TROY, MICH. — Gerdom Realty & Investment has completed three retail lease transactions at Century Plaza in Troy. Quickly Tea, Michigan College of Beauty and Breakfast Club Restaurant together will occupy 6,942 square feet. The approximately 34,500-square-foot property is located at the intersection of Big Beaver and Rochester roads. Tjader Gerdom, Mike Murphy and Larry Siedell of Gerdom represented the landlord, Beztek Properties.
MINNEAPOLIS — A partnership between Kroiss Development and D/O Architecture known as TMBR Development LLC will break ground on a 10-story, 79-unit condo building in the North Loop of Minneapolis this fall. Known as TMBR, the project is the Twin Cities’ first timber-framed condominium. This type of construction is more sustainable than constructing with concrete and steel. Slated for completion in early 2021, the project will include 7,500 square feet of retail space, a green roof and electric car charging stations. Units will start at $450,000.
DETROIT — UBS Financial Services Inc. has opened its first Detroit office in the historic downtown Woodward shopping district. The 11,000-square-foot office represents an expansion of UBS’s investment in the metro area. The office spans two buildings and has six meeting rooms, a flexible breakout area and a coffee bar. Visitors will be greeted by a large black-and-white map of Detroit behind the reception area. Bedrock owns the property, which was designed by architecture firm Smith, Hinchman & Grylls. UBS is a global wealth management firm.
CHICAGO — Knighthead Funding LLC has provided a $14.3 million construction loan for Roselle Apartments, a multifamily development in the Chicago submarket of Glendale Heights/Lombard. Noah Properties Chicago is the developer. Completion is slated for the first quarter of 2020. Roselle will feature 72 two-bedroom townhomes. The nonrecourse loan has an 18-month term. Knighthead Funding originates loans for its managed real estate debt funds and Knighthead Annuity & Life Assurance Co.
HOFFMAN ESTATES, ILL. — Tricap Acquisitions LLC has purchased Autumn Chase Apartments in Hoffman Estates for an undisclosed price. The 550-unit apartment community features a mix of studios, one- and two-bedroom units. Completed in the early 1970s, the property includes an outdoor pool, tennis court, clubhouse and multiple barbecue areas. John Jaeger and Dan Cohen of CBRE represented the seller, Greenwood Capital Investment LLC.
DAYTON, OHIO — NorthMarq Capital has arranged a $4.4 million loan for the acquisition of Northwest Plaza in Dayton. The 220,000-square-foot retail property is located at 3295 W. Siebenthaler Ave. Citi Trends is one of the tenants. Noah Juran of NorthMarq arranged the 10-year, fixed-rate loan, which features a 25-year amortization schedule. A regional bank provided the loan.
Remarkable. It’s the word that continues to pop up in interviews and conversations relating to the present transformation occurring in Omaha’s downtown area. If you think you might be experiencing déjà vu, it’s likely because you are. After all, it wasn’t that long ago when the same word was being used to describe the transformation that took place in downtown Omaha 10 to 15 years ago. It was at that time that approximately $2.5 billion was invested in Omaha’s downtown through a combination of public and private developments. Omaha introduced a laundry list of new buildings and projects, including the city’s new arena and convention center (presently branded the CHI Health Center), TD Ameritrade Park (the home of College World Series), the 45-story First National Bank Tower, the National Park Service Building, Gallup Organization’s operational headquarters, Union Pacific’s 1.1 million-square-foot headquarters, The Holland Performing Arts Center, Roman L. Hruska Federal Courthouse and The Bob Kerrey Pedestrian Bridge. That was remarkable. What could be so “remarkable” about the current downtown Omaha transformation? The answer is a redevelopment of the Gene Leahy Pedestrian Mall as part of the $300 million Riverfront Revitalization project. You might be thinking $300 million doesn’t sound remarkable …
INDIANAPOLIS — JLL’s Healthcare Capital Markets division has arranged the sale of a 143,499-square-foot Class A outpatient facility on the campus of Indiana University Health Methodist Hospital in Indianapolis. It is the largest hospital complex in Indiana with 1,411 staffed beds. Known as Methodist Professional Center II, the facility is fully occupied by Indiana University Health and its affiliates. Built in 1992, the four-story property sits on 1.4 acres. Mindy Berman, Justin Hill and Bruce Gordon of JLL advised the seller, Sanders Trust. Healthcare Realty Trust purchased the property for an undisclosed price.
MINNETONKA, MINN. — The Opus Group has completed its first senior living community in the Twin Cities known as Orchards of Minnetonka. The 147-unit development offers independent living, assisted living and memory care. Amenities include a salon, chapel space, clubroom, community room and two dining areas. Outdoor areas include a putting green, gardening beds and orchard. Ebenezer Management will operate the property. Sperides Reiners Architects and Consilium Home made up the project team.
CHICAGO — Structured Development LLC has completed District Brew Yards, a collection of three breweries located in a repurposed warehouse in Chicago’s West Town neighborhood. Structured, in partnership with Burnt City Brewing, led the conversion of the former photography studio. Burnt City’s beers will be featured at the brewery along with those of Around the Bend Beer Co. and Bold Dog Beer Co. Each of the brewing companies has a dedicated self-service tap. The project spans 18,000 square feet.