Midwest

Thor Equities, QuadReal Break Ground on 450,000 SF Office Tower in Chicago’s Fulton Market

by Kristin Harlow October 30, 2019

CHICAGO — Thor Equities and QuadReal have broken ground on 800 W. Fulton, a 19-story, 450,000-square-foot office tower in Chicago’s Fulton Market district. The project will be situated at the southeast entrance to the historic neighborhood and occupy a full city block. The property, which features a stepped terrace design, will also include retail space and public amenities. The developers have yet to announce any tenants. Completion is slated for spring 2021. Skidmore, Owings & Merrill is the architect and Cushman & Wakefield will market the property for lease. A groundbreaking ceremony took place on Tuesday, Oct. 29.

October 30, 2019

Healthcare Midwest Ohio

TriHealth to Operate Retail Health Clinics in Cincinnati-Area Walgreens Stores

by Kristin Harlow October 30, 2019

CINCINNATI — Walgreens has unveiled plans to transition seven of its existing company-managed healthcare clinics in the Cincinnati area to TriHealth, a comprehensive not-for-profit health system. TriHealth will own and operate the clinics, which are housed within Walgreens stores. They are expected to open in the first quarter of 2020. TriHealth’s nurse practitioners will staff the clinics, which will operate daily. The affected properties are located in Cincinnati, Deer Park, Loveland, Norwood and Sharonville.

October 30, 2019

Illinois Loans Midwest Multifamily

American Street Capital Arranges $13.6M Refinancing for 20-Property Multifamily Portfolio in Chicago

by Kristin Harlow October 30, 2019

CHICAGO — American Street Capital (ASC) has arranged $13.6 million in permanent debt for the refinancing of a 20-property multifamily portfolio in Chicago. The 214 units within the portfolio are located on the city’s south side in various neighborhoods such as Bronzeville, Kenwood and Southshore. The portfolio was approximately 95 percent leased at the time of loan closing. Igor Zhizhin and Alexander Rek of ASC secured three separate loans on behalf of the borrower, a Chicago-based REIT. A correspondent agency lender provided the loans, each of which featured a 10-year, fixed-rate term and a 30-year amortization schedule.

October 30, 2019

Acquisitions Illinois Industrial Midwest Self-Storage

Marcus & Millichap Negotiates Sale of 553-Unit Self-Storage Facility in Bloomington, Illinois

by Kristin Harlow October 30, 2019

BLOOMINGTON, ILL. — Marcus & Millichap has negotiated the sale of U-Lock-It Mini Storage, a 553-unit self-storage facility in Bloomington. The sales price was not disclosed. The property is located at 2427 S. Main St. and spans 69,110 square feet on 6.3 acres. Of the 553 units, 441 are non-climate-controlled and 112 are climate-controlled. Sean Delaney of Marcus & Millichap marketed the property on behalf of the seller, a private investor. Delaney also secured and represented the buyer, a limited liability company.

October 30, 2019

Acquisitions Illinois Midwest Retail

Block & Co. Brokers Sale of 11,458 SF Retail Center in Champaign, Illinois

by Kristin Harlow October 30, 2019

CHAMPAIGN, ILL. — Block & Co. Inc. has brokered the sale of an 11,458-square-foot retail center in Champaign for an undisclosed price. Located at 1006 W. Anthony Drive, the property is near Marketplace Regional Mall. Sam’s Club and Rural King shadow-anchor the asset. David Block and Phil Peck of Block represented the sellers, Bloomfield 2005 LLC and Metcalf Arlington SPE LLC. A local investment buyer purchased the property. This is Block’s 12th shopping center sale on behalf of the same ownership group.

October 30, 2019

Company News Midwest Minnesota

NorthMarq Unveils CEO Transition for 2020

by Kristin Harlow October 29, 2019

MINNEAPOLIS — President Jeffrey Weidell will become CEO of NorthMarq effective Jan. 1, 2020. He will succeed Eduardo Padilla, who has served in the role for 20 years and will become executive chair. Weidell has been responsible for a number of successful initiatives as president, including a production training program, the launch of the investment sales business, growth in both mortgage origination and investment sales, and expansion of the equity advisory business. He was promoted to president in 2013 after serving as managing director of the San Francisco office since he joined NorthMarq in 2000. “This planned executive transition sets the stage for NorthMarq to continue to thrive, ensuring our operations, financing and investment sales businesses maintain the highest level of client support,” said Padilla in a news release. Under Padilla’s leadership, Minneapolis-based NorthMarq completed nearly 20 acquisitions, growing to 37 debt and equity offices with more than 50 correspondent relationships and a loan servicing portfolio of nearly $60 billion. NorthMarq is part of the Pohlad Cos., a privately held portfolio of businesses and investments spanning a variety of industries.

October 29, 2019

Illinois Loans Midwest Retail

Mag Mile Capital Arranges $12.5M Refinancing for Retail Property in Lincolnwood, Illinois

by Kristin Harlow October 29, 2019

LINCOLNWOOD, ILL. — Mag Mile Capital has arranged a $12.5 million loan for the refinancing of a 63,453-square-foot retail property located at 6850 McCormick Blvd. in Lincolnwood. The property is home to Walmart’s new online grocery and consumer goods pick-up concept as well as Planet Fitness. R&R Global Partners acquired the building in November 2015, following an unsuccessful redevelopment attempt by its previous owner. The property had been vacant for more than two years after Dominick’s exited the market in 2013. Mac Dobson of Mag Mile arranged the seven-year, fixed-rate loan with a 73 percent loan-to-value ratio. A regional bank provided the loan.

October 29, 2019

Development Industrial Kansas Midwest

Meritex Breaks Ground on Two Industrial Buildings Totaling 240,000 SF in Lenexa, Kansas

by Kristin Harlow October 29, 2019

LENEXA, KAN. — Meritex has broken ground on two 120,000-square-foot industrial buildings in Lenexa. The new buildings will each feature a clear height of 28 feet and insulated wall panels. The buildings, located at 9800 Britton St., will share a truck court. Site work will continue this fall with vertical construction expected to begin in the spring. Project completion is slated for December 2020. Colliers International will market the properties for lease.

October 29, 2019

Acquisitions Iowa Kansas Midwest Multifamily Nebraska Seniors Housing

Blueprint Negotiates Sale of 15-Property Skilled Nursing Portfolio in Midwest

by Kristin Harlow October 29, 2019

NEBRASKA, IOWA AND KANSAS — Blueprint Healthcare Real Estate Advisors has arranged the sale of 15 skilled nursing facilities in Nebraska, Iowa and Kansas. The portfolio included 10 locations in Nebraska, four in Iowa, and one in Kansas, and consists of over 950 licensed beds. The facilities are in predominantly secondary and tertiary submarkets, and the majority were built in the 1960s and 1970s. Blueprint’s Michael Segal, Ben Firestone and Steve Thomes handled the transaction. Buyer and seller information was not disclosed.

October 29, 2019

Illinois Industrial Leasing Activity Midwest

Axis Warehouse Management Signs 174,178 SF Industrial Lease in Bensenville, Illinois

by Kristin Harlow October 29, 2019

BENSENVILLE, ILL. — Third-party logistics firm Axis Warehouse Management has signed a 174,178-square-foot industrial lease in Bensenville. The property is located at 500 Country Club Drive, about 24 miles northwest of Chicago. Built in 1974, the facility features a clear height of 22 feet, 31 exterior docks, two drive-in doors and 6,300 square feet of office space. CenterPoint Properties owns the building. Rick Daly of Darwin Realty led the lease transaction on behalf of both parties with assistance from colleague George Cibula.

October 29, 2019

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