Midwest

Pine Tree Acquires 89,436 SF Retail Center in Suburban Cleveland

by Kristin Harlow May 7, 2019

STREETSBORO, OHIO — Pine Tree has LLC acquired Streetsboro Crossing, an 89,436-square-foot retail center in Streetsboro near Cleveland. The purchase price was not disclosed. Giant Eagle anchors the property, which was completed in 1996 and renovated in 2001. Other tenants include Pet Supplies Plus, Palm Beach Tan, GNC, Sally Beauty Supply and Great Clips. The occupancy rate is 94 percent. Amy Sands and Clinton Mitchell of HFF marketed the property on behalf of the seller, Brixmor Property Group.

May 7, 2019

Development Midwest Nebraska Office

McCarthy to Construct, Occupy New Office Building in Omaha

by Kristin Harlow May 7, 2019

OMAHA, NEB. — McCarthy Building Cos. Inc. will break ground on Wednesday, May 8 on an office and warehouse building that will serve as the company’s new local office in west Omaha. The 15,000-square-foot development will enable the construction company to expand its services within the healthcare, education, manufacturing, commercial, industrial and entertainment sectors. The office will include conference facilities and flexible gathering spaces. The climate-controlled warehouse will accommodate the delivery and short-term storage of construction materials as well as provide space for pre-assembly of building components. Completion is slated for December. Project partners include developer Tetrad Property Group, architect DLR Group and materials testing company Thiele Geotech. St. Louis-based first established its full-service Omaha office in 2007 and now oversees more than $200 million in construction work throughout Nebraska.

May 7, 2019

Loans Midwest Multifamily Seniors Housing Wisconsin

Hunt Capital Partners Arranges LIHTC Financing for $34.4M Seniors Housing Development in Wisconsin

by Kristin Harlow May 6, 2019

FITCHBURG, WIS. — Hunt Capital Partners, in collaboration with Plesko Properties LLC, has arranged federal and state low-income housing tax credit (LIHTC) equity financing for the construction of Fitchburg Senior Apartments. Located in the Madison suburb of Fitchburg, the community will feature 160 affordable housing units for seniors who are age 55 and older. Units will be restricted to households who earn up to 80 percent of the area median income. The development team broke ground on Fitchburg Senior Apartments in March. The four-story community will provide 80 one-bedroom units and 80 two-bedroom units upon completion, which is slated for July 2020. The total development cost for Fitchburg Senior Apartments is $34.4 million. The development team was awarded $15 million in federal and state LIHTCs. Hunt Capital Partners facilitated the federal tax credits through its multi-investor fund, Hunt Capital Partners Tax Credit Fund 27. Advantage Capital purchased the state LIHTC credits through Fund 27 as well. The Wisconsin Housing and Economic Development Authority (WHEDA) provided $23 million in taxable and tax-exempt construction and permanent financing and $1.5 million in soft financing. Plesko Properties, the project developer, selected Baker Tilly Virchow Krause LLP as the project consultant. Stevens Construction Corp. is …

May 6, 2019

Acquisitions Illinois Industrial Midwest

Barber Murphy Brokers Sale of 397,000 SF Manufacturing Plant in Benton, Illinois

by Kristin Harlow May 6, 2019

BENTON, ILL. — Barber Murphy has brokered the sale of a 397,000-square-foot manufacturing plant in Benton for an undisclosed price. The property is situated on 39 acres at 451 E. Illinois Ave. Marine Acquisitions Inc. sold the plant to Mincon Rockdrills USA Inc. Barber Murphy represented both parties in the sale.

May 6, 2019

Development Illinois Midwest Office

Principle Construction Completes Tenant Improvements for Wonderlic Office in Vernon Hills, Illinois

by Kristin Harlow May 6, 2019

VERNON HILLS, ILL. — Principle Construction Corp. has completed a 15,091-square-foot tenant improvement for Wonderlic at 544 Lakeview Parkway in Vernon Hills. The company, which produces cognitive ability tests, is moving across the street. The scope of the office project enables Wonderlic to have storage space for its printed materials as well as to properly recycle all used paper. Interform Architecture & Design served as the project architect.

May 6, 2019

Acquisitions Industrial Midwest Minnesota Self-Storage

KW Commercial Arranges $2.7M Sale of Self-Storage Facility in Minnesota

by Kristin Harlow May 6, 2019

FOREST LAKE, MINN. — KW Commercial has arranged the sale of A-1 Mini Storage in Forest Lake for $2.7 million. The self-storage facility is located northeast of the Twin Cities metro area. Built in 1997, the 38,450-square-foot property was expanded in 2007 and 2008. It now spans 10 buildings. Tom Flannigan, Alex Ihrke and Corly Wilkerson of KW Commercial represented the undisclosed seller. The buyer has the opportunity to add an onsite office and utilize the 15.5-acre site for additional mini-storage buildings, according to the brokers.

May 6, 2019

Acquisitions Midwest Minnesota

Nonprofit Organization Purchases 18,266 SF Property in North Minneapolis

by Kristin Harlow May 6, 2019

MINNEAPOLIS — Big Brothers Big Sisters Twin Cities (BBBS) has purchased an 18,266-square-foot building situated along Washington Avenue in north Minneapolis. The facility will serve as the nonprofit mentoring and youth development organization’s new center of operations. Property renovations are slated for completion in late 2020. Earlier this year, BBBS launched a $5 million capital campaign to fund the purchase and renovation. Jaclyn May, Jeremy Striffler and Paul Donovan of Cushman & Wakefield represented BBBS in its search and acquisition. Gensler will lead design and Greiner will lead construction for the renovation.

May 6, 2019

Development Industrial Midwest Wisconsin

Morgan/Harbour to Construct Milwaukee Speculative Warehouse on Behalf of Scannell

by Kristin Harlow May 3, 2019

MILWAUKEE — Morgan/Harbour Construction has been selected to build a 150,000-square-foot speculative warehouse on behalf of Scannell Properties in Milwaukee. Located on a 12.5-acre parcel, the building will feature 15 exterior docks and 22 trailer stalls. Paul Woody Architect Inc. and Pinnacle Engineering Group make up the project team. Jeff Hoffman of The Boerke Company will market the property for lease. Completion is slated for this fall.

May 3, 2019

Development Midwest Minnesota

Kraus-Anderson Begins $24.7M Expansion at High School in Minnesota

by Kristin Harlow May 3, 2019

NEW BRIGHTON, MINN. — Kraus-Anderson has begun construction on a $24.7 million expansion at Irondale High School in New Brighton, about 10 miles north of Minneapolis. Designed by Wold Architects and Engineers, the 80,000-square-foot project features seven new classrooms and breakout spaces, expanded hallways, open spaces, a 5,600-square-foot administration office, science lab and a 650-seat auditorium. Plans also call for the removal of the pool to accommodate a new fitness center and multipurpose area. Most of the project is expected to be completed by December 2020.

May 3, 2019

Loans Michigan Midwest Multifamily

Berkadia Originates $23M Refinancing for Apartment Property in Shelby, Michigan

by Kristin Harlow May 3, 2019

SHELBY, MICH. — Berkadia has originated a $23 million Fannie Mae loan for the refinancing of Ashford Apartments in Shelby, about 30 miles north of Detroit. Located at 48377 Commonview Drive, the apartment property features two-bedroom floor plans. Amenities include a resort-style pool, sundeck and various health and fitness clubs. Colin Callaghan and Peter Benedetto of Berkadia originated the 15-year loan, which features a 30-year amortization schedule and a loan-to-value ratio of 75 percent. Michigan-based Ashford 180 LLC, an affiliate of MJC Cos., was the borrower.

May 3, 2019

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