EDWARDSVILLE, ILL. — HDA Architects and Kadean Construction have completed a 768,678-square-foot speculative distribution center in Edwardsville near St. Louis. Known as Lakeview 5, the warehouse is designed for four tenants with office spaces at each corner of the building. This is the second distribution center that HDA has designed at Lakeview Commerce Center on behalf of Panattoni Development.
ROCKFORD, ILL. — Marcus & Millichap has brokered the sale of the Cornerstone Medical Building in Rockford for an undisclosed price. Constructed in 1988 and renovated in 2003, the 61,174-square-foot medical office building is 84 percent leased to a variety of healthcare providers, including pain management, retina care, dermatology, gynecology and orthopedics. Ben Tashakorian and David Benjamin of Marcus & Millichap marketed the property on behalf of the seller, Ephraim LLC. Cornerstone Cos. Inc. purchased the asset.
BELTON, MO. — The city of Belton has approved development plans for a 95-room Avid Hotel by IHG. The four-story hotel is expected to be the first Avid property to open in the Kansas City area. Completion is slated for the end of 2020. The property will include a fitness room and lobby with “grab-and-go” breakfast. The project team includes developer Liberty Hotel Group, general contractor Genesis Construction Management, architect B+A Architecture and civil engineer Renaissance Infrastructure Consulting.
CHICAGO — Skender has completed interior construction of Upwork’s new 34,000-square-foot headquarters in Chicago. Upwork, a website for hiring freelancers, has relocated to 525 W. Van Buren St. from its former space at 224 N. Desplaines St. Upwork’s space includes a café, server room, reception area, executive suite and open office concept for workstations. Upwork plans to build out an additional 34,000 square feet for use in 2020. Skender collaborated with architecture firm SCB, engineering firm Syska Hennessy Group and the building owner’s representative, Cresa.
ROYAL OAK, MICH. — Fast-casual restaurant 2941 Mediterranean Street Food has signed a 3,105-square-foot lease in Royal Oak. The property is located at 30278 Woodward Ave. Lou Frango, Brian Whitfield and Tom Lasky of Colliers International represented the undisclosed landlord in the lease transaction. The restaurant has five locations in metro Detroit.
Chad Thomas Hagwood, senior managing director and regional manager for the Southeast at Hunt Real Estate Capital, closes loans across the nation and sees opportunities in multiple sectors in 2019. While multifamily is still a standout, his scope extends beyond the industry buzzwords common today. Do you think refinancing activity will be as robust as it’s been in the recent past? Hagwood: There is no doubt refinancing will remain very active in 2019. Treasury yields have subsided from north of 3 percent and spreads are still extremely attractive. Many owners intend to hold their properties as opposed to selling. They realize they will have to pay top dollar to find a replacement property, or shell out a portion of their gains to Uncle Sam. It makes a great deal of sense to refinance and cash out versus sell, in many circumstances. What has been Hunt’s most popular loan product as of late? Hagwood: Both the 10- and 12-year fixed-rate conventional products with maximum IO [interest only] have been extremely popular with Hunt’s customers. In my opinion, the level of fixed-rate conventional business will continue to grow well into 2019 and beyond here at Hunt. The fixed-rate offering — compared with adjustable and floating …
FORT WAYNE, IND. — Capstone Apartment Partners has brokered the sale of Three Rivers Apartments in Fort Wayne for $32.2 million. New York-based real estate investment firm Besyata purchased the 371-unit apartment property from VTT Management. Built in 1966, the community features a pool, sauna, on-site convenience store, business center and two fitness centers. The property was 94 percent occupied at the time of sale. Monthly rents average $822. A.J. Klenk, Stasiu Geleszinski, Sherief Gouda, Nathan Murphy and Bryse Toothaker of Capstone Apartment Partners brokered the sale.
ROCKFORD, ILL. — An affiliate of Phoenix Investors has acquired a former Bon-Ton distribution center located at 4650 Shepherd Trail in Rockford. The 517,000-square-foot facility features 25,000 square feet of office space, one drive-in door, 127 dock doors and a clear height of 26 feet. Phoenix plans to renovate the property in the coming months. River Valley Bank provided senior mortgage financing.
MILWAUKEE — Andrus Intellectual Property Law LLP has signed a lease to occupy 7,248 square feet at BMO Tower in Milwaukee. The intellectual property law firm will occupy the space on the 22nd floor. The company was founded in Milwaukee in 1939. BMO Tower is a 25-story Class A office development under construction. Approximately 160,000 square feet of office space and 12,000 square feet of retail space remain available for lease. Anchor tenants include BMO Harris Bank, Michael Best & Friedrich and Heartland Advisors. David Pudlosky and Michael Streit of JLL represented Andrus in the lease transaction. Mike Wanezek of Colliers International represented the landlord, Irgens.
ST. CLOUD, MINN. — The Boulder Group has arranged the $3.1 million sale of a single-tenant property occupied by TCF Bank in St. Cloud, about 65 miles northwest of Minneapolis. The newly constructed building features a drive-thru. There are approximately eight years remaining on TCF Bank’s lease. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Midwest-based developer. An investor completing a 1031 tax-deferred exchange was the buyer.
