Midwest

Colliers Arranges Sale of 223,517 SF Industrial Facility in Chicago Heights

by Kristin Harlow February 22, 2019

CHICAGO HEIGHTS, ILL. — Colliers International has arranged the sale of a 223,517-square-foot industrial facility located at 300 E. Joe Orr Road in Chicago Heights. The sales price was not disclosed, but the asking price was $3.1 million. The one-story facility features 18 cranes. The building also features an interior rail spur for Union Pacific, 10 drive-in doors, five drive-through bays and more than 12,000 square feet of office space. John Basile of Colliers represented the seller, Esmark Steel Group, a processor and distributor of flat-rolled steel. Ed Wabick of Paine Wetzel represented the buyer, private investor 300 E. Joe Orr Road LLC.

February 22, 2019

Acquisitions Illinois Industrial Midwest

RMC Holdings Hampshire Sells Two Industrial Land Sites in Illinois

by Kristin Harlow February 22, 2019

HAMPSHIRE, ILL. — RMC Holdings Hampshire has sold two land sites within Metrix Industrial Park at the northwest corner of Interstate 90 and State Route 20 in Hampshire. In the first transaction, The McCoy Group purchased 13 acres for the development of a Truck Country facility. Construction of the 40,000-square-foot facility is expected to begin this spring. In the second transaction, Stream’s Edge Properties LLC purchased 18 acres. Dave Schmidt and Linda Kost of Realty Metrix Commercial assisted Stream’s Edge with its acquisition, along with the rezoning of the land parcel and coordinating site work to expedite construction, which is scheduled to begin this spring. Metrix Industrial Park is a 45-acre project focused on trucking. It is adjacent to the new 33-acre Love’s Truck and Travel Stop, which is currently under construction and expected to open in April.

February 22, 2019

Loans Midwest Multifamily Ohio

NorthMarq Secures $2.4M Acquisition Loan for Apartment Property in Springboro, Ohio

by Kristin Harlow February 22, 2019

SPRINGBORO, OHIO — NorthMarq Capital has secured a $2.4 million loan for the acquisition of Spring Creek Apartments in Springboro, a suburb of Cincinnati and Dayton. The 66-unit apartment property is located at 475 Gilpin Road. Amenities include a pool, sundeck, pet area and laundry facilities. Noah Juran of NorthMarq arranged the 10-year, fixed-rate loan, which features a 30-year amortization schedule. The borrower completed a 1031 tax-deferred exchange.

February 22, 2019

Acquisitions Hospitality Midwest Wisconsin

Marcus & Millichap Brokers $2.3M Sale of Super 8 Hotel in Eau Claire, Wisconsin

by Kristin Harlow February 22, 2019

EAU CLAIRE, WIS. — Marcus & Millichap has brokered the sale of a 56-room Super 8 hotel in Eau Claire for $2.3 million. The two-story property is located at 1151 W. MacArthur Ave. Ebrahim Valliani, John Yurich, Michael Klar, Allan Miller and Chris Gomes marketed the property on behalf of the seller. Todd Lindblom assisted in closing this transaction as the broker of record in Wisconsin.

February 22, 2019

Finance Insight Industrial Loans Midwest Multifamily Northeast Southeast Texas Video Western

Bellwether: Borrowing Continues as Confidence Continues

by Jaime Lackey February 21, 2019

There may be uncertainties within the market and larger economy, but Tom Turnage, vice president of Bellwether Enterprise, believes much of the activity on which 2018 hung its hat will continue. Fannie Mae and Freddie Mac are coming off record years, as are companies like Bellwether. Turnage believes the multifamily and industrial markets will remain active…but so will competition. This means borrowers and lenders must approach this year with creativity and flexibility. Both will be key to success in this lending environment. Watch the video for insights from Turnage on the lending landscape in the coming year.

February 21, 2019

Finance Insight Loans Midwest Northeast Southeast Texas Western

Berkadia: 2019 Will be a Year of Growth, Resilience

by Jaime Lackey February 21, 2019

Ernie Katai, executive vice president and head of production, and Christopher Philipps, head of small loan originations at Berkadia, believe commercial real estate lending activity will continue with steady momentum through 2019. Katai was admittedly nervous about last year’s interest rate increases, but was happy to see his worry was for naught as the commercial market took it in stride. In Katai’s experience, investors have remained active. Most are willing to accept lower returns, which won’t keep them from buying in 2019. Philipps is focused on future growth. He notes Berkadia’s intention to utilize new small balance loan programs from Fannie Mae and Freddie Mac to offer a wider spectrum of resources to current clients, while introducing a new pool of borrowers to the firm. Watch the video for more insights from Katai and Philipps.

February 21, 2019

Acquisitions Midwest Office Wisconsin

Colliers Brokers Sale of Six-Building Office Portfolio in Metro Milwaukee for $37.7M

by Kristin Harlow February 21, 2019

MILWAUKEE AND WAUKESHA, WIS. — Colliers International has brokered the sale of a six-building office portfolio in Milwaukee and Waukesha for $37.7 million. The 392,021-square-foot portfolio includes a mix of single- and multi-tenant buildings. At the time of sale, the portfolio was 92 percent leased to 23 tenants, including Von Briesen & Roper, Morgan Stanley, Aurora Health Care and DentaQuest. Tom Shepherd of Colliers represented the seller, LSOP WI LLC. Felton Properties was the buyer. Colliers will handle property management services on behalf of the buyer.

February 21, 2019

Development Illinois Midwest Multifamily

Brinshore, Michaels Break Ground on Apartment Building in Chicago’s Bronzeville Neighborhood

by Kristin Harlow February 21, 2019

CHICAGO — Co-developers Brinshore Development and Michaels have broken ground on 4400 Grove, an 84-unit apartment building in Chicago’s Bronzeville neighborhood. The development will include a mix of affordable and market-rate units, as well as street-level retail space, a public plaza and landscaped park space. The city of Chicago provided $7.2 million in tax-increment financing and $1.9 million in low-income housing tax credits. U.S. Bancorp and the Chicago Housing Authority are also project partners. The affordable units will be restricted to households earning up to 60 percent of area median income. Pappageorge/Haymes served as the architect. McShane Construction and UJAMMA Construction are the general contractors. First move-ins are expected in spring 2020.

February 21, 2019

Development Industrial Midwest Missouri

ThermAvant Technologies to Open 33,000 SF Industrial Facility in Columbia, Missouri

by Kristin Harlow February 21, 2019

COLUMBIA, MO. — ThermAvant Technologies is set to open a 33,000-square-foot facility in Columbia in May. The facility will more than quadruple the thermal management company’s engineering and manufacturing space. Last year, ThermAvant received $400,000 in funding from Missouri Technology Corp. to promote entrepreneurship and foster the growth of new and emerging high-tech companies.

February 21, 2019

Acquisitions Illinois Industrial Midwest

Cawley Chicago Arranges Two Industrial Property Sales in East Dundee and Carol Stream, Illinois

by Kristin Harlow February 21, 2019

EAST DUNDEE AND CAROL STREAM, ILL. — Cawley Chicago has arranged two industrial property sales in Illinois. In the first transaction, High Street Realty purchased a two-building portfolio totaling nearly 80,000 square feet in East Dundee. In the second transaction, Venture One Real Estate acquired a 16,072-square-foot building. The facilities were fully leased at the time of sale. Jack Brennan and Daniel Cawley of Cawley represented the sellers, both of which were private investment entities.

February 21, 2019

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