Midwest

Lizzadro Properties Redevelops Suburban Chicago Building into Museum, Office Space

by Kristin Harlow March 6, 2020

OAK BROOK, ILL. — Lizzadro Properties has completed the redevelopment of 1220 Kensington Road in Oak Brook. The building is now home to the Lizzadro Museum of Lapidary Art, which focuses on stone art. The Museum Plaza Professional Offices are located on the second floor. Lizzadro purchased the 1970s-era office building in the fall of 2015. Lizzadro now occupies a portion of the second-floor space for its family business operations. The remaining 13,600 square feet of space is being leased to other office users, including Skawski Law Offices LLC, Waddell & Reed Financial Advisory, AFIN Family Wealth Management and Sarantakis Law Group LTD. Only 900 square feet remain available for lease. Lizzadro worked with Wright Heerema Architects and Keeley Construction on the project.

March 6, 2020

Development Hospitality Midwest Minnesota

Commonwealth Properties Opens Eight-Room Boutique Hotel in St. Paul, Minnesota

by Kristin Harlow March 6, 2020

ST. PAUL, MINN. — Commonwealth Properties LLC has opened The Davidson, a boutique eight-room hotel in St. Paul. Located at 344 Summit Ave., the building is a 105-year-old former mansion. Five of the rooms have a view of downtown St. Paul, while the other three face Summit Avenue, which is known for its stretch of historic homes. Each guest room is equipped with a kitchen. The hotel provides guests with breakfast vouchers that can be used at nearby Bon Vie. Hotel guests also have access to the fitness facilities at The University Club of St. Paul and the Saint Paul Athletic Club. The hotel draws its name from the building’s original occupants, the Davidson family. The 18,000-square-foot home was built in 1915. Commonwealth Properties purchased the building in 2013.

March 6, 2020

Content Partner Development Features Midwest Multifamily Northeast Southeast Texas Walker & Dunlop Western

Opportunity Zones, HUD: Delivering More Workforce Housing

by Sarah Daniels March 6, 2020

Many of today’s headlines about multifamily housing have focused on the market’s two extremes: homelessness and high-end penthouses. Meanwhile, a crisis has been growing in the “missing middle;” there is a shortage of affordable rental housing for middle-class workers like teachers, firefighters and police officers. In recent years, middle-income families have been struggling with flat wages and rising childcare, education and healthcare costs. Not only are families being priced out of homeownership, but they’re finding fewer rental units in their price range. Indeed, rents have been rising, particularly in cities with booming economies. Nationwide, only 37 percent of all available units rent out at or below $1,200 per month, according to the National Low Income Housing Coalition (NLIHC) Out of Reach report and the Joint Center for Housing Studies of Harvard University. Yet only in 13 states do workers earn an average of at least $22.96 per hour, the amount required to comfortably afford a $1,200/month apartment. Charlotte is short 34,000 affordable housing units and Salt Lake City lacks 54,000. In total, there is a need for hundreds of thousands more affordable rental units. The problem is a matter of supply as well as demand. Formidable obstacles currently impede the …

March 6, 2020

Michigan Midwest Retail

Midwest Retailer Art Van Furniture to Close All Stores

by Kristin Harlow March 5, 2020

WARREN, MICH. — AVF Holdings Inc. has unveiled that it will cease operations and begin liquidation sales at all 141 of its company-owned stores in Michigan, Illinois, Indiana, Missouri and Ohio. The Warren-based company operates under the brands Art Van Furniture, Art Van PureSleep and Scott Shuptrine Interiors. Levin & Wolf Furniture in Ohio and Pennsylvania will be sold to Robert Levin, pending court approval. Eight Wolf Furniture stores in Maryland and Virginia will also be liquidated. Art Van Elslander opened his first furniture store in metro Detroit in 1959. The liquidation sales will begin Friday, March 6.

March 5, 2020

Development Midwest Missouri Mixed-Use

CapStone Holdings Invests $40M in City Foundry STL Development in Downtown St. Louis

by Kristin Harlow March 5, 2020

ST. LOUIS — CapStone Holdings Inc., a business incubator and investment group, has acquired a $40 million stake in City Foundry STL, a food hall and office project set to open in downtown St. Louis this summer. CapStone represents one of the largest single-entity investors in the $210 million first phase of the project, which will feature 122,000 square feet of restaurant and entertainment space, 105,000 square feet of retail and 107,000 square feet of office. City Foundry is a redevelopment of the former Federal Mogul factory. The Lawrence Group is the developer for the 15-acre project.

March 5, 2020

Acquisitions Healthcare Illinois Midwest

Avison Young Arranges Sale-Leaseback of 60,231 SF Medical Office Building in Bloomington, Illinois

by Kristin Harlow March 5, 2020

BLOOMINGTON, ILL. — Avison Young has arranged the sale of a 60,231-square-foot medical office building in Bloomington for an undisclosed price. The seller, McLean County Orthopedics, will lease back the building on a long-term basis. The facility, located at 1111 Trinity Lane, was constructed as a build-to-suit for McLean in 2016. The property is attached to Advocate Healthcare’s wellness center. Mike Wilson, Erik Foster and Jim Kornick of Avison Young represented the seller. Hammes Partners purchased the asset.

March 5, 2020

Illinois Loans Midwest Multifamily

Greystone Provides $12.1M Fannie Mae Loan for Refinancing of Multifamily Property in Chicago

by Kristin Harlow March 5, 2020

CHICAGO — Greystone has provided a $12.1 million Fannie Mae loan for the refinancing of Germain House in Chicago’s River West neighborhood. The building was converted from office space to 36 apartment units in 2018. Amenities include a fitness center, clubhouse, pool, bike room and rooftop deck. Clint Darby of Greystone originated the 10-year loan with four years of interest-only payments and a 30-year amortization. The permanent loan represents an exit from construction financing. The borrower was 925 Chicago Investment Partners LLC.

March 5, 2020

Acquisitions Michigan Midwest Office

L. Mason Capitani Brokers Sale of 36,000 SF Office Building in Troy, Michigan

by Kristin Harlow March 5, 2020

TROY, MICH. — L. Mason Capitani CORFAC International has brokered the sale of the Summit Centre office building located at 575 E. Big Beaver Road in Troy. The sales price was undisclosed. California-based LREH Michigan LLC purchased the fully leased, 36,000-square-foot asset. Mason L. Capitani brokered the transaction. L. Mason Capitani will continue serving as leasing agent for the property. The company’s management arm, Liberty Property & Asset Management, will assume day-to-day operations of the property.

March 5, 2020

Illinois Industrial Market Reports Midwest Midwest Market Reports

Industrial Landlord Consolidation Means Chicago-Area Tenants Should Be Ready to Negotiate

by Kristin Harlow March 5, 2020

In December 2019, Prologis, the largest industrial landlord in the world, announced its acquisition of Liberty Property Trust, another publicly traded REIT with a large industrial portfolio of its own. This deal, valued at $12.6 billion, seems to have become the norm in recent months. Companies such as Prologis and Blackstone Group, as well as regional ownership groups, have gobbled up industrial investment opportunities whenever they can. Just 10 years ago, the industrial real estate asset class was battling high supply and low rents, due primarily to the Great Recession. But with the growth of e-commerce and omnichannel logistics, this asset class is now considered one of the best investment opportunities available. So how is this consolidation of industrial ownership impacting the Chicago-area industrial market, and what should tenants know so that they can make informed real estate decisions? Local numbers While it seems like there are just a handful of landlords controlling the marketplace, when you look at the numbers, the prognosis isn’t so bad. Nationally, no single owner controls more than 10 percent of the U.S. market. Instead, landlord dominance is more of a local concern, and typical real estate indicators continue to influence lease terms. However, there …

March 5, 2020

Loans Michigan Midwest Multifamily

SunTrust Provides $18.3M Fannie Mae Loan for Acquisition of Apartment Complex in Suburban Detroit

by Kristin Harlow March 4, 2020

WATERFORD, MICH. — SunTrust Commercial Real Estate, part of Truist’s corporate and institutional group, has provided an $18.3 million Fannie Mae loan for the acquisition of Glengarry Apartments in Waterford, a northern suburb of Detroit. The 300-unit apartment complex, built in 1978, was 94.7 percent occupied at the time of closing. Evan Hom of SunTrust originated the 15-year loan with seven years of interest-only payments followed by a 30-year amortization schedule. The loan-to-value ratio was 80 percent.

March 4, 2020

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