Midwest

500 LAKE SHORE DRIVE NEARS COMPLETION IN CHICAGO

by admin May 2, 2013

CHICAGO — Developer Related Midwest has opened the doors to 500 Lake Shore Drive, a new 47-story, 500-unit multifamily glass tower in the Streeterville neighborhood of Chicago. Solomon Cordwell Buenz designed the building, which is expected to receive LEED Silver certification. The architects coordinated with Robert Pope Interiors on the design of the building’s common areas, which include a glass, wood and stone two-story lobby. Apartments currently available for lease include studios and one- and two-bedroom residences located on floors 3 through 29, with a move-in date of May 15. Residences in the remainder of the building will be available for lease beginning this fall and include three-bedroom penthouses on the top four floors. Rents at 500 Lake Shore Drive begin at $1,795 a month.

May 2, 2013

JOINT VENTURE BUYS SENIOR LIVING PROPERTY FOR $7.6M

by admin May 2, 2013

STERLING HEIGHTS, MICH. — American House Senior Living Communities and Virtus Real Estate Capital have acquired Sterling Woods for $7.6 million at a cap rate of 8.5 percent. The property will now be known as American House Sterling Woods. Built in 2006, Sterling Woods is a 78-unit independent living property and includes one- and two-bedroom apartments. The seniors housing community was 91 percent occupied at the time of sale. Located in the metro Detroit suburb of Sterling Heights, Sterling Woods will offer amenities such as full life enrichment and wellness programs, culinary options, housekeeping, transportation and third-party personal care services.

May 2, 2013

Midwest Office

WASHINGTON COUNTY SUBSTANCE ABUSE COUNCIL MOVES TO JACKSON

by admin May 2, 2013

JACKSON, WIS. — The Council on Alcohol and Other Drug Abuse of Washington County Inc. has purchased a 5,464-square-foot office building located at N169 W21005 Meadow Lane in Jackson, about 30 miles north of Milwaukee. RE Investment Properties LLC sold the building at an undisclosed purchase price. In a move from West Bend to Jackson, the organization says the new location has more privacy for its rehabilitation and counseling efforts. David Buckley of Cassidy Turley Barry represented the seller in the transaction. Coldwell Banker represented the buyer.

May 2, 2013

Midwest Mixed-Use

INDIANA STATE PLANS STUDENT HOUSING EXPANSION

by admin May 1, 2013

TERRE HAUTE, IND. — Indiana State University (ISU) has announced plans to expand student housing options and create new retail space in downtown Terre Haute. Thompson Thrift Development will construct a multi-story building at 500 Wabash Ave., which will include three floors of student housing and ground-floor retail, and retain ownership of it. According to the Tribune-Star, the project is estimated to cost $17.5 million. Diann McKee, vice president for business affairs and finance for ISU, will present a 30-year lease agreement to Indiana State's board of trustees on May 3 that will give the university control over the student housing portion of the building, which will include an estimated 228 beds. The project is expected to be complete in fall 2015.

May 1, 2013

Midwest Retail

PRIVATE DEVELOPER SELLS STRIP CENTER FOR $1.9M

by admin May 1, 2013

LEWIS CENTER, OHIO — A private developer has sold a 6,890-square-foot strip center in Lewis Center, located about 20 miles north of Columbus, for $1.9 million, or $276 per square foot. The retail property was fully occupied at the time by Starbucks, Verizon Wireless and Pizza Hut. The buyer was undisclosed. Mark Luttner of Luttner Real Estate Investment Services marketed the property on behalf of the seller.

May 1, 2013

Midwest Retail

GANDER MOUNTAIN SIGNS 30,000 SF LEASE IN ROGERS

by admin May 1, 2013

ROGERS, MINN. — Gander Mountain has signed a 30,000-square-foot lease at 20870 Rogers Drive in Rogers, located about 25 miles northwest of Minneapolis. Gander, an outdoor gear retailer, is occupying a former Best Buy location, which opened Tuesday. Tricia Pitchford, Kim Meyer and Brad Kaplan of Cushman & Wakefield/NorthMarq represented the landlord, LaSalle Investment Management, in the lease transaction. John Ferlita of CBRE represented Gander Mountain.

May 1, 2013

Industrial Midwest

NEHER GROUP SOUTH SELLS 23,395 SF FACILITY

by admin May 1, 2013

INDIANAPOLIS — Neher Group South LLC has sold a 23,395-square-foot office/showroom facility located at 7427 Company Drive in Indianapolis. The freestanding facility is situated on a two-acre site. The building was primarily used as an office/distribution facility. Mark Writt of CBRE represented the seller in the transaction. The purchase price was undisclosed.

May 1, 2013

Industrial Midwest

CHINESE AUTO PARTS SUPPLIER PLANS $45M PLANT

by admin April 30, 2013

RIVERSIDE, MO. — Yanfeng USA Automotive Trim Systems, a Michigan-based subsidiary of Yanfeng Visteon, has announced its plans to construct a $45 million production facility in Riverside, a northern suburb. The new facility is expected to create 263 new local jobs. Construction on the 258,000-square-foot plant is set to start next month, and the facility is scheduled to become operational in early 2014. The manufacturing operation supplies parts to General Motors Co. and Chrysler Corp. The Riverside plant will manufacture interior trim components, such as door panels, floor consoles and instrument panels for the General Motors plants in Wentzville, Mo. and Fairfax, Kan.

April 30, 2013

Midwest Multifamily

NORTHMARQ ARRANGES $11.5M MORTGAGE FOR APARTMENTS

by admin April 30, 2013

NEW HOPE, MINN. — NorthMarq Capital has arranged $11.5 million in first mortgage refinancing for Broadway Village Apartments, a 252-unit, market-rate multifamily property located at 6020-7240 Broadway Ave. in New Hope, a northwest suburb of Minneapolis. Financing was based on a 10-year term and a 30-year amortization schedule. Daniel Trebil of NorthMarq arranged the loan for the borrower through its seller-servicer relationship with Freddie Mac.

April 30, 2013

Industrial Midwest

CITRUS SYSTEMS SIGNS 132,000 SF LEASE

by admin April 30, 2013

HOPKINS, MINN. — Citrus Systems Inc., a privately owned, Minnesota-based manufacturer of packaged fruit juices and beverages, has signed a lease for 132,000 square feet of space at Cornerstone Business Center in Hopkins, a southwest suburb of Minneapolis. Citrus Systems will expand its operations by 50,000 square feet and relocate from its current facility at 125 Jackson Ave. this fall. With this lease, Cornerstone Business Center, a 222,194-square-foot, Duke Realty-owned and managed industrial building is fully occupied. Duke Realty’s in-house construction team will serve as general contractor for the build-out of Citrus Systems’ new space. Tom Bennett and Jack Tornquist of CBRE represented Citrus Systems in the transaction. Scott Moe, Brad Bohlman and Paul Bickford of Colliers International represented Duke Realty.

April 30, 2013

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