate owned (REO) assets have sold in recent years, including single- and multi-tenant office buildings, industrial buildings, convenience stores, office condos, residential condos in bulk blocks, raw land, a campground, a historic warehouse, hotels — just about everything. The biggest sector of bank REO property has been land, particularly residential development land. Nevertheless, the start of the housing recovery has seen a reduction in the inventory of individual residential lots coupled with increased interest in some of our larger residential development sites from national homebuilders. While most of the insurance companies exited the Minneapolis commercial real estate market years ago, one of the national insurance companies did repossess a large Class A office property last year and sold it to a local investment group for a dollar more than the loan, which was $110 million. Zeller Realty Corp. of Chicago and Atlanta-based Invesco acquired the Fifth Street Towers from MetLife in April 2012. The buildings (two towers) were built in 1987 and 1988, and consist of roughly 1 million square feet. The group that lost the …

June 3, 2013

Midwest Multifamily

104-UNIT APARTMENT BUILDING IN OHIO SELLS FOR $1M

by admin May 31, 2013

MAPLE HEIGHTS, OHIO — Marcus & Millichap has arranged the sale of the Maple/Lee Apartments, a 104-unit apartment property located at 5900 – 6300 Lee Road in Maple Heights, for $1 million. Dan Burkons and Michael Barron of Marcus & Millichap’s Cleveland office represented the seller, which had owned the complex for 50 years, and the buyer, a Chicago-based limited liability company.

May 31, 2013

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