Midwest

CHICAGO DEVELOPERS LOOKING TO INVEST $50M TO REDEVELOP COLONY BUILDING

by admin February 20, 2013

CHICAGO — Chicago developers and property investors Michael Moyer and Keith Giles are looking to invest $50 million to convert The Old Colony Building into a residential building. The investors have a contract to buy the 17-story building at 407 S. Dearborn and have filed a zoning application indicating plans to transform the office building into 204 residential units, according to the Chicago Sun Times. Plans for the landmark building include ground-floor retail, a landscaped roof and a small addition to a rooftop penthouse. Read the full story at Suntimes.com.

February 20, 2013

NORTHMARQ ARRANGES $15.5M REFINANCING OF FOX RUN APARTMENTS

by admin February 20, 2013

SHAWNEE, KAN. — NorthMarq Capital has arranged mortgage refinancing of $15.5 million for Fox Run Apartments, a 515-unit, market-rate multifamily community. Fox Run Apartments is located at 7650 Goddard St. in Shawnee, about 10 miles north of Kansas City. Financing was based on a 10-year term with a 30-year amortization schedule. NorthMarq arranged the loan for Fox Run Apartments LLC through its affiliate AmeriSphere Multifamily Finance LLC, a Fannie Mae DUS Lender.

February 20, 2013

Healthcare Midwest

WISCONSIN ATHLETIC, FROEDTERT, RYAN COS. BREAK GROUND ON $14M FACILITY

by admin February 20, 2013

MENOMONEE FALLS, WIS. — The Wisconsin Athletic Club, Froedtert Health and Ryan Cos. have broken ground on a 90,000-square-foot sports medicine and fitness facility. Located on 10.6 acres near the southwest corner of Pilgrim Road and the U.S. 41 corridor in Menomonee Falls, about 20 miles west of Milwaukee, the building will be anchored by the Wisconsin Athletic Club and Froedtert Health. The Wisconsin Athletic Club will occupy a one-story, 47,500 square-foot portion slated to open this November. Froedtert Health will lease 42,500 square feet of space in a two-story building that will offer a wide variety of sports medicine and orthopedic services scheduled to open Jan. 2014. Ryan Cos. is leading the property development and construction.

February 20, 2013

Industrial Midwest

COMMAND TRANSPORTATION LEASES 19,00 SF OF OFFICE SPACE IN METRO CHICAGO

by admin February 20, 2013

SKOKIE, ILL. — Command Transportation has signed a lease for 19,000 square feet of office space at 5500 W. Howard St., a 60,000-square-foot office building in Skokie, a northern suburb of Chicago. Locally based The Alter Group, a real estate development firm, owns the Class A office building. The deal brings 5500 West Howard to full occupancy.

February 20, 2013

Midwest Multifamily

WATERMARK RESIDENTIAL BREAKS GROUND ON $22M APT. COMPLEX

by admin February 19, 2013

FISHERS, IND. — Watermark Residential has broken ground on a $22 million luxury apartment community in Fishers, located about 20 miles north of Indianapolis. Watermark on Cumberland will include 220 apartments in three multi-story buildings. Each building will include two elevators. Amenities include a clubroom, pool with cabanas and detached garages. Project completion is scheduled for 2014.Watermark Residential is a full-service multifamily housing developer based in Indianapolis.

February 19, 2013

Midwest Office

99 MONROE AVENUE RECEIVES $10M FINANCING IN GRAND RAPIDS, MICH.

by admin February 19, 2013

GRAND RAPIDS, MICH. — Cohen Financial has arranged a $10 million loan for 99 Monroe Avenue, a 200,000-square-foot office building, in Grand Rapids. Minneapolis-based Franklin Partners purchased the building last year for $11.8 million. Greystone Financial financed the loan for the 27-year-old building.

February 19, 2013

Healthcare Midwest

BLOCK ACQUIRES TWO HEALTHCARE BUILDINGS FOR MORE THAN $8M

by admin February 19, 2013

INDIANAPOLIS — Block Funds and Block Healthcare Development have acquired two medical buildings in Indianapolis for approximately $8 million. Both buildings were fully occupied at the time of sale. One of the properties, Central Indiana Cancer Center, is located at 6845 Rama Drive and spans more than 19,338 square feet. CyberKnife of Indianapolis, a 108-bed acute care hospital, spans 15,721 square feet and is located at 1346 E. County Line Road.

February 19, 2013

Industrial Midwest

WALKER INTERNATIONAL LEASES 65,000 SF OF INDUSTRIAL SPACE

by admin February 19, 2013

FLINT, MICH. — Walker International Transportation has signed a lease for 65,000 square feet of industrial space at 4500 Matthew Drive in Flint. The space is part of a 260,000-square-foot building, which was built in 1999. Doug Fura represented Walker International in the deal. The landlord was 4500 Matthew LLC. Walker International is a multi-national logistics service company.

February 19, 2013

Hospitality Midwest

$23M CONVERSION OF FORMER OMAHA FEDERAL BUILDING INTO HOTEL UNDER WAY

by admin February 18, 2013

OMAHA — The $23 million conversion of the former Federal Building in Omaha into a Residence Inn by Marriott is under way. Once completed this summer, the hotel will include 152 rooms, a 1,000-square-foot penthouse on the 12th floor with panoramic views of the city and nearly 2,000 square feet of meeting space. The project will preserve and utilize all of the building’s original marble, terrazzo tile, wooden railings and brass fixtures. The conversion of the Omaha Federal Building into a Residence Inn by Marriott is the latest in a series of adaptive reuse projects by First Hospitality Group Inc. aimed at maximizing the potential of historic properties.

February 18, 2013

Midwest Office

CBRE COMPLETES SALE OF CAPITAL CENTER IN INDIANAPOLIS

by admin February 18, 2013

INDIANAPOLIS — CBRE’s Indianapolis Investment Properties Group has completed the sale of Capital Center, a 647,818-square-foot office complex. The complex consists of two Class A office towers in the central business district of Indianapolis. CBRE represented the seller, Invesco Real Estate. The buyer was Santa-Monica, Calif.-based Hertz Investment Group. The purchase price was not disclosed, but according to the Indianapolis Business Journal, the two towers have a net operating income of $4.5 million.

February 18, 2013

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