DULUTH, MINN. — Dougherty Mortgage LLC has provided a $1.8 million HUD-insured loan for the refinancing of Lakeland Shores Apartments in Duluth, which is located along Lake Superior. The 46-unit community is restricted to disabled persons and residents age 62 and above. The property was originally constructed in 1987 and expanded in 2004. Units will be renovated as part of the refinancing, which features a 35-year term. St. Francis of Assisi Inc. was the borrower. Ecumen manages the property.
MINNEAPOLIS — RSM, a provider of audit, tax and consulting services, has unveiled plans to expand and renovate its office space at RSM Plaza in downtown Minneapolis. RSM currently occupies 115,000 square feet across five floors and will increase its footprint to just over 125,000 square feet. The firm will fully renovate its space, with completion of the upgrades slated for late 2020. RSM’s new lease coincides with the recent completion of a $10 million renovation to RSM Plaza, which is located on the corner of 8th Street and Nicollet Mall. The building now offers enhanced skyway connections, a new lobby, common areas, fitness facility and conference center. Upscale steakhouse 801 Chophouse will open in the retail space adjacent to the lobby later this year. A joint venture between Golub & Co. and Oaktree Capital owns RSM Plaza.
MONROVIA, IND. — Core5 Industrial Partners has begun development of a 1 million-square-foot industrial building within the Hendricks Gateway Park in Monrovia, about 25 miles southwest of Indianapolis. The building will be the first speculative industrial building in the market with a clear height of 40 feet. It is slated for completion in the second quarter of 2020. The development will offer parking for 663 cars and 251 trailers. Andrew Morris and Jeremy Woods of CBRE represented Core5 in the purchase of 76 acres of land for the project. The duo will also represent Core5’s leasing efforts for the new property. The project team includes GDI Construction, MacGregor Associates Architects and Structurepoint. Hendricks Gateway Park is currently home to DHL, Chewy.com, Johnson & Johnson and Geodis.
MORA, MINN. — Kraus-Anderson Construction Co. has completed a $52 million expansion of FirstLight Health System in Mora, about 75 miles north of Minneapolis. Designed by DSGW Architects, the renovation includes a new main entry and common area, eye clinic, lab, chemotherapy and radiology spaces, IT facilities, administration offices and gift shop. A two-story addition features a new rehabilitation area with a therapy pool, food-service kitchen, cafeteria and inpatient pharmacy. It also includes new units for births, medical surgeries and ICU. Another two-story addition features a new emergency department, community pharmacy, ambulance garage and fitness center. A separate one-story addition comprises clinical exam rooms. Exterior upgrades include new parking areas, relocation of the helipad and improved access from the highway. All hospital services were in full operation during the entire duration of the multi-phased, 25-month project. The original hospital was built in 1943, with additions completed in 1960, 1970, 1995, 2002 and 2007.
GREEN OAKS, ILL. — NorthShore Care has signed a 161,585-square-foot, full-building industrial lease in Green Oaks, about 35 northwest of Chicago. The property, located at the intersection of Rockland Road and I-94, is currently under construction and slated for completion in January 2020. Situated on 7.6 acres, the building will include a clear height of 32 feet, 33 exterior docks, two drive-in doors and parking for up to 188 cars. NorthShore Care, a provider of incontinence products, will move from its existing facility at 1200 Barclay Blvd. in Buffalo Grove upon completion of the new facility. Christopher Volkert of Colliers represented the landlord and developer, Panattoni, in the lease transaction. Whit Heitman of CBRE represented the tenant.
GRAND RAPIDS, MICH. — Cohen Financial, a division of SunTrust Bank, has arranged an $11 million bridge loan with SunTrust for the acquisition of Cottonwood Forest Apartments in Jenison, a suburb of Grand Rapids. The 160-unit property features multiple two-story buildings. Cathy Bronkema of Cohen arranged the loan on behalf of the borrower, Trillium Investments, which plans to upgrade the units.
CINCINNATI — FC Cincinnati (FCC), a Major League Soccer team, is headed for a new home. The team recently started construction of a $250 million stadium in the city’s West End, unveiling the full design plans for the first time this week. General contractor Turner Construction broke ground on the project in December and expects to complete the stadium in March 2021. Architecture firm Populous designed West End Stadium — the team said the name may change as potential corporate sponsors get involved with naming rights — to hold between 26,000 and 26,500 seats. It will also feature standing room known as “The Bailey,” which can hold up to 3,100 additional fans. FC Cincinnati has entered into a public-private partnership with the City of Cincinnati for infrastructure improvements around the stadium, with the city providing $35 million for those projects. The construction itself will be privately funded by the team’s ownership. U.S. Bank is providing construction financing for the stadium, according to Cincinnati Public Radio. “As a Cincinnati native and lifelong resident, I have nothing but pride knowing our West End Stadium will be a strong symbol of this city on the world stage,” says FCC president Jeff Berding. ““MLS …
Over the past decade, Cincinnati has successfully positioned itself as a formidable Midwestern city, hungry for growth and innovation. Whether you’re a startup or a Fortune 500 company, the city (and its surrounding suburbs) can provide an attractive backdrop. The Cincinnati office market largely reflects this momentum. Demand in some areas has slowed, but the office market remains steady. In fact, the office market has experienced a flurry of activity in 2019 and is awash in new lease transactions and announcements of proposed new development. The first quarter of 2019 recorded a 1 percent drop in the entire market vacancy to 14.2 percent, according to Colliers International. The central business district (CBD)’s 12.2 percent vacancy is expected to drop another percentage point, as several pending leases are soon to be announced. I-71 North dominates The most active area is the I-71 North submarket, where five lease transactions came to fruition. Eversana leased 78,000 square feet at 8990 Duke Blvd., filling the former Express Scripts building just months after it went vacant. Worldpay took down 50,000 square feet at 8845 Governor’s Hill Drive across the street from its headquarters. Smith/Halleman Partners, the owner of the multi-building Governors Pointe, attracted Resurgent Capital …
CHICAGO — EQ Office, an office company wholly owned by Blackstone, has reopened the Wacker Drive lobby at Willis Tower. The lobby features a new art installation by artist Jacob Hashimoto that hangs from the ceiling and spans 42 feet. The lobby transformation is part of the office tower’s $500 million renovation project. Now that the Wacker Drive lobby has reopened, the Adams Street lobby will be closing for redevelopment. The Franklin Street lobby will remain open. The renovation project will add more than 300,000 square feet of new retail, dining and entertainment space at the base of the tower as well as 150,000 square feet of new tenant amenity spaces and a 30,000-square-foot outdoor deck. More than 15,000 employees work at the 110-story Willis Tower.
BOLINGBROOK, ILL. — PREMIER Design + Build Group has broken ground on a 219,000-square-foot speculative warehouse in the southwest Chicago suburb of Bolingbrook. Known as Fountain Square Building 5, the facility is the final development within Fountain Square Commerce Center. The developer, Bridge Development Partners LLC, acquired the commerce center in November 2018. Fountain Square Building 5 will include 48 docks, two drive-in doors, a clear height of 32 feet and parking for 30 trailers and 178 cars. Completion is slated for March 2020. The project team includes Cornerstone Architects Ltd., SPACECO and Structural Resources Inc.
