Midwest

NAI Hiffman Negotiates Five Leases at Office Building in Lisle, Illinois

by Kristin Harlow May 9, 2022

LISLE, ILL. — NAI Hiffman has negotiated five new leases totaling nearly 30,000 square feet at 2200 Cabot Drive, an office building in the Corporate Lakes office park in Lisle, a western suburb of Chicago. Patrick Kiefer and Jim Adler of NAI Hiffman represented ownership, RE Development Solutions. The tenants included CAGE Civil Engineering, Capitas Financial Midwest, NSA Media, TD Synnex and Mathieson, Moyski, Austin & Co. LLP. Brokers representing the tenants included Patrick Elwood of CBRE, William Main of CBIZ Gibraltar, Diana Riekse of CBRE, Kevin Rogers of JLL and Scott Fedyski and Jay Scholten of Capital Real Estate Partners. Built in 1990 and previously renovated in 2002, 2200 Cabot rises five stories and spans 132,000 rentable square feet. RE Development Solutions has been renovating the property since its acquisition in November 2019. Approximately 70,000 square feet of the building remains available for lease.

May 9, 2022

Loans Midwest Missouri Northmarq Retail

Northmarq Arranges $3M Loan for Refinancing of Retail Center in Kansas City

by Kristin Harlow May 9, 2022

KANSAS CITY, MO. — Northmarq has arranged a $3 million loan for the refinancing of the Shops at Shoal Creek in Kansas City. The 14,238-square-foot retail center, built in 2015, is located at 8250-8260 N. Booth Ave. The property is situated near a larger shopping center that is home to Target, Sam’s Club, Walmart Supercenter and The Home Depot. Bob Harrington of Northmarq arranged the fixed-rate loan, which features a 10-year term, two years of interest-only payments and a 30-year amortization schedule. A life insurance company provided the loan for the undisclosed borrower.

May 9, 2022

Acquisitions Industrial Michigan Midwest

Dominion Brokers Sale of 14,500 SF Industrial Building in Michigan

by Kristin Harlow May 9, 2022

NEW BALTIMORE, MICH. — Dominion Real Estate Advisors has brokered the sale of a 14,500-square-foot industrial building in New Baltimore, about 37 miles northeast of Detroit. The sales price was undisclosed. The property, located at 51528 Industrial Drive, previously served as the corporate home of Flood and Fire Solutions Inc. Andrew Boncore of Dominion represented the seller, 2CM Investments LLC. Mathew Cole of L. Mason Capitani CORFAC International represented the buyer, Jennifer Bethany LLC, which will use the facility to expand its health and beauty skincare products business.

May 9, 2022

Acquisitions Illinois Midwest Retail

Cawley Chicago Arranges Sale of 3,600 SF Retail Building in Peru, Illinois

by Kristin Harlow May 9, 2022

PERU, ILL. — Cawley Chicago has arranged the sale of a 3,600-square-foot retail building located at 1320 38th St. in Peru, about 60 miles north of Peoria. The sales price was undisclosed. Jon Chamlin of Cawley Chicago represented the seller, the Stark family. Kevin Schultz of Newmark represented the buyer, Stash Holding LLC, which is a cannabis dispensary group. Jimmy John’s previously occupied the property.

May 9, 2022

Company News Hospitality Illinois Midwest New York Northeast Top Stories

Brookfield Agrees to Acquire Watermark Lodging Trust for $3.8B

by Taylor Williams May 9, 2022

NEW YORK CITY AND CHICAGO — Private real estate funds managed by Brookfield Asset Management (NYSE: BAM) have agreed to acquire Chicago-based hospitality REIT Watermark Lodging Trust for $3.8 billion. Watermark’s portfolio was constructed over the past decade and currently consists of 25 luxury hotels and resorts totaling 8,100 rooms across 14 states. The properties are primarily located in Sun Belt markets. Under the terms of the deal, Brookfield will acquire all outstanding shares of Watermark’s common stock for approximately $6.73 per share. The purchase price represents a premium of more than 7.5 percent from the most recently published net asset values per share as of Dec. 31, 2021. The deal is expected to close in the fourth quarter. “Hotels and resorts of this scale and quality are difficult to replicate,” says Lowell Baron, managing partner and chief investment officer in Brookfield’s real estate group. “This portfolio is well positioned given its concentration in the Sun Belt, as well as in coastal destinations and gateway cities with high barriers to entry.” Morgan Stanley & Co. LLC is serving as exclusive financial advisor to Watermark. Hodges Ward Elliott is providing estate advisory services to Watermark, and Clifford Chance US LLP and …

May 9, 2022

Acquisitions Alabama California Loans Net Lease Retail Tennessee Western Wisconsin

Tauro Capital Advisors Arranges $149.7M Bridge Loan for 24-Store Walgreens Portfolio

by Amy Works May 6, 2022

LOS ANGELES — Los Angeles-based Tauro Capital Advisors, on behalf of borrower IBF Properties, has facilitated a $149.7 million, one-year, floating-rate bridge loan for a 24-property Walgreens portfolio. The stores are located in nine states across the United States, primarily in Tennessee, Wisconsin and Alabama. The borrower is purchasing retail assets occupied by investment-grade tenants and plans to create a REIT to hold and operate the portfolio of income-producing real estate. Matt Bucaro, Eric Alvarez, Michael Bucaro, Matthew Ingle and Garryn Laws of Tauro Capital Advisors arranged the financing transaction. Benefit Street Partners was the lender. Totaling 314,852 square feet, the borrower purchased the portfolio in 2021. After acquisition, longer leases were negotiated for the majority of the tenants, which provided stability for those investors purchasing dividends within the REIT and offering a level of commitment by Walgreens to the sites and a low probability of leaving.

May 6, 2022

Development Industrial Midwest Missouri

Contegra Construction Completes 70,000 SF Headquarters for Diode Dynamics Near St. Louis

by Kristin Harlow May 6, 2022

ST. CHARLES, MO. — Contegra Construction has completed a 70,000-square-foot headquarters and manufacturing facility for Diode Dynamics at Fountain Lakes Commerce Center in St. Charles, a northwest suburb of St. Louis. Diode Dynamics, an automotive LED lighting manufacturer, is relocating from Earth City and plans to add 36 new positions over the next five years. The company currently employs 90 people. The new property in St. Charles features a showroom, two drive-in engineering bays, an electronics manufacturing area, engineering laboratory, two-story office space and a warehouse with a clear height of 30 feet. Joining Contegra on the project were Remiger Design, BAX Engineering, SSC Engineering, Kaemmerlen Electric, O.J. Laughlin Plumbing Co. Inc., Wiegmann Associates and Bi-State Fire Protection Corp. Bank of Franklin County provided project financing. James Delgado of Cozad Commercial Real Estate and David Zobel of Danna McKitrick PC represented Diode Dynamics.

May 6, 2022

Loans Midwest Minnesota Multifamily Seniors Housing

Colliers Mortgage Provides $25.2M HUD-Insured Loan for Refinancing of Minnesota Seniors Housing Community

by Kristin Harlow May 6, 2022

WEST ST. PAUL, MINN. — Colliers Mortgage has provided a $25.2 million HUD 223(f) loan for the refinancing of The Winslow in West St. Paul. The 172-unit affordable seniors housing community rises four stories. Units are restricted to persons age 62 and above and who earn up to 60 percent of the area median income. Amenities include a clubroom, theater, fitness center, salon, game room and outdoor deck. An entity doing business as WSP Senior Housing I LLLP was the borrower. The fixed-rate loan is fully amortized over 35 years. Colliers Mortgage previously provided a construction loan for the property in 2018.

May 6, 2022

Development Illinois Midwest Office

Skender Completes Office Buildout for Milwaukee Tool at Chicago’s Old Post Office

by Kristin Harlow May 6, 2022

CHICAGO — Skender has completed the interior office buildout for Milwaukee Tool at the Old Post Office in Chicago. The 70,000-square-foot space is located on the third floor and features 10,000 square feet of research and development lab space as well as 60,000 square feet of open and private offices. The office component also includes a large collaboration area called the Beehive, plus a training room and multiple conference rooms. The office is Milwaukee Tool’s first outside of Wisconsin. Skender collaborated with owner’s representative JLL, architects Nelson and SPS and engineering firm McGuire. Skender also entered into an official partnership with Milwaukee Tool to streamline access to its power tools and products for future projects.

May 6, 2022

Acquisitions Midwest Office Retail Wisconsin

Klein Development Acquires Historic Three-Story Building in Madison, Wisconsin

by Kristin Harlow May 6, 2022

MADISON, WIS. — Milwaukee-based developer Klein Development, in partnership with Hintz Holdings, has acquired a three-story building located on Madison’s Capitol Square. Located at 14 W. Mifflin St., the property was originally constructed in 1924 as Baron’s Department Store. It is currently home to Rare Steakhouse on the ground floor. The building’s second and third floors boast roughly 20,000 square feet of vacant commercial space. Klein plans to reposition the property with assistance from Eppstein Uhen Architects. Renovations will be made to the first-floor lobby and restrooms on the second and third floors. Chase Brieman of CBRE will handle leasing. The seller and sales price were undisclosed.

May 6, 2022

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