Midwest

Berkadia Arranges Sale of Two-Property Multifamily Portfolio in Suburban Madison, Wisconsin

by Kristin Harlow October 2, 2019

SUN PRAIRIE AND DEFOREST, WIS. — Berkadia has arranged the sale of a two-property multifamily portfolio totaling 364 units in suburban Madison. The sales price was not disclosed. The properties include Van Buren Place in Sun Prairie and The Park in DeForest. Located at 1351 Okeefee Ave., Van Buren Place is a 164-unit, garden-style community. The Park, located at 6203 Williamsburg Way, is a newly constructed, 200-unit property. Ralph DePasquale, Parker Stewart and Alex Blagojevich represented the seller, Wisconsin-based Cascade Development. Weidner Apartment Homes purchased the portfolio. Clay Akiwenzie, Chris Blechschmidt and Emily Stang of Berkadia procured acquisition financing through a life insurance company.

October 2, 2019

Development Illinois Midwest Multifamily Seniors Housing

Evergreen Real Estate Opens Six-Story Affordable Seniors Housing Community in Chicago

by Kristin Harlow October 2, 2019

CHICAGO — Evergreen Real Estate Group has completed construction of Independence Apartments, a six-story, 44-unit affordable seniors housing community located above the new Independence Branch Library in Chicago’s Irving Park neighborhood. Designed by John Ronan Architects, the project consists of affordable senior apartments paired with a new library that serves both residents and neighbors in the surrounding community. It is the second such project Evergreen has completed in Chicago this year, following Northtown Apartments in the West Ridge neighborhood. Both projects were funded in part with federal low-income housing tax credits and Illinois affordable housing tax credits provided by the Chicago Department of Housing. The Northtown development also received federal HOME funds from the Illinois Housing Development Authority. Other financing partners for the project include CIBC, City Real Estate Advisors (CREA), TCF Bank, Fifth Third Bank, Clocktower Tax Credits LLC, ComEd Energy Efficiency Program, North River Commission and predevelopment lenders LISC Chicago and Chicago Community Loan Fund.

October 2, 2019

Illinois Leasing Activity Midwest Retail

Orangetheory Leases 4,000 SF on Michigan Avenue in Chicago

by Kristin Harlow October 2, 2019

CHICAGO — Orangetheory Fitness has leased 4,000 square feet on the second floor of 155 N. Michigan Ave. in Chicago. Larry Kling of Newmark Knight Frank represented the fitness franchise in the lease transaction. Orangetheory offers workouts based on high-intensity interval training that blend cardiovascular and strength training. The company has more than 1,200 locations worldwide. The Michigan Avenue location will be the company’s 17th in Chicago and 58th in the state of Illinois. Set to open in January, the build-out will feature an open space with additional workspaces and larger bathrooms and shower facilities than traditional Orangetheory floor plans.

October 2, 2019

Industrial Iowa Leasing Activity Midwest

Opus Completes Lease-up of 200,000 SF Industrial Building in Ankeny, Iowa

by Kristin Harlow October 2, 2019

ANKENY, IOWA — The Opus Group has completed the lease-up of Corporate Woods II, a 200,000-square-foot speculative industrial building in Ankeny. Tenants include Carroll Tire Co., Alfa Laval, Berlin Packaging and Harrell’s Car Wash Systems. The building serves as the second phase of Corporate Woods Industrial Park. Opus is set to begin work on the third and final phase of the industrial park this fall. The final building will span 200,000 square feet and is slated for completion in 2020. JLL represented all four tenants in the lease transactions and will market Phase III for lease.

October 2, 2019

Acquisitions Hospitality Midwest Ohio

Marcus & Millichap Brokers $5.2M Sale of 75-Room Hotel Near Cincinnati

by Kristin Harlow October 2, 2019

SHARONVILLE, OHIO — Marcus & Millichap has brokered the $5.2 million sale of a 75-room Holiday Inn Express & Suites hotel in Sharonville near Cincinnati. The property is located at 11160 Dowlin Drive. Andrew Bankhurst and Alexandre Duong of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The team also secured the buyer, a limited liability company.

October 2, 2019

Acquisitions Hospitality Illinois Midwest Top Stories

Blackstone to Acquire 65 Percent Stake in Great Wolf Resorts, Form $2.9B JV With Centerbridge

by Kristin Harlow October 2, 2019

CHICAGO AND NEW YORK CITY — Blackstone Real Estate Partners IX, an affiliate of Blackstone (NYSE: BX), is acquiring a 65 percent controlling interest in Great Wolf Resorts Inc. Although the specific price of the investment was not disclosed, Blackstone and existing owner Centerbridge Partners LP will form a new $2.9 billion joint venture to own the company. Chicago-based based Great Wolf is an owner and operator of family-oriented entertainment resorts, with 18 locations around the country. Each lodge contains a full-service hotel, indoor waterpark, recreational activities and various food and beverage offerings. A new resort in Northern California is slated to open next year. “Great Wolf has enriched the guest experience and opened seven new lodges since 2015,” says Tyler Henritze, head of U.S. acquisitions for Blackstone. “We look forward to investing in these properties to further deliver for guests and grow the company.” Murray Hennessy, CEO of Great Wolf, says that the company stands to benefit greatly from Blackstone’s insights and expertise in hospitality. The sale comes at a time when theme park companies are benefitting from higher consumer spending on travel and leisure, according to Bloomberg. Blackstone has previously invested in SeaWorld Entertainment Inc. and helped buy …

October 2, 2019

Acquisitions Midwest Multifamily Ohio

NKF Arranges $43.6M Sale of Three-Property Multifamily Portfolio in Columbus, Ohio

by Kristin Harlow October 1, 2019

COLUMBUS, OHIO — NKF Multifamily Capital Markets has arranged the sale of a three-property multifamily portfolio comprising 550 units in Columbus for $43.6 million. The portfolio consists of Abbington Village, Ashley Village and Chatham Village. Each was built in 1987 and is situated in the southeast portion of the city. George Skaff of NKF arranged the sale on behalf of the buyer, AndMark Investment Fund. Purvesh Gosalia of NKF arranged $34.8 million in fixed-rate acquisition financing through Freddie Mac. AndMark plans to make improvements to the properties.

October 1, 2019

Development Michigan Midwest

Michigan State University Opens 100,000 SF Building at Business College

by Kristin Harlow October 1, 2019

EAST LANSING, MICH. — Michigan State University has opened the Edward J. Minskoff Pavilion at the Eli Broad College of Business. Located on Shaw Lane adjacent to the Eppley Center, the 100,000-square-foot building features an atrium with views of the Red Cedar River. It houses an entrepreneurship lab, classrooms, team rooms, a media studio and expanded career center. The three-story facility was named after Edward J. Minskoff, a Michigan State alumnus and real estate developer whose $30 million gift in 2018 was the largest single-donor gift in the school’s history. The project was privately funded from more than 1,700 donors since fundraising began in 2014. LMN Architects and Clark Construction made up the project team.

October 1, 2019

Acquisitions Midwest Minnesota Multifamily

Marcus & Millichap Brokers $14.6M Sale of Apartment Building in Minneapolis

by Kristin Harlow October 1, 2019

MINNEAPOLIS — Marcus & Millichap has brokered the sale of Brunsfield North Loop in Minneapolis for $14.6 million. The 47-unit apartment building is located at 915 Washington Ave. in the North Loop neighborhood. Built in 2012, the five-story property also includes three commercial spaces. Abe Roberts, Evan Miller and Chris Collins of Marcus & Millichap marketed the property on behalf of the seller and procured the buyer, neither of which were disclosed.

October 1, 2019

Indiana Leasing Activity Midwest Office

CBIZ Signs 53,000 SF Office Lease at Parkwood Crossing in Indianapolis

by Kristin Harlow October 1, 2019

INDIANAPOLIS — CBIZ Inc. has signed a 53,000-square-foot office lease at Parkwood Crossing in north Indianapolis. The professional and financial services company will occupy space at Eight Parkwood, a 204,126-square-foot building within the eight-building, 1.2 million-square-foot office park. Rubenstein Partners LP and Strategic Capital Partners LLC acquired Parkwood Crossing in 2016. The companies have invested approximately $20 million in improvements at the property, including a 14,000-square-foot amenity building that opened in 2018. Traci Kapsalis, Adam Broderick and Brittany Shuler of JLL, along with Gibraltrar Real Estate Services, handled the lease transaction on behalf of building ownership. Matt Waggoner of JLL represented the tenant.

October 1, 2019

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