Midwest

JLL Agrees to Acquire HFF for $2B in Massive Real Estate Brokerage Merger

by Alex Tostado March 19, 2019

CHICAGO AND DALLAS — JLL (NYSE: JLL) and HFF (NYSE: HF) have entered into a definitive agreement for JLL to acquire all outstanding HFF shares in a cash and stock transaction valued at approximately $2 billion. Chicago-based JLL, a giant in the commercial real estate industry with a total market cap of approximately $7.4 billion, is a professional services firm that specializes in real estate and investment management. Dallas-based HFF is a full-service commercial real estate financial intermediary. Under the terms of the agreement, HFF shareholders will receive $24.63 in cash and 0.1505 JLL shares for each HFF share. Based on the closing price of JLL stock of $163.02 on March 18, the cash and stock consideration to be received by HFF shareholders at closing is valued at $49.16 per HFF share. When finalized, existing JLL shareholders are expected to represent 87 percent of shareholders, and existing HFF shareholders will make up the other 13 percent. The transaction has been unanimously approved by the boards of directors of both companies. The deal is expected to close in the third quarter of this year. Two years ago, JLL unveiled Beyond, its global strategic vision to drive long-term and sustainable growth. As …

March 19, 2019

Development Illinois Midwest Multifamily Seniors Housing

SWIDA, Bywater Development Open $11M Affordable Seniors Housing Community Near St. Louis

by Kristin Harlow March 18, 2019

SWANSEA, ILL. — Southwestern Illinois Development Authority (SWIDA) and Bywater Development Group, along with Bi-State Development and other key stakeholders, have opened Metro Landing of Swansea, a 62-unit affordable seniors housing community in Swansea. The $11 million, three-story development is a transit-oriented project connecting to St. Louis via the adjacent Swansea MetroLink Station. More than 40 of the 62 affordable one- and two-bedroom units have already been leased, with full occupancy expected by the end of March. Rents start at $565 per month for a one-bedroom apartment and $705 for a two-bedroom apartment. SWIDA and Bywater, which jointly developed the project, secured the majority of the financing from the Illinois Housing Development Authority (IHDA), with further construction financing provided by PNC Bank. Additional support came from the Illinois Department of Commerce and Economic Opportunity (DCEO) and Ameren, along with the St. Clair County Intergovernmental Grants Department. The Federal Transit Administration also played a role in the project, providing the necessary approval for Bi-State Development to sell the ground at the transit center to the developers for this project. St. Louis-based Altman Charter served as general contractor for the project. Chicago-based Worn Jerabek Wiltse Architects is the project architect, and the …

March 18, 2019

Acquisitions Hospitality Iowa Midwest Wisconsin

HREC Brokers Sale of Three-Property Hampton Inn Portfolio in Iowa, Wisconsin

by Kristin Harlow March 18, 2019

IOWA AND WISCONSIN — HREC Investment Advisors has brokered the sale of a three-property Hampton Inn portfolio in Iowa and Wisconsin. The portfolio included a 135-room hotel in West Des Moines, a 122-room hotel in Appleton and a 119-room hotel in Brookfield. Denver-based Walker Reynolds acquired the select-service portfolio. HREC represented the seller, affiliates of The Raymond Group and North Central Group, both headquartered in Madison, Wis.

March 18, 2019

Acquisitions Illinois Midwest Multifamily

Timberland Partners Acquires 232-Unit Multifamily Property in O’Fallon, Illinois

by Kristin Harlow March 18, 2019

O’FALLON, ILL. — Timberland Partners has acquired Parkway Lakeside, a 232-unit multifamily property in O’Fallon near St. Louis. The purchase price was not disclosed. Built in 2011, the Class A property consists of one- and two-bedroom townhome-style floor plans. Amenities include a saltwater pool, fitness center, fire pit, clubhouse and two dog parks.

March 18, 2019

Acquisitions Illinois Industrial Midwest

Black Creek Group Purchases Three Industrial Buildings in Metro Chicago

by Kristin Harlow March 18, 2019

CHICAGO — Black Creek Group has purchased three industrial buildings in metro Chicago for an undisclosed price. The properties include 2770 Alft Court in Elgin, 1881 Normantown Road in Romeoville and 351-355 Hastings Drive in Buffalo Grove. Each of the facilities is fully leased. Black Creek Group is a Denver-based real estate investment manager and development firm.

March 18, 2019

Acquisitions Indiana Midwest

A&G Realty Arranges $1.8M Sale of Educational Building in Indianapolis

by Kristin Harlow March 18, 2019

INDIANAPOLIS — A&G Realty Partners has arranged the sale of a 58,692-square-foot educational building in Indianapolis for $1.8 million. The facility was formerly an ITT Tech school owned and operated by now-bankrupt ITT Educational Services. Mercy Road Church has purchased the property with plans to operate the first floor as a church and lease the second floor to a coworking space for nonprofits and faith-based businesses. The sale marks the completion of A&G’s national disposition of 31 properties formerly owned by ITT Educational Services for a total of $88 million.

March 18, 2019

Illinois Midwest Retail

Meijer Launches ‘Shop & Scan’ in Chicagoland Area

by Kristin Harlow March 15, 2019

CHICAGO — Meijer continues to roll out its “shop & scan” mobile shopping checkout program, announcing 23 stores in Chicago and northwest Indiana following success in Michigan test markets. The technology is available through the Meijer mobile app. Users can scan bar codes on items as they shop. A running total of items is calculated and shoppers can scan their phones at a self-checkout lane to pay. The Meijer mobile app has been downloaded more than 1.1 million times since the pilot launch at 54 Michigan stores last year, according to Gerald Melville, regional vice president. More than 80 percent of Meijer customers have repeatedly used the app. Grand Rapids, Mich.-based Meijer will continue to roll out the program at stores throughout 2019. The grocer operates more than 240 stores throughout Michigan, Ohio, Indiana, Illinois, Kentucky and Wisconsin.

March 15, 2019

Acquisitions Midwest Missouri Multifamily

Berkadia Arranges Sale of 141-Unit Apartment Property in Kansas City

by Kristin Harlow March 15, 2019

KANSAS CITY, MO. — Berkadia has arranged the sale of The Landings at River Market, a 141-unit apartment property in Kansas City. The sales price was not disclosed. Located at 213 Delaware St., the property is comprised of three historic buildings known as Askew Saddlery, Volker Place and Pacific House. The buildings were originally constructed for industrial use in the mid-to-late 1800s and were transformed to residential use in the 1990s. Michael Sullivan, Brett Meinzer and Alex Blagojevich of Berkadia brokered the transaction. A joint venture between Artemis Real Estate Partners and CRES Management LLC sold the asset to California-based Canyon View Capital.

March 15, 2019

Development Hospitality Midwest Minnesota

Midas Hospitality Opens Second Hotel in Brooklyn Park, Minnesota

by Kristin Harlow March 15, 2019

BROOKLYN PARK, MINN. — Midas Hospitality has opened a 107-room Home2 Suites by Hilton hotel in Brooklyn Park, its second hotel within the city. The nearly 58,000-square-foot hotel is part of a $28 million development. The property includes suites with fully equipped kitchens designed for extended-stay use. Amenities include an indoor pool, meeting room, fitness area and patio. MC Hotel Construction served as the general contractor.

March 15, 2019

Acquisitions Affordable Housing Illinois Midwest Multifamily

Interra Negotiates $7.8M Sale of Affordable Housing Portfolio in Chicago

by Kristin Harlow March 15, 2019

CHICAGO — Interra Realty has negotiated the $7.8 million sale of a two-property affordable housing portfolio in Chicago’s Washington Park neighborhood. The properties, spanning 99 units, include the two-building Michigan Corners and the six-building Michigan Plaza. The buildings were constructed in the late 1990s. David Goss, Jon Morgan and Lucas Fryman of Interra represented the buyer, Jarrell Housing Group, as well as the seller, St. Edmund’s Redevelopment Corp. Jarrell Housing Group plans to improve the properties and maintain the units as affordable for renters earning up to 60 percent of the area median income. Jarrell agreed to assume the seller’s existing city of Chicago and Illinois Housing Development Authority loans when it purchased the property. The buyer also obtained tax credits from CREA LLC, an Indianapolis-based full-service tax syndicator that specializes in affordable housing, for the planned renovations.

March 15, 2019

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