Midwest

Pathway to Living Opens 117-Unit Senior Living Community in La Grange, Illinois

by Kristin Harlow July 17, 2020

LA GRANGE, ILL. — Pathway to Living has opened Aspired Living of La Grange in Illinois. The 117-unit, 118,583-square-foot senior living community is located at 35 Shawmut Ave. The five-story property features 85 assisted living units and 32 memory support units. Amenities include a physician office, medical exam room, fitness center, library, movie theater, salon and outdoor walking paths. Thoma Holec provided interior design services while Behles + Behles provided architectural services. Opus Group was the design-builder, architect and structural engineer. This is Pathway to Living’s 23rd community in the Chicagoland area.

July 17, 2020

Loans Midwest Minnesota Multifamily

Greystone Provides $10.5M Refinancing for Multifamily Property in Mankato, Minnesota

by Kristin Harlow July 17, 2020

MANKATO, MINN. — Greystone has provided a $10.5 million Fannie Mae loan for the refinancing of River Bluff Apartments in Mankato. The 150-unit multifamily property is situated roughly 80 miles southwest of downtown Minneapolis. Monthly rents start at $850. The borrower, Mankato MAHC LLC, acquired the property in 2017. Kyle Jemtrud of Greystone originated the 12-year, fixed-rate loan, which features a 30-year amortization and four years of interest-only payments.

July 17, 2020

Acquisitions Michigan Midwest Retail

Boulder Group Brokers $1.8M Sale of Harbor Freight-Occupied Property in Michigan

by Kristin Harlow July 17, 2020

BIG RAPIDS, MICH. — The Boulder Group has brokered the $1.8 million sale of a 24,034-square-foot property occupied by Harbor Freight in Big Rapids, about 60 miles north of Grand Rapids. The single-tenant building is located at 408 Perry Ave. Harbor Freight, a discount tool retailer, recently signed a 10-year lease for the newly renovated building. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a West Coast-based real estate firm. A Midwest-based buyer purchased the asset.

July 17, 2020

Development Hospitality Illinois Midwest Mixed-Use Multifamily Retail Top Stories

Sterling Bay Secures $174.5M Construction Financing for Mixed-Use Tower on Chicago’s Michigan Avenue

by Katie Sloan July 17, 2020

CHICAGO — Sterling Bay has received $174.5 million in financing for the construction of 300 North Michigan Avenue, a 47-story mixed-use tower located between Chicago’s Riverwalk and Millennium Park. Sterling Bay will develop the project in partnership with Magellan Development Group. The tower is set to include a 280-room hotel, 289 apartments and 25,000 square feet of retail space. Boutique hospitality chain citizenM will acquire the hotel component of the property upon completion. Financing for the development includes senior secured financing from Bank OZK, as well as mezzanine financing from Pearlmark Real Estate and Monroe Capital, and a crowd-sourced equity component fundraised through CrowdStreet. “This development will serve as a striking new addition to Chicago’s Michigan Avenue,” says Andy Gloor, CEO of Sterling Bay. “We are extremely proud that financing has successfully crossed the finish line despite the pandemic.” Chicago-based general contractor Linn-Mathes will oversee the construction process, which is slated to begin in August. Local design firm bKL Architecture will serve as lead architect. A timeline for completion was not yet released. The 300 North Michigan Avenue project is estimated to create over 500 on-site construction jobs and approximately 70 permanent on-site jobs in residential and hotel operations once …

July 17, 2020

Development Midwest Minnesota Retail

Kraus-Anderson Completes $58M Retail Sporting Goods Store for Scheels in Eden Prairie, Minnesota

by Kristin Harlow July 16, 2020

EDEN PRAIRIE, MINN. — Kraus-Anderson has completed construction of a 250,000-square-foot retail sporting goods store for Scheels at Eden Prairie Center in Minnesota. Designed by R.L. Engebretson Architecture, the $58 million, two-story store includes a 16,000-gallon saltwater aquarium, 45-foot-tall Ferris wheel as well as a Ginna’s Café and Fuzziwig’s Candy Factory. Scheels will offer a selection of sports, fashion and footwear. The sport shoe, hiking boot and casual footwear section is the largest in the region. The new store is expected to employ approximately 400 people. Scheels maintains a portfolio of 28 stores in 13 states.

July 16, 2020

Loans Midwest Multifamily South Dakota

Grandbridge Provides $26.2M Refinancing for Apartment Community in Sioux Falls, South Dakota

by Kristin Harlow July 16, 2020

SIOUX FALLS, S.D. — Grandbridge Real Estate Capital has provided a $26.2 million Freddie Mac loan for the refinancing of The Commons in Sioux Falls. Built in 2017, the apartment community features 292 units. Brett Olson and Matt Halberg of Grandbridge originated the fixed-rate, nonrecourse loan. It features a 36-month interest-only period, a 10-year term and a 30-year amortization. The borrower, a repeat client, was undisclosed.

July 16, 2020

Development Midwest Nebraska Office

Darland Completes Construction of 58,950 SF Office Building in West Omaha

by Kristin Harlow July 16, 2020

WEST OMAHA, NEB. — Darland Construction Co. has completed construction of Pacific Springs Center II, a 58,950-square-foot Class A office building in West Omaha. The two-story property is located at the northwest corner of 168th and Pacific streets. The project features 40,000 square feet of spec office space as well as an underground parking garage. The area, known as Pacific Springs Vista, has experienced a flurry of new development in the past several years thanks to a growing residential market and the area’s convenient access to the nearby West Dodge Expressway, according to Darland. Avant Architects was the project architect. Investors Realty is handling management and leasing.

July 16, 2020

Acquisitions Indiana Midwest Multifamily

Birge & Held Acquires 348-Unit Apartment Property in Noblesville, Indiana

by Kristin Harlow July 16, 2020

NOBLESVILLE, IND. — Birge & Held has acquired Northlake Village in Noblesville for an undisclosed price. The 348-unit apartment property is located at 1100 Northlake Drive near I-69. The community has undergone interior renovations for 273 of its 348 units. Renovations to the clubhouse and leasing office have also been completed and an outdoor kitchen has been added. Steve LaMotte Jr., Dane Wilson and Alex Possick of CBRE represented the seller, Buckingham Cos.

July 16, 2020

Industrial Leasing Activity Midwest Wisconsin

Bell Ambulance Signs 25,000 SF Industrial Lease in Milwaukee

by Kristin Harlow July 16, 2020

MILWAUKEE — Bell Ambulance Inc. has signed a 10-year, 25,000-square-foot industrial lease at 2842 S. 5th Court in Milwaukee. Bell will primarily use the space as a central location for the servicing of its fleet of vehicles, as well as office and storage use. The company, which began operations in 1973 with three ambulances in one location, has grown to over 65 ambulances in multiple locations. David Ferron of Cushman & Wakefield | Boerke negotiated the lease, which fills the remaining vacancy at the 48,862-square-foot property. ATWU LLC is the landlord. Mercy Hill Church is the other tenant.

July 16, 2020

Development Midwest Minnesota Mixed-Use Top Stories

Ryan Cos. Breaks Ground on Massive Mixed-Use Redevelopment of Former Ford Plant in St. Paul

by Alex Tostado July 16, 2020

ST. PAUL, MINN. — Ryan Cos. has broken ground on the redevelopment of a 122-acre former Ford plant in St. Paul’s Highland Park neighborhood. Named Highland Bridge, the project has a focus on residential, featuring seniors housing, market-rate multifamily housing and 760 units of affordable housing, as well as for-sale row homes. In addition to the project’s 3,800 housing units, Highland Bridge is slated to include 150,000 square feet of retail space, 265,000 square feet of office space and 50,000 square feet of civic or institutional spaces. More than 55 acres of public space will include four new parks, biking and walking paths and two little league fields. Ryan Cos. completed the purchase of the former Ford plant in December 2019. Ford began production of the Model T at the site in 1925, but the plant closed in 2011. Total project costs for the redevelopment were not disclosed. An estimated 14,500 construction jobs will be created for the project. Once complete, an estimated 1,000 employees will be employed at the site. “We’ve paid particular attention to what makes Highland Park special, and our goal is to uphold those unique qualities, to expand upon them, and to create a place where …

July 16, 2020

Newer Posts

Older Posts