Midwest

ASSOCIATION MANAGEMENT CENTER INC. SIGNS 47,129 SF LEASE AT O’HARE PLAZA

by admin March 13, 2013

CHICAGO — Association Management Center Inc., has signed a 47,129-square-foot lease at the O’Hare Plaza office complex in Chicago. The family-owned company, which provides full-service management, consulting and outsourced services to nonprofit organizations, will occupy all of the third floor and most of the second floor at the O’Hare Plaza I building, located at 8735 W. Higgins Road. The four-building, 707,000-square-foot O’Hare Plaza complex features covered parking, conference facilities and a fitness center. Rick Benoy and Dan Fernitz of Jones Lang LaSalle represented the building’s owner, a private investment group advised by Fulcrum Asset Advisors LLC. Kevin Clifton and Gregg Witt of CBRE represented Association Management in the transaction.

March 13, 2013

NEW $125M SUBURBAN CHICAGO CHILDREN’S HOSPITAL NOW OPEN

by admin March 12, 2013

HOFFMAN ESTATES, ILL. — Alexian Brothers Health System has opened a $125 million children's hospital in Hoffman Estates, a suburb of Chicago. The 126-bed hospital, on the campus of St. Alexius Medical Center, offers a wide range of services, including neurosurgery, private maternity suites, 38 labor and delivery rooms and a 16-bed neonatal intensive care unit. The 210,000-square-foot facility is also home for The Center for Pediatric Brain, the first center of its kind in the country, where pediatric neurologists provide services such as epilepsy treatment, concussion recovery and neuropsychological and developmental evaluations for children. The hospital is located at 155 E. Barrington Road.

March 12, 2013

Midwest Office

NATIONWIDE REALTY OPENS $37M OFFICE BUILDING IN COLUMBUS, OHIO

by admin March 12, 2013

COLUMBUS, OHIO — Nationwide Realty Investors has opened a $37 million office building in Columbus. The five-story, 200,000-square-foot property is located on the corner of Nationwide Boulevard and North Front Street in the Arena District, an entertainment-focus district in downtown Columbus. The building is adjacent to the 1.7 million-square-foot Columbus Convention Center and the 532-room Hilton hotel. Associates from Nationwide Financial’s retirement plans business occupy the new building.

March 12, 2013

Healthcare Midwest

JOHNSON DEVELOPMENT TO BUILD VA OUTPATIENT CLINIC IN FORT WAYNE, IND.

by admin March 12, 2013

FORT WAYNE, IND. — Johnson Development has plans to redevelop a 34,000-square-foot building into a U.S. Department of Veterans Affairs (VA) outpatient facility at Parkview Hospital’s Randallia campus in Fort Wayne. The clinic, which will provide outpatient healthcare services for veterans across northern Indiana, is slated for completion in March 2014. Birmingham, Ala.-based Johnson Development is the project developer and will manage the property for the owner, Parkview Hospital.

March 12, 2013

Midwest

CITY PREPARES TO SELL ELKHART ARMORY BUILDING IN ELKHART, IND. FOR $1

by admin March 12, 2013

ELKHART, IND. — The City of Elkhart has announced it is prepared to sell the Elkhart Armory building for $1 and invest what it would have spent on the demolition of the 106-year-old deteriorating building if a buyer were found. Vacancy has taken a toll on the building, a situation recently made more critical when a portion of the roof collapsed earlier this month. Built around 1885 and doubled to its current size in 1914, the historic downtown building is located at 200 N. Main St in Elkhart, about 100 miles east of Chicago. Indiana Landmarks will host a walk-through of the building for interested parties today and Thursday, March 14. Deadline for proposals for the building’s reuse is due by March 29. For more information, contact Paul Hayden at phayden@indianalandmarks.org.

March 12, 2013

Midwest

AVIV TO BECOME PUBLICLY TRADED REIT

by admin March 12, 2013

CHICAGO — Real estate investment firm Aviv has commenced the initial public offering of 13,200,000 shares of its common stock. The estimated price range of the common stock is between $18 and $20 per share. The underwriters have the option to purchase up to an additional 1,980,000 shares of common stock to cover overallotments. The company's common stock has been approved for listing on the New York Stock Exchange under the symbol “AVIV.” Aviv intends to use the net proceeds from the offering to repay certain indebtedness and for general corporate purposes, including the potential acquisition of additional properties. Morgan Stanley, BofA Merrill Lynch and Goldman, Sachs & Co. are acting as joint book-running managers of the offering, and Citigroup, RBC Capital Markets, SunTrust Robinson Humphrey, RBS and CSCA will act as co-managers.

March 12, 2013

Midwest Office

HARBOR GROUP PURCHASES CHICAGO OFFICE TOWER FOR $94.6M

by admin March 11, 2013

CHICAGO — Harbor Group International LLC has purchased The Burnham Center, a 22-story historic building, for $94.6 million. The Burnham Center is located at 111 W. Washington in the heart of Chicago’s central business direct. Harbor Group purchased the property in March 2007 for $79.5 million. The sale comes less than a year after Harbor Group signed GrubHub, a food delivery company, to a 60,000-square-foot lease at the property. GrubHub relocated from 221 N. Elston Ave.

March 11, 2013

Midwest Multifamily

BRIDGE PARTNERS ACQUIRES 432-BED PROPERTY AT MSU

by admin March 11, 2013

EAST LANSING, MICH. — Private equity investment firm Bridge Partners has completed the purchase of The Pointe at 3636, a 432-bed community near Michigan State University (MSU). The property, built in 2001, offers amenities including a basketball court, sand volleyball pit, 24-hour fitness center and a heated swimming pool and Jacuzzi. The property is north of MSU. Grant Ancevic of Student Housing Investments represented Bridge Partners in the purchase. At closing, Bridge Partners will partner with Asset Campus Housing to execute a value-add business plan by incorporating a renovation budget of approximately $7,600 per unit. Some of the items covered in the capital plan will include a complete redevelopment of the existing clubhouse, the addition of an outdoor fireplace, as well as new flooring and furniture packages in each unit.

March 11, 2013

Midwest Retail

TRUMAN MEDICAL CENTERS TO BUILD $11.5M GROCERY STORE IN KANSAS CITY

by admin March 11, 2013

KANSAS CITY, MO. — The Hospital Hill Economic Development Corp. and Truman Medical Centers have plans to build an $11.5 million, 35,000-square-foot grocery store. The grocery store, which will be located at 27th Street and Troost Avenue, will offer produce, meats and dairy items as well as specific ethnic foods. The store will partner with the community to employ a local-first approach that will include products from local businesses, urban farmers and community gardens.

March 11, 2013

Industrial Midwest

CUSTOM COLOR & FILLING PURCHASES BANK-OWNED SAUKVILLE PROPERTY

by admin March 11, 2013

SAUKVILLE, WIS. — Custom Color & Filling has purchased a 9,600-square-foot industrial building, located at 250 Progress Drive in Saukville, from Community Bank for $450,000. James Young of Cassidy Turley Barry represented Custom Color & Filling and Community Bank in the transaction. Custom Color & Filling manufactures exact match touch-up paint and plans to move in this spring.

March 11, 2013

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