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Midwest

MidwestMultifamily

ARBOR FUNDS $8.1M LOAN FOR 172-UNIT APARTMENT COMMUNITY

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EAST LANSING, MICH. — Arbor Commercial Mortgage LLC has funded an $8.1 million FHA 223(f) loan for the refinancing of Capitol Villa Apartments, a 172-unit apartment complex in East Lansing. The 35-year loan is self-amortizing. The complex is within walking distance to Michigan State University. Amenities at the complex include an outdoor pool, a fitness center, a computer lab, indoor bike storage, a common laundry facility, a private study room and designated picnic areas with gas grills. Michael Jehle, midwest regional director in Arbor’s Bloomfield Hills, Mich., office, originated the loan.

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IndustrialMidwest

JLL ACQUIRES CAPITAL REALTY IN KANSAS CITY

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KANSAS CITY, MO. — Jones Lang LaSalle (JLL) has entered into an agreement to acquire Capital Realty in Kansas City. Capital Realty specializes in leasing, property management and sales of industrial, office and retail properties and project management and development services. Kevin Wilkerson, president of Capital Realty, will join JLL as managing regional director along with 24 employees from Capital Realty who will add to JLL’s existing team of industrial, office and tenant representation brokers. Wilkerson will lead the industrial team and partner with managing regional director Larry Glaze, who leads the office tenant representation team, to drive growth in the Kansas City market. Jeffrey Kembel and Phillip Algrim, senior vice presidents at Capital Realty, will join JLL as senior vice presidents. Merging operations and adding Capital Realty’s local expertise will strengthen the platform of comprehensive services the global real estate firm provides in the market, according to JLL. Capital Realty currently manages approximately 90 properties totaling 5.4 million square feet across the Kansas City area for regional and local institutional owners.

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IndustrialMidwest

CBRE ARRANGES SALE OF 115,857 SF WAREHOUSE IN METRO INDY

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GREENFIELD, IND. — The Indianapolis office of CBRE has arranged the sale of an 115,857-square-foot light industrial center in Greenfield, a western suburb of Indianapolis. California State Teachers’ Retirement System previously owned the facility, which is located at 315 W. New Road. The buyer, Bastian Development, a division of Bastian Solutions, plans to use the center for a sales and distribution operation to expand its Indianapolis area operations. Mark Writt, a broker in CBRE’s office industrial group, marketed the property and procured the buyer in the transaction.

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MidwestRetail

SHOPPING CENTER IN METRO CHICAGO SELLS FOR $24M

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NAPERVILLE, ILL. — Quantum Real Estate Advisors Inc. has arranged the sale of an 82,453-square-foot shopping center located in Naperville, a western suburb of Chicago, for $24 million. The property includes four single-tenant restaurants on long-term ground leases including Zapatistas, Maggiano’s Little Italy, White Chocolate Grill and Morton’s Steakhouse. The property also features four multi-tenant buildings leased to tenants including Subway, Einstein’s Brothers Bagels, Scottrade, Jason’s Deli, Athletico and others. An institutional investment firm purchased the property, which was 95 percent leased at the time of sale. A Lemont, Ill.-based development company was the seller. Chad Firsel and Daniel Waszak of Quantum Real Estate Advisors Inc. represented the buyer and the seller in the transaction.

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MidwestRetail

6,760 SF NET-LEASED PROPERTY CHANGES HANDS FOR $2.9M

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MAYFIELD HEIGHTS, OHIO — Marcus & Millichap has arranged the sale of a 6,760 square-foot net-leased property in Mayfield Heights for $2.9 million. Glen Kunofsky, executive vice president investments, and Russell Wachtler, investment associate at Marcus & Millichap marketed the property on behalf of the seller, a private investor. Michael Glass, also of Marcus & Millichap, assisted in the transaction. 7-Eleven Gas and Convenience leases the property, located at 6680 Mayfield Road.

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MidwestMultifamily

BLOCK FUNDS BUYS 72-UNIT CLASS A TOWNHOME COMMUNITY

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OGDEN, KAN. — Block Funds, the investment division of Block Real Estate Services, has acquired a 72-unit Class A townhome community in Ogden, located about 10 miles south of Manhattan. The purchase price was undisclosed. Constructed in 2007, River Trail Townhomes is part of a larger development plan for commercial and residential development at the K-18/K-114 interchange. River Trail Townhomes is located at the eastern entrance to Fort Riley. Block Multifamily Group will manage the River Trails.

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MidwestOffice

CBRE’S KANSAS CITY OFFICE DECREASES SQUARE FOOTAGE

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KANSAS CITY, MO. — CBRE has moved its offices from Park Plaza at 4717 Grand Ave. to American Century Tower II at 4520 Main St. in Kansas City, decreasing its office space by 3,000 square feet. CBRE now occupies 10,000 square feet of space on the tower’s sixth floor, after previously occupying 13,000 square feet on the fifth floor of Park Plaza for 10 years. The facility will house more than 50 CBRE employees.

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Market ReportsMidwest Market ReportsOhio

Medical, Service Industries Drive Office Absorption

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The Cincinnati office market recorded positive net absorption of 74,378 square feet during the first quarter of 2013 while the overall vacancy rate dipped slightly to about 23.2 percent. The forecast from Cassidy Turley is for Class A submarkets to become tighter as medical and service industries continue to drive absorption. However, the increasing success of the Class A sector has come at the expense of Class B space. First-quarter Class A direct vacancy in the metro Cincinnati office market stood at approximately 20 percent, while Class B direct vacancy was about 28 percent. That’s a stark contrast from 2004 and 2005, when Cincinnati’s office vacancy rate was 10 percent for Class A space and 17 to 18 percent for Class B space. “If you look back eight to nine years, that’s where [the vacancy rates] stayed during good times,” says Scott Abernethy, senior vice president and principal in Cassidy Turley’s Cincinnati office. When the market took a hit during the 2008 to 2010 period, large vacancies popped up, forcing landlords of Class A buildings to lower rental rates. That in turn created deal incentives for Class B tenants to move to newer facilities. “Class B tenants can move over …

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MidwestRetail

ANDERSON BREAKS GROUND ON 51,565 SF STORE IN EDINA

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EDINA, MINN. — Anderson Cos. has broken ground on a new 51,565-square-foot grocery store for Lunds and Byerly’s in Edina. The project includes the construction of a new Byerly’s grocery store adjacent to its existing store at the intersection of France Avenue and Hazelton Road, which the company has operated for more than 40 years. The new store is expected to open in late summer/early fall of 2014. The existing store will remain open during the construction. The new store will include a full-service bakery, deli, meat and seafood departments, Caribou Coffee and Bachman’s floral arrangements. A new feature at this location will be a Creations Café, offering made-to-order lunch and dinner options.

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MidwestRetail

VON MAUR OPENS 80,000 SF STORE IN CORALVILLE, IOWA

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CORALVILLE, IOWA — Von Maur has opened an80,000-square-foot department store in Iowa River Landing, a 180-acre mixed-use development in Coralville. OliverMcMillan is the master developer of Iowa River Landing, which is situated along the Iowa River. The mixed-use development includes a 286-room flagship Marriott Hotel and Conference Center, a 100-room Homesuites Hotel and the University of Iowa Hospital and Clinics’ new 150,000-square-foot facility. The master-planned development includes 330,000 square feet of retail, office, residential and entertainment offerings. Construction is set to begin later this year on a multi-story residential development, which includes 60 condominiums and 13 townhouses. The residential development is projected to open in spring 2015.

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