Midwest

TEI Purchases Office Building Near Cleveland for $7.5M

by Kristin Harlow February 12, 2019

HIGHLAND HILLS, OHIO — Time Equities Inc. (TEI) has purchased a 163,000-square-foot, four-story office building in Highland Hills for $7.5 million. The Class A property is located at 23000 Millcreek Blvd., about 16 miles southeast of Cleveland. PNC Bank, which formerly occupied the building, sold the property. The building, constructed in 1997, is now vacant. Jonathan Dulberg of TEI led the acquisition. Robert Leibold, Steve Ross and Douglas Leary of CBRE represented TEI in the sale. CRESCO Real Estate represented PNC Bank. TEI plans to make upgrades to the property in order to attract new tenants. PNC Bank is consolidating employees to its downtown space.

February 12, 2019

Development Illinois Midwest Office

Skender Completes Construction of Aspen Dental Midwest Headquarters in Chicago

by Kristin Harlow February 12, 2019

CHICAGO — Skender has completed interior construction of Aspen Dental’s Midwest headquarters in Chicago. The company now occupies 50,000 square feet at 1040 W. Randolph St. Aspen Dental is a New York-based company that provides administrative and business support to branded dental practices. To accommodate a practice support center and 250 newly created jobs, Aspen Dental’s two-story buildout includes a training center, three large training rooms and an audiovisual media wall. Additional features include a coffee bar, café and catering kitchen space. Skender collaborated with architecture firm Perkins+Will.

February 12, 2019

Acquisitions Hospitality Illinois Midwest

MCR Acquires Hampton Inn & Suites Hotel Near Chicago

by Kristin Harlow February 12, 2019

WAUKEGAN, ILL. — MCR has acquired the 116-room Hampton Inn & Suites in Waukegan for an undisclosed price. The newly built hotel features Wi-Fi, complimentary breakfast, an on-site convenience store, indoor pool, fitness center and business center. The property is located at 438 Lakehurst Road near Highway 120.

February 12, 2019

Loans Midwest Multifamily Nebraska

NorthMarq Arranges $7.1M Refinancing for Apartment Property in Lincoln, Nebraska

by Kristin Harlow February 12, 2019

LINCOLN, NEB. — NorthMarq Capital has arranged a $7.1 million Fannie Mae loan for the refinancing of Trenridge Apartments in Lincoln. The 126-unit apartment property is located at 6101 Vine St. John Reed of NorthMarq arranged the 10-year loan, which features a 30-year amortization schedule. The borrower was not disclosed.

February 12, 2019

Acquisitions Midwest Missouri Office

Colliers Brokers Sale of Two Office Buildings in Kansas City

by Kristin Harlow February 12, 2019

KANSAS CITY, MO. — Colliers International has brokered the sale of two office buildings within the Ward Parkway Corridor of Kansas City. One of the properties, 8080 Ward Parkway, is a 41,034-square-foot multi-tenant building that was 64 percent occupied at the time of sale. The other property, 9140 Ward Parkway, is a 33,687-square-foot building that was 76 percent occupied at the time of sale. Both assets were built in 1970. Mike Yeggy and Ross Simpson of Colliers represented the seller, Asset Management Group. The buyers, two private investors, plan to redevelop the properties.

February 12, 2019

Development Hospitality Iowa Midwest

$73M Hotel Restoration Project Underway in Sioux City, Iowa

by Kristin Harlow February 11, 2019

SIOUX CITY, IOWA — The Warrior Hotel and neighboring Davidson Building in downtown Sioux City will undergo a $73 million restoration. A groundbreaking ceremony took place on Tuesday, Feb. 5. The 10-story hotel and six-story building are slated to open in the fall of 2020 as The Warrior Hotel and Davidson Apartments. Marriott will operate the hotel as an Autograph Collection hotel. Both the Davidson and The Warrior properties, built in 1913 and 1930, respectively, have been vacant for the past 40 years. They are listed on the National Register of Historical Places. Restoration of St. Louis is leading the renovation. BSI Contractors Inc., FEH Architects and Checkmate Design are also project partners. Funding for the project was supported by nearly $18 million in assistance approved by the Iowa Department of Economic Development, including $16.5 million in historic tax credits and $5 million in the form of loans and grants from the city. When completed, The Warrior will feature 148 guest rooms. The Davidson Apartments will house an additional 56 hotel rooms on the second through fourth floors, 20 apartment units, two lofts and street-level commercial space.

February 11, 2019

Indiana Industrial Leasing Activity Midwest

LifeNet Health Signs 68,175 SF Industrial Lease in Indianapolis

by Kristin Harlow February 11, 2019

INDIANAPOLIS — LifeNet Health has signed a 68,175-square-foot industrial lease at the Gateway V distribution center in Indianapolis. HSA Commercial Real Estate is developing the 262,758-square-foot speculative facility, which is scheduled for completion this month. LifeNet Health, a provider of transplant solutions, will take occupancy in July. The building features a clear height of 32 feet, 30 truck docks, four drive-in doors, 185 parking stalls and 70 trailer positions. Terry Busch and Jared Scaringe of CBRE represented ownership in the lease transaction.

February 11, 2019

Acquisitions Industrial Michigan Midwest Self-Storage

Marcus & Millichap Negotiates Sale of 419-Unit Self-Storage Facility in Michigan

by Kristin Harlow February 11, 2019

RICHLAND, MICH. — Marcus & Millichap has negotiated the sale of Weathervane Self Storage in Richland for an undisclosed price. The 54,462-square-foot self-storage facility features 419 units. Located at 7906 Gull Road, the property includes 10 buildings on 8.2 acres. The facility was built in 2005 and renovated in 2014. Brett Hatcher and Gabriel Coe of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The team also procured the buyer, a limited liability company.

February 11, 2019

Illinois Leasing Activity Midwest Office

Law Firm Signs Full-Floor Lease at Inland Steel Building in Chicago

by Kristin Harlow February 11, 2019

CHICAGO — Scopelitis, Garvin, Light, Hanson & Feary PC, a law firm representing clients in the transportation and logistics industry, has renewed and expanded its office lease at the Inland Steel Building in Chicago. The law firm will occupy the entire 16th floor. The office tower is located at 30 W. Monroe St. Tony Karmin and Corby Marx of Colliers International represented the tenant. Mark Buth and Kelsey Morgan of MB Real Estate represented the landlord, Capital Properties.

February 11, 2019

Acquisitions Michigan Midwest Net Lease Retail

Gerdom Realty Brokers Sale of Property Net Leased to Sprint in Madison Heights, Michigan

by Kristin Harlow February 11, 2019

MADISON HEIGHTS, MICH. — Gerdom Realty & Investment has brokered the sale of a single-tenant retail property net leased to Sprint in Madison Heights for an undisclosed price. The 3,038-square-foot building is located at the southwest corner of 12 Mile and Dequindre roads. Michael Murphy and Tjader Gerdom of Gerdom Realty marketed the property for sale and procured the buyer, a local investor.

February 11, 2019

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