Midwest

JONES LANG LASALLE NAMED LEASING AGENT FOR 2.1 MILLION SF OFFICE COMPLEX

by admin March 28, 2013

CHICAGO — CommonWealth REIT has hired Jones Lang LaSalle as the leasing agent for the Illinois Center, a 2.1 million-square-foot office complex located at 111 E. Wacker Drive and 233 N. Michigan Ave. in Chicago’s East Loop. Reit Management & Research LLC manages the two-building complex. Brian Atkinson, Monica Moore and Brad Despot of Jones Lang LaSalle will oversee leasing efforts at Illinois Center. Designed by Fujikawa, Conterato, Lohan & Associates, the complex is known for its modern design and proximity to North Michigan Avenue and 30-plus restaurants.

March 28, 2013

PREMIER DESIGN + BUILD TO CONSTRUCT 124,028 SF WAREHOUSE IN ELK GROVE

by admin March 28, 2013

ELK GROVE VILLAGE, ILL. — Premier Design + Build Group will construct a 124,028-square-foot warehouse distribution facility in Elk Grove Village, located about 20 miles northwest of Chicago. Construction will begin in April and is slated for completion in the fourth quarter of this year. The property will be located at 2475 Touhy Ave. and includes 35 delivery docks and 154 parking spaces. When the project is complete, the new warehouse will be capable of housing up to four tenants. Mark Melone of Premier Design + Build is the project manager and Scott Lebak of Premier is the project superintendent. Cornerstone Architects Ltd. is the architect, and Spaceco Inc. is the civil engineer.

March 28, 2013

Midwest Retail

KUDAN GROUP ARRANGES SALE OF 4,000 SF CAF IN CHICAGO

by admin March 28, 2013

CHICAGO — Kudan Group has arranged the sale of 6800 North Sheridan in Chicago for $125,000. Darren Christian purchased the 4,000-square-foot property, formerly Pillars Social Café. Christian plans to renovate and reopen the space as Ciao Bella Café in April. Jerrod Rosen of Kudan Group represented the buyer and seller in the transaction.

March 28, 2013

Midwest Multifamily

CONSTRUCTION OF $25M APARTMENT COMMUNITY IN COLUMBUS TO BEGIN NEXT WEEK

by admin March 27, 2013

COLUMBUS, OHIO — Construction of 801 Polaris, a $25 million, 270-unit apartment community in Columbus, will begin April 1. The community is scheduled for completion in October 2014. Terre Haute, Ind.-based Thompson Thrift Construction is the project’s general contractor. Kaufman Development is the developer. The four-story apartment building includes one-, two- and three-bedroom units and 378 parking spaces.

March 27, 2013

Hospitality Midwest

GRAVES HOSPITALITY TAKES OVER MANAGEMENT, REDEVELOPMENT OF TWO HOTELS

by admin March 27, 2013

ST. PAUL, MINN. — The Mille Lacs Band of Ojibwe has hired Graves Hospitality Corp. to take over management and redevelopment of two hotels in downtown St. Paul: the Crowne Plaza St. Paul Riverfront Hotel at 11 Kellogg Blvd.; and the DoubleTree St. Paul Downtown Hotel at 411 Minnesota St. The Mille Lacs Band acquired the hotels, which include nearly half of the hotel rooms in downtown St. Paul, in early March. The Mille Lacs Band of Ojibwe, a self-governing, federally recognized Indian tribe located in East Central Minnesota, purchased the hotels as part of an investment diversification strategy. The band has more than 4,300 enrolled members.

March 27, 2013

Midwest Multifamily

EVERGREEN POINTE TOWNHOMES LLC ACQUIRES APARTMENT COMMUNITY FOR $2.7M

by admin March 27, 2013

SAVAGE, MINN. — Evergreen Pointe Townhomes LLC has acquired Evergreen Pointe Townhomes, a 43-unit multifamily property in Savage, a southwest suburb of Minneapolis, for $2.7 million, or $64,000 per unit. The seller was Evergreen Pointe Townhomes LP. The apartment community is part of the Section 42 Low-Income Housing Tax Credit program and has an extended-use agreement in place that requires the units continue to be rented to tenants who make 60 percent or less of the area’s median income. The 49,808-square-foot apartment community is located at 4100-4228 McColl Drive. John Karlen of RP Mallery Group LLC represented the buyer and the seller in the transaction.

March 27, 2013

Midwest Retail

MARCUS & MILLICHAP ARRANGES SALE OF 9,200 SF RETAIL BUILDING FOR $2.5M

by admin March 27, 2013

BELLEVUE, WIS. — Marcus & Millichap has arranged the sale of Bellevue Retail Center, a 9,200-square-foot retail property, for $2.5 million. The shopping center is located at 1976 Lime Kiln Road in Bellevue, a southern suburb of Green Bay, and was 85 percent occupied at the time of sale. Jeff Rowlett and Jason Ladner of Marcus & Millichap represented the seller, a developer, in the transaction. Michael Ahles of Marcus & Millichap represented the buyer, a private investor.

March 27, 2013

Midwest

ASCENT TO BUILD $200M DATA CENTER IN CHICAGO

by admin March 26, 2013

CHICAGO — Ascent will build a $200 million data center in downtown Chicago. The developer is teaming up with Sterling Bay Cos. to renovate a property located at 717 S. Desplaines St. CH3 Data Center will be a multi-tenant development that will offer infrastructure that can be tailored to customer requirements. The center will range from 212,000 square feet to 560,000 square feet, depending on demand. St. Louis-based Ascent said in a statement the CH3 project has full capital backing from its current equity partners. The development marks Ascent's third data center in the Chicago area. The other two centers are located in Northlake, about 15 miles west of Chicago. Ascent is a provider of comprehensive solutions for the development, design, engineering, construction and operation of data centers.

March 26, 2013

Midwest Multifamily

PLK PURCHASES MULTIFAMILY PROPERTY FOR $7M IN METRO CINCINNATI

by admin March 26, 2013

LAKESIDE PARK, KY. — PLK Communities has purchased Lakeside Landing, formerly Derby Ridge Apartments, a 240-unit multifamily property located in Lakeside Park near Cincinnati, for $7 million. Constructed in 1974, Lakeside Landing is a Class C+ community and was 90 percent occupied at the time of sale. Debbie Corson and Todd Stofflet of ARA Real Estate Investment Services represented an undisclosed seller in the transaction. Cincinnati-based PLK Communities is an owner and manager of value-add multifamily properties.

March 26, 2013

Midwest Retail

9,338 SF SHOPPING CENTER IN ORLAND PARK SELLS FOR $3.9M

by admin March 26, 2013

ORLAND PARK, ILL. — Lowe’s Retail Center, a 9,338-square-foot retail property in Orland Park, has sold for $3.9 million. The triple-net-leased property, which is located at 15619 S. La Grange Road, is fully occupied. Brian Parmacek and Stephen Rachman of Marcus & Millichap represented the seller, a developer, in the transaction. Steve Livaditis of Marcus & Millichap represented the buyer, a long-term apartment investor. Jim Sotos of Marcus & Millichap Capital Corp. secured the 10-year acquisition loan for the property.

March 26, 2013

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