MINNEAPOLIS — Dougherty Mortgage LLC has provided a $34.2 million HUD 221(d)(4) loan for the construction of Bassett Creek Apartments in Minneapolis. The six-story apartment building will comprise 139 units as well as an underground parking garage and 3,670 square feet of retail space. The project includes a mix of studios, one- and two-bedroom units as well as six penthouse units. The 40-year loan is fully amortizing. BC East LLC was the borrower.
BLAINE, MINN. — Upland Real Estate Group Inc. has arranged the $4.1 million sale of a 16,000-square-foot retail property occupied by Harbor Freight in Blaine, about 15 miles north of Minneapolis. Harbor Freight was founded in 1977 in California as a mail-order hardware company. Today, the company operates more than 1,000 stores across the country. Buyer and seller information was not disclosed, but the buyer purchased the property in an all-cash 1031 exchange.
FESTUS, MO. — Marcus & Millichap has brokered the $3.6 million sale of a Comfort Inn hotel in Festus, about 40 miles south of St. Louis. The 89-room property is located at 1303 Veterans Blvd. and recently underwent a renovation. Ebrahim Valliani, Michael Klar, Allan Miller and Chris Gomes of Marcus & Millichap represented the undisclosed buyer and seller.
As I have enjoyed writing in six previous August articles since 2013, we have seen Cedar Rapids, the 2014 “All-America City,” go from flood recovery in 2008 and 2016 to record levels of development. The city set a record for building permits in fiscal year 2018 of $375 million, which was $133 million over the previous year and $29 million more than the 2012 record by $29 million. Activity in fiscal year 2019 is estimated to be a very impressive $320 million. Flood protection system reached another milestone on Nov. 22, 2018, when the city and Army Corps of Engineers officially signed the agreement for $117 million of federal funds to allow the entire east side of the river flood protection system to be completed within five years. The west side is being funded through a state sales tax rebate program and 10 years of flood bonds to allow the entire $750 million flood protection system to be completed in the next decade. This year there are already four sections under construction with several additional portions being bid over the next several months. The flood protection system will not be just berms or walls that will block the view of …
OAK BROOK, ILL. — Morgan/Harbour Construction has broken ground on a new 135,000-square-foot, four-story build-to-suit for Hub Group on Clearwater Drive in Oak Brook. The project serves as Phase II for the headquarters of Hub Group, a supply chain solutions provider. In the second phase, Morgan/Harbour will construct a replica of the Phase I building with open work areas, private offices, conference rooms and a fitness center. The buildings will be connected via an underground walkway. Solomon Cordwell Buenz is the architect. Completion is slated for September 2020. Morgan/Harbour completed Phase I in 2014.
MILWAUKEE — Strategic Storage Growth Trust II Inc. (SSGT II) has acquired a newly constructed, 770-unit self-storage facility in Milwaukee for an undisclosed price. Located at 3420 W. Capitol Drive, the facility is situated on 3.9 acres and comprised of approximately 83,000 rentable square feet. The property features drive-up units, climate-controlled units, a covered loading area and gate access. SSGT II is a private real estate investment trust sponsored by an indirect subsidiary of SmartStop Self Storage REIT Inc.
LINCOLNWOOD, ILL. — The RoomPlace, an Illinois-based furniture store, has opened at Lincolnwood Town Center in northern Illinois. The retailer replaces a former Carson’s store. The 84,000-square-foot space incorporates three brands — The RoomPlace, The MattressPlace and RP Outlet. The location marks The RoomPlace’s largest store to date. Washington Prime Group Inc. owns Lincolnwood Town Center. Other retailers at the shopping mall include Kohl’s, Old Navy, Bath & Body Works, Foot Locker, Express and Champs Sports.
DAYTON, OHIO — NorthMarq has arranged a $7 million loan for the acquisition of Southland 75 Shopping Center in Dayton. The 117,410-square-foot retail center is located at 8265-8361 Springboro Pike. Major tenants include Dollar Tree, Hobby Lobby and Get Air Trampoline Park. Noah Juran of NorthMarq arranged the 10-year loan, which features a 25-year amortization schedule. A regional bank provided the loan for the undisclosed borrower.
COON RAPIDS, MINN. — Newmark Knight Frank (NKF) has brokered the sale of a 63,436-square-foot industrial building in Coon Rapids, a northern suburb of Minneapolis, for $2.4 million. The property is located on 24 acres at 9534 Foley Blvd. Java Enterprises LLC sold the building to Phoenicia Properties Corp. Dan Friedner and Jay Chmieleski of NKF represented both parties in the transaction.
CHICAGO — Uber Technologies has signed a 10-year office lease for 463,000 square feet at Chicago’s Old Post Office. The ridesharing company will serve as the building’s anchor tenant and expects to take over the space beginning Jan. 5. The office will be Uber’s second-largest office behind its headquarters in San Francisco. The owner and developer of the property, 601W Cos., is underway on an $800 million redevelopment of the 2.8 million-square-foot former post office. Walgreens, Home Chef, Ferrara Candy Co. and AbelsonTaylor have previously signed leases at the project.
