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Midwest

DevelopmentMidwestMultifamilyWisconsin

Kraus-Anderson Completes Conversion of Manufacturing Facility into Apartments in Wisconsin

by Kristin Harlow

LA CROSSE, WIS. — Kraus-Anderson Construction Co. has completed the conversion of the former La Crosse Plow Co. manufacturing facility into apartments. Now known as Landmark by the Rivers, the property is located at 525 N. 2nd St. Designed by Dimension IV Madison Design Group and owned by La Crosse-based JJAWC LLC, the project consists of 64 loft units. Amenities include an exercise room, multipurpose room, business center, dog wash, coffee bar, rooftop deck and bicycle storage. Monthly rental rates start at $1,600 for one-bedroom units. Retail and office space also is available for lease at the property.

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AcquisitionsCivicKansasMidwest

Easterly Government Properties Acquires EPA Regional Headquarters in Lenexa, Kansas

by Kristin Harlow

LENEXA, KAN. — Easterly Government Properties Inc., a publicly traded real estate investment trust, has acquired a 169,585-square-foot Environmental Protection Agency (EPA) regional headquarters in Lenexa. Originally constructed in 2007, the two-story office building is situated on a 30.5-acre parcel. The EPA completed a renovation of the property in 2012. While headquartered in Washington, D.C., the EPA also operates 10 regional offices throughout the country.

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DevelopmentMidwestMissouriRetail

Academy Bank Opens Flagship Retail Banking Center in Kansas City’s Crossroads Arts District

by Kristin Harlow

KANSAS CITY, MO. — Academy Bank, a full-service community bank and wholly owned subsidiary of Dickinson Financial Corp., has opened its new flagship retail banking center and home office in the Crossroads Arts District of Kansas City. The 4,214-square-foot branch is located at 1881 Main St. It occupies the first floor of the standalone building adjacent to Corrigan Station. The bank shares an outdoor courtyard space with neighboring businesses, including The Roasterie and WeWork. In addition to ATM and mobile services, Academy Bank in the Crossroads features walk-up video banking, enabling customers to speak with a video banker during extended hours. Academy Bank plans to open two more Kansas City-area locations this year. In August, it opened an Overland Park branch.

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AcquisitionsMidwestRetailWisconsin

Consolidated-Tomoka Purchases Alpine Valley Music Theatre in Wisconsin for $7.5M

by Kristin Harlow

EAST TROY, WIS. — Consolidated Tomoka Land Co. has purchased the Alpine Valley Music Theatre in East Troy for $7.5 million. The amphitheater can accommodate up to 37,000 people and includes a 7,500-seat pavilion and extensive green space. Live Nation Entertainment Inc. occupies the property on a net-lease basis. There are approximately 11 years remaining on the lease. Zilber Property Group sold the venue, according to the Milwaukee Business Journal.

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IllinoisLoansMidwestMultifamily

Capital One Provides $7.5M Refinancing for Apartment Building in Chicago

by Kristin Harlow

CHICAGO — Capital One has provided a $7.5 million Freddie Mac small balance loan for the refinancing of a 17-unit apartment building in Chicago’s Wicker Park neighborhood. The borrower, Saxony Capital, purchased the property in January 2018 and renovated it with new appliances, flooring and cabinets. The company also added nine new units and modernized the street-level retail space. Vincent Punzi of Capital One originated the 20-year loan, which features a fixed rate for the initial five years and a floating rate thereafter. The loan also features interest-only payments during the first five years followed by a 30-year amortization schedule.

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DevelopmentIllinoisMidwestMultifamily

500-Unit Luxury Apartment Tower Opens in Chicago

by Kristin Harlow

CHICAGO — Owners Murphy Development Group and CIM Group have opened The Paragon, a 500-unit luxury apartment tower in Chicago. The property lies in the South Loop, between 13th and 14th streets. The 47-story tower features 7,500 square feet of retail space. Solomon Cordwell Buenz served as the architect while Mary Cook Associates designed the interiors. Amenities include a fitness center, yoga room, rooftop sky lounge, clubroom and a 2,100-square-foot coworking space. Each residence features smart home automation for programming lights, outlets, thermostats and speakers. Bozzuto is the property manager. Monthly rental rates start at $1,805 for studios.

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AcquisitionsMidwestRetailWisconsin

Mid-America Brokers Sale of 259,962 SF Shopping Center in West Allis, Wisconsin

by Kristin Harlow

WEST ALLIS, WIS. — Mid-America Real Estate Corp. has brokered the sale of West Allis Center in Wisconsin for $18.1 million. The 259,962-square-foot shopping center, built in 1964, is located along the 108th Street retail corridor, four miles southwest of downtown Milwaukee. Tenants include Pick ‘n Save, Kohl’s, Marshalls, HomeGoods, BMO Harris Bank and Walgreens. Ben Wineman and Dan Rosenfeld of Mid-America represented the seller, Ohio-based Retail Value Inc. Tennessee-based GBT Realty Corp. purchased the asset.

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DevelopmentMidwestMultifamilyOhioSeniors Housing

M+A Architects Completes Design of $12M Affordable Senior Living Community in Ohio

by Kristin Harlow

HILLIARD, Ohio — Columbus, Ohio-based architecture and planning firm M+A Architects has completed its design work on The Ashford at Sturbridge, a $12 million affordable senior living project. Located in the Columbus suburb of Hilliard, The Ashford at Sturbridge is one of 400 affordable housing communities that Wallick Communities has developed. With 124 studio and one-bedroom units that will be able to house approximately 155 residents upon lease-up, the new facility offers both assisted living and independent living options.

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AcquisitionsIndustrialMidwestWisconsin

Zilber Acquires 121,000 SF Industrial Building in Pleasant Prairie, Wisconsin

by Kristin Harlow

PLEASANT PRAIRIE, WIS. — Zilber Property Group has acquired a 121,000-square-foot industrial building located at 8778 100th St. in Pleasant Prairie. The purchase price was undisclosed. The vacant property is situated within LakeView Corporate Park. It features a clear height of 26 feet, six docks, two drive-in doors, 12,000 square feet of office space and 115 car parking stalls. MG Design formerly occupied the property. Eric Fischer of Cushman & Wakefield represented the undisclosed seller. Michael Kleber of Zilber represented Zilber.

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IllinoisLeasing ActivityMidwestRestaurantRetail

Tropical Smoothie Cafe to Open 800th Location

by Kristin Harlow

ARLINGTON HEIGHTS, ILL. — Tropical Smoothie Cafe, a fast-casual concept known for its smoothies and tropical food, is opening its 800th location. The restaurant, located at 115 W. Rand Road in Arlington Heights, is set to open this Friday, Sept. 6. Tropical Smoothie Cafe has grown at a rapid pace this year, opening its 750th location in May. Existing franchisee Hani Halloun, along with first-time franchisees Edward Joubran and Martin Khoshaba, will own and operate the new Arlington Heights location. There are currently seven Tropical Smoothie Cafe locations in the Chicago market, with 18 more in the pipeline.

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