Midwest

Urban Innovations Completes Construction of 16-Unit Affordable Housing Project in Evanston, Illinois

by Kristin Harlow October 7, 2019

EVANSTON, ILL. — Urban Innovations Ltd. has completed construction of a ground-up, 16-unit affordable housing project in Evanston on behalf of Housing Opportunities for Women (HOW). The three-story building is located at 1305 Pitner Ave. Amenities include community space on each floor, first-floor storage units, laundry facilities and parking. Michael Newman of SHED Studio served as the architect. North Wells Capital is the investment affiliate of Urban Innovations. HOW is a Chicago-based nonprofit that provides affordable housing solutions and poverty prevention strategies.

October 7, 2019

Acquisitions Illinois Midwest Restaurant Retail

Marcus & Millichap Brokers $4.9M Sale of Restaurant Property in Schaumburg, Illinois

by Kristin Harlow October 7, 2019

SCHAUMBURG, ILL. — Marcus & Millichap has brokered the sale of a 9,999-square-foot restaurant property net leased to Capital Grille in Schaumburg for $4.9 million. The building is located at 2000 E. Golf Road. The existing tenant has a new 10-year lease in place. Austin Weisenbeck and Sean Sharko of Marcus & Millichap represented the buyer, a limited liability company completing a 1031 tax-deferred exchange. The seller was not disclosed.

October 7, 2019

Development Illinois Midwest Restaurant Retail

Sushi-San, Tortazo to Open at Willis Tower’s Catalog

by Kristin Harlow October 7, 2019

CHICAGO — Willis Tower owner EQ Office has unveiled two new retail tenants for Catalog, the new 300,000-square-foot dining and retail portion under construction at the Chicago office tower. Sushi-San will offer a dine-in experience as well as a grab-and-go station. Guests can customize maki rolls, poke or chirashi bowls at the sushi counter. The Mexican restaurant Tortazo will occupy nearly 3,000 square feet. It is a new concept from Rick Bayless, an award-winning chef. Tortazo is expected to open later this year. The entire Catalog concept is slated for completion in mid-2020.

October 7, 2019

Leasing Activity Michigan Midwest Retail

Gerdom Realty Completes Lease-up of 12,000 SF Retail Center in Clawson, Michigan

by Kristin Harlow October 7, 2019

CLAWSON, MICH. — Gerdom Realty & Investment has completed the lease-up of Clawson’s Village Landing in Clawson, about 17 miles north of Detroit. Great Lakes Pot Pies secured the last remaining vacancy within the 12,000-square-foot retail center on 14 Mile Road. Vicki Gutowski and Tjader Gerdom of Gerdom represented the undisclosed landlord in the lease transaction. Great Lakes Pot Pies is expected to open later this year. Gerdom also negotiated a lease for Barry’s Bagels at the property earlier this year.

October 7, 2019

Loans Midwest Multifamily ORIX Wisconsin

ORIX Provides $40M Construction Loan for 263-Unit Multifamily Development in Wisconsin

by Kristin Harlow October 4, 2019

MIDDLETON, WIS. — ORIX Real Estate Holdings (ORIX) has provided a $40 million construction loan for a 263-unit multifamily development in Middleton, a suburb of Madison. The project will also feature 31,000 square feet of ground-floor commercial space, including a food hall. The units will be standard one-floor apartments as well as two-story lofts. Completion is slated for February 2021. The borrower was not disclosed.

October 4, 2019

Acquisitions Midwest Missouri Retail

Mid-America, Pace Properties Arrange $20.9M Sale of Shopping Center in Ballwin, Missouri

by Kristin Harlow October 4, 2019

BALLWIN, MO. — Mid-America Real Estate Corp. and Pace Properties have arranged the $20.9 million sale of Ballwin Plaza in Ballwin, about 20 miles west of St. Louis. The 204,859-square-foot shopping center is situated on Manchester Road. Schnucks Supermarket anchors the property, which is 93 percent leased. Other tenants include Hobby Lobby, Marshalls and Buffalo Wild Wings. Joe Girardi of Mid-America and Scott Seyfried of Pace Properties represented the seller, Cincinnati-based Viking Partners. Cincinnati-based Select Strategies Realty purchased the asset.

October 4, 2019

Acquisitions Midwest Retail Wisconsin

Cushman & Wakefield | Boerke Brokers $5.7M Sale of Former Boston Store Property in Madison, Wisconsin

by Kristin Harlow October 4, 2019

MADISON, WIS. — Cushman & Wakefield | Boerke has brokered the sale of a former Boston Store property in Madison for $5.7 million. The 144,600-square-foot property is located within West Towne Mall, a regional mall comprising more than 120 stores. John Kuhn and David Tighe of Cushman & Wakefield | Boerke represented the seller, S&B Detrick LP. The buyer, CBL Properties, plans to raze the existing structure and oversee construction of a new Von Maur store on the 9.4-acre site.

October 4, 2019

Leasing Activity Michigan Midwest Retail

Old Navy Signs New Lease in Kalamazoo, Michigan

by Kristin Harlow October 4, 2019

KALAMAZOO, MICH. — Old Navy has signed a new 23,578-square-foot lease at Maple Hill Pavilion in Kalamazoo. ShopOne Centers REIT Inc. owns the property, which is now more than 99 percent leased. Old Navy is expected to open in early summer 2020. Other new retailers at Maple Hill Pavilion include Ulta and Breakfast at Tiffiny’s.

October 4, 2019

Acquisitions Illinois Midwest Multifamily

Interra Realty Brokers Three Multifamily Sales Totaling $5.5M in Chicago

by Kristin Harlow October 4, 2019

CHICAGO — Interra Realty has brokered the sales of three multifamily properties in Chicago’s Edgewater and Rogers Park neighborhoods for a combined $5.5 million. Each of the properties, located at 5547 N. Lakewood Ave., 1619 W. Lunt Ave. and 7423 N. Rogers Ave., were fully occupied at the time of sale. In the first transaction, Interra’s Craig Martin represented the seller, the estate of Victoria Altman, as well as the buyer, a joint venture led by Joe Hayes and Mike Cavanaugh. In the second sale, Martin and Brian DiBasilio of Interra represented the private parties. In the third transaction, Martin represented the private buyer as well as the sellers, Gary and Bella Goland.

October 4, 2019

Acquisitions Illinois Midwest Office

Golub & Co. Acquires Burnham Center Office Tower in Chicago

by Kristin Harlow October 3, 2019

CHICAGO — Golub & Co. has acquired Burnham Center, a landmark office tower in the heart of Chicago’s Loop. The purchase price was not disclosed. Completed in 1913, it was the last building designed by famed architect and urban planner Daniel Burnham. The building rises 22 stories and spans 585,000 square feet. It is home to the Chicago headquarters for GrubHub. Golub & Co. plans to refresh the amenities, which include a fitness center, private tenant lounge and conferencing facilities. Ground-floor retail includes a mix of national and regional tenants. Golub & Co., which will assume management and leasing of the building, purchased the asset in a joint venture with The Family Office Co.

October 3, 2019

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