Midwest

NAI Wisinski Brokers Sale of 18,600 SF Office Building in Kalamazoo, Michigan

by Kristin Harlow November 20, 2018

KALAMAZOOO, MICH. — NAI Wisinski of West Michigan has brokered the sale of an 18,600-square-foot office building in Kalamazoo for an undisclosed price. ABTZ Properties purchased the property and Braintrust Behavioral Health LLC will occupy the majority of the space. The building, located at 5942 Stadium Drive, will house Braintrust’s administrative and clinical staff offices as well as an autism center. The company is an independent healthcare provider focused on supporting children, families and adults with behavioral change.Kara Schroer of NAI Wisinski represented ABTZ Properties in the sale. Chip Hurley of Signature Associates and Noah Davey of NAI Cressy represented the undisclosed seller. NAI Wisinski has been retained as leasing agent for the approximately 3,000 square feet of remaining space.

November 20, 2018

Acquisitions Indiana Industrial Midwest

Colliers Brokers Sale of 823,088 SF Industrial Property in Indianapolis

by Kristin Harlow November 19, 2018

INDIANAPOLIS — Colliers International has brokered the sale of a three-building industrial property spanning 823,088 square feet in Indianapolis. Franklin Road Distribution Center, located at 221 S. Franklin Road, spans 38 acres within the Indianapolis East submarket. The property is fully leased to 12 tenants, including Pioneer, Dimplex North America, Hoosier Freight & Warehousing, Balsam Brands, Horner Industrial Services, Continuum Games and Sherwin-Williams. Alex Cantu, Steve Disse and Jeff Devine of Colliers represented the seller, Real Capital Solutions. John Kuiper of Colliers represented the buyer, California-based CORE Realty Holdings Management Inc.

November 19, 2018

Acquisitions Midwest Missouri Office

Marcus & Millichap Arranges Sale of FBI-Occupied Office Building in St. Louis

by Kristin Harlow November 19, 2018

ST. LOUIS — Marcus & Millichap has arranged the sale of an 89,564-square-foot office building occupied by the regional field office of the Federal Bureau of Investigation (FBI) in St. Louis. The sales price was $21 million, according to the St. Louis Business Journal. The two-story building was completed as a build-to-suit for the FBI in 1999 and was expanded by approximately 15,000 square feet in 2008. Geoff Ficke of Marcus & Millichap represented the buyer, a government-focused real estate fund. The buyer plans to retain ownership through the end of the nine years left on the lease. The seller was not disclosed.

November 19, 2018

Loans Midwest Nebraska Office

NorthMarq Secures $17.5M Refinancing for Office Property in Omaha

by Kristin Harlow November 19, 2018

OMAHA, NEB. — NorthMarq Capital has secured a $17.5 million loan for the refinancing of Linden Place I & II in Omaha. The Class A office property spans 154,772 square feet and is located at 14301 FNB Parkway. Bob Chalupa arranged the 15-year loan, which features a fixed rate and a 25-year amortization schedule. A life insurance company provided the loan. The borrower was not disclosed.

November 19, 2018

Acquisitions Industrial Midwest Ohio

IPB Negotiates Sale of 56,710 SF Industrial Facility in Fort Loramie, Ohio

by Kristin Harlow November 19, 2018

FORT LORAMIE, OHIO — Industrial Property Brokers (IPB) has negotiated the sale of a 56,710-square-foot industrial facility in Fort Loramie in western Ohio. The sales price was not disclosed. The buyer, St. Marys Iron Works, plans to begin occupying the facility in the spring of 2019 and will relocate from St. Marys. The property includes 2,850 square feet of office space, four drive-in doors and five docks. The building formerly served as the Marwill manufacturing plant. Tim Echemann of IPB represented the Ohio-based seller.

November 19, 2018

Acquisitions Illinois Midwest Retail

Quantum Brokers $1.2M Sale of Retail Building in Fairborn, Ohio

by Kristin Harlow November 19, 2018

FAIRBORN, OHIO — Quantum Real Estate Advisors Inc. has brokered the $1.2 million sale of Shops at Valle Green in Fairborn, about 12 miles northeast of Dayton. The 5,000-square-foot property is located at 1171 E. Dayton Yellow Springs Road. The asset is fully leased to Verizon, Great Clips and Hot Head Burritos. Daniel Waszak and Zack Hilgendorf of Quantum represented the private seller. A Midwest-based investment fund purchased the property.

November 19, 2018

Civic Development Midwest Minnesota Top Stories

Tutor Perini, C.S. McCrossan Awarded $799.5M Light Rail Project in Minneapolis

by Taylor Williams November 19, 2018

MINNEAPOLIS — A joint venture between a subsidiary of Los Angeles-based Tutor Perini Corp. (NYSE: TPC) and Minnesota-based C.S. McCrossan has been awarded a $799.5 million construction contract from the Metropolitan Council for the Southwest Light Rail Transit project in Minneapolis. According to local media sources, the project carries a total price tag of about $2 billion, about half of which stems from federal funding. In addition, the project could create as many as 7,500 construction jobs. As the largest public infrastructure deal in Minnesota’s history, the regional project will deliver a 14.5-mile extension of the METRO Green Line. In addition to new light rail infrastructure, the project will deliver 44 bridges, two cut-and-cover tunnels and 16 new light rail stations. The new line will connect the southwestern suburb of Eden Prairie to downtown Minneapolis. New rail stations will also service the suburbs of Edina, Hopkins and Minnetonka. “This news is long-awaited and hard-earned,” Minnesota Gov. Mark Dayton said last week. “The Southwest Light Rail Transit project is a critical economic development project. When complete, it will improve many thousands of lives from Eden Prairie to North Minneapolis. It will create new jobs, reduce highway congestion, and better connect Minnesotans to one …

November 19, 2018

Development Illinois Midwest Mixed-Use

Structured Development to Undertake Final Phase of Mixed-Use Project in Orland Park, Illinois

by Kristin Harlow November 16, 2018

ORLAND PARK, ILL. — Structured Development LLC has been selected to develop the final phase of the downtown Main Street Triangle project in Orland Park. Structured will complete the five remaining parcels comprising approximately nine acres within the 27-acre Triangle master plan. The project will include retail, office, hospitality and entertainment space. Completion is slated for 2021. The Triangle currently houses Ninety7Fifty, a 295-unit mixed-use rental community; the University of Chicago Medicine Center for Advanced Care, a 110,000-square-foot medical office building; a 500-space public parking structure; and Crescent Park, a landscaped green space.

November 16, 2018

Acquisitions Illinois Midwest Retail

DRA Advisors, Pine Tree Acquire 171,339 SF Retail Center in Suburban Chicago for $32.5M

by Kristin Harlow November 16, 2018

KILDEER, ILL. — A joint venture between DRA Advisors and Pine Tree LLC has acquired The Shops at Kildeer, a 171,339-square-foot retail center located in the Chicago suburb of Kildeer, for $32.5 million. Bed Bath & Beyond, Ulta Beauty, Michael’s, Old Navy, Uncle Dan’s and Cost Plus World Market anchor the center. George Good and Christian Williams of CBRE brokered the transaction. William Barry of Draper and Kramer arranged acquisition financing through Wells Fargo on behalf of the joint venture. The seller was undisclosed.

November 16, 2018

Hospitality Loans Midwest Ohio

CHC Arranges $14.7M Refinancing for Embassy Suites Hotel in Columbus

by Kristin Harlow November 16, 2018

COLUMBUS, OHIO — Cronheim Hotel Capital (CHC) has arranged a $14.7 million loan for the refinancing of an Embassy Suites hotel property in Columbus. A national lender provided the loan, which features a locked rate of 4.44 percent, a 10-year term and a 30-year amortization schedule. Kana Hotel Group, the borrower, acquired the 224-room property in 2015 and extensively renovated it.

November 16, 2018

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