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Midwest

IllinoisLoansMidwestMultifamily

Waterton Receives $171.2M Refinancing for 600-Unit Apartment Tower in Chicago

by Kristin Harlow

CHICAGO — Waterton has received a $171.2 million loan for the refinancing of North Harbor Tower in Chicago’s Lakeshore East neighborhood. The 600-unit apartment building is located at 175 N. Harbor Drive adjacent to the six-acre Lakeshore East Park. Originally constructed in 1988, the 55-story tower comprises a mix of floor plans averaging 958 square feet. Community amenities include an indoor swimming pool, outdoor sundeck, 24-hour fitness center, party room and library. Stephen Skok, Stella Pappas and Gregory Napper of HFF arranged the seven-year, fixed-rate loan through Freddie Mac’s green advantage program. Waterton committed to reducing energy or water by at least 30 percent, with a minimum 15 percent in energy savings.

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AcquisitionsMidwestMissouriOffice

Platform Ventures Acquires 10-Story Office Building in Kansas City for $118.2M

by Kristin Harlow

KANSAS CITY, MO. — Platform Ventures has acquired Plaza Vista, a 253,720-square-foot Class A office tower in Kansas City, for $118.2 million. Completed in 2013, the 10-story property is fully leased and anchored by law firm Polsinelli. Retail tenants include Jax Fish House, JJ’s and The Monarch Cocktail Bar and Lounge. The building is situated at 900 W. 48th St. within the Country Club Plaza submarket of Kansas City. Mark Katz, Danny Kaufman and Peter Merrion of HFF represented the seller, which is managed by an affiliate of EverWest Real Estate Investors. The team also procured the buyer.

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DevelopmentHospitalityKansasMidwest

Brinkmann Constructors Breaks Ground on 100-Room, Dual-Branded Hotel in North Kansas City

by Kristin Harlow

KANSAS CITY, KAN. — Brinkmann Constructors has broken ground on a new dual-branded hotel in north Kansas City. The hotel will feature the brands Aloft and Element, both of which are owned by Starwood. KMG Hotels is developing the 135,000-square-foot project, which will consist of approximately 100 rooms connected to a 15,000-square-foot convention center. The project is within the One North development. Completion is slated for September 2020. US Bank is providing financing. Hoefer Wysocki is the project architect.

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AcquisitionsIllinoisMidwestRetail

Hanley Investment Group Brokers Sale of Retail Building in Rockford, Illinois

by Kristin Harlow

ROCKFORD, ILL. — Hanley Investment Group Real Estate Advisors has brokered the sale of a retail building shadow-anchored by Walmart in Rockford for an undisclosed price. The three-tenant property is home to Aspen Dental, Sleep Number and Fastsigns. Built in 2008, the 9,000-square-foot building is situated on one acre at 7310 Walton St. Jeff Lefko and Bill Asher of Hanley represented the seller, Texas-based N3 Real Estate. Ronald Shunia of BOSC Realty Advisors represented the buyer, a California-based private investor. The cap rate was 7.23 percent.

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AcquisitionsIndustrialMidwestOhio

Reichle Klein Group Arranges Sale of 86,640 SF Industrial Building in Dayton, Ohio

by Kristin Harlow

DAYTON, OHIO — Reichle Klein Group has arranged the sale of an 86,640-square-foot industrial building in Dayton for $1 million. The property is located at 535 E. Third St. Ryan Miller of Reichle Klein represented the buyer, Northbrook, Ill.-based Platform III-Third LLC. The seller, 535 Dayton LLC, was not actively marketing the building and was self-represented in the transaction.

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DevelopmentKansasMidwestMultifamilySeniors Housing

Hunt Midwest, Principal Senior Living Group Open Assisted Living Community in Olathe, Kansas

by Kristin Harlow

OLATHE, KAN. — Hunt Midwest, in partnership with Senior Living Group, has opened Benton House of Olathe, an assisted living and memory care community in Olathe. This is the partnership’s ninth Benton House community in metro Kansas City. Benton House of Olathe features 55 studio and one-bedroom units. The single-story, 52,000-square-foot building is situated on 4.4 acres. The Beacon Neighborhood is a secured area dedicated to residents in need of additional memory care services and support. Monthly rental rates start at $3,000.

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DevelopmentIllinoisIndustrialMidwest

Seefried to Develop 72,000 SF Spec Warehouse in Des Plaines, Illinois

by Kristin Harlow

DES PLAINES, ILL. — Seefried Industrial Properties, along with a European capital partner, has purchased a 3.9-acre site in Des Plaines with plans to develop a 72,000-square-foot warehouse on a speculative basis. The project will feature a clear height of 30 feet, 15 dock doors, two drive-in doors and parking for 86 cars. Located on Wolf Road, the property will have convenient access to I-90. Construction is set to begin in October with completion slated for the second quarter of 2020.

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AcquisitionsMichiganMidwestOffice

L. Mason Capitani Brokers Sale of 50,000 SF Office Building in Farmington Hills, Michigan

by Kristin Harlow

FARMINGTON HILLS, MICH. — L. Mason Capitani CORFAC International has brokered the sale of the 50,000-square-foot Harvard Office Building in Farmington Hills for an undisclosed price. The property is located at 30665 Northwestern Highway. At the time of sale, the building was 90 percent leased by 12 tenants. Mason L. Capitani represented the buyer, LSTC California LLC. Capitani, along with Al Shulin, also represented the seller, Summit Harvard LLC. L. Mason Capitani will continue to oversee leasing at the property. Sister company Liberty Property & Asset Management will provide management services.

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AcquisitionsHealthcareMidwestOhio

Montecito Acquires 38,000 SF Medical Office Building in Central Ohio

by Kristin Harlow

GAHANNA, OHIO — Montecito Medical Real Estate has acquired a 38,000-square-foot medical office building and surgery center in Gahanna, a suburb of Columbus, for an undisclosed price. The two-story facility was constructed on a build-to-suit basis for Central Ohio Urology in 2013. The ambulatory surgery center is 27 percent of the rentable area and consists of four procedure rooms and two operating rooms. The remainder of the building consists of clinical areas, imaging, lab and administrative space.

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DevelopmentIllinoisMidwestOffice

Summit Completes Interior Build-out of Golden State Foods Office in Chicago

by Kristin Harlow

CHICAGO — Summit Design + Build LLC has completed the interior build-out of the new office for Golden State Foods in Chicago’s West Loop. The company, a supplier to the quick-service restaurant and retail industries, moved its regional operations from an office in Oak Brook following McDonald’s move. Golden State Foods now occupies 4,300 square feet on the fifth floor of an office building located at 322 S. Green St. The space includes a conference room, commercial test kitchen, customer experience area and guest lounge. Ware Malcomb served as the project architect and Cushman & Wakefield was the owner’s representative.

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