Midwest

PRUDENTIAL PROVIDES $105M IN FINANCING FOR 200 WEST MADISON IN CHICAGO

by admin February 1, 2013

CHICAGO — Prudential Mortgage Capital Co. has provided a 10-year, fixed-rate loan for 200 West Madison, a 928,000-square-foot office tower in Chicago. The borrower is Multi-Employer Property Trust, which purchased the building in September 2011 for $217.5 million. Originally constructed in 1983 and significantly renovated during the last several years, the 45-story tower stands on the eastern border of Chicago’s West Loop, with access to major commuter transportation lines and area highways. Sarah Teunis of Prudential Mortgage Capital says the building’s quality and central location “made this transaction extremely attractive.” Teunis and Bryan McDonnell of Prudential led the transaction.

February 1, 2013

BERNARD FINANCIAL ARRANGES $49.5M LOAN FOR HEALTHCARE FACILITY

by admin February 1, 2013

NORTHVILLE TOWNSHIP, MICH. — Bernard Financial Group has arranged a $49.5 million credit-tenant lease loan for the development of a University of Michigan healthcare facility. The borrower is REIS-MOB I LLC and the lender is Mesirow Financial. The 100,000-square-foot medical office building will sit on 9.9 acres and is located in Northville Township, about 30 miles west of Detroit. According to the University of Michigan, the health care center is slated to open in 2014. Dennis Bernard and Kevin Kovachevich of Bernard originated the loan.

February 1, 2013

Midwest Multifamily

NORTHMARQ ARRANGES $20M LOAN FOR OFF-CAMPUS STUDENT HOUSING IN KANSAS

by admin February 1, 2013

LAWRENCE, KAN. – NorthMarq’s San Francisco office has arranged acquisition financing of $20 million for the Ironwood Multifamily Portfolio. The portfolio, which consists of four off-campus student housing properties near the University of Kansas, contains a combined total of 445 units. The student housing properties are Park West Gardens, Ironwood Court Apartments, Remington Square Apartments and Castle Rock Townhomes. Financing was based on a 7-year term and a 30-year amortization schedule. NorthMarq arranged this financing for the borrower through its relationship with a national bank.

February 1, 2013

Midwest Office

FORMER BOB EVANS RESTAURANT BUILDING SELLS FOR $1.7M IN ST. LOUIS

by admin February 1, 2013

SUNSET HILLS, MO. — Western Oil Inc. has purchased the former Bob Evans restaurant building located at 1430 S. Kirkwood Road for $1.7 million. After Bob Evans closed in 2005, Novus Development Co. purchased the property with plans for a retail and lifestyle center. However, after Novus was unable to move forward, First Bank purchased the building. The bank originally bought the building for another First Bank location, but then decided the building was not fit for a bank branch and put it back on the market. Savoy Properties represented the seller, First Bank, and the buyer in the deal.

February 1, 2013

Midwest Multifamily

MARCUS & MILLICHAP ARRANGES SALE OF APARTMENTS IN AURORA, ILL. FOR $14.9M

by admin January 31, 2013

AURORA, ILL. — Marcus & Millichap has arranged the sale of Stone Crossing Apartments, a 258-unit apartment complex in Aurora, for $14.9 million. Eric Bell and Edward Liss of Marcus & Millichap’s Chicago office represented the buyer and seller, two Chicago-area investors. Located at 1240 Nantucket Road, the 214,650-square-foot property includes 70 one-bedroom units, 170 two-bedroom units and 18 three-bedroom units. In 2008, Stone Crossing Apartments received more than $3 million in capital improvements for the facility’s windows, hallways, landscaping, electrical, plumbing and updating kitchens, baths and appliances.

January 31, 2013

Midwest Retail

AGREE REALTY ACQUIRES 57,342 SF SHOPPING CENTER IN MISSOURI FOR $8.5M

by admin January 31, 2013

ST. JOSEPH, MO. — Agree Realty Corp. has acquired a 57,342-square-foot shopping center in St. Joseph for $8.5 million. Dick's Clothing and Sporting Goods occupies 45,000 square feet and PetSmart occupies 12,342 square feet of the retail property. Both tenants have approximately 9.5 years remaining on the base term of their leases. Retailers within the immediate trade area include a WalMart Supercenter, Target, Kohl's, Lowe's and Home Depot. St. Joseph, Mo. is located about 55 miles north of Kansas City.

January 31, 2013

Midwest Multifamily

COOPER COLONY TOWNHOMES IN WESTERVILLE, OHIO SELLS FOR $3.2M

by admin January 31, 2013

WESTERVILLE, OHIO — Cooper Colony Townhomes, a 70-unit low-income tax credit apartment property, has sold for $3.2 million. Ryan Tobias, Shaun Buss and Sean Lyons of Chicago-based Triad Real Estate Partners in conjunction with Columbus-based Commercial One Realtors represented the seller, an affordable housing owner and developer in Minneapolis. The buyer was a local real estate investment group looking to expand its apartment portfolio in the Columbus market. The property, located 10 miles north of downtown Columbus, was fully occupied at the time of the sale.

January 31, 2013

Midwest Retail

CONSTRUCTION BEGINS ON 57,000 SF TOYOTA DEALERSHIP IN OMAHA

by admin January 31, 2013

OMAHA — Darland Construction Co. has begun construction on the 57,000-square-foot Village Pointe Toyota dealership in Omaha. The building will feature a distinctive mix of materials including glass, precast and aluminum composite architectural panels. The 7.8-acre site will display more than 550 new cars and provide more than 100 parking stalls for staff and customers, nearly tripling the capacity of the exiting Old Mill Toyota site. When construction is completed this summer, the current Old Mill Toyota will relocate the new facility. The Van Tuyl Group owns the property, and Purdy & Slack Architects is the architect.

January 31, 2013

Industrial Midwest

KAPSTONE PAPER SIGNS LONG-TERM LEASE ON INDUSTRIAL SPACE IN AURORA, ILL.

by admin January 31, 2013

AURORA, ILL. — Liberty Property Trust and KapStone Paper & Packaging Corp. have signed a leased for 192,00 square feet of industrial space at Butterfield III, located at 2759 N. Eola Road in Aurora. The lease brings the 506,000-square-foot building to 100 percent occupancy. KapStone moved into the building in January after renovations to accommodate the tenant’s manufacturing needs were completed. The fit-out included the installation of additional dock and rail car doors, a design center and employee amenities. Colliers International represented both the tenant and the building owner, Liberty Property Trust, in the deal. Krusinski Construction Co. of Oak Brook, Ill. served as the general contractor. The project architect is Kwasek Architects.

January 31, 2013

Midwest Retail

TARGET TO ADD FRESH GROCERY TO STORES IN DETROIT AREA

by admin January 30, 2013

DETROIT — Target is remodeling nine of its Michigan stores to include larger grocery sections. The 10,000-square-foot fresh food department will include produce, meat and pre-packaged bakery items. The locations will also carry dry and frozen food items. Along with adding an area for fresh foods, the stores' beauty, home, shoes and baby departments will also be revamped. The remodeling of the stores will be completed by March 24. The stores include 2887 S. Rochester Road in Rochester Hills; 43670 Ford Road in Canton; 33860 S. Gratiot Ave. in Clinton Township; 20100 Haggerty Road in Livonia; 495 Haggerty Highway in Walled Lake; 650 Brown Road in Auburn Hills; 1301 Coolidge Highway in Troy; 3100 Fairlane Drive in Allen Park; and 30333 Southfield Road in Southfield.

January 30, 2013

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