Midwest

Joint Venture Receives $125M Construction Loan for Life Sciences Project in Chicago

by Julia Sanders October 1, 2021

CHICAGO — Sterling Bay, Harrison Street and institutional investors advised by J.P. Morgan Global Alternatives have secured a $125 million construction loan for ALLY, a life sciences project in Chicago. Bank OZK provided the financing. Construction is slated to begin this month. Located at 1229 W Concord Place, ALLY will feature 280,000 square feet of Class A medical research lab and creative office space. The life sciences project will be in Lincoln Yards, a 53-acre, mixed-use development created by Sterling Bay. Lincoln Yards was formerly an industrial site that is being redeveloped into a mixed-use community with build-to-suit office developments, retail opportunities, proposed 606 bike trail extension and future residential and hospitality opportunities. When complete, Lincoln Yards will feature affordable housing, create over 23,000 permanent onsite jobs and generate $4.1 billion in economic output for the city of Chicago. ALLY at 1229 W Concord Place is located off the North Branch Chicago River and has private outdoor space on every floor. Mark Burkemper, senior managing director and head of North American transactions at Harrison Street, says the project brings many benefits. “Lincoln Yards is close to several of Chicago’s most notable medical research institutions, and we are excited to expand …

October 1, 2021

Development Midwest Minnesota Multifamily Seniors Housing

Ryan Cos. Begins Construction of 200-Unit Senior Living Community in Woodbury, Minnesota

by Kristin Harlow October 1, 2021

WOODBURY, MINN. — Ryan Cos. US Inc. has begun construction of Talamore Senior Living Woodbury, a 200-unit senior living community in Woodbury, an eastern suburb of the Twin Cities. The four-story, 245,000-square-foot property will include 90 independent living units, 70 assisted living units, 26 memory care units and 14 care suites. Along with multiple dining venues, amenities will include a library, wellness and fitness center, spa, clubroom, activity room and large gathering space. Ryan is the developer, builder and capital markets partner. Ryan Architecture + Engineering is the design architect and provided interior design, landscape architecture and civil engineering services. UrbanWorks will serve as the architect of record. Bell Bank is the lender. Upon completion, Ryan will own the property in partnership with Great Lakes Management and Artemis Real Estate Partners. Great Lakes Management will handle day-to-day operations and Ryan will provide asset management services.

October 1, 2021

Acquisitions Illinois Midwest Multifamily

Berkadia Negotiates $39M Sale of Multifamily Community in Bloomington, Illinois

by Kristin Harlow October 1, 2021

BLOOMINGTON, ILL. — Berkadia has negotiated the $39 million sale of Traditions Bloomington, a 396-unit apartment community in the Chicago suburb of Bloomington. Located at 901 Valley View Circle, the garden-style property consists of one-bedroom floor plans. Amenities include a fitness center, business center, conference room, two pools, community playgrounds and an outdoor grilling area. Ralph DePasquale, Jeff Irish and Brandon Grisham of Berkadia represented the seller, Minnesota-based Dominium. Georgia-based Traditions Harmony Housing LLC was the buyer.

October 1, 2021

Illinois Loans Midwest Multifamily

American Street Capital Arranges $12M Loan for Refinancing of Chicago Apartment Building

by Kristin Harlow October 1, 2021

CHICAGO — American Street Capital (ASC) has arranged a $12 million loan for the refinancing of an apartment building in Chicago’s Lakeview neighborhood. Built in 2019, the transit-oriented property consists of 37 apartment units and two retail spaces. Igor Zhizhin of ASC arranged the five-year loan, which features a fixed interest rate below 4 percent and a 30-year amortization schedule. A national bank provided the loan on behalf of the undisclosed borrower.

October 1, 2021

Acquisitions Illinois Midwest Multifamily

Jameson Commercial Brokers $2.2M Sale of Historic Building in Chicago

by Kristin Harlow October 1, 2021

CHICAGO — Jameson Commercial has brokered the sale of 212 E. Ontario in Chicago’s Streeterville neighborhood for $2.2 million. The 12,118-square-foot building, which dates back to 1885, is currently vacant. Edwin Getchell purchased the site from the estate of William Ogden, Chicago’s first mayor, and hired architecture firm Burling & Whitehouse to design the four-level property. At a later date, American portrait painter George Peter Alexander Healy purchased and inhabited the property. In the 1970s, the building was expanded to include an outdoor deck, garden and three-car garage. Jason Hiller of Jameson Commercial brokered the sale. Buyer and seller information was not provided.

October 1, 2021

Leasing Activity Michigan Midwest Office

Revitalist Signs 3,765 SF Office Lease in Novi, Michigan

by Kristin Harlow October 1, 2021

NOVI, MICH. — Revitalist LLC has signed a 3,765-square-foot office lease at Americore Office Center in Novi. The company specializes in treatments for pain management and mental health. Andrew Bower and Steve Eisenshtadt of Friedman Real Estate represented the tenant in the lease transaction. The landlord was not disclosed. Constructed in 1987, Americore Office Center rises three stories and spans 25,500 square feet.

October 1, 2021

Development Healthcare Midwest Missouri

McCarthy to Build 16-Story Inpatient Tower at Barnes-Jewish Hospital in St. Louis

by Kristin Harlow September 30, 2021

ST. LOUIS — McCarthy Building Cos. Inc. has been selected to lead the design-build team overseeing the construction of a new 16-story inpatient tower at Barnes-Jewish Hospital in St. Louis. The project is part of BJC HealthCare’s campus renewal plan, a long-term vision to transform the Washington University Medical Campus through new construction and renovations with a focus on improving the patient and family experience at Barnes-Jewish Hospital and St. Louis Children’s Hospital. In addition to McCarthy, team members include architectural firm CannonDesign, consulting engineer BR+A, structural engineer Thornton Tomasetti, civil engineer Castle Contracting and landscape designer DTLS. The 660,000-square-foot tower will feature private rooms for heart and vascular patients, state-of-the-art imaging and the latest in surgical preparation and recovery. Plans call for 224 private inpatient rooms, 56 private intensive care unit rooms, two rooftop gardens and a family lounge with a business center, kitchenette, quiet rooms and laundry facilities. Additionally, an expansive surgical preparation and recovery program will occupy two floors. A modern imaging center will also occupy two floors. A new pedestrian walkway will lead from the parking lot to a redesigned and expanded lobby, gift shop and coffee bar. The new tower will replace Queeny Tower, a …

September 30, 2021

Michigan Midwest Retail

Kmart to Close Last Store in State of Michigan

by Kristin Harlow September 30, 2021

MARSHALL, MICH. — Discount retailer Kmart is closing its final store in the state of Michigan, according to local media reports. The last remaining store is in Marshall, which is located just east of Battle Creek and about 45 miles south of Lansing. The store is expected to close in November. Kmart opened its first location in Garden City, Mich., in 1962. In its prime in the 1990s, Kmart operated more than 2,300 locations in the United States. The current parent company of Kmart, Transformco, also owns Sears, which recently unveiled plans to shutter its final store in the state of Illinois.

September 30, 2021

Acquisitions Indiana Midwest Multifamily Retail

JVM Realty Acquires Apartment, Retail Developments in Fishers, Indiana

by Kristin Harlow September 30, 2021

FISHERS, IND. — JVM Realty Corp. has acquired The Mark at Fishers District, a 260-unit luxury apartment community in Fishers, a northern suburb of Indianapolis. The company has also acquired Fishers District, an 18-acre development with 98,186 square feet of fully leased retail and restaurant space. A dual-branded Hyatt House and Hyatt Place hotel is also on the site but was not part of the sale. JVM plans to use its in-house management and marketing teams for the residential component, but will engage a national expert in retail services to assist with management of the retail portion. George Tikijian and Hannah Ott of Cushman & Wakefield represented the seller, Thompson Thrift. The sales price was not disclosed.

September 30, 2021

Development Industrial Midwest Minnesota

Opus Breaks Ground on 130,440 SF Spec Industrial Building in Minneapolis

by Kristin Harlow September 30, 2021

MINNEAPOLIS — The Opus Group has broken ground on Nordeast Business Center, a 130,440-square-foot speculative industrial building in Minneapolis. Located at the corner of University Avenue and 37th Avenue Northeast, the project will feature 136 vehicle parking stalls, 22 dock doors, two drive-in doors, 19 trailer parking stalls and a clear height of 32 feet. Completion is slated for summer 2022. Opus is the developer, design-builder, architect and structural engineer. John Ryden, Matt Oelschlager and Mike Bowen of CBRE are marketing the property for lease.

September 30, 2021

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