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DevelopmentIowaMidwest

National Cattle Congress to Redevelop Historic Fair Grounds in Waterloo, Iowa

by Kristin Harlow

WATERLOO, IOWA — National Cattle Congress has unveiled plans to redevelop the historic National Cattle Congress grounds, a 50-plus acre site with over 228,000 square feet of event space in Waterloo, a city in central Iowa. Plans call for modernizing the existing fairgrounds and facilities while also offering new construction and land development opportunities throughout the site. CBRE’s Mike Macri III has been appointed the exclusive development consultant and sales and leasing agent. The National Cattle Congress provides year-round events and activities for the Cedar Valley region at the grounds, which feature a mix of 10 indoor and outdoor buildings, including the Electric Park Ballroom and the Hippodrome, an indoor sports and concert venue built in 1936.

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IllinoisIndustrialLeasing ActivityLee & AssociatesMidwest

RJW Logistics Group Signs 639,917 SF Industrial Lease in Joliet, Illinois

by Kristin Harlow

JOLIET, ILL. — RJW Logistics Group has signed a 639,917-square-foot, full-building industrial lease at 275 W. Laraway Road in Joliet. Jeffrey Galante and Jeffrey Janda of Lee & Associates represented the owner, Pritzker Realty Group. Dominic Carbonari of JLL represented the tenant. PRG recently completed the property.

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AcquisitionsIllinoisMidwestRetail

JLL Brokers $18.7M Sale of Hawthorne Commons Retail Property in Vernon Hills, Illinois

by Kristin Harlow

VERNON HILLS, ILL. — JLL Capital Markets has brokered the sale of Hawthorne Commons in the Chicago suburb of Vernon Hills for $18.7 million. Northwestern Medicine anchors the 48,942-square-foot retail and medical property. Completed in 2016, the two-story building is 88 percent leased to eight tenants and is located at 850 N. Milwaukee Ave. Alex Sharrin, Keely Polcyznski and Michael Nieder of JLL represented the seller, a joint venture between Centrum Realty and Hubbard Street Group. Elliott Bay Capital Trust, in a joint venture with Pantheon, purchased the asset.

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Affordable HousingDevelopmentLoansMichiganMidwestMultifamily

Hunt Capital Partners Provides $13M in LIHTC Financing for 50-Unit Tribal Housing Development in Northern Michigan

by Kristin Harlow

PETOSKEY, MICH. — Hunt Capital Partners has provided $13 million in Low-Income Housing Tax Credit (LIHTC) financing for Victories Square, a 50-unit tribal housing development in Petoskey, a city on Michigan’s Lower Peninsula. Victories Square will provide a mix of studio, one- and two-bedroom units for households earning up to 80 percent of the area median income. Eight of the residences will be set aside for tribal members and supported by a 45-year project-based rental assistance contract from the tribe. Amenities will include a community room, bike racks, onsite management and Wi-Fi in all common areas. Community Housing Network Inc. is the project developer. MI-Oaks Construction LLC, a joint venture between Miller Diversified Construction and Oakwood Construction Co., is the general contractor. Dimension IV Madison Design Group is the architect, and KMG Prestige will provide property management services. Odawa Economic Development Management Inc., the economic development arm of the Little Traverse Bay Bands of Odawa Indians, provided a $5 million soft loan comprised of funds from the tribe, the Shakopee Mdewakanton Sioux Community and the Michigan State Housing Development Authority. The Federal Home Loan Bank of Indianapolis provided a $448,000 Affordable Housing Program grant. A timeline for construction was not …

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AcquisitionsHospitalityMidwestOhio

NewcrestImage Purchases 194-Room DoubleTree Suites Hotel in Downtown Columbus

by Kristin Harlow

COLUMBUS, OHIO — NewcrestImage has acquired the DoubleTree Suites by Hilton Hotel Columbus Downtown in Ohio for an undisclosed price. The 15-floor hotel features 194 rooms, all of which are suites. The property is convenient to the Ohio State Capital complex and the Greater Columbus Convention Center as well as two miles from the Ohio State University. Amenities include nearly 7,000 square feet of conference space, concierge services, a business center, fitness center, lounge and full-service restaurant, The Presidents Dining room. Tim Osborne and Spencer Davidson of Hunter Hotel Advisors represented the institutional seller in the transaction.

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DevelopmentMidwestMultifamilyStudent HousingWisconsin

CRG Delivers 534-Bed Chapter Madison Student Housing Development in Wisconsin

by Kristin Harlow

MADISON, WIS. — CRG has completed Chapter Madison, a 534-bed student housing development neighboring the University of Wisconsin-Madison. Located in the heart of Madison’s historic Greenbush neighborhood and designed by Lamar Johnson Collaborative, the 10-story project features 165 units in various floor plans ranging from studios to five bedrooms. Amenities include a fitness center, yoga studio, private study spaces and a rooftop terrace. The development also features a cultural exhibit that pays homage to the area’s heritage through murals and a first-floor corridor display. Chapter Madison is fully leased.

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AcquisitionsHealthcareIllinoisMidwest

MCB Science + Health Acquires 72,000 SF Medical Office Building in Suburban Chicago for $28M

by Kristin Harlow

NAPERVILLE, ILL. — MCB Science + Health has acquired a more than 72,000-square-foot medical office building in the Chicago suburb of Naperville for $28 million. Located at 1331 W. 75th St. and known as iMed Naperville Medical Office, the four-story asset was 96 percent leased at the time of sale and anchored by Endeavor Health, formerly known as Edward-Elmhurst Health. Additional tenants include ABC Pediatrics, Basko Dermatology, DuPage Children’s ENT & Allergy and Naper Grove Vision Care. The property was completed in 2015. MCB Science + Health, a division of Baltimore-based MCB Real Estate, acquires and develops projects serving the life sciences, medical office and seniors housing sectors. Jason St. John of Greenstone Partners represented the seller, DynaCom Management Inc.

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AcquisitionsMidwestMinnesotaOffice

MAG Capital Partners Buys 44,298 SF Headquarters Building in Eagan, Minnesota

by Kristin Harlow

EAGAN, MINN. — In a sale-leaseback transaction, MAG Capital Partners has acquired a 44,298-square-foot headquarters building in the Minneapolis suburb of Eagan. The property at 1300 Corporate Center Curve serves as the corporate headquarters of Asset Marketing Services, a direct-to-consumer retailer of collective coins. The building was constructed in 1999 and renovated in 2016. Daniel Macks and Phil DiGennaro of STREAM Capital Partners advised the seller. Led by principals Dax Mitchell and Andrew Gi, Dallas-based MAG Capital Partners invests in industrial real estate and operating companies.

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DevelopmentMichiganMidwestOffice

Farbman Group Completes Atrium Renovation at New Center One Office Building in Detroit

by Kristin Harlow

DETROIT — Farbman Group has completed an atrium renovation at New Center One, a 600,000-square-foot office building in Detroit’s New Center. The renovations include new furniture, faux grass and live plants installation, upgraded LED lighting and new paint for the elevator façade. Michelle Davis of Davis & Davis managed and executed the design of the new atrium. The space will serve as a lunch and meeting spot for tenants.  

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Briarwood-Hines
DevelopmentMichiganMidwestMixed-UseMultifamilyRetailTop Stories

Hines, Simon Break Ground on Mixed-Use Development at Briarwood Mall in Ann Arbor

by Katie Sloan

ANN ARBOR, MICH. — A joint venture between Hines and Simon Property Group (NYSE: SPG) has broken ground on a mixed-use development at Briarwood Mall, a regional mall in Ann Arbor.  Owned by Simon, Briarwood Mall opened its doors in October 1973. The new mixed-use component of the property, which sits about 2.5 miles south of the University of Michigan, will include a four-story luxury apartment building, Harvest Market grocery store and additional retail space surrounding an activated outdoor plaza.  The partnership has broken ground on the multifamily component of the project. The community will offer 370 units in studio, one-, two- and three-bedroom configurations with in-unit washers and dryers, quartz countertops and smart home technology. Shared amenities for residents will include two open-air courtyards with seating and grilling stations, a private dog run and pet spa, fitness center, golf simulator, club room, lounge, coworking spaces and a 325-stall parking structure.  The development, which is targeting LEED certification, was partially funded through Hines U.S. Direct Investments (HUSDI). Northwestern Mutual provided a loan to facilitate the construction of the project, which is expected to take approximately two years to complete.  “It’s an exciting time for Ann Arbor as we break ground …

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