Midwest

Kraus-Anderson Completes Construction of $12M Ambulatory Surgical Center in North Dakota

by Kristin Harlow July 30, 2019

BISMARCK, N.D. — Kraus-Anderson Construction Co. has completed construction of a new ambulatory surgical center for Bismarck Surgical Associates at 106 E. Greenfield Lane in Bismarck. The new facility will provide same-day surgical procedures. Designed by Sperides Reiners Architects, the $12 million facility features five operating rooms and 20 pre-operation and recovery rooms. The 36,450-square-foot property also includes a sterile processing area and decontamination room as well as an administrative area. The basement houses all mechanical, electrical and medical support equipment.

July 30, 2019

Development Industrial Midwest Missouri

Opus Breaks Ground on 155,000 SF Spec Warehouse in St. Louis

by Kristin Harlow July 30, 2019

ST. LOUIS — The Opus Group has broken ground on a 155,000-square-foot speculative warehouse at Soulard Business Park in St. Louis. Completion is slated for the second quarter of 2020. The development, which will sit on approximately eight acres, will feature a clear height of 32 feet and 24 trailer parking stalls. Patrick Reilly and David Branding of JLL will market the property for lease. Soulard Business Park is a project led by Environment Operations Inc. and involves the redevelopment of a former manufacturing facility.

July 30, 2019

Acquisitions Midwest Minnesota Multifamily

Marcus & Millichap Brokers Sale of 154-Unit Multifamily Portfolio in Minnesota

by Kristin Harlow July 30, 2019

MINNEAPOLIS AND SAINT LOUIS PARK, MINN. — Marcus & Millichap has brokered the sale of Oak Park Village and Holmes Greenway Apartments, a multifamily portfolio comprising 154 units in Minneapolis and Saint Louis Park. Built in 1983, Holmes Greenway Apartments consists of 54 units. The six-story complex is located within a mile of downtown Minneapolis at 418 Central Ave. SE. The second property, Oak Park Village, is a 100-unit complex with floor plans ranging from 729 to 1,284 square feet. The community is located at 7267 Oak Park Village Drive in Saint Louis Park, about five miles southwest of Minneapolis. Abe Roberts of Marcus & Millichap marketed the property on behalf of the seller.

July 30, 2019

Development Hospitality Iowa Midwest

112-Room Cambria Hotel Opens in Bettendorf, Iowa

by Kristin Harlow July 30, 2019

BETTENDORF, IOWA — The Cambria Hotels brand, franchised by Choice Hotels International Inc., has opened its first location in Iowa. The four-story, 112-room hotel is located at 5061 Competition Drive in Bettendorf within the Quad Cities. Amenities include a bistro, full-service bar, pool, fitness center and meeting space. Frontier Hospitality Group developed the hotel. There are currently more than 40 Cambria hotels across the U.S. The Bettendorf property is the first of seven Cambria hotels expected to open this summer.

July 30, 2019

Acquisitions Development Illinois Midwest New York Northeast Student Housing Top Stories

Core Spaces Aligns with Goldman Sachs in $600M Student Housing Deal

by John Nelson July 30, 2019

CHICAGO AND NEW YORK CITY — Student housing developer Core Spaces has entered into a partnership with Goldman Sachs (NYSE: GS) to recapitalize nine of its properties in a deal valued at $600 million. The national portfolio consists of seven operating student housing properties and two projects under development, totaling 4,358 beds. The Wall Street Journal reports that Goldman Sachs will likely utilize its newly launched, $2.5 billion real estate investment fund for the Core student housing portfolio. The newspaper reports that the New York-based financial giant has purchased more than $30 billion in real estate since 2012 mostly using its own capital. Core will keep a small ownership percentage in the portfolio and keep the assets under its management. The deal is a strategic decision by the Chicago-based firm to aggregate its portfolio with an institutional investor and retain an interest in its developed properties for the long haul, says Core’s founder and CEO, Marc Lifshin. “We believe in the long-term performance of our assets,” he says. “Our assets have proven to perform over time. We would rather be involved for the growth period. It creates a much more sustainable model for us going forward.” The operating properties that …

July 30, 2019

Development Michigan Midwest

Multiple Construction Projects Underway at Eastern Michigan University

by Kristin Harlow July 29, 2019

YPSILANTI, MICH. — This summer, multiple construction projects are underway at Eastern Michigan University in Ypsilanti. Sill Hall, the home of the renamed College of Engineering and Technology, is undergoing a $40 million renovation with completion set for fall 2020. A $16 million project at Olds-Robb Recreation and Intramural Complex involves extensive improvements to fitness and training areas as well as a new entrance and gathering spaces. Earlier this month, workers finished the $20 million student-athlete performance center, which consisted of a new two-story structure adjacent to the north end zone of Rynearson Stadium. The project includes a new weight room, athletic training and meeting rooms, offices and a scoreboard. At the northwest end of campus, construction is underway on a $14 million, two-building health project that is a collaboration between the university, St. Joseph Mercy System and Integrated Healthcare Association (IHA). One of the buildings will be a community health center staffed by IHA while the other will house university programs. Completion is set for January 2020. Integrated Design Solutions served as the architect for Sill Hall and the performance center. Contractors working on the projects include Clark Construction, Granger Construction, Barton Malow, Kasco and O’Neal Construction. Founded in …

July 29, 2019

Acquisitions Indiana Industrial Midwest

Monmouth Acquires 350,000 SF Industrial Building in Lafayette, Indiana for $25.5M

by Kristin Harlow July 29, 2019

LAFAYETTE, IND. — Monmouth Real Estate Investment Corp. has acquired a 350,000-square-foot industrial building in Lafayette for $25.5 million. The property is situated on 45 acres at 5440 Haggerty Lane. Toyota Tshusho America Inc. occupies the property on a net-lease basis for 10 years. The facility serves the 3.3 million-square-foot Subaru auto assembly plant, which is situated directly across from the building. The seller was not disclosed.

July 29, 2019

Development Healthcare Indiana Midwest

Cornerstone Develops New Facility for Goodman Campbell in Carmel, Indiana

by Kristin Harlow July 29, 2019

CARMEL, IND. — Cornerstone Cos. Inc. has completed the development and construction of a 38,537-square-foot medical office building for Goodman Campbell Brain and Spine in Carmel. The build-to-suit facility comprises medical office, treatment and administrative services. The building sits along U.S. 31 in the Meridian Corridor and includes covered physician parking. Goodman Campbell Brain and Spine specializes in neurosurgery.

July 29, 2019

Loans Midwest Office Ohio

NorthMarq Arranges $3.4M Refinancing of Office Property in Cincinnati

by Kristin Harlow July 29, 2019

CINCINNATI — NorthMarq has arranged a $3.4 million loan for the refinancing of Eastgate Professional Office in Cincinnati. The 36,000-square-foot office property is located on Ferguson Road. Susan Branscome of NorthMarq arranged the seven-year, fixed-rate loan, which features a 20-year amortization schedule. A life insurance company provided the loan.

July 29, 2019

Illinois Industrial Leasing Activity Midwest

DHL Signs 60,000 SF Industrial Lease in Batavia, Illinois

by Kristin Harlow July 29, 2019

BATAVIA, ILL. — DHL has signed a 60,000-square-foot industrial lease in Batavia, a western suburb of Chicago. The recently completed, 102,000-square-foot building is located at 1100 N. Raddant Road within the Northeast Business Park. Principal Construction built the facility on behalf of developer Midwest Industrial Funds. Approximately 42,000 square feet remain available for lease.

July 29, 2019

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