Midwest

Gilbane Smith to Serve as Contractor for Wisconsin Center Expansion

by Kristin Harlow January 14, 2020

MILWAUKEE — Wisconsin Center District has selected Gilbane Building Co. and CD Smith (Gilbane Smith) to serve as construction manager for the expansion of the Wisconsin Center convention hall. Gilbane Smith and the architecture team of tvsdesign and EUA will immediately begin working together to formulate the design and determine a cost estimate for the project. However, the Milwaukee Business Journal estimates project costs at $300 million. Renderings are expected early in the second quarter. The Wisconsin Center District Board is expected to vote on a financing package for the project at a meeting on Thursday, April 2. The district owner’s representative is CAA/ICON. Wisconsin Center District is a government body created in 1994 to fund, build and operate the Wisconsin Center.

January 14, 2020

Civic Development Michigan Midwest

University of Michigan Student Center Reopens Following $85.2M Renovation

by Kristin Harlow January 14, 2020

ANN ARBOR, MICH. — Michigan Union at the University of Michigan has reopened following an 18-month, $85.2 million renovation. The project included electrical, mechanical and plumbing system improvements; elevator replacements and upgrades; replacement of the roof and windows; and restroom upgrades. The building now features more social space, meeting options and a newly created IdeaHub. Project architects included Integrated Design Solutions, Workshop Architects and Hartman Cox Architects. Walbridge Aldinger served as construction manager and contracted Full Spectrum Stained Glass to complete a preservation of the century-old windows. Originally built in 1919, the building spans 250,000 square feet. There are more than 44,000 enrolled students at the university.

January 14, 2020

Acquisitions Illinois Midwest Multifamily Seniors Housing

Fundamental Advisors Sells 53-Story Continuing Care Retirement Community in Chicago

by Kristin Harlow January 14, 2020

CHICAGO — Fundamental Advisors has sold The Clare, a 53-story, 338-unit continuing care retirement community in downtown Chicago, to LCS for an undisclosed price. Fundamental partnered with Senior Care Development and LCS to acquire the community out of bankruptcy in 2012. A renovation plan was implemented that expanded the health center and augmented programs and services for residents. Additionally, Life Care Services, the management arm of LCS, was brought in to operate the community. During the years since the acquisition, occupancy increased from 34 percent to 98 percent. Located at 55 E. Pearson St. within the Gold Coast neighborhood, The Clare was developed in 2008 and features 248 independent living units, 26 assisted living units, 14 memory care units and 50 skilled nursing beds. Allen McMurtry and David Kliewer of Cushman & Wakefield represented the seller in the transaction.

January 14, 2020

Affordable Housing Development Illinois Midwest Multifamily

McShane Breaks Ground on 72-Unit Affordable Housing Project in Maywood, Illinois

by Kristin Harlow January 14, 2020

MAYWOOD, ILL. — McShane Construction Co. has broken ground on a 72-unit affordable housing project on behalf of developer Interfaith Housing Development Corp. in Maywood, about 11 miles west of Chicago. Situated on South Fifth Avenue, the property will be known as Fifth Avenue Apartments. Plans also call for 4,000 square feet of retail space on the ground floor. Designed to achieve National Green Building Standard’s Bronze Level, the property will include a high-performance HVAC system, efficient insulation and LED lighting. Completion is slated for February 2021. HED is the project architect.

January 14, 2020

Acquisitions Illinois Industrial Midwest

Venture One Acquires 80,704 SF Industrial Building in Roselle, Illinois

by Kristin Harlow January 14, 2020

ROSELLE, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial V LP, has acquired an 80,704-square-foot industrial building in Roselle for an undisclosed price. The property sits on 5.1 acres at 31 Presidential Drive, about 30 miles northwest of Chicago. Built in 1992, the facility features a clear height of 18 feet, five docks, three drive-in doors and parking for 232 cars. The single-tenant building was fully leased to an undisclosed tenant at the time of sale. Jeff Janda and Jeff Galante of Lee & Associates represented the undisclosed seller.

January 14, 2020

Development Michigan Midwest Multifamily

City Club Apartments Begins Redevelopment of 18-Story Multifamily Building in Detroit

by Kristin Harlow January 13, 2020

DETROIT — City Club Apartments has broken ground on the redevelopment of the formerly named Elmwood Park Plaza, an 18-story apartment building in Detroit built in the early 1970s. Located at 750 Chene St. in the newly renamed Rivertown District, the redevelopment will comprise 202 apartment and penthouse units, 20 percent of which will be affordable for existing residents. The project will feature green space, a new HVAC system and new efficiency windows. Amenities will include a lobby lounge, clubroom, fitness center, outdoor park, beach volleyball court, dog park and an 18th-floor sky lounge. The property will be named City Club Apartments Lafayette Park. Existing residents can stay in place during the redevelopment. New residents are expected to begin moving into the redeveloped units in March. City Club Apartments is an owner, developer and manager of apartments with approximately 10,000 units within 30 communities.

January 13, 2020

Acquisitions Industrial Midwest Minnesota

Americold Realty Trust Acquires Cold Storage Facility in St. Paul for $56M

by Kristin Harlow January 13, 2020

ST. PAUL, MINN. — Americold Realty Trust (NYSE: COLD) has acquired Newport-St. Paul Cold Storage, a 6.1 million-cubic-foot cold storage facility in St. Paul for $56 million. The temperature-controlled property is located on I-494. The site offers three acres of adjoining land available for expansion. Separately, Americold has closed on its previously announced acquisition of Nova Cold Logistics, an owner and operator of three facilities in Canada.

January 13, 2020

Acquisitions Hospitality Midwest Wisconsin

MCR Purchases 127-Room SpringHill Suites in Green Bay, Wisconsin

by Kristin Harlow January 13, 2020

GREEN BAY, WIS. — MCR Hotels, an owner and operator, has purchased the 127-room SpringHill Suites by Marriott Green Bay for an undisclosed price. The hotel is in close proximity to the Green Bay Packers’ Lambeau Field. Located at 1011 Tony Canadeo Run, the property features free breakfast, Wi-Fi, a convenience store, fitness center, indoor pool, business center and 1,020 square feet of meeting space. The seller was undisclosed.

January 13, 2020

Acquisitions Indiana Industrial Midwest

Avison Young Brokers Sale of 353,000 SF Indianapolis Industrial Building

by Kristin Harlow January 13, 2020

INDIANAPOLIS — Avison Young has brokered the sale of a 353,000-square-foot industrial building in Indianapolis. Located at 7901 W. 21st St., the facility is fully leased to Venture Logistics LLC and Iron Mountain Inc. Built in 1985 and renovated in 1994, the property features 31 dock doors and three drive-in doors. Venture Logistics, a privately owned transportation company, occupies 85 percent of the building. Erik Foster, Mike Wilson, Sean McHale and Steve Schaub of Avison Young represented the seller, an institutional owner. Plymouth Industrial REIT purchased the asset for $12.1 million.

January 13, 2020

Kansas Loans Midwest Multifamily Student Housing

Prescient Capital Provides $6.8M Refinancing for Student Housing Property in Kansas

by Kristin Harlow January 13, 2020

EMPORIA, KAN. — Prescient Capital has provided a $6.8 million loan for the refinancing of The Villas at Emporia, a 192-bed student housing property in eastern central Kansas. The four-story complex is located at 1839 Merchant St. The loan term is 12 months with two six-month extension options. Loan proceeds will be utilized to pay off maturing debt. The borrower was undisclosed. Emporia is home to Emporia State University.

January 13, 2020

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