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DevelopmentHealthcareMidwestSouth Dakota

Kraus-Anderson Completes $7.4M Yorkshire Medical Office Building in Brookings, South Dakota

by Kristin Harlow

BROOKINGS, S.D. — Kraus-Anderson has completed the $7.4 million Yorkshire Medical Office Building for Brookings Health System at 2311 Yorkshire Drive in Brookings, a city in eastern South Dakota. Designed by TSP Inc., the 12,000-square-foot project marks the first phase of the new medical office building and will serve as the future home of the Brookings Health System Eye Clinic and Physical Therapy. The eye clinic features six exam rooms, a retail optical space and a dedicated procedure room. The physical therapy clinic, in collaboration with Avera Physical Therapy, includes a 2,100-square-foot rehabilitation gym, 10 treatment rooms and a HydroWorx therapy pool equipped with an underwater camera for advanced therapy sessions. The project is located 8 feet from the existing building that currently houses the eye clinic. Once the new facility is operational with patients, the old building will be demolished, allowing for the completion of a new parking area. An upcoming phase to be completed in the coming years will be a mirrored extension of the current structure.

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IllinoisIndustrialLeasing ActivityLee & AssociatesMidwest

RDI Group Leases 25,141 SF Industrial Building in Itasca, Illinois

by Kristin Harlow

ITASCA, ILL. — The RDI Group, a manufacturer of engineered systems for the roofing, construction, power, metal coil processing and medical industries, has leased a 25,141-square-foot industrial building at 1070 W. Ardmore Ave. in Itasca. Jeff Janda and Chris Nelson of Lee & Associates of Illinois represented the owner, Town & Country Distributors, as well as the tenant. The facility will serve as a satellite warehouse for RDI Group’s primary location at 1025 W. Thorndale Ave. in Itasca.

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LoansMidwestMissouriMultifamily

BridgeCore Capital Provides $1.8M Refinancing for Multifamily Property in Berkeley, Missouri

by Kristin Harlow

BERKELEY, MO. — BridgeCore Capital Inc. has provided a $1.8 million loan for the refinancing of a 44-unit, two-story multifamily property in Berkeley, a northwest suburb of St. Louis. The asset was built in 1957. The borrower was experiencing multiple technical defaults resulting from complexities with the existing agency lender. BridgeCore coordinated directly with the mortgage advisory team and title company to close the transaction within the expedited timeframe. BridgeCore also solved a number of unexpected ancillary issues that arose during the due diligence and closing process, including removal of one of the guarantors, adjusting the insurance coverage period at loan commencement and restructuring an entity certification into a written consent.

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Affordable HousingIndianaLoansMidwestMultifamily

Merchants Capital Arranges $70M in Construction Financing for Indiana Workforce Housing Project

by Kristin Harlow

ELKHART, IND. — Merchants Capital has arranged $70 million in financing for the construction of Flats at Pinecreek, a 252-unit workforce housing development in Elkhart. Holladay Properties is the developer. Merchants Capital secured a $35 million Freddie Mac Forward Commitment permanent loan and a $35 million construction loan provided by Merchants Bank. Flats at Pinecreek will be supported via an 18-year tax-increment financing structure. Roughly 25 percent of the units will be reserved for residents earning between 60 and 80 percent of the area median income, with the remaining units provided at market rate. Flats at Pinecreek will include seven three-story buildings and a clubhouse. There will be 126 one-bedroom units, 105 two-bedroom units and 21 three-bedroom residences. Amenities will include a fitness center, pool, dog park, lounge and coffee bar, grill stations and a package delivery hub. Construction has commenced, and completion is slated for January 2027.

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AcquisitionsIndustrialMidwestOhio

CBRE Negotiates $9.4M Sale of Industrial Facility in Warren, Ohio

by Kristin Harlow

WARREN, OHIO — CBRE has negotiated the $9.4 million sale of a 94,000-square-foot industrial research and development facility in Warren, a city in eastern Ohio. CBRE’s Steve Timmel, Will Roberts and George Stevens represented the seller, Industrial Commercial Properties. An entity doing business as PG Warren Industrial LLC was the buyer. Built in 1998 and renovated in 2014, the building at 4551 Research Parkway features a clear height of 22 feet, 10 drive-in doors and a reinforced concrete foundation on an 11.9-acre site. The property was fully occupied by Aptiv at the time of sale and is part of the company’s broader Warren campus.

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LoansMidwestRetailWisconsin

MMCC Secures $8M in Financing for Retail Center in Hales Corners, Wisconsin

by Kristin Harlow

HALES CORNERS, WIS. — Marcus & Millichap Capital Corp. (MMCC) has secured an $8 million loan for Hales Corners Plaza, a 94,207-square-foot retail center in the Milwaukee suburb of Hales Corners. The property is fully leased to tenants such as Great Clips, AT&T, a nail salon and a physical therapy clinic. Michael Hughes of MMCC arranged the financing on behalf of the private client. A credit union provided the five-year loan, which features a 75 percent loan-to-value ratio, 6 percent interest rate and 30-year amortization period.

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Leasing ActivityMidwestMinnesotaOffice

Zimmerman Reed Renews 15,179 SF Office Lease in Downtown Minneapolis

by Kristin Harlow

MINNEAPOLIS — Zimmerman Reed has signed a long-term renewal of its 15,179-square-foot lease at IDS Center, a Class A office building in downtown Minneapolis. Kevin Salmen and Danny Callahan of Transwestern Real Estate Services represented the law firm, which has been headquartered at IDS Center since 2011. The firm plans a full-scale renovation of its space. Jon Dahl of JLL represented the landlord, Accesso.

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AcquisitionsIllinoisMidwestMultifamily

eXp Commercial Brokers $1.5M Sale of Multifamily Property in Lyons, Illinois

by Kristin Harlow

LYONS, ILL. — eXp Commercial, a division of eXp World Holdings Inc., has brokered the sale of a 12-unit multifamily property located at 4337 Prescott Ave. in the Chicago suburb of Lyons. Randolph Taylor of eXp Commercial represented the buyer and seller. The asset features a mix of one- and two-bedroom units. Recent improvements include a new heating system, security camera installation and renovated bathrooms in select units. The seller was a long-term private owner. The buyer, a Chicago-based private investor, purchased the property in an all-cash transaction to expand its multifamily portfolio into suburban Cook County.

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DevelopmentMichiganMidwestMixed-UseOffice

Bedrock Delivers 12-Story Office Building at $1B Hudson’s Detroit Development

by Kristin Harlow

DETROIT — Bedrock has completed the 12-story office building at 1240 Woodward Ave. that is part of the Hudson’s Detroit development. Designed by SHoP Architects, the building adds more than 400,000 square feet of Class A office space, retail space, an event venue and a rooftop lounge on the 12th floor that will open in 2026. The project’s 56,000-square-foot event space, dubbed The Department at Hudson’s, opened earlier this year. Bedrock expects to open the 45-story tower component of Hudson’s Detroit in 2027. The 685-foot skyscraper, the second-tallest building in the state, will include dining space, The Detroit EDITION hotel and The Residences at The Detroit EDITION, rounding out the development’s total square footage to 1.5 million square feet. Hudson’s Detroit is the redevelopment of the former J.L. Hudson Department Store, which once stood as the tallest department store in the world, according to Bedrock. The store shuttered in 1983 and was imploded in 1998, according to Crain’s Detroit Business. Construction on Hudson’s Detroit began in December 2017. The development faced design changes, delays and project costs that ballooned to more than $1 billion.   “Ten years in the making, Hudson’s Detroit is elevating downtown and creating space for the …

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LoansMidwestMultifamilyWisconsin

MMCC Arranges $18M in Financing for Multifamily Property Near Green Bay

by Kristin Harlow

ASHWAUBENON, WIS. — Marcus & Millichap Capital Corp. (MMCC) has arranged $18 million in financing for The Common Place, an 88-unit multifamily property located at 686 Mike McCarthy Way in Ashwaubenon, a suburb of Green Bay. The property is located in the city’s Sports & Entertainment District, blocks away from Lambeau Field and Titletown. Odyssey Climbing & Fitness occupies the first floor of the building. Units range from studios to two-bedroom floor plans, and amenities include a courtyard and bike storage. Robert Bhat of MMCC arranged the five-year, nonrecourse CMBS loan with a national bank. The loan features a 70 percent loan-to-value ratio, 6.45 percent interest rate and interest-only payments for the full term.

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