Midwest

Max Benjamin Partners Originates $14.3M Loan for Office Conversion Project in St. Paul

by Kristin Harlow March 4, 2020

ST. PAUL, MINN. — Max Benjamin Partners has originated a $14.3 million loan for the acquisition and redevelopment of a vacant, 16-story office building in St. Paul. The undisclosed borrower plans to convert the building into The Nicole, an apartment and retail property. Plans call for a coffee shop and JET Foods supermarket on the first floor. Amenities will include a dog walk, grooming station, bike room, indoor pool and storage units. Jason Moyal and Max Mellman of Max Benjamin Partners secured the loan.

March 4, 2020

Acquisitions Illinois Industrial Midwest

Transwestern Arranges $7.1M Sale of Flex Industrial Property in Schaumburg, Illinois

by Kristin Harlow March 4, 2020

SCHAUMBURG, ILL. — Transwestern Commercial Services has arranged the sale of the Willow Lake Tech Center in Schaumburg for $7.1 million. The 105,007-square-foot flex industrial property is located at 400-444 State Parkway. Built in 1997, the two-story asset offers both warehouse and office space. It is currently 96 percent leased by multiple tenants. Gary Nussbaum and Paige Gunn of Transwestern represented the seller, Ascendance Partners. Gunn and Nussbaum worked with Ryan Morris of Cohen Financial, a division of SunTrust Bank, to secure acquisition financing with LoanCore Capital LLC. Joe Karmin, Justin Lerner and Ross Lehrman of Transwestern will market the property for lease on behalf of the new owner, Los Angeles-based Dos Lagos Asset LLC. Zach Kitkowski and Gia Dato of Transwestern will provide property management services.

March 4, 2020

Civic Development Iowa Midwest

Stahl Completes Construction of 55,000 SF Public Library in Ankeny, Iowa

by Kristin Harlow March 4, 2020

ANKENY, IOWA — Stahl has completed the construction of the two-story, 55,000-square-foot Ankeny Kirkendall Public Library. Located at 1250 SW District Drive in the Prairie Trail development, the $14 million library also houses the city council chambers and a multi-function meeting and conference room. Construction started in June 2018 and wrapped up in February. OPN Architects designed the library. A suburb of Des Moines, Ankeny is the 10th-fastest growing city in the United States, according to the U.S. Census Bureau.

March 4, 2020

Acquisitions Illinois Industrial Midwest

Quantum Brokers $2M Sale of Industrial Facility in Itasca, Illinois

by Kristin Harlow March 4, 2020

ITASCA, ILL. — Quantum Real Estate Advisors Inc. has brokered the sale of a 23,400-square-foot industrial building in Itasca for $2 million. Five tenants occupy the property, which is located at 1335-1345 Industrial Drive. Jason Caplan of Quantum brokered the transaction. Both the buyer and seller were Chicago-based private real estate investors.

March 4, 2020

Illinois Leasing Activity Midwest Office

Misumi Signs 47,716 SF Office Lease at Schaumburg Corporate Center in Suburban Chicago

by Kristin Harlow March 3, 2020

SCHAUMBURG, ILL. — Misumi USA has signed a 47,716-square-foot office lease at Schaumburg Corporate Center in Schaumburg. Located adjacent to Woodfield Mall, the property is a 1 million-square-foot, three-building office complex. Glenstar, which acquired the asset in 2017, has completed $30 million in property improvements, including a new parking garage and conference center as well as renovations to the atrium, fitness center, elevators, bathrooms, lobbies and entrances. Founded in 1988, Misumi is a factory automation, press die and plastic mold application company, serving the automotive, medical manufacturing, consumer packaging and aerospace industries. The company is relocating from 1717 Penny Lane in Schaumburg, where it leased 32,000 square feet. Misumi plans to take occupancy of the new space in June 2020.

March 3, 2020

Development Michigan Midwest

Demolition Begins at Palace of Auburn Hills

by Kristin Harlow March 3, 2020

AUBURN HILLS, MICH. — Demolition work has begun at the Palace of Auburn Hills, the former home of the Detroit Pistons basketball team. The venue, which also hosted concerts, opened in the late 80s and closed in 2017. The Pistons now play at Little Caesars Arena in Detroit along with the Detroit Red Wings. The Palace of Auburn Hills sold to Livonia-based development firm Schostak Brothers & Co. for an undisclosed price last year. Specific future development plans have yet to be released, but the property has been zoned for research and development, technology and office use.

March 3, 2020

Development Illinois Midwest Office

Summit Design + Build Completes Renovation of 25,000 SF Office Building in Chicago

by Kristin Harlow March 3, 2020

CHICAGO — Summit Design + Build LLC has completed the renovation of an office building located at 444 N. Orleans in Chicago’s River North neighborhood. Formerly 21,000 square feet and four stories, the building has been expanded to 25,000 square feet and five stories. In addition to the vertical addition, the project included an interior renovation with new bathrooms, windows, first-floor retail space and a new, relocated elevator. The Lelyn Group served as developer and von Weise Associates provided architectural services.

March 3, 2020

Development Michigan Midwest Office

Jaqua Realtors Opens Ninth Office in West Michigan

by Kristin Harlow March 3, 2020

PORTAGE, MICH. — Jaqua Realtors has opened its new office on Milham Avenue in Portage, located about five miles south of Kalamazoo. The new 7,622-square-foot building will be home to the company’s commercial real estate, corporate relocation and property management divisions. It is situated next door to Jaqua’s residential real estate office. The brokerage firm is approaching 45 years in the real estate business.

March 3, 2020

Acquisitions Healthcare Midwest Wisconsin

SRS Arranges $2.1M Sale of Fresenius-Occupied Property in Monroe, Wisconsin

by Kristin Harlow March 3, 2020

MONROE, WIS. — SRS Real Estate Partners has arranged the $2.1 million sale of a 6,804-square-foot property occupied by Fresenius Kidney Care in Monroe in southern Wisconsin. The facility is located at 120 W. 7th St. Fresenius is a national provider of dialysis treatment and resources. Frank Rogers and Michael Carter of SRS represented the seller, a Midwest-based developer. The team also represented the buyer, a California-based investor completing a 1031 tax-deferred exchange.

March 3, 2020

Finance Insight Midwest Multifamily Northeast Southeast Texas Thought Leadership Video Western

Ready Capital: Making the Most of the Market Despite Election-Year Volatility

by Sarah Daniels March 3, 2020

The marketplace is wary in the lead-up to the 2020 election, but Anuj Gupta, president of Commercial Real Estate Lending with Ready Capital, says there’s opportunity for bridge lenders in the meantime as equity investors look for higher returns. Gupta believes rates will be lower for a longer period, although there is no telling what might happen after the election. Gupta feels confident about Ready Capital’s preferred strategy of focusing on small-to-medium loan sizes in secondary markets. In gateway cities, the company is supportive of creative solutions to high rent, like co-living, a sector that is expected to grow aggressively over the next few years. Meanwhile, Ready Capital is working to stay ahead of the curve by looking at more efficient ways to tackle lending in the small-to-medium sized real estate market with new technology. Watch the interview to learn more about how Ready Capital is taking advantage of the present while preparing for the future. This video is posted as part of REBusinessOnline’s Finance Insight series, covering MBA CREF 2020. Click here to subscribe to the Finance Insight newsletter, a four-week newsletter series, followed by video interviews from MBA CREF.

March 3, 2020

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