Midwest

$145 MILLION RENOVATION OF HISTORIC ARGONAUT BUILDING NEARS COMPLETION

by admin January 13, 2009

DETROIT — A $145 million redevelopment of Detroit’s historic Argonaut Building is nearing completion. The 760,000-square-foot facility was donated by General Motors to the College for Creative Studies (CCS). The college will use the updated facility as a second campus site. Additionally, the project calls for the reorganization of the college’s existing campus in Midtown Detroit’s Cultural Center. Beginning this fall, the Argonaut Building will house undergraduate and graduate programs in design; community outreach activities; student housing; research and professional activities in the design fields; and a charter middle school and high school with a special focus on art and design. CCS programs and departments will occupy approximately 70 percent of the building, which was originally constructed by General Motors for its first research facility. The new campus will house all of CCS’ design-based majors, including transportation design, product design, interior design, graphic design and advertising design. Highlights of the renovation include the addition of a 300-bed student housing area, a conference center with a 400-seat auditorium and a 360-seat dining hall. The project began in May, and is being led by project architect Albert Kahn Associated. Eric Larson of Larson Realty Group is leading the development team, which includes …

January 13, 2009

NORTHMARQ BROKERS SALE OF CLASS A OFFICE BUILDING

by admin January 13, 2009

MINNETONKA, MINN. — Minneapolis-based NorthMarq Investment Services has brokered the sale of a Class A office building located at 12301 Whitewater Dr. in Minnetonka. The 69,799-square-foot building, which is situated on a 6.5-acre site near Interstate 494 and Highway 62, is fully leased and occupied by North American Membership Group Inc. Upper Midwest Management Corp. purchased the office building from ADAJE Development for $9.6 million. The facility, which was developed by Trammel Crow, features a two-level atrium, an efficient floor plate and underground parking. Scott Pollock of NorthMarq Investment Services represented ADAJE Development in the transaction.

January 13, 2009

Midwest Multifamily

PRICE DEVELOPMENT GROUP OPENS RIVERSTONE MULTIFAMILY COMMUNITY

by admin January 13, 2009

KANSAS, CITY, MO. — Kansas City-based Price Development Group has opened Riverstone, a 324-unit multifamily community located at 8940 N. Shannon Ave. in Kansas City. The property includes 21 two- and three-story buildings, which feature one-, two-, and three-bedroom units. Property amenities include an on-staff concierge, a zero entry resort style pool, a sports court, a fitness center, and a 6,000-square-foot private club room with a plasma screen TV, a wet bar, a business center, a shuffle board table and a pool table. Bridge Construction Management provided construction services; Equity investors include CDK Pension Fund Advisors, Hammer Properties, and Enenbach & Associates. Wells Fargo Banking provided construction financing. The estimated cost of completing the project was not disclosed.

January 13, 2009

Midwest Seniors Housing

PARIC CORP. COMPLETES 76,000-SQUARE-FOOT SENIOR HOUSING PROJECT

by admin January 13, 2009

ST. LOUIS — St. Louis-based Paric Corp. has completed a $7.8 million senior housing project located on South Grand Boulevard in the city of St. Louis. The 76,000-square-foot development features 87 senior apartments situated above ground-level retail. Paric Corp. served as general contractor for the project, which was completed on behalf of Minneapolis-based Dominium Development and Acquisition. Amenitites at the three-story building include a computer center, a multi-purpose room, a dining hall, an exercise room, recreational activities and a courtyard.

January 13, 2009

Midwest Multifamily

CBRE BROKERS SALE OF TWO MULTIFAMILY COMMUNITIES TOTALING 146 UNITS

by admin January 13, 2009

INDIANAPOLIS AND SHELBYVILLE, IND. — The Indianapolis/Cincinnati multi-housing group of CB Richard Ellis has brokered the sale of two apartment communities in Indianapolis and Shelbyville. The 92-unit Hampton Court community is located at 1325 West 75th Court in Indianapolis, and the 146-unit Loper Commons is located at 919 Lewis Creek Lane in Shelbyville. Both properties were acquired by Gene B. Glick Co.’s housing charity. Hampton Court was sold by Indianapolis-based owner and developer, Buckingham Cos. In a separate transaction, Loper Commons was sold by Indianapolis-based owner and developer, Paragus. The acquisition price for both properties was not disclosed.

January 13, 2009

Midwest Multifamily

NORTHMARQ ARRANGES TWO MULTIFAMILY LOANS TOTALING $26.45 MILLION

by admin January 12, 2009

AURORA, ILL., AND DETROIT — Minneapolis-based NorthMarq Capital has arranged $26.45 million in financing for two multifamily communities in Illinois and Michigan. Sue Blumberg of NorthMarq’s Chicago office has arranged $22.25 million in first-mortgage financing for Butterfield Oaks Apartments located in Aurora. The loan for the 346-unit property was financed through Freddie Mac’s Streamlined Refinance Program. Financing was based on a 7-year term with 5 years of yield maintenance, and a 30-year amortization schedule. Additionally, Blumberg arranged $4.2 million in first-mortgage financing for Pavilion Apartments located in Detroit. Financing for the 340-unit multifamily property was based on a 7-year term capped ARM with 2 years interest only, and a 30-year amortization schedule thereafter. The loan was arranged for the borrower, Pavilion Apartments LLC, through NorthMarq’s seller/servicer relationship with Freddie Mac.

January 12, 2009

Midwest Retail

MARCUS & MILLICHAP ARRANGES SALE OF 10-PROPERTY SINGLE-TENANT PORTFOLIO

by admin January 12, 2009

MICHIGAN, OHIO AND NEW YORK — The Detroit office of Marcus & Millichap has arranged the sale of a 10-property, single-tenant net-leased portfolio located in Michigan, Ohio and New York. The retail portfolio, which was fully leased at the time of acquisition, includes three Michigan properties, six Ohio properties and one property in New York’s Nassau County. The portfolio houses national tenants CVS/Pharmacy, Rite Aid and Family Dollar. An undisclosed buyer purchased the portfolio for $9.9 million, or approximately $112 per square foot. Simon Jonna and Brandon Hanna in the Detroit office of Marcus & Millichap represented the undisclosed seller; Scott Plasky of Marcus & Millichap’s Manhattan office represented the buyer in the transaction. According to Jonna, the purchaser was able to place a minimum equity down payment in order to assume an existing fixed-rate 10-year loan.

January 12, 2009

Midwest Multifamily

NCM FUNDING ARRANGES $10.13 MILLION MULTIFAMILY LOAN

by admin January 12, 2009

BLACKLICK, OHIO – Albany, N.Y.-based NCM Funding has arranged approximately $10.13 million in permanent financing for a 240-unit apartment complex located in the Columbus suburb of Blacklick. The property is a high-occupancy, stabilized complex with strong management. The non-recourse loan was based on a 10-year term with a 5.96 percent fixed interest rate, a 75 percent loan-to-value and a 30-year amortization schedule. Brian Sheldrick of NCM Funding originated the funding on behalf of the undisclosed Borrower.

January 12, 2009

Midwest Retail

THREE TENANTS SIGN WITHIN NATIONWIDE REALTY INVESTORS’ ARENA DISTRICT

by admin January 12, 2009

COLUMBUS, OHIO — Nationwide Realty Investors has secured three new tenants for its $750 million Arena District development located in Columbus. The Big Bang Rock and Roll Dueling Piano Bar will open a 6,000-square-foot location within the mixed-use project by the end of January. As the company’s first Ohio location, the piano bar will feature nightly shows performed by two entertainers facing off on grand pianos. Additionally, R Bar has signed a lease for 4,055 square feet of space. The bar’s new location features a kitchen and an 850-square-foot patio. Finally, W.g. Grinders has opened a 2,800-square-foot restaurant at the development. This is the Columbus-based company’s 22nd Ohio location. The Arena District houses more than 1.5 million square feet of office, restaurant, entertainment and residential uses. Additional terms of the leases were not disclosed.

January 12, 2009

Industrial Midwest

COLLIERS BARRY BROKERS SALE OF 14,000-SQUARE-FOOT INDUSTRIAL FACILITY

by admin January 12, 2009

GREENDALE, WIS. — James Young of Milwaukee-based Colliers Barry has brokered the sale of a 14,000-square-foot industrial facility located at 6255 South Industrial Court in Greendale. Mersenski LLC has purchased the building from John Lin et al for an undisclosed amount. Mersenski is relocating from its machine shop in the Bay View/South Milwaukee area, and will use the facility to accommodate its expansion. To complete the transaction, the buyer executed a short-term leaseback to the seller. The acquisition price was not disclosed.

January 12, 2009

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