Midwest

M&R Development Breaks Ground on 236-Unit Luxury Apartment Community in Suburban Milwaukee

by Kristin Harlow April 17, 2020

ST. FRANCIS, WIS. — M&R Development has broken ground on 4200 On The Lake, a 236-unit luxury apartment community in St. Francis, a southern suburb of Milwaukee. M&R is co-developing the project with Campbell Capital Group LLC. Completion is slated for spring 2021. Located at 4200 S. Lake Drive, the development will feature a two-story clubhouse, 24-hour coffee bar, fitness center, yoga room, business center and self-service package room. A large courtyard will include a swimming pool with views of Lake Michigan. CIBC is providing project financing. Madison-based Stevens Construction is the general contractor. RMK Management will handle leasing and property management.

April 17, 2020

Illinois Industrial Leasing Activity Midwest

Sterling Bay Welcomes Two New Industrial Tenants to Spec Properties in Illinois

by Kristin Harlow April 17, 2020

AURORA AND DARIEN, ILL. — Sterling Bay’s industrial division, Sterling Bay Industrial, has welcomed two new tenants to its newest speculative distribution centers in Aurora and Darien. LGSTX Services, a national logistics company, has leased 335,384 square feet at 2350 Frieder Lane in Aurora. Sterling Bay completed development of the 503,244-square-foot facility at Butterfield Center for Business and Industry in partnership with Levy Family Partners and Development Resources Inc. It is now 65 percent leased. David Prell of CBRE represented the tenant, while Dominic DeRose and Charles Canale of Colliers International represented Sterling Bay. An undisclosed tenant signed a lease for 90,000 square feet at 1035 S. Frontage Road in Darien. Sterling Bay completed development of the 153,000-square-foot facility in partnership with DWS Group. It is now 60 percent leased. Jeff Fischer and John Whitehead of NAI Hiffman represented the landlord in the lease transaction. Premier Design + Build Group served as general contractor for the Darien project.

April 17, 2020

Acquisitions Illinois Midwest Retail

Marcus & Millichap Brokers $5.2M Sale of CVS Pharmacy-Occupied Property in Suburban Chicago

by Kristin Harlow April 17, 2020

TINLEY PARK, ILL. — Marcus & Millichap has brokered the $5.2 million sale of a 14,421-square-foot property occupied by CVS Pharmacy in Tinley Park, a southern suburb of Chicago. Constructed as a build-to-suit for CVS, the building is located at 9551 171st St. Matt Emerick, Austin Weisenbeck and Sean Sharko of Marcus & Millichap marketed the property on behalf of the seller, a developer. A Texas-based institutional buyer purchased the asset.

April 17, 2020

Kansas Loans Midwest Multifamily

Dougherty Mortgage Provides $2.3M Refinancing for Multifamily Building in Wichita

by Kristin Harlow April 17, 2020

WICHITA, KAN. — Dougherty Mortgage has provided a $2.3 million Fannie Mae loan for the refinancing of Player Piano Lofts in Wichita. The 36-unit, market-rate multifamily building was originally constructed in 1901 and later renovated for residential and commercial use in 2015. The loan features a 12-year term and a 30-year amortization schedule. Player Piano Building LLC was the borrower.

April 17, 2020

Acquisitions Michigan Midwest Multifamily

Greystone Bel Arranges $1.8M Sale of Apartment Property in Sturgis, Michigan

by Kristin Harlow April 17, 2020

STURGIS, MICH. — Greystone Bel Real Estate Advisors has arranged the $1.8 million sale of Colonial Crest Apartments in Sturgis in southern Michigan. Built in 1972, the 48-unit apartment property is located at 1000 E. Lafayette St. The Michigan-based buyer plans to complete interior unit renovations.

April 17, 2020

Midwest Minnesota Retail

Best Buy Furloughs 51,000 Hourly Employees, Cuts Executive Salaries

by Kristin Harlow April 16, 2020

RICHFIELD, MINN. — Best Buy Co. Inc. (NYSE: BBY) has taken additional steps in response to the COVID-19 pandemic. Beginning April 19, the Minnesota-based company will temporarily furlough approximately 51,000 domestic hourly store employees, including nearly all part-time employees. Best Buy is retaining approximately 82 percent of its full-time store and field employees on its payroll, including the vast majority of in-home advisors and Geek Squad agents. Furloughed employees will maintain their health benefits at no cost to them for a minimum of three months. Also beginning April 19, some corporate employees will participate in voluntary reduced work weeks or voluntary furloughs. CEO Corie Barry will forego 50 percent of her base salary and the members of the board of directors will forego 50 percent of their cash retainer fees through at least Sept. 1. Company executives reporting directly to the CEO will take a 20 percent reduction in base salary through at least Sept. 1. Best Buy is also suspending its 401(k) company matching program. In order to assist employees financially impacted by the pandemic, Best Buy has partnered with its founder, Dick Schulze, to establish a $10 million employee assistance fund, available to all part- and full-time employees …

April 16, 2020

Loans Michigan Midwest Multifamily

Berkadia Provides $15.1M Fannie Mae Loan for Apartment Community in Grand Rapids

by Kristin Harlow April 16, 2020

GRAND RAPIDS, MICH. — Berkadia has provided a $15.1 million Fannie Mae loan for Lofts on Alabama in Grand Rapids. Aaron Moll of Berkadia secured the permanent financing on behalf of the undisclosed borrower. The new loan lowered the borrower’s rate by over 100 basis points, extended the amortization and interest-only period and removed recourse, according to Moll. Lofts on Alabama, located on Alabama Avenue, is a 100-unit apartment community situated in the West Side neighborhood of Grand Rapids. It features a rooftop patio, outdoor area and community gathering space.

April 16, 2020

Illinois Industrial Leasing Activity Midwest

American Tire Distributors Renews 233,669 SF Industrial Lease in McCook, Illinois

by Kristin Harlow April 16, 2020

MCCOOK, ILL. — American Tire Distributors Inc. has renewed its 233,669-square-foot industrial lease at 9450 Sergo Drive in McCook, about 15 miles southwest of Chicago. Chris Mason of Newmark Knight Frank represented the tenant in the lease transaction. ML Realty Partners is the property landlord. American Tire Distributors provides tires, wheels and supplies for the automotive industry.

April 16, 2020

Acquisitions Illinois Midwest Retail

Boulder Group Arranges $2.2M Sale of Andigo Credit Union Ground Lease in Streamwood, Illinois

by Kristin Harlow April 16, 2020

STREAMWOOD, ILL. — The Boulder Group has arranged the $2.2 million sale of an Andigo Credit Union ground lease in Streamwood, a northwest suburb of Chicago. Built in 2019, the single-tenant, net-leased property is located at 990 S. Barrington Road. Andigo has a 15-year lease at the building. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Midwest-based real estate group. A Southwest-based private real estate company was the buyer. There are currently seven Andigo branches across metro Chicago. Andigo intends to merge with Consumers Credit Union later this year.

April 16, 2020

Illinois Leasing Activity Midwest Office

Summit Expedited Logistics Expands Chicago Office Lease to 15,844 SF

by Kristin Harlow April 16, 2020

CHICAGO — Summit Expedited Logistics has renewed and expanded its office lease at 55 W. Monroe St. in Chicago. The full-service transportation provider has signed a long-term lease extension and will expand its office on the 35th floor of the 40-story office tower. The expansion provides Summit the space to accommodate its growing sales team, nearly tripling its footprint from 6,378 to 15,844 square feet. Matthew Wright of Bradford Allen represented Summit in the lease transaction. Andrea Saewitz and Matt Lerner of Cushman & Wakefield represented the landlord.

April 16, 2020

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