Midwest

CBRE ARRANGES $15.6M LOAN FOR STUDIO ONE APARTMENTS IN DETROIT

by admin March 5, 2013

DETROIT — CBRE has arranged the $15.6 million refinancing of Studio One Apartments, a market-rate apartment project located in Detroit. The loan was funded through CBRE’s FHA-insured permanent loan program providing a fixed-rate, 30-year, fully amortizing loan. The multifamily property includes 124 apartment homes, in a mix of one- and two-bedroom layouts and ground floor commercial space. The property is located at 4501 Woodward Ave., in the Midtown neighborhood. Studio One Apartments was developed and is owned by Studio One Apartments LLC, a single-asset entity managed by Marcel Burgler of Prime Development.

March 5, 2013

STEADFAST INCOME REIT ACQUIRES LIBRARY LOFTS IN KANSAS CITY FOR $12.7M

by admin March 5, 2013

KANSAS CITY, MO. — Steadfast Income REIT has purchased Library Lofts East, a 118-unit historic loft conversion in downtown Kansas City, for $12.7 million. The multifamily property includes a six-story building built in 1906 and a conjoined 10-story building built in 1923. The property was fully renovated and retrofitted in 2003. The property is located at 1004 Baltimore Ave. in the Library District. This is the fifth Kansas City property acquired for the REIT.

March 5, 2013

Midwest Multifamily

OWNER OF GREENTREE APARTMENTS RECEIVES $11.5M LOAN

by admin March 5, 2013

INDIANAPOLIS — The owner of Greentree Apartments , a 448-unit apartment complex in Indianapolis, has received an $11.5 million FHA Section 223 (a)(7) loan. The 35-year, non-recourse loan was funded by Huntoon Hastings Inc., a wholly owned subsidiary of Johnson Capital. The new debt, which was used to refinance an existing FHA insured 223(f) loan with a large prepayment penalty, is fully amortizing and carries a 3 percent fixed-interest rate. The owner, which is a family business with several properties in the area, purchased the property in 2007.

March 5, 2013

Midwest Restaurant

CRUSHED RED RESTAURANTS IN MISSOURI RECEIVE $1.4M IN RENOVATIONS

by admin March 5, 2013

ST. LOUIS — Three different Crushed Red Urban Bake & Chop restaurants have received approximately $1.4 million in renovations. The properties include a 3,300-square-foot facility located at 8007 Maryland Ave. in Clayton; a 3,100-square-foot building located at 140 S. Kirkwood Road in Kirkwood; and a 5,600-square-foot property located at 313. N. Euclid Ave. in St. Louis. The Clayton location, which received $500,000 for renovations, opened recently, while the other two locations are slated to open by the end of summer. St. Louis-based Hilliker Corp. assisted Crushed Reds restaurants with site location, negotiating lease terms and allowance from landlords toward renovations. Shamel Contracting completed the Clayton remodeling.

March 5, 2013

Hospitality Midwest

DOUGHERTY PLACES $170M IN LOANS FOR FOUR HOTELS IN ROCHESTER, MINN.

by admin March 4, 2013

ROCHESTER, MINN. — Dougherty Funding LLC has placed $170 million in financing for four hotels in Rochester, located about 85 miles south of Minneapolis. The hotel properties include the 660-room Kahler Grand Hotel, the 271-room Kahler Inn & Suites, the 220-room Marriott Rochester and the 89-room Residence Inn by Marriott Rochester. The four hotels make up almost 25 percent of the city’s hotel rooms. The financing is a combination of $145 million in senior and mezzanine financing and $25 million in preferred equity.

March 4, 2013

Midwest Retail

LEOPARDO COMPLETES $34M RETAIL CENTER IN CHICAGO, STARTS ON $43M PROJECT

by admin March 4, 2013

CHICAGO — Leopardo has completed the Gateway to the West Loop, a $34 million, 190,000-square-foot retail project anchored by Mariano’s Fresh Market. The company has also started construction on Ravenswood Station, a $43 million, 240,000-square-foot retail center also anchored by Mariano’s. Gateway to West Loop, located at 14-40 S. Halstead, is home to eight tenants including Mariano’s, Ulta Salon, GNC, Massage Envy and Supercuts. Ravenswood Station will also be home to Mariano’s, LA Fitness and Sears Auto. The project is slated for completion in January 2014. Both project teams include Leopardo (general contractor), Antunovich Associates (architect), Paul Shadle of DLA Piper (attorney) and developers Seymour Taxman, Timothy Barrett and Gene Porto.

March 4, 2013

Midwest Mixed-Use

DLR GROUP TO DESIGN $32M MIXED-USE PROJECT IN LINCOLN, NEB.

by admin March 4, 2013

LINCOLN, NEB. — DLR Group has been selected to design a $32 million mixed-use development project in Lincoln. The Exchange at Antelope Valley, which will be developed by Hoppe Brothers, will include housing, retail and a 32,000-square-foot grocery store. The historic Windstream warehouse on the site will be renovated into apartments.

March 4, 2013

Industrial Midwest

NITTO SEIKO SIGNS LEASE FOR 9,558 SF IN STERLING HEIGHTS, MICH.

by admin March 4, 2013

STERLING HEIGHTS, MICH. — Nitto Seiko America has signed a lease for 9,558 square feet of hi-tech space located at 44425 Phoenix Drive in Sterling Heights, about 25 miles north of Detroit. Clint Confer of Signature Associates represented Nitto Seiko in the deal. Nitto Seiko manufactures and sells industrial fasteners and tools and industrial and precision machinery.

March 4, 2013

Market Reports Michigan Midwest Market Reports

Changing Atmosphere in Southeast Michigan Attracts Retailers

by admin March 4, 2013

After a seemingly relentless economic recession, the retail atmosphere is changing in southeastern Michigan as more local and national tenants look to grow here. The positive momentum that began in 2011 in the retail industry has continued. Retail sales rose modestly in 2012, and retailers expect sales to continue to rise in 2013. The source of the optimism stems from the resurgent auto industry, which drives metro Detroit’s economy. Job growth is accelerating, leading to a drop in the unemployment rate. Absorption is positive in the Class A industrial and office markets. All of these factors are having a positive effect on Detroit’s retail market. Retailers eye downtown Downtown Detroit is bursting with an energy not seen since the 1950s. Dan Gilbert, owner of Quicken Loans, is responsible for much of the change. His recent real estate acquisitions, 15 buildings to be exact, and relocation of 7,000 employees to the central business district, have created a buzz that retailers are noticing. Olga’s, Bagger Dave’s, Buffalo Wild Wings and Moosejaw have all planted roots downtown. Whole Foods Market is scheduled to open this year in midtown near the Detroit Medical Center and Wayne State University. National retailers are lining up to …

March 4, 2013

Midwest Mixed-Use

MARCUS TEAMS UP WITH MANDEL GROUP ON BROOKFIELD APARTMENTS

by admin March 1, 2013

BROOKFIELD, WIS. — As part of an agreement with Marcus Corp., the Mandel Group will oversee the residential design, development and apartment leasing for The Corners of Brookfield, a $125 million mixed-use project. Approximately 150 luxury apartments will be built above the retail shops in the open-air, town-center-style development site in Brookfield. Upon completion, Mandel Property Services Inc., an affiliate of Mandel Group, will manage the leasing and operation of the upscale apartment community. The Corners of Brookfield is a 460,000-square-foot development in suburban Milwaukee that will be built on a 19-acre site at the intersection of I-94, Barker Road and Bluemound Road. Developers have targeted spring 2013 to start construction with a fall 2014 projected opening.

March 1, 2013

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