WICHITA, KAN. — Dougherty Mortgage has provided a $2.3 million Fannie Mae loan for the refinancing of Player Piano Lofts in Wichita. The 36-unit, market-rate multifamily building was originally constructed in 1901 and later renovated for residential and commercial use in 2015. The loan features a 12-year term and a 30-year amortization schedule. Player Piano Building LLC was the borrower.
STURGIS, MICH. — Greystone Bel Real Estate Advisors has arranged the $1.8 million sale of Colonial Crest Apartments in Sturgis in southern Michigan. Built in 1972, the 48-unit apartment property is located at 1000 E. Lafayette St. The Michigan-based buyer plans to complete interior unit renovations.
RICHFIELD, MINN. — Best Buy Co. Inc. (NYSE: BBY) has taken additional steps in response to the COVID-19 pandemic. Beginning April 19, the Minnesota-based company will temporarily furlough approximately 51,000 domestic hourly store employees, including nearly all part-time employees. Best Buy is retaining approximately 82 percent of its full-time store and field employees on its payroll, including the vast majority of in-home advisors and Geek Squad agents. Furloughed employees will maintain their health benefits at no cost to them for a minimum of three months. Also beginning April 19, some corporate employees will participate in voluntary reduced work weeks or voluntary furloughs. CEO Corie Barry will forego 50 percent of her base salary and the members of the board of directors will forego 50 percent of their cash retainer fees through at least Sept. 1. Company executives reporting directly to the CEO will take a 20 percent reduction in base salary through at least Sept. 1. Best Buy is also suspending its 401(k) company matching program. In order to assist employees financially impacted by the pandemic, Best Buy has partnered with its founder, Dick Schulze, to establish a $10 million employee assistance fund, available to all part- and full-time employees …
GRAND RAPIDS, MICH. — Berkadia has provided a $15.1 million Fannie Mae loan for Lofts on Alabama in Grand Rapids. Aaron Moll of Berkadia secured the permanent financing on behalf of the undisclosed borrower. The new loan lowered the borrower’s rate by over 100 basis points, extended the amortization and interest-only period and removed recourse, according to Moll. Lofts on Alabama, located on Alabama Avenue, is a 100-unit apartment community situated in the West Side neighborhood of Grand Rapids. It features a rooftop patio, outdoor area and community gathering space.
MCCOOK, ILL. — American Tire Distributors Inc. has renewed its 233,669-square-foot industrial lease at 9450 Sergo Drive in McCook, about 15 miles southwest of Chicago. Chris Mason of Newmark Knight Frank represented the tenant in the lease transaction. ML Realty Partners is the property landlord. American Tire Distributors provides tires, wheels and supplies for the automotive industry.
STREAMWOOD, ILL. — The Boulder Group has arranged the $2.2 million sale of an Andigo Credit Union ground lease in Streamwood, a northwest suburb of Chicago. Built in 2019, the single-tenant, net-leased property is located at 990 S. Barrington Road. Andigo has a 15-year lease at the building. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Midwest-based real estate group. A Southwest-based private real estate company was the buyer. There are currently seven Andigo branches across metro Chicago. Andigo intends to merge with Consumers Credit Union later this year.
CHICAGO — Summit Expedited Logistics has renewed and expanded its office lease at 55 W. Monroe St. in Chicago. The full-service transportation provider has signed a long-term lease extension and will expand its office on the 35th floor of the 40-story office tower. The expansion provides Summit the space to accommodate its growing sales team, nearly tripling its footprint from 6,378 to 15,844 square feet. Matthew Wright of Bradford Allen represented Summit in the lease transaction. Andrea Saewitz and Matt Lerner of Cushman & Wakefield represented the landlord.
Although an article on soil erosion might seem more fitting coming from Nebraska, the greater erosion concern for the Cornhusker State is retaining its young and talented workforce. Nebraska’s state education system ranks No. 6 in the country and its high school graduation rate ranks No. 4 in the country, according to U.S. News & World Report. But Nebraska is faced with the dual challenge of retaining young, homegrown talent as well as attracting the next generation of talent from outside the state. Nebraska is presently leaking young talent to surrounding states with an annual net outward migration of approximately 3,300 persons and ranks 39th in the country with respect to attracting talent between the ages of 25 to 29 years old, so it’s a double whammy. A 3,300-person out-migration of talent might seem fairly modest, but over time, it can and will become significant. Like a faucet that continually drips, you don’t realize the cost until you get the water bill. Taking steps to enhance both the retention and attraction of young talent is key to Nebraska’s economic success. Thankfully, such steps are being pursued in both the private and public sector. Two plans of action in particular are …
CHICAGO — The temporary conversion of a portion of Chicago’s McCormick Place Convention Center into an alternate care facility for COVID-19 patients is expected to be complete by Friday, April 24. Walsh Construction, the contractor for the project, completed the first 500 beds earlier this month. The facility will have the capacity to treat up to 3,000 low-to-moderate acuity patients across three of the convention center’s halls. Patients will be separated by the level of care required. The Metropolitan Pier and Exposition Authority and the U.S. Army Corps of Engineers are directing the conversion of the temporary field hospital. The project is designed to relieve pressure on the city’s hospital system by freeing up beds for more patients with severe COVID-19 cases in anticipation of a surge in positive diagnoses. Stantec provided design and engineering services for the project.
AURORA, ILL. — Sonova, a provider of hearing care solutions, has signed a 63,647-square-foot office lease at 750 North Commons Drive in Aurora. Stanton Road Capital owns the 205,000-square-foot, two-building property, which is flexible for both office and industrial users. Stanton purchased the property in 2018 and is currently implementing a repositioning plan with modern amenities. It is currently 85 percent leased. Francis Prock, Dave Florent and Brian Kling of Colliers brokered the lease transaction. In mid-June, Sonova will consolidate three of its existing operations — two from Illinois and one from Minnesota — at the new location.
