Midwest

Hines to Develop 57-Story Office Tower in Chicago for Salesforce’s Regional Headquarters

by Taylor Williams December 3, 2018

CHICAGO — A partnership led by national development firm Hines has released plans for Salesforce Tower Chicago, a 57-story office tower that will serve as the new regional headquarters for Salesforce (NYSE: CRM). The San Francisco-based software firm is expected to bring 1,000 jobs to Chicago in connection with the project. Salesforce Tower Chicago will be located in the city’s River North area at the site formerly known as Wolf Point South, which houses several other office skyscrapers. Designed by Pelli Clarke Pelli, the project is slated for completion by 2023. Salesforce, one of the nation’s fastest-growing software companies that employs more than 32,000 people, will occupy about 500,000 square feet at the property, according to The Chicago Tribune. Salesforce opened in Chicago in 2012 and currently employs about 1,400 people in the Windy City. The total price of the project was not disclosed, but the newspaper also reported that Salesforce could receive as much as $41.5 million in tax credits if the company meets certain job creation and capital investment criteria. “Chicago is the Midwest’s largest city with a global and economic force that attracts a wealth of talent and international business,” said Tyler Prince, executive vice president at Salesforce. “We …

December 3, 2018

Acquisitions Midwest Minnesota Multifamily

JRK Investors Acquires 698-Unit Apartment Community in Richfield, Minnesota

by Kristin Harlow November 30, 2018

RICHFIELD, MINN. — JRK Investors Inc. has acquired The Concierge, a 698-unit apartment community in Richfield. The purchase price was not disclosed. The property is located at 7600-7720 Penn Ave. in suburban Minneapolis. Originally built in 1968, the property spans six buildings and 457,620 square feet. Amenities include a pool, sun deck, fitness center, golf simulator and rock climbing wall. Keith Collins, Abe Appert, Ted Abramson and Ike Hoffman of CBRE represented the seller, MSP Crossroads Apartments LLC.

November 30, 2018

Acquisitions Indiana Midwest Office

JLL Arranges Sale of Two Office Buildings in Indianapolis

by Kristin Harlow November 30, 2018

INDIANAPOLIS — JLL has arranged the sale of Lake Pointe Center III and IV in Indianapolis for an undisclosed price. M&J Wilkow and a fund manager by DRA Advisors LLC purchased the pair of office buildings, which span 170,000 square feet. Recently updated amenities include an on-site conference facility and fitness center. Jim Postweiler, Peter Harwood and Derek Fohl of JLL arranged the sale on behalf of the seller, USAA Real Estate.

November 30, 2018

Illinois Loans Midwest Multifamily

KeyBank Provides $24.3M Acquisition Loan for Multifamily Portfolio in Evanston, Illinois

by Kristin Harlow November 30, 2018

EVANSTON, ILL. — KeyBank Real Estate Capital has provided a $24.3 million Fannie Mae loan for the acquisition of a four-property multifamily portfolio in Evanston. The properties total 132 units and were built in the early 1920s. Erik Storz of KeyBank arranged the non-recourse, fixed-rate loan with a 10-year term. The borrower was not disclosed.

November 30, 2018

Acquisitions Healthcare Iowa Midwest

Carter Validus Purchases Healthcare Facility in Clive, Iowa for $23.5M

by Kristin Harlow November 30, 2018

CLIVE, IOWA — Carter Validus Mission Critical REIT II Inc. has purchased the Clive Healthcare Facility for $23.5 million. The 58,156-square-foot property is situated on one acre in Clive, about 10 miles east of Des Moines. Constructed in 2008, the facility is fully leased and anchored by an ambulatory surgery center. The seller was not disclosed.

November 30, 2018

Acquisitions Illinois Industrial Midwest

Colliers Brokers Sale of Two Warehouses in Illinois

by Kristin Harlow November 30, 2018

CAROL STREAM AND ELGIN, ILL. — Colliers International has brokered the sale of two warehouses in Carol Stream and Elgin. The asking price was $7 million, but the final sales price was not disclosed. The Carol Stream property spans 45,746 square feet and includes five loading docks. The building is fully leased to two tenants. The Elgin property spans 35,756 square feet and includes three loading docks. Kelly Joyce of Colliers represented the undisclosed buyer. Jeff Devine and Steve Disse of Colliers represented the seller, Bristol Group.

November 30, 2018

Loans Midwest Mixed-Use North Dakota

NKF Arranges $77.2M Construction Loan for Mixed-Use Development in Fargo, North Dakota

by Kristin Harlow November 29, 2018

FARGO, N.D. — Newmark Knight Frank (NKF) has arranged a $77.2 million construction loan for Block 9, a $125 million mixed-use project in downtown Fargo. The project involves the transformation of a 48,000-square-foot parking lot into an 18-story mixed-use tower. Ben Greazel of NKF arranged the loan on behalf of the borrower, a joint venture between Kilbourne Group and R.D. Offutt Co. A syndicate of banks led by First National Bank of Omaha provided the financing. Construction began in September. R.D. Offutt Co. will occupy a portion of the tower for its headquarters. Other components of the project include ground-floor retail space, a boutique hotel to be managed by Aparium Hotel Group, a restaurant and residential condominiums. Completion is slated for 2020.

November 29, 2018

Loans Michigan Midwest Retail

Grandbridge Secures $42.9M Loan for Acquisition of Retail Center in Chesterfield, Michigan

by Kristin Harlow November 29, 2018

CHESTERFIELD, MICH. — Grandbridge Real Estate Capital has secured a $42.9 million first mortgage loan for the acquisition of Waterside Marketplace in Chesterfield, about 25 miles north of Detroit. Tenants at the 291,231-square-foot retail center include Dick’s Sporting Goods, Best Buy, TJ Maxx, Bed Bath & Beyond, Ulta, JoAnn Fabrics, Old Navy, DSW, Five Below, Party City, JC Penney and Lowe’s. Gerry Robbins of Grandbridge arranged the three-year loan, which features a 25-year amortization schedule and an interest rate in the low-four percent range. A Grandbridge correspondent lender provided the loan. Mid-America Real Estate Corp. brokered the sale on behalf of the buyer, PMAT Real Estate Investments.

November 29, 2018

Development Illinois Midwest Multifamily Retail

Retail-Residential Project in Winnetka, Illinois Earns Development Approval

by Kristin Harlow November 29, 2018

WINNETKA, ILL. — The Winnetka Village Council has given final approval to One Winnetka, a five-story retail-residential project in suburban Chicago. The development will be located adjacent to the city’s train station in the downtown area. David Trandel, CEO of both Springbank Capital Advisors LLC and Stonestreet Partners LLC, is the developer. Lucien Lagrange Studio is the architect. One Winnetka will offer 36 apartment units, 15 condominiums and seven townhome units, as well as 30,000 square feet of street-level commercial space and 355 parking spaces. The three-building project is slated for completion at the end of 2020.

November 29, 2018

Acquisitions Indiana Industrial Midwest Self-Storage

Marcus & Millichap Brokers Sale of 560-Unit Self-Storage Facility in Newburgh, Indiana

by Kristin Harlow November 29, 2018

NEWBURGH, IND. — Marcus & Millichap has brokered the sale of a 560-unit self-storage facility in Newburgh in southwestern Indiana. The sales price was not disclosed. The facility, located at 6998 Loehr Road, spans 74,562 square feet. The property includes 88 climate-controlled units, 411 drive-up units and 61 parking spaces. Jeffrey Herrmann, Sean Delaney and Michael Mele of Marcus & Millichap marketed the property on behalf of the undisclosed sellers. The team also secured and represented the buyer, Iron Gurad Storage.

November 29, 2018

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