Midwest

Marcus & Millichap Capital Corp. Arranges $13.5M Loan for Refinancing of Iowa Apartment Building

by Kristin Harlow September 26, 2022

WATERLOO, IOWA — Marcus & Millichap Capital Corp. (MMCC) has arranged a $13.5 million loan for the refinancing of Art Bloc in Waterloo, a city in northeast Iowa. The newly built, six-story building features 67 apartment units and 7,400 square feet of commercial space that is fully leased to an architecture firm. Robert Bhat of MMCC arranged the senior debt financing. The Fannie Mae loan features a 75 percent loan-to-value ratio, a fixed interest rate of 4.75 percent for 10 years, five years of interest-only payments and a 30-year amortization schedule.

September 26, 2022

Acquisitions Indiana Midwest Multifamily

Kiser Group Brokers $4M Sale of Apartment Building in Whiting, Indiana

by Kristin Harlow September 26, 2022

WHITING, IND. — Kiser Group has brokered the $4 million sale of City Place Apartments in Whiting, a city located on the southern shore of Lake Michigan about 16 miles from the Chicago Loop. Constructed in 2015, the four-story building features 24 units. Ron Plonis, Jeff Leibovich and Kyle Sissell of Kiser brokered the transaction. The out-of-state buyer assumed the debt on the property and expects to increase rents as units turn over.

September 26, 2022

Development Midwest Office Ohio

Unispace Completes 262,500 SF Office for Bread Financial in Columbus, Ohio

by Kristin Harlow September 23, 2022

COLUMBUS, OHIO — Design and construction firm Unispace has completed Bread Financial’s new 262,500-square-foot office space in Columbus. Bread Financial is a financial services company that provides flexible lending and saving solutions. Unispace collaborated with Bread Financial on the overall design, which includes LED lighting, various workspaces and an outdoor space. Despite supply chain delays, Unispace completed the project on time and on budget.

September 23, 2022

Acquisitions Illinois Midwest Office

Marcus & Millichap Brokers $6.7M Sale of Hartford Business Centre in Bensenville, Illinois

by Kristin Harlow September 23, 2022

BENSENVILLE, ILL. — Marcus & Millichap has brokered the $6.7 million sale of the Hartford Business Centre in the Chicago suburb of Bensenville. The 66,853-square-foot office complex sold at nearly full list price. The property’s three single-story buildings were constructed in 1975 and 1985 and renovated in 2022. At the time of sale, the property was 97 percent leased. Peter Doughty and Brent Holder of Marcus & Millichap represented the seller, a California-based private investor. Avison Young represented the buyer, a local private investment fund.

September 23, 2022

Illinois Leasing Activity Midwest Office

Eversheds Sutherland Signs 21,000 SF Office Lease in Chicago

by Kristin Harlow September 23, 2022

CHICAGO — Law firm Eversheds Sutherland has signed a 21,000-square-foot office lease for the top floor of 227 West Monroe Street, a building commonly known as The Franklin. Since first opening a Chicago office in 2019, Eversheds Sutherland has grown to 16 attorneys in the city. The Franklin recently underwent renovations and is LEED Gold certified. Eric Feinberg, John Goodman and Isabel Preskill of Savills represented Eversheds Sutherland.

September 23, 2022

Indiana Leasing Activity Midwest Retail

COhatch, North High Brewing Open at Circle Centre Mall in Indianapolis

by Kristin Harlow September 23, 2022

INDIANAPOLIS — COhatch and North High Brewing have opened at Circle Centre Mall in Indianapolis. CoOhatch offers coworking spaces, private offices and meeting and event space. North High Brewing features a selection of craft beers as well as a food menu. This is the second location for the brewery in the Indianapolis market. JLL manages and leases Circle Centre, which spans more than 700,000 square feet.

September 23, 2022

Loans Midwest Nebraska Retail

Grandbridge Arranges $3.3M Loan for Refinancing of Omaha Retail Center

by Kristin Harlow September 23, 2022

OMAHA, NEB. — Grandbridge has arranged a $3.3 million loan for the refinancing of Brentwood Village shopping center in Omaha. The property is fully leased. Brett Olson and Jeff Witt of Grandbridge arranged the fixed-rate, seven-year loan. A local bank provided the loan to the borrower, City+Ventures.

September 23, 2022

Acquisitions Michigan Midwest Office

JLL Brokers $7M Sale of Former Huntington Bank Headquarters in Holland Township, Michigan

by Kristin Harlow September 22, 2022

HOLLAND TOWNSHIP, MICH. — JLL Capital Markets has brokered the $7 million sale of the former Huntington Bank headquarters located at 10717 Adams St. in Holland Township, about 30 miles southwest of Grand Rapids. Family Church purchased the 132,127-square-foot property for its third location in West Michigan. The three-story building, constructed in 1992, sits on nearly 42 acres. Family Church plans to use the main floor for both fellowship and sanctuary worship space, while the upper floor will be utilized as educational space. Plans for the lower floor are still being determined. The church expects to begin services at the building in 2023. Jeff Karger of JLL represented the seller, Charlotte, N.C.-based Arrowpoint Capital. Steve Sterken of Coldwell Banker Woodland Schmidt represented Family Church.

September 22, 2022

Acquisitions Loans Midwest Minnesota Multifamily

CBRE Negotiates Sale of 121-Unit Apartment Complex in Ramsey, Minnesota

by Kristin Harlow September 22, 2022

RAMSEY, MINN. — CBRE has negotiated the sale of ParkView East in Ramsey, about 22 miles northwest of downtown Minneapolis. The sales price was undisclosed. The 121-unit apartment complex is located at 14450 Rhinestone St. near a Northstar Commuter rail station. Completed in 2017, the property features a clubhouse, fitness center, dog park and dog wash. Ted Abramson, Abe Appert and Keith Collins of CBRE Minneapolis Multifamily represented the seller, Curtis Capital Group. Partner Apartments was the buyer. Dan Trebil of Northmarq originated a $19.9 million Freddie Mac loan for the acquisition. The 10-year, fixed-rate loan features five years of interest-only payments followed by a 30-year amortization schedule.

September 22, 2022

Affordable Housing Development Illinois Midwest Multifamily

McShane, Ashlaur Break Ground on 76-Unit Affordable Housing Community for Blind, Visually Impaired in Chicago

by Kristin Harlow September 22, 2022

CHICAGO — A joint venture between McShane Construction Co. and Ashlaur Construction has broken ground on The Foglia Residences at The Chicago Lighthouse. Brinshore Development and The Chicago Lighthouse are the developers. The new development will feature 76 affordable housing units for residents who are blind, visually impaired, disabled or veterans. The project will be the first Low-Income Housing Tax Credit building in the nation for the blind community, according to the development team. Positioned adjacent to The Chicago Lighthouse’s current center in the Illinois Medical District, the nine-story building will feature three levels of parking and first-floor retail space. Amenities will include a fitness center, community room, dog run and fourth-floor rooftop terrace. To make the residences fully accessible for its tenants, the common areas will offer contrasting colors, lit braille unit signage, handrails on both sides of the corridors and braille wallpaper. Completion is slated for May 2024. LBBA is the architect.

September 22, 2022

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