Midwest

Joseph J. Duffy Co. to Break Ground on 37-Unit Affordable Housing Project in Oak Park, Illinois

by Kristin Harlow January 31, 2020

OAK PARK, ILL. — Joseph J. Duffy Co. is set to break ground on a new four-story, 37-unit affordable housing project in Oak Park. An official groundbreaking ceremony will take place on Monday, Feb. 10. The project will be situated on a vacant lot at the corner of Oak Park Avenue and Van Buren Street. The ground floor will house approximately 900 square feet of commercial space plus bicycle storage. Plans also call for a 28-car parking area, an outdoor roof terrace and a multipurpose room. Nonprofit real estate developer The Community Builders is the developer and DesignBridge Ltd. is the architect.

January 31, 2020

Hospitality Loans Midwest Nebraska

Petros PACE Provides $4.2M in Financing for Conversion of Historic Omaha Building into Boutique Hotel

by Kristin Harlow January 31, 2020

OMAHA, NEB. — Petros PACE Finance LLC has provided a $4.2 million commercial property assessed clean energy (C-PACE) loan for the conversion of a historic building in downtown Omaha into a boutique hotel. REV Development was the borrower. The transaction will fund a portion of the renovation of Omaha’s century-old Logan Building. The seven-story building will be operated as a 90-key Hotel Indigo, with additional space reserved for condos and ground-level retail. The redevelopment project includes energy-saving improvements to the property’s lighting, HVAC, windows, roofing and plumbing systems. Completion of construction is slated for July 2020. C-PACE is a relatively new financing tool for energy- and water-efficiency projects. Building owners borrow money for energy-efficiency projects and make repayments via an assessment on their property tax bills. C-PACE may be funded by private investors or government programs, but it is only available in states with enabling legislation and active programs, according to the U.S. Department of Energy.

January 31, 2020

Acquisitions Illinois Industrial Midwest

Dayton Street Partners Acquires Two Industrial Properties in Elk Grove Village, Illinois

by Kristin Harlow January 31, 2020

ELK GROVE VILLAGE, ILL. — Dayton Street Partners has acquired two industrial properties in Elk Grove Village. Seller information and purchase prices were not disclosed. The first warehouse, 2454 Elmhurst Road, was built in 1982. Situated on 1.3 acres, the 16,473-square-foot property features 4,900 square feet of office space, five exterior docks and two drive-in doors. It is fully leased to Crown Roll Leaf and Associated Builders and Contractors. The second building, 2500 York Road, spans 55,356 square feet and sits on 3.3 acres. It features two interior docks and three drive-in doors. Dayton Street plans to update painting and lighting. Chicago-based Dayton Street is a commercial real estate investment and development firm focused on industrial properties.

January 31, 2020

Loans Midwest Minnesota Multifamily

Bellwether Enterprises Arranges $18.1M in Acquisition Financing for Twin Cities Multifamily Portfolio

by Kristin Harlow January 30, 2020

MINNEAPOLIS AND ST. PAUL, MINN. — Bellwether Enterprise Real Estate Capital LLC has arranged $18.1 million in acquisition financing for nine multifamily properties in the Twin Cities area. Bellwether Enterprise arranged the loans on behalf of the borrower, Midwest GIR Group. Freddie Mac provided the majority of the loans. The properties include: Hatch Apartments in St. Paul; Crystal Court in Crystal; Sommerset Place in Brooklyn Park; 872 Payne Ave. in St. Paul; Bluebird Apartments in St. Paul; Stinson Boulevard Apartments in Columbia Heights; Penn & Camden in Minneapolis; Stryker Place in St. Paul; and Folwell Apartments in Minneapolis. Midwest GIR Group acquired the properties, totaling 284 units, over the last 16 months.

January 30, 2020

Illinois Leasing Activity Midwest Office

IDEX Corp. to Move Headquarters to Northbrook, Illinois

by Kristin Harlow January 30, 2020

NORTHBROOK, ILL. — IDEX Corp. has leased 39,252 square feet of office space at 3100 Sanders Road in Northbrook for its new global headquarters. The manufacturer of dispensing equipment and specialty engineered products is expected to vacate its current office in Lake Forest this summer. IDEX will occupy space on the third floor and have access to a shared conference center and auditorium. Lou Hall and Dan Wilkins of Cushman & Wakefield represented the tenant in the lease transaction. Francis Prock and Daryl Silverman of Colliers International represented the landlord, Allstate Corp.

January 30, 2020

Acquisitions Illinois Industrial Midwest

Transwestern Brokers Sale of 110,355 SF Industrial Building in Aurora, Illinois

by Kristin Harlow January 30, 2020

AURORA, ILL. — Transwestern Commercial Services has brokered the sale of 2350 Prospect Drive in Aurora. The 110,355-square-foot industrial building features a clear height of 38 feet and is fully leased by a transportation and logistics provider. Justin Lerner and Joe Karmin of Transwestern represented the buyer, Denver-based Black Creek Group. Neither the seller nor the sales price were disclosed.

January 30, 2020

Acquisitions Illinois Midwest Retail

Marcus & Millichap Negotiates $7.5M Sale of Chicago Retail Center

by Kristin Harlow January 30, 2020

CHICAGO — Marcus & Millichap has negotiated the sale of Courtesy Plaza in Chicago for $7.5 million. Built in 1987, the 42,346-square-foot retail center is located at 5160 S. Pulaski Road. It is fully leased. Adrian Mendoza, Austin Weisenbeck and Sean Sharko of Marcus & Millichap marketed the property on behalf of the seller, a developer. The team also procured the buyer, a private investor.

January 30, 2020

Acquisitions Illinois Midwest Multifamily Seniors Housing

JLL Brokers Sale of 171-Bed Skilled Nursing Facility in Chicago

by Kristin Harlow January 30, 2020

CHICAGO — JLL Capital Markets has arranged the sale of St. Pauls House, a 171-bed skilled nursing community in Chicago. Lutheran Life Communities sold the facility to an Illinois-based operator for an undisclosed price. St. Pauls House was originally built in 1921, with the additions of the east wing in 1956 and the west wing in 1970. The 100,000-square-foot community is situated on 2.4 acres in Chicago’s Irving Park neighborhood, northwest of downtown. Mike Garbers and Cody Tremper of JLL led the transaction.

January 30, 2020

Market Reports Midwest Midwest Market Reports Missouri Office

Office Occupiers in Kansas City Face the Short-Term Cost Versus Long-Term Benefit Dilemma

by Kristin Harlow January 30, 2020

With Kansas City unemployment hovering at cyclical lows around 3.5 percent and the war for talent at an all-time high, companies must leverage their real estate to attract and retain top talent. At the height of the corporate office boom in the late 1990s and early 2000s, the average space per employee ranged from approximately 275 to more than 325 square feet. Today, that number has shrunk to 175 square feet per employee and some predictions see that number moving even closer to 100 square feet. These changes are driven by a recognition that companies are adopting better workplace strategies. These newer, more efficient spaces deliver a more engaging experience for employees and provide a stronger return on real estate costs for companies. There is no denying that these new spaces cost more on a per-square-foot basis. Cushman & Wakefield research reported that the weighted average asking rate for Class A space in the Kansas City market was $25.04 per square foot on a full-service basis in the third quarter of 2019. Yet the net asking rates for the buildings with this new class of product range anywhere from the high $20s to the high $30s. Occupancy costs for new …

January 30, 2020

Illinois Leasing Activity Midwest Office

Three Tenants Sign Leases at 41-Story Office Tower in Chicago

by Kristin Harlow January 29, 2020

CHICAGO — Three tenants have signed office leases at 150 North Michigan, a 41-story Class A office tower in Chicago’s East Loop. The German American Chamber of Commerce of the Midwest Inc. will take a full floor and Insight Global Tech will occupy 11,469 square feet on the 36th floor. Additionally, law firm Jackson Lewis renewed its lease for 29,793 square feet on the 24th and 25th floors. Combined, the three leases total 59,321 square feet. Sara Spicklemire, Kelsey Scheive and Seth Tuscher of CBRE represented ownership, CBRE Global Investors. The 654,508-square-foot property is currently 87 percent leased and recently underwent a $7 million renovation. The property is known for its diamond-shaped peak.

January 29, 2020

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