Midwest

$41M Apartment Development to Open in Kansas City’s Stockyards District This Month

by Kristin Harlow May 4, 2020

KANSAS CITY, MO. — The Yards, a $41 million luxury apartment development, is scheduled to open in Kansas City’s Stockyards District this month. Located at 1660 Genessee St. in downtown Kansas City, the project features 232 apartment units and 3,150 square feet of retail space. The amenities, spread over approximately 9,500 square feet, includes a saltwater pool, outdoor area, community kitchen, activity lounge, fitness center and dog park. Residents can also use kayaks to access the Kansas River. Plans also call for a partnership with Amigoni Winery to create the first vineyard within an apartment community in Kansas City. Prospective residents can now schedule virtual tours and take advantage of two months of free rent and reduced fees. Monthly rental rates range from $825 to $1,650. Flaherty & Collins is the developer and KEM Studio is the architect.

May 4, 2020

Development Illinois Midwest Multifamily Seniors Housing

Skender Completes Construction of 60-Unit Senior Living Facility in Crystal Lake, Illinois

by Kristin Harlow May 4, 2020

CRYSTAL LAKE, ILL. — Skender has completed the construction of Residences of Crystal Lake, an affordable independent senior living facility in Crystal Lake. Turnstone Development owns the 60-unit, 63,000-square-foot property. Residents have access to a fitness area, theater room, community rooms, computer rooms, a gazebo and outdoor spaces. Residents must be age 55 or older and meet the annual income restriction. The project team included UrbanWorks, Groundwork, DKI and TH Associates. Turnstone is a nonprofit that has developed more than 1,680 affordable housing units in Illinois and Florida since 1998.

May 4, 2020

Acquisitions Hospitality Midwest Wisconsin

Marcus & Millichap Arranges $2.7M Sale of Quality Inn & Suites Hotel in Wisconsin

by Kristin Harlow May 4, 2020

EAST TROY, WIS. — Marcus & Millichap has arranged the $2.7 million sale of the Quality Inn & Suites in East Troy, about 35 miles southwest of Milwaukee. Built in 1999, the 51-room hotel is located at 2921 O’Leary Lane. The property spans 38,660 square feet. Ebrahim Valliani, John Yurich, Allan Miller and Chris Gomes of Marcus & Millichap’s Chicago Oak Brook office marketed the hotel on behalf of the seller, a private investor. The team also secured and represented the buyer, a private investor. Todd Lindblom assisted on the transaction as the broker of record in Marcus & Millichap’s Wisconsin office.

May 4, 2020

Illinois Leasing Activity Midwest Office

Melinta Therapeutics Signs Four-Year Office Lease Renewal in Lincolnshire, Illinois

by Kristin Harlow May 4, 2020

LINCOLNSHIRE, ILL. — Melinta Therapeutics, an antibiotics company, has signed a four-year office lease renewal at Tri State International in Lincolnshire. The company occupies 8,876 square feet on the second floor. Dan Fernitz, Matt Alexander and Milan Gacanovic of Bradford Allen represented ownership in the lease transaction. Henry Lee and Max Zwolan of JLL represented the tenant.

May 4, 2020

Indiana Leasing Activity Midwest Office

Waterfield Capital Renews 4,030 SF Office Lease in Fort Wayne, Indiana

by Kristin Harlow May 4, 2020

FORT WAYNE, IND. — Waterfield Capital LLC has renewed its 4,030-square-foot office lease at 7221 Engle Road in Fort Wayne. The investment company occupies space at 7221 Engle Road. Brady Gardner and Kevin Ellis of Sturges Property Group represented both the tenant and the landlord, Midwestern Office Park Acquisition LLC, in the lease transaction.

May 4, 2020

Indiana Midwest Retail

Simon Property Group Begins Reopening Malls in Stages, Outlines Safety Protocols

by Kristin Harlow May 1, 2020

INDIANAPOLIS — Simon Property Group (NYSE: SPG) has released plans for reopening several of its malls in the first half of May. The openings are based on current state and/or local stay-at-home orders put in place as a result of the COVID-19 pandemic. Previously scheduled to open today, some properties in Georgia and Indiana have been delayed to a May 4 opening. View the reopening schedule here. Indianapolis-based Simon says its protocols have been reviewed and approved by experts in epidemiology and environmental health and safety. The protocols are in effort to help prevent further spread of COVID-19. Simon employees, contractors and vendors will be required to screen themselves at home prior coming to work. Anyone with a temperature exceeding 100.4 degrees or who exhibits flu-like symptoms will be required to stay home. Employees will be trained in COVID-19 safety guidelines from the Centers for Disease Control and Prevention. They will wear protective face masks while on property and be instructed to maintain six feet of distance from coworkers or shoppers. Simon will ensure that property occupancies do not exceed a targeted level of one person per 50 square feet. Food court seating, as well as common area seating, will …

May 1, 2020

Development Illinois Midwest Office

Vermilion Development to Build 18-Story Office Tower in Evanston, Illinois

by Kristin Harlow May 1, 2020

EVANSTON, ILL. — Vermilion Development has received approval from Evanston’s City Council to build a 210,000-square-foot, 18-story office tower located at 605 Davis St. in Evanston. The Class A property will be the first high-rise office building in Evanston in 20 years, according to Vermilion. Solomon Cordwell Buenz is the architect for the project, which is slated for completion as early as 2022. John Clark and Bill Rolander of Newmark Knight Frank will market the property for lease. Plans call for 15 floors of office space with conference and fitness facilities, a tenant lounge and an outdoor terrace. The building’s ground floor will house two retail suites as well as a lobby and bike room. The top two floors will feature private balcony access.

May 1, 2020

Development Healthcare Illinois Midwest

Clark Construction Completes Transformation of Shuttered Chicago Hospital into Alternate Care Facility

by Kristin Harlow May 1, 2020

BLUE ISLAND, ILL. — Clark Construction Group, in collaboration with the U.S. Army Corps of Engineers, has completed the transformation of the MetroSouth Medical Center, a shuttered hospital just south of Chicago, into an alternate care facility to treat COVID-19 patients. Located in Blue Island, the facility now features 585 beds, including 265 high-acuity beds for critically ill patients. Clark completed the project in 22 days. The project team also included architect Perkins and Will, engineer Salas O’Brien, Hill Mechanical, Titan Electric, RG Construction and Consolidated Flooring. The MetroSouth Medical Center closed in late 2019.

May 1, 2020

Acquisitions Illinois Midwest Multifamily

Berkadia Negotiates $8.7M Sale of Multifamily Property in Milan, Illinois

by Kristin Harlow May 1, 2020

MILAN, ILL. — Berkadia has negotiated the $8.7 million sale of Village Woods in Milan near the Quad Cities. The 96-unit, garden-style multifamily property was built in 1998. Amenities include a pool, fitness center and new leasing center. Ralph DePasquale, Parker Stewart and Alex Blagojevich of Berkadia represented the seller, Minnesota-based Dominium Inc. Pete Benedetto of Berkadia secured acquisition financing on behalf of the buyer, Colorado-based Monarch Investment and Management Group.

May 1, 2020

Loans Midwest Multifamily Wisconsin

Prescient Capital Provides $1.7M Bridge Loan for 132-Unit Multifamily Portfolio in Milwaukee

by Kristin Harlow May 1, 2020

MILWAUKEE — Prescient Capital has provided a $1.7 million bridge loan for a 132-unit multifamily portfolio in Milwaukee. The three properties include 2848 W. Wells St., 2904 W. Wisconsin Ave. and 2625-2635 W. Juneau Ave. The debt yield was 15 percent and the loan-to-value ratio was 37 percent. The borrower was undisclosed.

May 1, 2020

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