Midwest

MILMARK BROKERS HISTORIC HOTEL SALE

by admin June 22, 2009

FOND DU LAC, WIS. — Milmark Hotel/Motel Investment has brokered the sale of the Ramada Plaza Hotel, a 132-room hotel located in Fond du Lac. The hotel, which is on the National Register of Historic Places, features a ballroom and banquet rooms for events; a restaurant and lounge on the first floor; and a fitness center with a pool, a whirlpool, a sauna and exercise equipment. The property was purchased by California-based Fine Hospitality Group, which plans to significantly upgrade it in the near-term. The purchase is part the company’s plans to expand into the Midwest. The sellers were CPRS Properties and One North Main. The acquisition price was not disclosed.

June 22, 2009

CONSTRUCTION BEGINS FOR HOLIDAY INN EXPRESS

by admin June 22, 2009

PERU, ILL. — Lisle, Ill.-based Peak Construction Corp. has begun construction for a new Holiday Inn Express & Suites, located in Peru. The three-story hotel will be situated at 5253 Trompeter Rd., immediately north of Interstate 80. It will feature 79 rooms as well as meeting space. Completion is scheduled for January 2010. The developer is Peru Hotel Group LLC and the project architect is Fargo, N.D.-based Lightowler Johnson Associates.

June 22, 2009

Midwest Multifamily

MERIDIAN ARRANGES THREE MULTIFAMILY LOANS TOTALING $5.87 MILLION

by admin June 22, 2009

CHICAGO — Meridian Capital Group has arranged a total of $5.87 million in financing for three Chicago multifamily properties. The first is a 32-unit property located at 2418 N. Sawyer Ave.; the second is a 59-unit property located at 6201 N. Kenmore Ave.; and the third is a 19-unit property located at 3454-3456 N. Bosworth Ave. Each of the loans is non-recourse, carries a 10-year term and was financed with a fixed interest rate in the mid-5 percent range. Meridian’s Gershon Friedman secured all three loans. The borrowers and lenders were undisclosed.

June 22, 2009

Industrial Midwest

COLLIERS BARRY ARRANGES 42,900-SQUARE-FOOT INDUSTRIAL LEASE

by admin June 22, 2009

GRAFTON, WIS. — Milwaukee-based Colliers Barry has arranged the leasing of a 42,900-square-foot industrial facility, located at 2076 First Ave. in Grafton. The tenant, Waukesha Tool & Stamping, plans to relocate Parkview Metal Products, a company it recently purchased, to the new facility. Waukesha Tool & Stamping also plans to complete capital improvements to the property. The landlord is Grafton Investments LLC. The transaction was negotiated by Pete Slezak of Colliers Barry.

June 22, 2009

Market Reports Michigan Midwest Market Reports

Uncertainty looms in Detroit, but most renters staying put.

by admin June 22, 2009

While a rapidly deteriorating local economy is weighing on apartment operations in Detroit, weakness is expected to be mitigated by residents remaining hesitant to transition away from rental units. The Detroit metro area has one of the most affordable housing markets in the country, as overbuilding and a declining population have resulted in a significant supply/demand imbalance. Nonetheless, many local inhabitants are exhibiting caution when considering a move into a home due to still-falling prices and the high-risk employment market. The weak national economy is limiting options for job seekers outside of the metro area, which could stem the tide of out-migration in the short term, boosting demand for area apartments. On the supply side, development activity is minimal again this year, as construction costs continue to outweigh attainable rents. Competition is emerging from fractured condominium projects, however, some of which are offering units for lease until demand rebounds. Early estimates indicate that employers decreased payrolls by 6.8 percent, or 130,700 jobs, in the year ending in the first quarter. As auto-related companies restructure, 102,000 area positions have been eliminated in the last 6 months. While vacancy does not fluctuate significantly in Detroit, mounting job losses will force some local …

June 22, 2009

Midwest Mixed-Use

BROWNING INVESTMENTS ACQUIRES HOME SITES FOR COMMERCIAL REDEVELOPMENT

by admin June 19, 2009

CARMEL, IND. — Browning Investments has acquired 17 acres located within at the intersection of U.S. Highway 31 and 131st Street in Carmel for commercial redevelopment. The property comprises 43 home sites that are part of the Meridian Heights subdivision. The sites will be combined with an adjacent 20-acre site owned by Browning for the development of a mixed-use project known as Meridian & Main. Initial plans call for the construction of more than 600,000 square feet of office, medical, hotel and retail space. The project is fully entitled and features shovel-ready sites ranging from 1.5 to 10 acres.

June 19, 2009

Healthcare Midwest

CAMBRIDGE ARRANGES $15.9 MILLION LOAN FOR SKILLED NURSING HOME

by admin June 19, 2009

GLENVIEW, ILL. — Cambridge Realty Capital Cos. has arranged a $15.9 million first-mortgage loan for the refinancing of Glenview Terrace Nursing Center, a 314-bed skilled nursing facility located in Glenview. The loan is filly amortized and carries a 40-year term. It was arranged for the borrower, an Illinois-based limited liability company, by Cambridge Realty Capital Ltd. of Illinois, a Cambridge subsidiary that underwrites senior housing and healthcare loans using HUD programs. Glenview Terrace was refinanced through HUD’s Section 223(a)(7) program.

June 19, 2009

Industrial Midwest

CRESCO BROKERS 257,000-SQUARE-FOOT LEASE FOR FIRST INDUSTRIAL

by admin June 19, 2009

TWINSBURG, OHIO — Cleveland-based CRESCO Real Estate has arranged the lease of a 257,000-square-foot warehouse, located in Twinsburg. The facility, which is located at 8181 Darrow Rd., will be occupied by FFR-DSI on a long-term basis. The building is owned by First Industrial Realty Trust. CRESCO’s Matthew Beesley, Bob Garber, and Ryan Burrows represented First Industrial in lease negotiations. The tenant was represented by A.J. Magner and Joseph Messina of Jones Lang LaSalle. In addition, CRESCO recently represented First Industrial in four more industrial leases in nearby Solon, Ohio, for a total of 78,600 square feet. The tenants in those transactions were Dow Chemical/Poly-Carb, Vincent Lighting, Ruell Trucking and United Stone Corp.

June 19, 2009

Midwest Retail

FURNITURE RETAILER OPENS AT HERITAGE SQUARE

by admin June 19, 2009

NAPERVILLE, ILL. — Cribs to College Bedrooms, an infant and children’s furniture retailer, has opened a 47,652-square-foot store within the Heritage Square shopping center, which is located at the intersection of Route 59 and Aurora Avenue in Naperville. The shopping center’s owner, Centro Properties Group, was represented in-house by Brad Ratajczak in lease negotiations. Terms of the lease were not disclosed.

June 19, 2009

Midwest Seniors Housing

LOVE FUNDING SECURES $10 MILLION IN EQUITY FOR SENIOR HOUSING PROJECTS

by admin June 19, 2009

ILLINOIS — Love Funding has secured a $10 million equity placement for the development of 10 memory care facilities in Illinois. Leonard Lucas of Love’s Boston office originated the transaction on behalf of Tricom Development and its operator, Senescent Healthcare of Illinois. Tricom and Senescent recently closed on the construction loan for the first project, a 40-unit facility located in Loves Park. The venture plans to close on the construction loan for a second facility located in Sycamore in June.

June 19, 2009

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