Midwest

Veteran Services USA, Lockwood Buy Hotel Portfolio for $225M, Plan Mixed-Use Redevelopments

by Julia Sanders July 13, 2021

MIAMI AND SOUTHFIELD, MICH. — Veteran Services USA and Southfield, Mich.-based Lockwood Asset Management have bought a 10-property hotel portfolio totaling more than 1.6 million square feet, for $225 million. The seller(s) was not disclosed. Veteran Services USA plans to redesign and convert existing buildings into mixed-use properties with Radisson Hotel accommodations. The properties will include separate studio and one-bedroom residential apartments for veterans age 55 and over who live on a fixed income. SarahCare, a Canton, Ohio- based brand that provides senior daytime care and activities, will lease space at several locations within the portfolio. In addition to the residential space and SarahCare facilities, the building’s large-scale, existing kitchen facilities will be available for lease for a ghost kitchen. The 10 properties include the following: • Crowne Plaza located at 6121 N. Interstate Highway 35 in Austin, Texas; • Crowne Plaza located at 33 E. Fifth St. in Dayton, Ohio; • Crowne Plaza located at 9090 Southwest Freeway in Houston, Texas; • Marriott located at 200 E. Amite St. in Jackson, Miss.; • Radisson located at 1775 Parkway Place in Marietta, Ga.; • Crowne Plaza located at 2625 Thousand Oaks St. in Memphis, Tenn.; • Clarion Inn located at …

July 13, 2021

Illinois Loans Midwest Office

JLL Arranges $33M in Financing for Two Office Buildings in Lake Forest, Illinois

by Kristin Harlow July 13, 2021

LAKE FOREST, ILL. — JLL Capital Markets has arranged $33 million in financing for One and Two Conway Park, two Class A office buildings in the Chicago North Shore community of Lake Forest. JLL worked on behalf of the borrower, an affiliate of Pembroke IV LLC, to secure floating-rate financing through Money360. Loan proceeds were used to refinance One Conway, which was purchased in 2016, and fund the acquisition and renovation of Two Conway. Both buildings are located on North Field Drive near I-94 and are situated within the larger Conway Park office campus. Renovated in 2018, One Conway spans 105,000 square feet and is 57 percent leased to tenants such as Schiller Ducanto & Fleck, Meridian Compensation Partners and Stifel. Two Conway spans 120,354 square feet and is currently 55 percent leased. Shared amenities include a conference facility, fitness center, café and Wi-Fi lounge. Ownership plans to add a new cafeteria, training room and outdoor amenities such as picnic tables and fire pits in the coming months. Christopher Carroll and Lucas Borges of JLL represented the borrower.

July 13, 2021

Development Illinois Midwest Multifamily

Holladay Properties Breaks Ground on $30M Luxury Apartment Complex in Lombard, Illinois

by Kristin Harlow July 13, 2021

LOMBARD, ILL. — Holladay Properties has broken ground on Lilac Station, a $30 million luxury apartment complex in the western Chicago suburb of Lombard. The 118-unit property will feature amenities such as a deck area, pet run, game court, outdoor lounge area and fitness center. There will also be an onsite restaurant. Construction is slated for completion in early 2023. Lilac Station is the third luxury apartment complex in the Chicagoland area for Indiana-based Holladay Properties, which serves as the developer and manager on each of the properties. Holladay Construction Group is the general contractor. Lilac Station is named after the lilac flower. Lombard is home to Lilacia Park, a horticultural showcase that features more than 700 lilacs and 35,000 tulips. The project is being built on the site of the former DuPage Theatre. Certain historic elements of the theater will be integrated into the design of the apartment complex.

July 13, 2021

Loans Midwest Multifamily North Dakota

Greystone Provides $18.3M HUD-Insured Loan for Refinancing of Multifamily Property in North Dakota

by Kristin Harlow July 13, 2021

GRAND FORKS, N.D. — Greystone has provided an $18.3 million HUD 223(f) loan for the refinancing of Aspen Lofts Apartments in Grand Forks. Built in 2016, the 150-unit multifamily property offers studios, one-, two- and three-bedroom floor plans. Amenities include a clubhouse, fitness center, game room, dog park and picnic area. Adam Yitzhaky and Ilan Bassali of Greystone originated the loan on behalf of the borrower, Northridge Group. The 35-year loan is fully amortizing and features a fixed interest rate. Loan proceeds will also be used ongoing maintenance.

July 13, 2021

Acquisitions Indiana Midwest Retail

First National Realty Partners Acquires Kroger-Anchored Shopping Center in Bloomington, Indiana

by Kristin Harlow July 13, 2021

BLOOMINGTON, IND. — First National Realty Partners (FNRP) has acquired Whitehall Plaza in Bloomington for an undisclosed price. Anchored by a 62,426-square-foot Kroger store, the shopping center spans a total of 172,485 square feet. The property, located at 500 South Liberty Drive, is 92 percent occupied. Additional tenants include Planet Fitness, JoAnn, Regions Bank and Freddy’s Frozen Custard and Steakburgers. Seller information was undisclosed.

July 13, 2021

Acquisitions Illinois Industrial Midwest

Brown Commercial Group Negotiates $2.3M Sale of Industrial Portfolio in O’Hare Submarket

by Kristin Harlow July 13, 2021

ELK GROVE VILLAGE, ILL. — Brown Commercial Group has negotiated the $2.3 million sale of a three-building industrial portfolio in Chicago’s O’Hare submarket. The properties are located at 825 Touhy Ave., 855 Touhy Ave. and 875 Touhy Ave. in Elk Grove Village. All three buildings are leased on a long-term basis by Centech Plastics Inc., a plastic injection molding company. Mason Hezner of Brown represented the seller, a private investor. John Joyce and Danny Vanecko of SVN Chicago Industrial represented the buyer, Sawmill Property Co.

July 13, 2021

Illinois Leasing Activity Midwest Office

Restaurant Technology Provider Tock Signs 51,000 SF Office Lease in Chicago’s Fulton Market

by Kristin Harlow July 12, 2021

CHICAGO — Tock, a restaurant technology provider, has signed a 51,000-square-foot office lease at 320 N. Sangamon in Chicago’s Fulton Market district. The company provides restaurants with a system for streamlining reservations, events, takeout and delivery. Tock plans to take occupancy of the fifth and sixth floors in January 2022. Developer and owner Tishman Speyer recently completed 320 N. Sangamon in partnership with Chicago-based Mark Goodman & Associates. Ellen May, Adam Mitchel and Olivia Parker of Tishman Speyer are the property’s leasing agents. Solomon Cordwell Buenz was the architect. Website building and e-commerce platform Squarespace acquired Tock in March of this year.

July 12, 2021

Illinois Loans Midwest Multifamily

Dwight Capital Provides $27.3M HUD-Insured Loan for Refinancing of Apartment Complex in Algonquin, Illinois

by Kristin Harlow July 12, 2021

ALGONQUIN, ILL. — Dwight Capital has provided a $27.3 million HUD-insured loan for the refinancing of Algonquin Square Apartments in Algonquin. The 220-unit apartment complex was built in 2013 and consists of 11 buildings. Amenities include a gym, business center, pool, lounge area and outdoor grilling area. Brandon Baksh of Dwight Capital originated the loan on behalf of the borrower, a Chicago-based real estate company. The loan benefitted from a Green Mortgage Insurance Premium reduction set at 25 basis points because the property is Energy Star-certified.

July 12, 2021

Loans Midwest Multifamily Wisconsin

Black Bear Capital Partners Arranges $20.2M Loan for Refinancing of Three Wisconsin Multifamily Properties

by Kristin Harlow July 12, 2021

APPLETON, WAUSAU AND SCHOFIELD, WIS. — Black Bear Capital Partners (BBCP) has arranged a $20.2 million loan for the refinancing of three multifamily properties in Wisconsin. National Management LLC was the borrower. The properties include Bos Creek in Wausau, Metro Center in Schofield and Rangeview in Appleton. Together, the apartment communities total 324 units. Scott Modelski and Sam Koziol of BBCP arranged the Fannie Mae loan through PGIM Real Estate. The 10-year loan features a fixed interest rate of 3.17 percent.

July 12, 2021

Acquisitions Industrial Michigan Midwest

Stan Johnson Co. Brokers $7.6M Sale of Manufacturing Facility in Suburban Detroit

by Kristin Harlow July 12, 2021

FRASER, MICH. — Stan Johnson Co. has brokered the sale of a 186,443-square-foot manufacturing facility in the northeast Detroit suburb of Fraser for $7.6 million. AAM Metal Forming, an automotive supplier, fully leases the facility, which is located at 18450 15 Mile Road in Macomb County. Situated on 14 acres, the property was renovated in 2020. At the time of sale, there were 15 years remaining on the primary lease term. Asher Wenig of Stan Johnson represented the seller, ACW Fraser American LLC, which is an Arizona-based institutional investor. The buyer was Fraser Fifteen LLC, an institutional investor based in New Jersey.

July 12, 2021

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