Midwest

Level Ex Expands, Relocates to 180 North LaSalle in Chicago

by Kristin Harlow February 26, 2020

CHICAGO — Medical video game company Level Ex has expanded its footprint and relocated to 180 North LaSalle Street, a 38-story, 760,000-square-foot office tower in the Chicago Loop. Level Ex’s new headquarters is more than 20,000 square feet, double the size of its previous office in River North. The sublease commenced in early 2020. Jon Azulay and Adam Mitchell of Savills represented Level Ex in the lease negotiations. Level Ex creates mobile, augmented reality and virtual reality games for physicians. The company uses video game technology and cognitive neuroscience to capture the challenges of practicing medicine. Owned by Ivanhoe Cambridge, 180 North LaSalle is located at the corner of LaSalle and Lake streets. James Stein and Jack Tunnicliff of Cushman & Wakefield represented the sublandlord, Newell.

February 26, 2020

Acquisitions Industrial Midwest Missouri

Stan Johnson Co. Brokers $12.5M Sale of Industrial Facility in St. Louis

by Kristin Harlow February 26, 2020

ST. LOUIS — Stan Johnson Co. has brokered the sale of a 56,021-square-foot industrial facility in St. Louis for $12.5 million. Located at 420 E. Carrie Ave., the property is fully occupied by Central States Thermo King Inc. (CSTK). Constructed in 2015, the facility serves as CSTK’s regional headquarters. At the time of sale, there were more than 10 years remaining on the original lease. Zach Harris and Brad Pepin of Stan Johnson represented the seller, Green Street St. Louis. A subsidiary of Global Net Lease Inc. purchased the asset. CSTK is a solutions provider for transportation companies, fleets, owner operators and other vehicle or heavy equipment users.

February 26, 2020

Loans Midwest Ohio Retail

SRS Arranges $9.6M Loan for Ground-Lease Acquisition of Home Depot-Occupied Property in Ohio

by Kristin Harlow February 26, 2020

CLEVELAND HEIGHTS, OHIO — SRS Real Estate Partners has arranged a $9.6 million loan for the ground lease acquisition of a property occupied by Home Depot in Cleveland Heights, just east of Cleveland. Located at 3460 Mayfield Road, the property includes a 132,000-square-foot building and an 18,000-square-foot garden center. The sales price was $13.7 million. Ben Townsend and Matt Marlin of SRS arranged the nonrecourse, 10-year loan at a fixed interest rate of 3.65 percent. A California-based private investor was the borrower. An institutional lender provided the loan, which features a 70 percent loan-to-value ratio.

February 26, 2020

Acquisitions Illinois Midwest Office

Cawley Chicago Negotiates $4.6M Sale of Office Building in Oak Brook, Illinois

by Kristin Harlow February 26, 2020

OAK BROOK, ILL. — Cawley Chicago has negotiated the sale of a 70,497-square-foot office building in Oak Brook for $4.6 million. Built in 1978, the three-story property is located at 915 Harger Road near Oak Brook Mall. Amenities include a conference facility and kitchen area. Building renovations are currently underway. Tony Russo and Ryan Freed of Cawley Chicago represented the buyer, KMMRD Enterprises. Jane Stroebeck of Stroebeck Real Estate represented the seller, 915 Harger LLC. Russo and Freed will serve as the leasing representatives and Cawley Chicago Management will manage the property on behalf of the new ownership.

February 26, 2020

Indiana Leasing Activity Midwest Office

Do it Best Corp. to Anchor $440M Electric Works Project in Fort Wayne, Indiana

by Kristin Harlow February 25, 2020

FORT WAYNE, IND. — Do it Best Corp. has signed on as the anchor tenant of Electric Works in Fort Wayne. The company will relocate its headquarters and all 440 of its employees to a nearly 200,000-square-foot space within the campus as well as add up to 90 new jobs. The Electric Works project is a $440 million office redevelopment of the abandoned GE campus in Fort Wayne. Construction is expected to begin later this year. The 1.2 million-square-foot project is approximately 60 percent pre-leased. Besides office space, plans call for a coffee shop, restaurant and health and educational facilities. The 39-acre campus once employed 40 percent of the city’s population at its peak in the 1920s. Do it Best Corp. is a hardware, lumber and building materials cooperative, which is a type of organization that is both owned and controlled by its members.

February 25, 2020

Development Illinois Industrial Midwest

Trammell Crow Breaks Ground on 1.6 MSF Industrial Development for Ferrara in DeKalb, Illinois

by Kristin Harlow February 25, 2020

DEKALB, ILL. — Trammell Crow Co. has begun development of a 1.2 million-square-foot distribution center and a 466,000-square foot packaging facility at ChicagoWest Business Center in DeKalb, about 70 miles west of Chicago. Ferrara Candy Co. will occupy the two buildings. The new development is expected to be fully operational in the second quarter of 2021. Ferrara expects to bring approximately 500 jobs to the city. The project team includes Krusinski Construction Co., Harris Architects Inc. and Jacob & Hefner Associates Inc. Joe Grimes of Trammell Crow will oversee the design and construction. Matt Mulvihill and Kevin Segerson of CBRE represented Ferrara in the negotiations.

February 25, 2020

Illinois Loans Midwest Retail

Associated Bank Provides $17.7M Loan for Land Acquisition, Construction of Shopping Center Near Chicago

by Kristin Harlow February 25, 2020

GLENVIEW, ILL. — Associated Bank has provided a $17.7 million loan for the acquisition of land and development of a 62,540-square-foot shopping center in Glenview, about 20 miles northwest of Chicago. Known as Willows Crossing, the multi-tenant center will be located at the southwest corner of Willow and Pfingsten roads. Previously signed leases at the project include Mission BBQ, First Watch Café and an undisclosed 35,000-square-foot grocery tenant. Completion is slated for spring 2021. Daniel Barrins of Associated Bank managed the loan and closing on behalf of the borrower and developer, GW Properties.

February 25, 2020

Illinois Industrial Loans Midwest Office Ohio

NorthMarq Arranges $16.9M in Acquisition Financing for Two Flex Industrial Properties in Illinois, Ohio

by Kristin Harlow February 25, 2020

DES PLAINES, ILL. AND DUBLIN, OHIO — NorthMarq has arranged $16.9 million in acquisition financing for two flex industrial properties in Illinois and Ohio. Jeff Frankel of NorthMarq arranged both fixed-rate loans with Ready Capital Structured Finance. The first is a three-building property spanning 140,134 square feet in Des Plaines, a northwestern suburb of Chicago. The second is a three-building property totaling 124,929 square feet in Dublin, a northern suburb of Columbus. The Des Plaines property was 94 percent occupied at the time of acquisition, while the Dublin asset was 80 percent occupied.

February 25, 2020

Acquisitions Illinois Midwest Retail

Marcus & Millichap Brokers $3.2M Sale of Family Dollar-Anchored Retail Center in South Holland, Illinois

by Kristin Harlow February 25, 2020

SOUTH HOLLAND, ILL. — Marcus & Millichap has brokered the $3.2 million sale of a Family Dollar-anchored retail center in South Holland, about 20 miles south of Chicago. The 36,389-square-foot property is located at 1000 E. 162nd St. All tenants operate under net leases at the fully leased center. Six of the 15 tenants have occupied their space for an average of 25 years. Adrian Mendoza, Austin Weisenbeck and Sean Sharko of Marcus & Millichap represented the seller, a limited liability company. The team also procured the buyer, a limited liability company.

February 25, 2020

Affordable Housing Finance Insight Midwest Multifamily Northeast Southeast Texas Thought Leadership Video Western

Berkadia: Affordable housing concerns require local solutions

by Sarah Daniels February 25, 2020

David Leopold, Senior Vice President and Head of Affordable Housing at Berkadia, speaks with reporter Nellie Day about the ever-growing need for affordable housing and the challenges of meeting increasing demand. As Leopold discusses the differences between subsidized affordable housing and “organic,” workforce housing that is not driven by subsidies, he looks at the short- and long-term impacts of each approach. “Like all real estate, affordable housing challenges are very local. And the solutions to affordable housing are also local,” Leopold says. Developers have different tools available to them depending on where they are doing deals. Watch the video to hear more from Leopold about the challenges of affordable housing and how Berkadia is helping to tackle the issue. 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.

February 25, 2020

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