Midwest

Montessori School Doubles Space at Optima Signature Apartment Tower in Chicago

by Kristin Harlow March 13, 2020

CHICAGO — The Guidepost Montessori at Magnificent Mile School is more than doubling its lease at Optima Signature, an apartment tower in Chicago’s Streeterville neighborhood. The school will lease an additional 14,000 square feet, which is the last available retail space at the property, in order to open an elementary school. The school plans to open this fall and serve first through fifth grades. In addition to Guidepost Montessori, retail tenants at Optima Signature include Egg Harbor Café, GoodVets Streeterville, Runaway Fitness and Bedazzled Nails & Spa. Optima Signature is a 57-story, 490-unit luxury rental development. Optima Inc. is the developer.

March 13, 2020

Indiana Loans Midwest Multifamily

Mag Mile Capital Arranges $4.3M Acquisition Loan for Three Mobile Home Properties in Indiana

by Kristin Harlow March 13, 2020

SHIPSEWANA, GALVESTON AND RUSSIAVILLE, IND. — Mag Mile Capital has arranged a $4.3 million loan for the acquisition of three mobile home properties in Indiana. The three parks are located in Shipsewana, Galveston and Russiaville and contain a total of 183 home sites. Rob Bernstein and Matt Weilgus of Mag Mile arranged the five-year loan with an interest rate of 5.5 percent. Aran Capital was the borrower.

March 13, 2020

Kansas Leasing Activity Midwest Retail

Pure Barre to Open at The District at City Center Lenexa

by Kristin Harlow March 13, 2020

LENEXA, KAN. — Barre workout franchise Pure Barre has leased 1,521 square feet at The District at City Center Lenexa in Kansas. The location is expected to open in June. Pure Barre has more than 500 studios across North America and Canada. The company features four group class formats that offer workouts focused on low-impact, high-intensity movements. There are two existing Pure Barre locations in the Kansas City metro area. Erin Johnston of Copaken Brooks represented the landlord, Copaken Brooks. When fully developed, City Center Lenexa will consist of more than 2 million square feet of office, retail and residential space.

March 13, 2020

Features Hospitality Industrial Midwest Multifamily Northeast Office Retail Southeast Texas Western

Coronavirus Resources for the Commercial Real Estate Industry

by Jaime Lackey March 13, 2020

REBusinessOnline has compiled a number of commercial real estate industry reports and webinars to help readers find the information they need regarding coronavirus (COVID-19) and commercial real estate. The reports are organized by relevance and timeliness. (This page is no longer updated as of June 1, 2020.) Interested in coronavirus-related news items posted by REBusinessOnline? Click here for the feed. Interested in commercial real estate-related webinars focusing on responses to the pandemic? Click here for the list. Webinars Student Housing Business Up Close with Bill Bayless (05/04/2020) How to Maintain Leasing Velocity in Today’s Environment (04/30/2020) COVID-19 & the Impact on Student Housing: The CEO Perspective (04/17/2020) The Impact of COVID-19 on Student Housing (03/25/2020) Marcus & Millichap Marcus & Millichap Special Update: Multifamily Legislation (05/13/2020) The Shape of Things to Come: How Will the Economy and Retail Real Estate Look After the Global Health Crisis? (05/18/2020) InterFace Conference Group Seniors Housing Marketing and Sales During the Pandemic and Beyond (Upcoming 05/20/2020) California Retail Reboot — How Will California’s Retail and Restaurant Sector Recover Post-Coronavirus? (05/21/2020) Atlanta Retail Reboot (05/08/2020) Texas Retail Reboot (05/07/2020) The Short- and Long-term Impact of COVID-19 on Healthcare and Medical Office Real Estate (04/14/2020, Fee is …

March 13, 2020

Development Illinois Midwest Multifamily Seniors Housing

Condor Partners, Solera Senior Living to Develop $75M Community in Evanston, Illinois

by Kristin Harlow March 12, 2020

EVANSTON, ILL. — Developer Condor Partners and seniors housing operator Solera Senior Living are developing Trulee Evanston, a 163-unit luxury community in Evanston. A JLL Capital Markets team led by Joel Mendes arranged construction debt and joint venture equity for the project. A national bank provided the debt and an institutional private equity fund manager provided the equity. Total project costs are estimated at $75 million. Construction will commence immediately with completion slated for 2021. The nine-story development will feature a mix of private independent living, assisted living and memory care units. Trulee will include multiple terraces and views of downtown Evanston and Lake Michigan.

March 12, 2020

Development Illinois Midwest Retail

Draper and Kramer Completes Phase II Renovations at Shopping Center Anchored by Jewel-Osco in Chicago

by Kristin Harlow March 12, 2020

CHICAGO — Draper and Kramer Inc. has completed the second phase of its ongoing renovation of Lake Meadows Market in Chicago’s Bronzeville neighborhood. The final element of Phase II was a full interior and exterior renovation of the shopping center’s 193,000-square-foot Jewel-Osco grocery store. Jewel-Osco parent company Albertsons shared costs of the $2.3 million project, which also included the addition of a mural entitled “Heart of Bronzeville” by local artist Corey Jenkins. Previous Phase II work included the addition of more than 18,000 square feet of new and renovated retail space for new tenants, including Taco Bell, Wing Stop, Home Run Inn Pizza and Sola Salon Studios and Culver’s. Camburas & Theodore Ltd. Served as the architect for the Jewel-Osco renovation and Powers & Sons Construction Co. was the general contractor.

March 12, 2020

Acquisitions Illinois Midwest Retail

Boulder Group Arranges $24M Sale of Whole Foods-Occupied Property in Metro Chicago

by Kristin Harlow March 12, 2020

KILDEER, ILL. — The Boulder Group has arranged the $24 million sale of a single-tenant property net leased to Whole Foods in Kildeer, approximately 40 miles northwest of Chicago. The 50,000-square-foot building is located at 20281 N. Rand Road and serves as the anchor to Kildeer Market Place. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Chicago-based real estate company. An East Coast-based investor purchased the asset in a 1031 exchange.

March 12, 2020

Acquisitions Hospitality Midwest Minnesota

Marcus & Millichap Brokers $9.5M Sale of Holiday Inn Express Hotel in Minnesota

by Kristin Harlow March 12, 2020

MANKATO, MINN. — Marcus & Millichap has brokered the sale of the Holiday Inn Express Mankato for $9.5 million. Built in 2008, the five-story, 88-room hotel is located at 2051 Adams St. in southern Minnesota’s Mankato. Jake Erickson and Jared Plamann of Marcus & Millichap brokered the transaction. A Minnesota-based hotelier purchased the property from an undisclosed seller. The sales price represents a cap rate of 9.6 percent.

March 12, 2020

Acquisitions Illinois Midwest Office

Cawley Chicago Negotiates $1.7M Sale of Office Building in Naperville, Illinois

by Kristin Harlow March 12, 2020

NAPERVILLE, ILL. — Cawley Chicago has negotiated the sale of a 7,800-square-foot office building in Naperville for $1.7 million. The standalone property is located at 651 Amersale Drive. Ryan Freed of Cawley represented the seller, American Sale. Leibel Moscowitz of Vandon Forbes represented the buyer, Chabad of Naperville.

March 12, 2020

Illinois Market Reports Midwest Midwest Market Reports Office

Now Is the Time to Invest in Chicago’s Office Market

by Kristin Harlow March 12, 2020

There is a widely held belief that investing in the Chicago office real estate market in 2020 is potentially a bad bet. While some investors are concerned by headlines decrying the fiscal health of Illinois, the supposed overvaluing of Cook County tax assessments and softening of the Chicago market, our experience tells us those fears will create opportunities for contrarian investors willing to dig deeper. Because these misperceptions are scaring away some institutional investors, the time is ripe for continued investment in Chicago office properties to take advantage of opportunities that more cautious investors are passing up. Municipal realities At the state level, much has been written about Illinois’ fiscal health. In a report released in September 2019, government watchdog Truth in Accounting labeled Illinois a “Sinkhole State” and ranked it 49th in the nation for its financial condition. After failing to raise enough revenue by hiking taxes to fund the state’s debt, leaders from Illinois have said that massive pension reform — not tax hikes — is the way out of our current debt crisis. Consequently, office real estate investors should not be overly concerned that the state of Illinois will potentially shift the state’s tax burden onto their …

March 12, 2020

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