Midwest

StorTropolis-Brighton-Self-Storage-Kansas-City

Hunt Midwest Enters Self-Storage Business With Four New Developments in Greater Kansas City

by Taylor Williams March 1, 2019

KANSAS CITY — Hunt Midwest Real Estate Development Inc. is expanding into the self-storage market with the development of four StorTropolis climate-controlled facilities in the Kansas City metro area. Two of the four locations opened in the fourth quarter of 2018. The first location is StorTropolis Shawnee, a climate-controlled self-storage facility with 580 units and 30 enclosed units sized for boats or recreational vehicles (RVs) at the intersection of Shawnee Mission Parkway and Martindale Road in Shawnee, Kan. StorTropolis Brighton, which is located at the northwest corner of Brighton Avenue and Missouri Highway 152 in Kansas City, Mo., has also opened its doors with 681 climate-controlled units and 15 enclosed RV units. A third location, StorTropolis Tiffany Springs, will open in early summer at the northeast corner of Missouri Highway 152 and Interstate 29 in Kansas City, Mo. The developer plans to break ground on the fourth facility, StorTropolis Blue Springs in Blue Springs, Mo., this summer with an opening set for 2020. Hunt Midwest is developing StorTropolis in partnership with Strickland Construction and Attic Storage. The fast-growing self-storage real estate market is evolving toward fully enclosed, climate-controlled units and StorTropolis provides high-tech security and state-of-the-art units expected by today’s customer, according to Ora Reynolds, …

March 1, 2019

Loans Midwest Multifamily Nebraska Seniors Housing

CBRE Arranges $11.9M Loan for Refinancing of Seniors Housing Community in Omaha

by Taylor Williams March 1, 2019

OMAHA, NEB. — CBRE has arranged $11.9 million in financing for Esprit Whispering Ridge, a 91-unit assisted living and memory care community in Omaha. The borrower is a joint venture between South Dakota-based real estate firm Hegg Cos. and management/consulting firm Paradigm Senior Living. Situated on 6.9 acres, the community is located less than five miles from the only full-service hospital in West Omaha. Aron Will and Austin Sacco of CBRE originated the 10-year, fixed-rate, Fannie Mae loan with 36 months of interest-only payments. The funds will be used to refinance the original construction loan for the property.

March 1, 2019

Country-Inn-Suites-Fond-du-Lac-Wisconsin

Acquisitions Hospitality Midwest Wisconsin

Marcus & Millichap Brokers Sale of 65-Room Country Inn & Suites Hotel in Fond du Lac, Wisconsin

by Taylor Williams March 1, 2019

FOND DU LAC, WIS. — Marcus & Millichap has brokered the sale of Country Inn & Suites Fond du Lac, a 65-room hotel located about 65 miles north of Milwaukee. The property recently underwent a series of renovations. Jon Ruzicka, Jake Erickson and Jared Plamann of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The buyer was not disclosed. Minneapolis-based Country Inn & Suites is part of the Carlson Rezidor Hotel Group, a privately owned hotel firm with more than 1,370 properties in operation and under development in more than 110 countries.

March 1, 2019

Healthcare Kansas Leasing Activity Midwest

Eye Specialist Retina Associates Expands Practice, Leases 8,580 SF in Overland Park, Kansas

by Taylor Williams March 1, 2019

OVERLAND PARK, KAN. — Retina Associates, which provides eye care services to the greater Kansas City community, is expanding its practice locally. Beginning in June, the retina specialist will occupy 8,580 square feet on the second floor of 6201 College Boulevard, a seven-story, multi-tenant office building located in Overland Park. Ryan Biery, senior vice president of brokerage at Copaken Brooks, represented 6201 College in the deal, while Mike Sonnenberg from NAI Heartland represented Overland Park-based Retina Associates. One of the major tenants at 6201 College Boulevard is the Polsinelli law firm. Built in 1990 as the headquarters for the National Collegiate Athletic Association (NCAA), the building includes 154,700 square feet of rentable building area. The NCAA moved its headquarters to Indianapolis in 1998, at which point the building was converted to multi-tenant office space.

March 1, 2019

Development Illinois Midwest Restaurant Retail

Original Pancake House to Open 3,800 SF Restaurant in Peoria

by Taylor Williams March 1, 2019

PEORIA, ILL. — Portland, Ore.-based breakfast chain Original Pancake House will open a 3,800-square-foot restaurant within Grand Prairie Developments, a 200-acre mixed-use development by Cullinan Properties Ltd., in Peoria. The landlord will break ground on a new space for the restaurant this spring, with the opening slated for October. Major anchors at Grand Prairie Developments include AMC Theatre, Hy-Vee and Dick’s Sporting Goods in addition to numerous restaurants, retail stores and five hotels. Adjacent to the development is the $18 million Louisville Slugger Sports Complex estimated to draw 450,000 visitors each year.

March 1, 2019

Development Midwest Multifamily Ohio Seniors Housing

CA Senior Living Starts Construction of 192-Unit Seniors Housing Community Near Cleveland

by Taylor Williams February 28, 2019

MAYFIELD HEIGHTS, OHIO — CA Senior Living LLC, the senior housing investment and development division of Chicago-based CA Ventures, has started construction of a seniors housing community in Mayfield Heights, approximately 12 miles east of downtown Cleveland. The two-story building will offer 100 independent living, 60 assisted living and 32 memory care units. Apartment sizes range in size from 403-square-foot studios to 836-square-foot two-bedroom units. The property will offer five single-story cottages, each offering two 1,680-square-foot residences. Common areas will add 61,000 square feet to the property, which is slated to open in summer 2020. Southfield, Mich.-based Harley Ellis Devereaux designed the project, which is located near restaurants, retail and healthcare, including Hillcrest Hospital. Chattanooga, Tenn.-based EMJ Corp. is serving as general contractor. CA Senior Living currently has 23 communities operating or under construction throughout the U.S. CA entered the Ohio senior housing market in 2017 with the completion of The Sheridan at Mason, located in Deerfield Township near Cincinnati.

February 28, 2019

Indiana Loans Midwest Multifamily

NorthMarq Arranges $4.3M Fannie Mae Supplemental Loan for Indianapolis Apartments

by Taylor Williams February 28, 2019

INDIANAPOLIS — NorthMarq Capital has arranged a $4.3 million Fannie Mae supplemental loan for Wildwood Apartments, a 324-unit multifamily property in Indianapolis. Wildwood Apartments features communal amenities such as a pool, fitness center, basketball court, tennis court and a playground. David Garfinkel of NorthMarq placed the loan, which carries a five-year term and a 30-year amortization schedule, on behalf of the undisclosed borrower. Proceeds will be used to fund continued value-add programs and upgrades to the unit interiors and amenity spaces.

February 28, 2019

Acquisitions Illinois Midwest Office

Interra Realty Brokers $3.9 Million Sale of 1827 W. Hubbard in Chicago’s Kinzie Corridor

by Taylor Williams February 28, 2019

CHICAGO — Interra Realty has arranged the sale of 1827 W. Hubbard, a 33,000-square-foot flex office building in Chicago’s West Town neighborhood. Chicago-based Dayton Street Partners LLC paid $3.9 million to acquire the structure located within the Kinzie Industrial Corridor. Interra’s Colin O’Malley and Jon Morgan represented the private seller. Built in 1960, the 33,000-square-foot building is currently leased to a single tenant, Tablescapes Chicago Party Rentals. The property features 6,320 square feet of fully conditioned showroom space, two loading docks and a paved parking lot with space for 34 vehicles. The city’s proposed rezoning of the Kinzie Industrial Corridor is attracting strong interest from investors and developers as they look to move west of Fulton Market, according to Interra Realty. The property is located less than a mile from Metra’s Western Avenue station and the Chicago Transit Authority’s Green/Pink Line station at Ashland/Lake. The planned Green Line stop at Damen/Lake, scheduled for completion in 2020, is expected to further enhance accessibility in the immediate area, which is approximately one mile from both the Kennedy and Eisenhower expressways.

February 28, 2019

336-338-W.-Ogden-Ave.-Downers-Grove-Illinois

Acquisitions Illinois Midwest Retail

The Boulder Group Brokers $3.2M Sale of Retail Property in Metro Chicago

by Taylor Williams February 28, 2019

DOWNERS GROVE, ILL. — The Boulder Group, an investment brokerage firm specializing in net-leased properties, has brokered the $3.2 million sale of a 6,267-square-foot retail asset in Downers Grove, about 25 miles west of Chicago. Located at 336-338 W. Ogden Ave., the property was fully leased at the time of sale to three tenants: Five Guys, ATI Physical Therapy and Sports Clips. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a local investor, in the transaction. The buyer was a private investor based in California. There are approximately 253,000 people earning an average household income of $121,377 living within a five-mile radius of the property.

February 28, 2019

Development Midwest Multifamily Seniors Housing Wisconsin

Evergreen Completes $2M Renovation of Affordable Community in Racine, Wisconsin

by Taylor Williams February 28, 2019

RACINE, WIS. — Evergreen Real Estate Group has completed a $2 million renovation of Durand Plaza, a 72-unit affordable seniors housing community in Racine, approximately 25 miles south of Milwaukee. Evergreen acquired the property in October 2017 and has managed it since then. Durand Plaza comprises four two-story buildings originally constructed in 1970. In addition to the 72 residential units, the property includes a community room with television and shared kitchen, as well as an onsite laundry room. During the remodel, all buildings received new roofs and windows as well as mechanical improvements. Corridors, stairwells and common areas were refreshed with new carpet, paint and lighting. Exterior improvements included repaved parking lots, repaired sidewalks, masonry updates, new perimeter fencing, landscaping, a new monument sign and a new patio with seating that complies with the Americans with Disabilities Act (ADA).

February 28, 2019

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