Midwest

Core Spaces Aligns with Goldman Sachs in $600M Student Housing Deal

by John Nelson July 30, 2019

CHICAGO AND NEW YORK CITY — Student housing developer Core Spaces has entered into a partnership with Goldman Sachs (NYSE: GS) to recapitalize nine of its properties in a deal valued at $600 million. The national portfolio consists of seven operating student housing properties and two projects under development, totaling 4,358 beds. The Wall Street Journal reports that Goldman Sachs will likely utilize its newly launched, $2.5 billion real estate investment fund for the Core student housing portfolio. The newspaper reports that the New York-based financial giant has purchased more than $30 billion in real estate since 2012 mostly using its own capital. Core will keep a small ownership percentage in the portfolio and keep the assets under its management. The deal is a strategic decision by the Chicago-based firm to aggregate its portfolio with an institutional investor and retain an interest in its developed properties for the long haul, says Core’s founder and CEO, Marc Lifshin. “We believe in the long-term performance of our assets,” he says. “Our assets have proven to perform over time. We would rather be involved for the growth period. It creates a much more sustainable model for us going forward.” The operating properties that …

July 30, 2019

Development Michigan Midwest

Multiple Construction Projects Underway at Eastern Michigan University

by Kristin Harlow July 29, 2019

YPSILANTI, MICH. — This summer, multiple construction projects are underway at Eastern Michigan University in Ypsilanti. Sill Hall, the home of the renamed College of Engineering and Technology, is undergoing a $40 million renovation with completion set for fall 2020. A $16 million project at Olds-Robb Recreation and Intramural Complex involves extensive improvements to fitness and training areas as well as a new entrance and gathering spaces. Earlier this month, workers finished the $20 million student-athlete performance center, which consisted of a new two-story structure adjacent to the north end zone of Rynearson Stadium. The project includes a new weight room, athletic training and meeting rooms, offices and a scoreboard. At the northwest end of campus, construction is underway on a $14 million, two-building health project that is a collaboration between the university, St. Joseph Mercy System and Integrated Healthcare Association (IHA). One of the buildings will be a community health center staffed by IHA while the other will house university programs. Completion is set for January 2020. Integrated Design Solutions served as the architect for Sill Hall and the performance center. Contractors working on the projects include Clark Construction, Granger Construction, Barton Malow, Kasco and O’Neal Construction. Founded in …

July 29, 2019

Acquisitions Indiana Industrial Midwest

Monmouth Acquires 350,000 SF Industrial Building in Lafayette, Indiana for $25.5M

by Kristin Harlow July 29, 2019

LAFAYETTE, IND. — Monmouth Real Estate Investment Corp. has acquired a 350,000-square-foot industrial building in Lafayette for $25.5 million. The property is situated on 45 acres at 5440 Haggerty Lane. Toyota Tshusho America Inc. occupies the property on a net-lease basis for 10 years. The facility serves the 3.3 million-square-foot Subaru auto assembly plant, which is situated directly across from the building. The seller was not disclosed.

July 29, 2019

Development Healthcare Indiana Midwest

Cornerstone Develops New Facility for Goodman Campbell in Carmel, Indiana

by Kristin Harlow July 29, 2019

CARMEL, IND. — Cornerstone Cos. Inc. has completed the development and construction of a 38,537-square-foot medical office building for Goodman Campbell Brain and Spine in Carmel. The build-to-suit facility comprises medical office, treatment and administrative services. The building sits along U.S. 31 in the Meridian Corridor and includes covered physician parking. Goodman Campbell Brain and Spine specializes in neurosurgery.

July 29, 2019

Loans Midwest Office Ohio

NorthMarq Arranges $3.4M Refinancing of Office Property in Cincinnati

by Kristin Harlow July 29, 2019

CINCINNATI — NorthMarq has arranged a $3.4 million loan for the refinancing of Eastgate Professional Office in Cincinnati. The 36,000-square-foot office property is located on Ferguson Road. Susan Branscome of NorthMarq arranged the seven-year, fixed-rate loan, which features a 20-year amortization schedule. A life insurance company provided the loan.

July 29, 2019

Illinois Industrial Leasing Activity Midwest

DHL Signs 60,000 SF Industrial Lease in Batavia, Illinois

by Kristin Harlow July 29, 2019

BATAVIA, ILL. — DHL has signed a 60,000-square-foot industrial lease in Batavia, a western suburb of Chicago. The recently completed, 102,000-square-foot building is located at 1100 N. Raddant Road within the Northeast Business Park. Principal Construction built the facility on behalf of developer Midwest Industrial Funds. Approximately 42,000 square feet remain available for lease.

July 29, 2019

Development Midwest Minnesota Multifamily

Timberland Partners Opens $53.8M Apartment Community in Minneapolis

by Kristin Harlow July 26, 2019

MINNEAPOLIS — Timberland Partners has opened the $53.8 million Green on 4th apartment community in the Prospect Park neighborhood of Minneapolis. Green on 4th, or G4, features 243 units. Amenities include a rooftop deck, resident lounge, game room, yoga studio, fitness center, dog run, bike storage and automated package center. Located at 2949 4th St. SE, the project is part of the Towerside Innovation District, billed as a model of environmentally sustainable urban planning. The apartment project is a joint venture with Prospect Park Properties. Tushie Montgomery Architects served as the project architect and Frana Cos. was the general contractor.

July 26, 2019

Development Indiana Midwest Office

KTGY Architecture + Planning Designs South Bend Office Development

by Kristin Harlow July 26, 2019

SOUTH BEND, IND. — KTGY Architecture + Planning has revealed the design of the Barnes & Thornburg Building, a new office development in downtown South Bend. Law firm Barnes & Thornburg LLP will anchor the project. Co-developed by Great Lakes Capital, Bald Mountain LLC and Norris Equity Partners, the five-story building will be situated at 201 S. Main St. It marks the first downtown Class A office project in nearly 20 years. The project, consisting of 35,531 square feet of office space and 6,537 square feet of street-level retail space, is slated for completion in summer 2021.

July 26, 2019

Acquisitions Healthcare Indiana Midwest

Caddis, Invesco Acquire 41,205 SF Medical Office Building in Indianapolis

by Kristin Harlow July 26, 2019

INDIANAPOLIS — A joint venture between Caddis and a client of Invesco Real Estate has acquired the 41,205-square-foot Hand to Shoulder Center in Indianapolis. The single-tenant medical office building and ambulatory surgery center is located at 8501 Harcourt Road. The property serves as the headquarters for 10 additional Hand to Shoulder locations throughout metro Indianapolis. The center opened in 1971 and now serves more than 50,000 patients annually. BMO Harris Bank’s Healthcare Real Estate Finance group provided financing for the acquisition.

July 26, 2019

Acquisitions Industrial Midwest Ohio Self-Storage

SkyView Advisors Brokers Sale of 280-Unit Self-Storage Facility in Monroe, Ohio

by Kristin Harlow July 26, 2019

MONROE, OHIO — SkyView Advisors has brokered the sale of Monroe Stor & Lock Self Storage in Monroe, about 30 miles north of Cincinnati. The sales price was not disclosed. The 50,050-square-foot self-storage facility consists of 280 non-climate-controlled units and 165 exterior storage spaces. The property is located at 889 Lebanon St. Zack Urow and Ryan Clark of SkyView represented the seller. Merit Hill Capital purchased the asset.

July 26, 2019

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