Midwest

CONSTRUCTION PROGRESSES ON 122,000-SQUARE-FOOT OFFICE BUILDING

by admin February 26, 2009

NOBLESVILLE, IND. — Construction is progressing on the first building within Jackson Commercial Real Estate’s Hamilton Healthcare Campus in Noblesville. The 122,000-square-foot office building, which is underway at 146th Street and Cumberland Road, should be ready for occupancy by October. Community Health Network will be the anchor tenant at the three-story facility. The medical facility is expected to include primary care services, urgent care, imaging services, a laboratory, and a community conference center for tenant and neighborhood use. Additionally, the building will serve as Jackson Commercial Real Estate’s headquarters office. American StructurePoint is the architect; Edwards-Rigdon Construction Co. is the contractor for the project. The estimated cost of the project was not disclosed.

February 26, 2009

RML CAPITAL ARRANGES $5.5 MILLION LOAN FOR LAKEWOODS CORPORATE CENTER

by admin February 26, 2009

SCHAUMBURG, ILL. — RML Capital has arranged $5.5 million in first mortgage financing for Lakewoods Corporate Center, an 82,000-square-foot office building located at 650 Algonquin Rd. in Schaumburg. A local investor used the funds to purchase the four-story building for $6.5 million. The loan was based on a 5-year term, with a 25-year amortization schedule after the first year. Richard Lynn of RML Capital secured financing for the building from a local bank.

February 26, 2009

Midwest Office

OFFICE LEASE SIGNED, FINAL BUILDING PLANNED IN PINNACLE AT BISHOPS WOODS

by admin February 26, 2009

BROOKFIELD, WIS. — Travelers Indemnity Co. has signed a lease for 36,584 square feet of space within Pinnacle II, a Class A office building situated within the Pinnacle at Bishops Woods office park in Brookfield. The Pinnacle at Bishops Woods, which is located on a 28-acre site at Sunnyslope Road and Bishops Drive, houses 250,000 square feet in three buildings. Since the existing buildings are nearly 100 percent occupied, Big Bend Development is planning the final building at the property. Pinnacle IV is expected to measure approximately 50,000 square feet, and will front Interstate 94. Dan Wroblewski and Steve Pape in the Milwaukee office of Inland Cos. are marketing the fourth building. Construction of the new office is contingent on finding an anchor tenant.

February 26, 2009

Industrial Midwest

AEROTERM TO DEVELOP $160 MILLION O’HARE NORTHEAST CARGO PROJECT

by admin February 25, 2009

CHICAGO — The Chicago Department of Aviation has selected Maryland-based Aeroterm U.S. Inc. to serve as the master developer for more than 55 acres of land and 750,000 square feet of building space for cargo facilities located in the northeast area of Chicago’s O’Hare International Airport. The master plan for the multi-phased O’Hare Northeast Cargo project calls for the completion of four cargo processing facilities and airside aircraft parking spaces. New facilities are being completed in order to accommodate a larger generation of freighter aircraft. The overall development will include the construction of truck docks, employee parking areas, comprehensive security controls and an expansion of the existing northeast fuel farm. While the project will cost approximately $160 million to complete, the city of Chicago will receive $350 million from a 35-year ground lease. Additionally, the entire project is expected to bring more than 1,200 construction jobs and more than 2,000 permanent jobs to the city. Construction of the first phase of development is expected to begin by 2012. According to the Department of Aviation commissioner, the development will approximately double O’Hare International Airport’s cargo capacity.

February 25, 2009

Civic Midwest

ARCHITECTURAL FIRMS SELECTED FOR INITIAL PHASE OF SCHOOL DISTRICT PROJECT

by admin February 25, 2009

WICHITA, KAN. — On Monday, the Wichita Board of Education approved 10 architectural firms to design the first phase of construction projects for various schools in the Wichita district. The three-phased project, which encompasses 27 schools, is being financed by a $370 million bond that voters passed last fall. Architects announced for Phase 1A of the project include, Schaefer Johnson Cox Frey Architecture; Gossen Livingston Associates; Architectural Development Services LLC; Kraybill Architects; Shelden Architecture; Richard Brown and Associates; WDM Architects; Howard + Helmer Architecture; Law/Kingdon Architecture; and PBA Architects. The district tried to match architects that did the original design for the school whenever possible. Plans for Phase 1A call for the construction a new Northeast high school and a new Northeast K-8 school, as well as additions to nine existing facilities. Contractual work for the firms involved with the approximately $91 million first phase will begin immediately. The overall bond issue plan is anticipated to be completed in 5 to 7 years.

February 25, 2009

Midwest Office

KWAME BUILDING GROUP COMPLETES 23,000-SQUARE-FOOT HEADQUARTERS

by admin February 25, 2009

WENTZVILLE, MO. — St. Louis-based Kwame Building Group has completed the new corporate headquarters building for 1st Financial Credit Union in Wentzville. The 23,000-square-foot facility also serves as a retail branch location for the company. The two-story building includes an atrium lobby with a children’s corner, an employee break room/kitchen, a patio balcony, a training room for community seminars, five walk-up teller stations, four drive-through lanes and a drive-up ATM. The headquarters houses 1st Financial Credit Union’s executive staff, collections, accounting, marketing, business services, human resources and compliance departments. Kwame served as construction manager and owner representative; St. Louis-based United Construction was the general contractor and Tri Architects was the designer for the project.

February 25, 2009

Industrial Midwest

COHEN FINANCIAL SECURES $4.4 MILLION LOAN FOR AN INDUSTRIAL FACILITY

by admin February 25, 2009

BURR RIDGE, ILL. — On behalf of Wrightwood Capital, Cohen Financial has secured $4.4 million in refinancing for an industrial facility located at 161 Tower Dr. in Burr Ridge. Steve Roth and Steve Kundert of Cohen Financial originated the transaction for the 117,928-square-foot building. The company was able to secure fixed-rate, 60 percent loan-to-value financing from a Midwest-based regional bank. Additional terms of the loan were not disclosed.

February 25, 2009

Midwest Multifamily

BMC CAPITAL ORIGINATES $1.16 MILLION MULTIFAMILY LOAN

by admin February 25, 2009

CHICAGO — Dallas-based BMC Capital has originated a $1.16 million loan for the acquisition of a multifamily property located at 2402 N. New England in Chicago. According to BMC Capital, the company was able to originate a non-recourse loan, as well as limit the costs, maximize the loan dollars and negotiate no holdbacks for deferred maintenance for the 25-unit apartment complex. Additional terms of the loan were not disclosed.

February 25, 2009

Industrial Midwest

CENSUS BUREAU TAKES 335,000 SQUARE FEET WITHIN RIVER RIDGE COMMERCE CENTER

by admin February 24, 2009

JEFFERSONVILLE, IND. — With the help of One Southern Indiana, which encourages businesses to expand in the Louisville, Ky., and southern Indiana metro regions, the United States Census Bureau has expanded its operations within Jeffersonville’s River Ridge Commerce Center. The Census Bureau’s National Processing Center occupies 335,000 square feet of customized space located at 700 Patrol Rd. The Census Bureau’s space is within a 450,000-square-foot facility that is situated on a 30-acre site. Crossdock Development completed the building in August 2008. The new industrial space has allowed the Census Bureau to reengineer the processes it uses to build kits of materials for the decennial census.

February 24, 2009

Midwest Retail

STARPLEX STADIUM 14 COMPLETED WITHIN CONSTITUTION TRAIL CENTRE

by admin February 24, 2009

NORMAL, ILL. — Starplex Stadium 14 has been completed within Constitution Trail Centre, which is an approximately 450,000-square-foot shopping center located at the intersection of Interstate 55 and Highway 51 in Normal. The 44,064-square-foot movie theater includes stadium-style seating, digital surround sound, wall-to-wall screens and Star Café. Additionally, Rosati’s Pizza has opened at the shopping center. The 3,650-square-foot restaurant, which seats 90 people, is situated just south of Schnucks. A Wendy’s and a Discount Tire are scheduled to be constructed at Constitution Trail Centre this spring. Taco Bell is the most recent restaurant to commit to the center. Construction of a 2,900-square-foot Taco Bell will begin in the spring of 2010, with completion slated for July 2010. Omaha, Neb.-based DKC Development Ventures is serving as the project manager for the shopping center.

February 24, 2009

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