Midwest

JLL Brokers Sale of 18,000 SF Retail Asset Leased to Goodwill in Glenview, Illinois

by Kristin Harlow November 6, 2019

GLENVIEW, ILL. — JLL has brokered the sale of a newly constructed, 18,000-square-foot retail property that is triple net leased to Goodwill in the Chicago suburb of Glenview. The sales price was not disclosed. The building is situated on 1.7 acres at 2740 Old Willow Road. JLL marketed the property on behalf of the seller, a Chicago-based developer. Florida-based Best Properties LLC purchased the asset while completing a 1031 tax-deferred exchange. Goodwill Industrials of Southeastern Wisconsin Inc., which is the largest of the more than 165 Goodwill organizations worldwide, began store operations at the property in February with a 10-year lease.

November 6, 2019

Acquisitions Illinois Midwest Multifamily Top Stories

Golub & Co., Farpoint Acquire 1,675-Unit Prairie Shores Workforce Housing Community in Chicago

by Kristin Harlow November 6, 2019

CHICAGO — Chicago-based real estate development firms Golub & Co. and Farpoint Development have acquired Prairie Shores, a large-scale workforce housing apartment community in Chicago’s Bronzeville neighborhood. The purchase price was not disclosed, but Crain’s Chicago Business reported earlier this year that the buyers were slated to pay $180 million for the property. The Goldman Sachs Urban Investment Group was the largest equity investor in the acquisition. The 20-acre Prairie Shores campus, located between 26th and 31st streets on Martin Luther King Drive, includes five 19-story buildings totaling 1,675 units. Originally developed between 1957 and 1961, the buildings include several fitness centers and resident lounges. “Prairie Shores has been a mainstay in the Bronzeville neighborhood since the late 1950s, and we plan to build on its solid reputation while continuing to serve the hard-working families and individuals who currently live there,” says Michael Newman, principal, president and CEO of Golub. The community is part of a Near South Side section of the city that is flourishing from new development and destinations such as the Wintrust Arena, Historic Motor Row and McCormick Place, according to the buyers. Collin McKenna and Michael Goldman of Golub and Rami Peltz and Eric Helfand of …

November 6, 2019

Indiana Loans Midwest Multifamily ORIX

Hunt Real Estate Capital Provides $24.2M Refinancing for Multifamily Portfolio in Indianapolis

by Kristin Harlow November 5, 2019

INDIANAPOLIS — Hunt Real Estate Capital has provided a $24.2 million loan for the refinancing of Circle City Apartments, a 356-unit multifamily portfolio in Indianapolis. The portfolio comprises six mid-rise buildings that range in size from 24 to 136 units and were built from 1900 to 1929. Hunt sourced the 10-year loan through Freddie Mac. The borrower, Old Northside Capital Partners LLC, purchased the portfolio in July 2015 and subsequently completed $10.9 million in capital improvements.

November 5, 2019

Leasing Activity Midwest Missouri Retail

Three Tenants Join Retail Lineup at Ballpark Village Expansion in St. Louis

by Kristin Harlow November 5, 2019

ST. LOUIS — The St. Louis Cardinals and The Cordish Cos. have unveiled three new tenants at the $260 million expansion of Ballpark Village — Sports & Social St. Louis, Davio’s Northern Italian Steakhouse and Baseballism. The 75,000-square-foot retail portion within the second phase expansion is now 92 percent leased. Sports & Social will occupy 9,000 square feet and anchor the base of the three-story retail pavilion overlooking the new infield plaza and Busch Stadium. In addition to a full dining and beverage menu, guests will enjoy a variety of games. Davio’s is an upscale restaurant that originated in Boston. It currently has 12 locations around the country. Baseballism is a baseball apparel retailer with nine stores across the country. Office tenants PricewaterhouseCoopers and ButcherJoseph moved into the PwC Pennant Building last week. It is the first new-construction Class A office tower in downtown St. Louis in more than 30 years. Onelife Fitness expects to open within the retail pavilion in January. The project also includes a Live! by Loews hotel slated to open in the first quarter and a 29-story residential tower slated to open in the second quarter.

November 5, 2019

Development Healthcare Michigan Midwest

New Healthcare Facility Opens at Eastern Michigan University

by Kristin Harlow November 5, 2019

YPSILANTI, MICH. — A new 12,296-square-foot healthcare facility known as the IHA Health Center @ EMU has opened. Situated at Eastern Michigan University in Ypsilanti, the health center will provide primary healthcare services to members of the EMU community as well as the community at large. In addition to primary care, the facility will offer women’s health services, urgent care services and an onsite third-party pharmacy operated by Campus Medical Pharmacy. Dr. Lisa Whipple serves as the site medical director for the primary care and gynecology team. The project represents a collaboration between St. Joseph Mercy Ann Arbor hospital and the university. EMU is also constructing an adjacent facility, the EMU Campus Wellness Center, that is set to open in January 2020. The total cost of the combined facilities is $14 million. EMU is the project owner. IHA is one of the largest multi-specialty groups in Michigan and is a wholly owned subsidiary of St. Joseph Mercy Health System.

November 5, 2019

Iowa Loans Midwest Multifamily Seniors Housing

NorthMarq Arranges $12.5M Refinancing for Seniors Housing Property in Bettendorf, Iowa

by Kristin Harlow November 5, 2019

BETTENDORF, IOWA — NorthMarq has arranged a $12.5 million loan for the refinancing of The Fountains Independent Living in Bettendorf. The seniors housing property is located at 3728 Thunder Ridge Road. Jason Kinnison of NorthMarq structured the loan with an immediate funding of $8.5 million and a construction component in the amount of $4 million, which will be used to complete an addition to the property. The borrower was not disclosed.

November 5, 2019

Hospitality Loans Michigan Midwest

Cohen Financial Secures $12M Refinancing for DoubleTree Hotel in Michigan

by Kristin Harlow November 5, 2019

PORT HURON, MICH. — Cohen Financial, a division of SunTrust Bank, has secured a $12 million CMBS loan for the refinancing of a 149-room DoubleTree by Hilton hotel in Port Huron, which is located in eastern Michigan along Lake Huron. Cathy Bronkema of Cohen arranged the 10-year, fixed-rate loan, which features a 30-year amortization schedule. JB Real Estate Development Co. was the borrower.

November 5, 2019

Acquisitions Company News Indiana Michigan Midwest Retail Top Stories

Penske Corp. to Acquire Hulman & Co., Including Indianapolis Motor Speedway

by John Nelson November 5, 2019

BLOOMFIELD HILLS, MICH. AND TERRE HAUTE, IND. — Global trucking and logistics firm Penske Corp. has agreed to purchase Hulman & Co., a private company that owns Indianapolis Motor Speedway, the world-famous racetrack that hosts the Indianapolis 500 and Brickyard 400 racing events. The acquisition price was not disclosed. Situated on more than 1,000 acres in Speedway, Ind., the Indianapolis Motor Speedway was built in 1909 and today has a permanent seating capacity exceeding 235,000 people. When infield seating is added, more than 400,000 people can view the various racing events held at the 2.5-mile oval track. According to Hulman, which has owned the venue since 1945, it’s the world’s largest spectator sporting facility. “The Indianapolis Motor Speedway has been the centerpiece and the cathedral of motorsports since 1909 and the Hulman-George family has proudly served as the steward of this great institution for more than 70 years,” says Tony George, chairman of Hulman & Co., a family-owned company based in Terre Haute. “Now, we are honored to pass the torch to Roger Penske and Penske Corp. There is no one more capable and qualified than Roger and his organization to lead the sport of IndyCar racing and the Indianapolis …

November 5, 2019

Features Illinois Midwest Office

CBRE: Chicago Remains Most Green U.S. Office Market

by John Nelson November 5, 2019

LOS ANGELES — Chicago’s office market maintains its top status in the 2019 edition of CBRE’s Green Building Adoption Index, an annual report that measures the energy sustainability of the top 30 office markets in the United States. The index (GBAI) reviews the various office markets’ adoption of two green building certifications — the EPA’s Energy Star rating and the U.S. Green Building Council’s LEED certification. The GBAI is tracked in terms of both square footage and number of buildings. More than 167 million square feet of Chicago’s office space is certified green, or approximately 71.1 percent of the metro’s total office inventory (235 rentable million square feet). Coming in behind the City of Broad Shoulders is San Francisco (67.5 percent), Atlanta (59.3 percent), Minneapolis/St. Paul (57.1 percent) and Los Angeles (56.6 percent). Chicago is a growing and thriving office market. Tech firms such as Uber, Amazon and LinkedIn, as well as coworking concepts Spaces, Industrious and WeWork, have all taken down large swaths of office space in the metro area. According to third-quarter data from CBRE Research, more than 5 million square feet of office space is under construction in metro Chicago. “Going green is one key to any …

November 5, 2019

Loans Midwest Multifamily Ohio

ACRES Capital Originates $38M Loan for Development of Multifamily Project in Cincinnati

by Kristin Harlow November 4, 2019

CINCINNATI — ACRES Capital Corp. has originated a $38 million loan for the development of 1118 Sycamore Street, a 155-unit multifamily project in Cincinnati’s Over-the-Rhine district. The project will rise seven stories and feature a two-level parking structure, 8,875 square feet of retail space, 3,611 square feet of office space and four townhomes. The third floor will feature an outdoor courtyard with a pool, fire pit, barbecue and seating area. ACRES provided the 30-month loan on behalf of Charles Street Investment Partners. Architectural firm NBBJ led the design and will oversee production designs completed by Architecture Alliance. The Over-the-Rhine submarket recently underwent a massive revitalization plan funded primarily by local corporations, including more than $500 million of investments.

November 4, 2019

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