Midwest

HOTEL INDIGO PROJECT ANNOUNCED FOR HISTORIC BREUER TOWER

by admin June 10, 2008

CLEVELAND — InterContinental Hotels Group has announced plans to build a new Hotel Indigo in the historic Breuer Tower, which is located at the intersection of Euclid Avenue and East Ninth Street in downtown Cleveland. Construction is expected to begin this fall on the adaptive reuse of the mid-century landmark building and completion for the LEED-certified project is slated for spring 2010. The 12 lower levels of the facility will be redeveloped into the hotel and the upper floors will be reserved for residential space. The owner, The K&D Group, is facilitating a $200 million redevelopment of the area. Hotel Indigo will feature a casual gourmet restaurant, wireless high-speed Internet access throughout the hotel, and 3,000 square feet of meeting space for business functions or special events.

June 10, 2008

BOND COS. CONTINUES CONSTRUCTION OF 270,000-SQUARE-FOOT RETAIL CENTER

by admin June 10, 2008

NAPERVILLE, ILL. — Bond Cos. and its joint venture partner MCD Properties are developing Springbrook Prairie Pavilion, a 270,000-square-foot retail center located at the northwest corner of 75th Street and Fort Hill Drive in Naperville. Road Runner Sports will be the first occupant on the 27-acre site. Other tenants that have signed lease commitments and will open throughout the year include Buffalo Wild Wings Grill & Bar, Whole Foods Market, Nordstrom Rack, Loehmann’s, and Cost Plus World Market. Springbrook Prairie is the first development in DuPage County to pursue LEED Silver Certification by the U.S. Green Building Council.

June 10, 2008

Midwest Seniors Housing

ST. LOUIS ADULT DAY HEALTH CENTER FOR ELDERLY COMPLETED

by admin June 10, 2008

ST. LOUIS — Alexian Brothers Community Services, Blanton Construction and design firm Rosemann & Associates have completed an adult day health center located at 8449 Jennings Station Rd. in St. Louis. The 13,000-sqaure-foot Corpus Christi Church was redesigned for the elderly care program PACE to include a 3,000-square-foot building addition, medical clinic, social services offices, and an area designed to serve elderly participants with memory loss and Alzheimer’s. With construction totaling $3 million, the new facility will serve approximately 100 low-income seniors who require assistance to remain living independently.

June 10, 2008

Midwest Retail

NORTHMARQ SECURES $3.3 MILLION LOAN FOR WALGREENS ACQUISITION

by admin June 10, 2008

MAPELWOOD, MINN. — Jeff Frankel of NorthMarq Capital’s Chicago office has arranged $3.3 million in first mortgage financing for the acquisition of a Walgreens located at 2920 White Bear Ave. North in Maplewood. The interest-only, 10-year loan was provided for the borrower, Via Estrada of Maplewood LLC, by an undisclosed Midwest financial institution.

June 10, 2008

Midwest Multifamily

MARCUS & MILLICHAP ARRANGES SALE OF 120-UNIT APARTMENT COMPLEX

by admin June 10, 2008

BELLEVILLE, ILL. — Marcus & Millichap has arranged the $4.5 million sale of Freedom Drive Apartments, a 120-unit, six-parcel apartment complex located in Belleville. David Short and Matt Fairbairn of Marcus & Millichap’s St. Louis office represented the seller, MALJ Investments, and the buyer, a Japan-based entity, in the acquisition. Located less than 15 miles east of downtown St. Louis, the apartments were sold for $37,500 per unit.

June 10, 2008

Midwest Multifamily

PRIME PROPERTY INVESTORS ACQUIRES STUDENT HOUSING COMMUNITY NEAR NOTRE DAME

by admin June 9, 2008

SOUTH BEND, IND. — Northbrook, Ill.-based Prime Property Investors has acquired Clover Ridge Apartments, a 100 percent-occupied student housing community located within three blocks of the University of Notre Dame’s main campus in South Bend. Situated on 8 acres, amenities at the multi-building complex include a swimming pool, workout room, sand volleyball court and on-site parking. The seller, as well as the acquisition price, was undisclosed.

June 9, 2008

Midwest Multifamily

PARIC COMPLETES $16M HISTORIC RENOVATION OF ST. LOUIS’ TUDOR BUILDING

by admin June 9, 2008

ST. LOUIS — Paric Corp. has completed the $16 million historic renovation of the 104,820-square-foot Tudor Building, which covers the 1900 block of Washington Avenue in St. Louis. The interior of the facility, which was formerly the Wrought Iron Range Company building and has been vacant for more than 20 years, was rebuilt to include 64 residential loft units and 14 street-level retail spaces. Historic elements of the two-story structure were salvaged and reused when possible, and architectural elements were field fabricated to match existing historic woodwork, which enabled the project to earn historic tax credits and Brownfield tax incentives. Paric, which was chosen by Tudor Development and Tudor Retail Partners to act as design/build contractor, was assisted by a number of other companies involved in the project.

June 9, 2008

Midwest Retail

CENRO PROPERTIES GROUP UNVEILS $11.7 MILLION RETAIL CENTER RENOVATION

by admin June 9, 2008

MIDDLEBURG HEIGHTS, OHIO — Centro Properties Group has unveiled its $11.7 million renovation of Southland Shopping Center, a community retail development located at the intersection of Pearl and Smith roads in Middleburg Heights. The catalyst for the renovation was the new 87,000-square-foot Giant Eagle supermarket, which opened at the shopping center in May. Renovations at the center included a complete redesign of the parking field. Future improvements to the property are expected for the 62,000-square-foot vacant space that was occupied by the Giant Eagle supermarket before it moved into its new space.

June 9, 2008

Midwest Multifamily

HENDRICKS & PARTNERS BROKERS SALE OF 84-UNIT APARTMENT COMMUNITY

by admin June 9, 2008

COLUMBUS, OHIO — Hendricks & Partners has brokered the $3.7 million sale of Hidden Acres East located at 1359 Yorkland Rd. in Columbus. The seller, T&R Properties, was represented by Eric Taylor and Mark Rohr of Hendricks & Partners’ Detroit office. Hidden Acres Acquisition LLC of Dublin, Ohio, acquired the 84-unit apartment community and plans to renovate the facility in anticipation of higher rental rates.

June 9, 2008

Civic Midwest

BRANT COS. ARRANGES SALE OF 11-ACRE CHURCH PROPERTY

by admin June 9, 2008

LAKE STATION, IND. — Brant Cos. has arranged the sale of Liberty Baptist Church located at 2075 Rush Place in Lake Station. The 11-acre property consists of a 10,000-square-foot gymnasium and classrooms, a 4,100-square-foot Church rectory, and 1,600 square feet of additional classrooms. A single-family house with two outbuildings, a playground and soccer fields are also included on the property. The purchaser, Old Path Church-Word From the Lord Ministries International, has begun worship services at the site.

June 9, 2008

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