Midwest

Berkadia Arranges $38.4M Sale of Apartment Community in Auburn Hills, Michigan

by Kristin Harlow April 28, 2022

AUBURN HILLS, MICH. — Berkadia has arranged the sale of Bloomfield Square in Auburn Hills for $38.4 million. The 259-unit, garden-style apartment community is located at 3161 Bloomfield Lane. Amenities include a pool, fitness center and pet park. Kevin Dillon, Jason Krug, Corey Krug, Rick Brace and Charley Henneghan of Berkadia Detroit represented the seller, Michigan-based Bloomfield Square Acquisition Partners LLC. New York-based Halt Management was the buyer. The sales price represented a premium of more than 50 percent over the seller’s 2019 acquisition price, according to Berkadia.

April 28, 2022

Acquisitions Healthcare Kansas Midwest

Newmark Brokers $15.3M Sale of Outpatient Surgery Center in Wichita, Kansas

by Kristin Harlow April 28, 2022

WICHITA, KAN. — Newmark has brokered the sale of Cypress Surgery Center in Wichita for $15.3 million. The 33,620-square-foot outpatient surgery building is located within the Cypress Medical Park. The property is fully leased to a joint venture between Surgery Partners and a group of 137 local physicians under a long-term lease. The surgery center houses six operating rooms, three pain rooms and two endoscopy suites. Ben Appel and Bert Sanders of Newmark represented both the seller, DeSanto Realty Group, and the buyer, Montecito Medical Real Estate.

April 28, 2022

Illinois Industrial Leasing Activity Midwest

Grane Distribution Services Renews 174,824 SF Industrial Lease in Bensenville, Illinois

by Kristin Harlow April 28, 2022

BENSENVILLE, ILL. — Transportation company Grane Distribution Services LLC has renewed its 174,824-square-foot industrial lease at 703 Foster Ave. in the Chicago suburb of Bensenville. The building, constructed in 1972, features 21 exterior docks, 14 interior docks and one drive-in door. George Cibula and Rick Daly of Darwin Realty/CORFAC International represented the landlord, Welbic Investments LLC, of which Speedwagon Capital Partners LLC is a partner. Grane has operated in the Chicago area since 1925.

April 28, 2022

Illinois Leasing Activity Midwest Office

Headline Solar Leases 15,000 SF for New Headquarters at Bell Works Chicagoland

by Kristin Harlow April 28, 2022

HOFFMAN ESTATES, ILL. — Headline Solar has leased 15,000 square feet of office space for its new headquarters at Bell Works Chicagoland in the Chicago suburb of Hoffman Estates. Bell Works is a $200 million redevelopment of the former AT&T campus. Headline Solar, a Midwest-based solar company, is relocating from a roughly 3,500-square-foot office at 1750 E. Golf Road in Schaumburg. Gregg Espach, Patrick Kobilca and Bryant McKenzie of Vestian represented Headline Solar in the lease negotiations. The 10-year lease included flexible terms, buildout allowances, the right to scale occupancy and swing space to house employees while the buildout was being completed, according to Vestian. Headline Solar is set to move into its new space by the end of this month.

April 28, 2022

Acquisitions Illinois Midwest Retail Top Stories

Silvestri Investments Acquires Flagship Neiman Marcus Building on Chicago’s Magnificent Mile

by Katie Sloan April 28, 2022

CHICAGO — Silvestri Investments Inc. has acquired the flagship Neiman Marcus building located at 737 N. Michigan Ave. within Chicago’s Magnificent Mile, a 13-block shopping district that attracts more than 30 million visitors annually. The transaction is one of only eight trades on Michigan Avenue over the past decade, according to JLL, which brokered the sale. The luxury department store chain has operated its 195,500-square-foot location since the four-story building was constructed in 1983. The 1.2-acre Neiman Marcus boasts the largest continuous frontage on Michigan Avenue at 200 feet. Amy Sands, Clinton Mitchell, Alex Sharrin and Michael Nieder of JLL’s Retail Capital Markets team represented the undisclosed seller and procured the buyer in the 1031 exchange transaction. Christopher Knight, also of JLL, secured a seven-year acquisition loan on behalf of the buyer. Chicago’s Magnificent Mile was hit particularly hard by the COVID-19 pandemic as tourism decreased and the city’s crime increased. Today, nearly a quarter of all Magnificent Mile retail space is vacant — more than double its vacancy four years ago, according to Crain’s Chicago Business. Earlier this month, Brookfield Properties announced that it was turning over Water Tower Place shopping mall to its lender, indicating that the property …

April 28, 2022

Industrial Market Reports Midwest Midwest Market Reports Multifamily NAI Nebraska Office Retail

Analyzing the Potential of Lincoln’s Commercial Real Estate Market

by Kristin Harlow April 28, 2022

What does the Lincoln, Nebraska commercial real estate market have to offer? Quite simply it has land, room to grow, affordability and a centralized location. Pair these attractive and unique features with an educated workforce in a culturally diverse community and the answer becomes clear. Lincoln’s commercial real estate market has a lot of potential. Despite Lincoln’s small size of approximately 300,000 people, it is experiencing the same challenges and triumphs as the bigger metropolitan areas. Warehouse space One of the biggest challenges in the Lincoln market is the low supply of industrial space in a high-demand environment. The industrial vacancy rate as of year-end 2021 was 1.6 percent. Any new product that comes on market is leased quickly and the per-square-foot selling price is trending up with a 31 percent increase in just three years. Unfortunately, in the Lincoln market, the value of new industrial construction building permits has been trending down over the last five years. The rising cost of construction makes this trend even more significant; many developers are unwilling to invest in speculative product without the certainty that tenants will pay the rental rate necessary to provide an adequate rate of return. One local developer, Las …

April 28, 2022

Development Illinois Life Sciences Midwest

Sterling Bay, Harrison Street Top Out Construction of 320,000 SF Life Sciences Building in Chicago

by Kristin Harlow April 27, 2022

CHICAGO — Sterling Bay and Harrison Street have topped out construction of 1229 W. Concord Place, a 320,000-square-foot life sciences building located along the North Branch of the Chicago River. Designed by Gensler and situated in Lincoln Yards, the Class A development will feature several amenities and outdoor gathering spaces. The developers are pursuing LEED Silver certification and the WELL Health-Safety Rating. Completion is slated for the fourth quarter of this year. Power Construction is the general contractor.

April 27, 2022

Acquisitions Midwest Multifamily Wisconsin

Berkadia Brokers $34.1M Sale of Wisconsin Multifamily Portfolio

by Kristin Harlow April 27, 2022

MILWAUKEE AND MEQUON, WIS. — Berkadia has brokered the $34.1 million sale of the Dermond Milwaukee Portfolio, a collection of three multifamily properties totaling 138 units in Milwaukee and Mequon. The properties include: the 33-unit Artesa Apartments in Mequon; the 36-unit Avante Apartments in Milwaukee; and the 69-unit Vue Apartments in Milwaukee. Ralph DePasquale, Pete Evans, Jack Maloney and Richard Evans of Berkadia represented the seller, Wisconsin-based Dermond Property Investments. A Nevada-based private family office was the buyer.

April 27, 2022

Development Hospitality Midwest Wisconsin

Radisson Opens 99-Room Jefferson Street Inn in Wausau, Wisconsin

by Kristin Harlow April 27, 2022

WAUSAU, WIS. — Radisson Hotel Group Americas has opened Jefferson Street Inn, a member of Radisson Individuals. Located in the Wausau River District, the seven-story hotel is home to 99 rooms and apartment-style suites. Guests have access to whirlpool tubs, room service, same-day dry cleaning service and complimentary breakfast, which is served by a local bakery. The hotel features Asian, Mexican and American restaurants along with live entertainment. Additional amenities include an 8,000-square-foot ballroom, indoor pool, business center, fitness center and adjacent day spa. Jefferson Street Inn is connected to the Third Street Lifestyle Center, a shopping and dining destination. Radisson Individuals offers independent hotels and local chains the opportunity to be part of Radisson Hotel Group Americas.

April 27, 2022

Loans Midwest Minnesota Multifamily

ACRES Provides $19.2M Construction Loan for Luxury Apartment Development in Minneapolis

by Kristin Harlow April 27, 2022

MINNEAPOLIS — ACRES Capital Corp. has provided a $19.2 million loan for the construction of Sawyer & Huck in Minneapolis. The apartment development will house 83 luxury units and 47 onsite covered parking spaces. Amenities will include a fitness center, roof deck and bike storage. The project will be situated in the historic St. Anthony West area, which lies on the east bank of the Mississippi River. Drew Miller of ACRES originated the loan on behalf of the borrower, Denver-based Charles Street Development Co.

April 27, 2022

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