Midwest

Leo Brown Group Breaks Ground on 129-Unit Seniors Housing Community in Indiana

by Kristin Harlow August 26, 2019

COLUMBUS, IND. — Leo Brown Group has started construction of Traditions of Columbus, a 129-unit independent living, assisted living and memory care community. Located in Columbus, about 45 miles south of Indianapolis, the community will sit on 17 acres. Traditions Management, a wholly owned management company of Leo Brown Group, will run the operations. Leo Brown Group is headquartered in Indianapolis and has developed more than 15 seniors housing communities in the Midwest totaling more than 2,000 units.

August 26, 2019

Acquisitions Industrial Midwest Ohio

IPB Negotiates $13.7M Sale of Industrial Property in Findlay, Ohio

by Kristin Harlow August 26, 2019

FINDLAY, OHIO — Industrial Property Brokers (IPB) has negotiated the sale of a 402,604-square-foot industrial facility in Findlay for $13.7 million. The building is situated on 55 acres. The sale also included 66 acres of undeveloped land that is located immediately adjacent to the facility. Tim Echemann of IPB represented the buyer, Nick Reinhart. American Tire Distributors was the seller.

August 26, 2019

Acquisitions Hospitality Midwest Wisconsin

Marcus & Millichap Arranges Sale of 100-Room Hotel in Wisconsin

by Kristin Harlow August 26, 2019

JOHNSON CREEK, WIS. — Marcus & Millichap has arranged the sale of the Comfort Suites Johnson Creek, a 100-room hotel located about 45 miles west of Milwaukee. The sales price was not disclosed. The property is located at 725 Paradise Lane near I-94. It includes approximately 7,600 square feet of event space. Jake Erickson and Jared Plamann of Marcus & Millichap represented the undisclosed buyer and seller in the transaction.

August 26, 2019

Leasing Activity Midwest Ohio

MOOYAH Burgers to Open in Middleburg Heights, Plans to Add Four Cleveland-Area Locations

by Kristin Harlow August 26, 2019

MIDDLEBURG HEIGHTS, OHIO — MOOYAH Burgers, Fries & Shakes is set to open a Middleburg Heights restaurant in late September. The property is located at 19137 E. Bagley Road, south of Cleveland, and is the first restaurant for franchise owner Emad Tawfik. MOOYAH plans to expand across the Cleveland area with an additional four locations and more than 80 jobs over the next few years. Guests have the option to choose from a variety of bun options and six cheeses as well as fries, sweet potato fries and seven flavors of ice cream shakes.

August 26, 2019

Illinois Leasing Activity Midwest Retail

Four Retailers Join Tenant Lineup at Lincoln Common in Chicago

by Kristin Harlow August 23, 2019

CHICAGO — Four retailers have joined the tenant lineup at Lincoln Common, a mixed-use project in Chicago. First, Dearborn Denim & Apparel will open a 668-square-foot storefront this fall. The apparel manufacturer sells men’s and women’s jeans that are cut and sewn in Chicago. Lincoln Common will serve as the company’s third location. Slated to open in October, Blowout Junkie will occupy 652 square feet. Lincoln Common will also serve as the third location for the luxury blowout and hairstyle bar. Pharmaca, an integrated pharmacy, will span 2,139 square feet and is expected to open in late fall. Verve Wine, a New York-based retail shop, is set to open a 4,000-square-foot store and wine bar in spring 2020. Each wine is curated by a master sommelier and sourced from small wineries with options starting at $12 per bottle. Hines and McCaffery are the developers for Lincoln Common, which will include 100,000 square feet of retail space, 538 luxury apartment units, 40 condominiums, a five-story boutique office building, 156-room senior living community and more than an acre of open space. Previously signed tenants include Equinox, Velvet Taco, Philz Coffee, Athletico, Compass, Play2Day and Kohler Waters Spa.

August 23, 2019

Indiana Industrial Loans Midwest Self-Storage

Alliant Provides $12.1M Refinancing for Self-Storage Portfolio in Indiana, Arkansas

by Kristin Harlow August 23, 2019

EVANSVILLE, IND. AND PINE BLUFF, ARK. — Alliant Credit Union has provided $12.1 million for the refinancing of a three-property self-storage portfolio in Evansville, Ind. and Pine Bluff, Ark. The properties total 1,565 units, including standard units, climate-controlled units and outdoor vehicle storage. Chicago-based Alliant provided an initial funding of $9.8 million, with the balance structured for earn-out after the first 12 months of the loan, enabling the undisclosed borrower to complete property upgrades and increase occupancy. Devin Huber of The BSC Group arranged the financing.

August 23, 2019

Acquisitions Hospitality Illinois Midwest

Marcus & Millichap Brokers $7.5M Sale of Comfort Inn Hotel in Arlington Heights, Illinois

by Kristin Harlow August 23, 2019

ARLINGTON HEIGHTS, ILL. — Marcus & Millichap has brokered the sale of a 125-room Comfort Inn hotel in Arlington Heights for $7.5 million. The 125-room property is located at 2120 S. Arlington Heights Road, less than nine miles from Chicago O’Hare International Airport. The three-story hotel features a business center, fitness center, meeting rooms and dry cleaning services. Ebrahim Valliani, Michael Klar, Allan Miller and Chris Gomes of Marcus & Millichap marketed the property on behalf of the undisclosed seller and represented the buyer.

August 23, 2019

Development Kansas Midwest Retail

Academy Bank Opens New Retail Banking Center in Overland Park, Kansas

by Kristin Harlow August 23, 2019

OVERLAND PARK, KAN. — Academy Bank, a full-service community bank and wholly owned subsidiary of Dickinson Financial Corp., has opened a new retail banking center in Overland Park. The new branch spans 2,356 square feet and is located at 6976 W. 135th St. It is Academy Bank’s second branch in Overland Park. In addition to ATM and mobile services, the location features interactive teller machine video banking. By the end of the year, the Overland Park branch will also feature Academy Express, a drive-thru video banking service that connects to a live banker seven days a week. Academy Bank also operates centers in Fairway, Lenexa, Olathe and Shawnee.

August 23, 2019

Leasing Activity Midwest Ohio Retail

Five Below Signs 10-Year Retail Lease in Rossford, Ohio

by Kristin Harlow August 23, 2019

ROSSFORD, OHIO — Retailer Five Below has signed a 10-year lease at Crossroads Centre in Rossford, about five miles south of Toledo. Five Below will occupy 8,552 square feet at 9570 Fremont Pike. Crossroads Centre is a 464,713-square-foot regional shopping center situated on 66 acres. Duke Wheeler of Reichle Klein Group represented the undisclosed landlord in the lease transaction. Five Below is a discount retailer that sells products costing up to $5.

August 23, 2019

Development Midwest Minnesota Office

Opus Completes Repositioning of Former Target Corporate Campus in Minneapolis

by Kristin Harlow August 22, 2019

MINNEAPOLIS — The Opus Group has completed the repositioning of Target’s former west corporate campus in Minneapolis. The single-tenant office building has been transformed into multi-tenant space. The property, located at 3701 Wayzata Blvd., spans nine stories and 307,000 square feet. Tactile Medical has leased 114,000 square feet at the project, along with SRF Consulting Group Inc. leasing 70,000 square feet and Regis Corp. leasing 65,000 square feet. Approximately 55,000 square feet remain available for lease. Amenities include a renovated café, half-basketball court, bocce ball, fitness center and indoor bike lounge. The eighth floor includes a clubroom, rooftop patio, conference room and entertainment areas. Opus served as developer, design-builder, architect and engineer of record. Perkins+Will provided interior design consulting services. The project was a joint venture with Principal Real Estate Investors. TCF Bank provided financing. Target still maintains its headquarters in Minneapolis along Nicollet Mall.

August 22, 2019

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