Midwest

NORTHMARQ ARRANGES $11.7M LOAN FOR COLD STORAGE LOFTS

by admin April 19, 2013

KANSAS CITY, MO. — NorthMarq Capital has arranged the $11.7 million first mortgage for the refinancing of Cold Storage Lofts, a renovated 224-unit affordable housing property located at 500 E. 3rd St. in Kansas City. The six-story building was constructed in 1922 as a refrigerated warehouse and converted to loft-style apartments in 2007. The property features underground parking with a rooftop swimming pool and jogging track. Financing was based on a 10-year term and a 30-year amortization schedule. Greg Duvall of NorthMarq’s Kansas City office arranged the financing for the borrower through Freddie Mac’s Targeted Affordable Housing Program.

April 19, 2013

DENTONS EXTENDS LEASE AT WILLIS TOWER

by admin April 19, 2013

CHICAGO — Global law firm Dentons has extended its lease at Willis Tower in Chicago for 15 years. Dentons will relocate within the building and occupy 144,000 square feet of new space. Willis Tower is a 4.5 million-square-foot office/retail building in Chicago. The building is home to more than 100 different companies, including the global headquarters of United Airlines. Dentons is the world’s seventh-largest law firm with 2,500 lawyers. Mike Kazmierczak, Derek Rolison and Bob Wislow of U.S. Equities Asset Management represented 233 S. Wacker Drive LLC, the building’s owner, in the transaction. Stuart Eisenkraft, Andrew Sussman, Lewis Miller, Patrick Nelson, Paul Stimpfle, Todd Lippman and Lisa Konieczka of CBRE represented Dentons. U.S. Equities Asset Management has managed leasing at the iconic Chicago building since 2007.

April 19, 2013

Industrial Midwest

OPUS GROUP WINS WAREHOUSE EXPANSION CONTRACT

by admin April 19, 2013

EAGAN, MINN. — Chicago Tube & Iron in Eagan has awarded Opus Design Build LLC a contract to construct a 40,000-square-foot warehouse addition. The project is scheduled to break ground in May and be completed in the fall. As well as the expansion, Opus also will complete interior renovations, refinish the front entrance of the building and add a new canopy to reflect the exterior design of other Chicago Tube & Iron facilities. The property is located at 2940 Eagandale Blvd., about 15 miles south of Minneapolis. Opus AE Group LLC will be responsible for structural and architectural design. MFRA Inc. will perform civil engineering and landscaping and Hallberg Engineering will provide the mechanical and electrical design services.

April 19, 2013

Midwest Multifamily

CHICAGO MAYOR, COLLEGES RELEASE $251M CAMPUS PLAN

by admin April 18, 2013

CHICAGO — Chicago Mayor Rahm Emanuel and City Colleges of Chicago have released plans for the new $251 million Malcolm X College campus, located in Chicago’s Eisenhower Corridor at Jackson and Damen streets. City Colleges has contracted with Moody Nolan, the nation’s largest African American-owned architectural firm, to serve as the project’s architect of record. Construction is slated for completion by the end of 2015. The development will be supported by a mix of bonds, capital reserves, operating funds and $8 million in funds generated by the surrounding tax-increment financing district, according to the Chicago Sun Times.

April 18, 2013

Midwest Multifamily

OAKLAND UNIVERSITY’S 500-BED HOUSING PROJECT UNDERWAY

by admin April 18, 2013

ROCHESTER, MICH. — Oakland University has broken ground on a new 500-bed student housing facility, which is slated for completion in 2014. The Ann V. Nicholson Student Apartments will be financed with bonds by the university. According to CBS affiliate WWJ in Detroit, the project will be Phase I of a plan to house 5,000 students on campus. The next phase will include four different facilities containing 540 apartments each. The report also states that the university considered a private development partner, but opted to finance the project with its own balance sheet. Oakland University is located in the metropolitan Detroit area. It was founded in 1959 and has a current enrollment of approximately 18,000 students.

April 18, 2013

Midwest Retail

HFF ARRANGES $2.2M LOAN IN MINNEAPOLIS

by admin April 18, 2013

MINNEAPOLIS — HFF has arranged a $2.2 million first mortgage for the refinancing of Parkway Plaza, a 37,426-square-foot retail property, located at 4701 Hiawatha Ave. in Minneapolis. Pet Supplies Plus is the major tenant at the shopping center. Financing was based on a 10-year term with a 20-year amortization schedule. Hiawatha Plaza Associates was the borrower. A life insurance company provided the loan. Michael Padilla of NorthMarq’s Minneapolis regional office arranged the loan.

April 18, 2013

Midwest Retail

BAUM REALTY ARRANGES $2.9M RETAIL SALE

by admin April 18, 2013

CHICAGO — Baum Realty Group LLC has sold a 4,750-square-foot retail building in Bucktown, a neighborhood in Chicago, for $2.9 million or a capitalization rate of 6 percent. The property is located at 1733-1735 N. Damen Ave. Greg Dietz, Danny Spitz, Ben Brichta and Adam Secher of Baum Realty represented the seller in the transaction. The buyer was a local investor.

April 18, 2013

Midwest Seniors Housing

PARTNERSHIP PROPOSES $19.4M SENIORS HOUSING

by admin April 17, 2013

CHICAGO — Chicago Mayor Rahm Emanuel has proposed incentives that would support the development of a $19.4 million, 72-unit affordable seniors housing apartment building in Chicago’s Humboldt Park. North and Pulaski Elderly Limited Partnership Corp., would develop the five-story building to include a mix of one- and two-bedroom apartments, as well as an exercise room, laundry facilities and management offices. The complex, proposed for the long-vacant southeast corner of North Avenue and Pulaski Road, would include apartments for seniors aged 55 and older earning up to 80 percent of area median income. The city would provide $4 million in Tax Increment Financing, a $3.5 million loan and $1 million in Low Income Housing Tax Credits that would generate $10.1 million in equity for the project. The development partnership includes U.S. Bancorp Community Development Corp. and Hispanic Housing Development Corp.

April 17, 2013

Midwest Office

COLLIERS COMPLETES SALE OF FORMER BORDERS HQ

by admin April 17, 2013

ANN ARBOR, MICH. — Colliers International has completed the sale of the former Borders corporate headquarters in South Ann Arbor. The 330,000-square-foot office complex includes two buildings and had a listing price of $18.3 million, according to AnnArbor.com. The property is located at 100 Phoenix Drive, just south of I-94. Colliers International Ann Arbor represented the seller, Modern Woodman of America, in the transaction. Gold Star Mortgage has signed a lease for 65,000 square feet. Colliers was hired to lease out the remaining vacant space. The buyer was undisclosed.

April 17, 2013

Industrial Midwest

SUBARU OF AMERICA SIGNS 715,000 SF BUILD-TO-SUIT

by admin April 17, 2013

INDIANAPOLIS — Subaru of America has signed a build-to-suit agreement for a 715,000-square-foot distribution center. The new facility will be located in the Northwest Indianapolis submarket at Prologis Park Lebanon, proximate to major freeways and the Indianapolis International Airport. Thestate-of-the-art facility will be utilized as a regional parts distributioncenter. Subaru of America signed the build-to-suit agreement with Prologis Inc.

April 17, 2013

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