Property Type

Lynmark Group Begins Development of $110M Wheeling Town Center in Wheeling, Illinois

by Kristin Harlow July 20, 2017

WHEELING, ILL. — The Lynmark Group has broken ground on Wheeling Town Center, a $110 million mixed-use project in the Village of Wheeling. The development will feature over 300 luxury apartments, 100,000 square feet of retail and entertainment space and a pedestrian-friendly plaza. CMX movie theater will anchor the retail space, along with City Works Eatery and Pour House. The development, located at 351 W. Dundee Road, is adjacent to the Wheeling Park District. Completion is slated for fall 2018. CallisonRTKL designed the project, and William A. Randolph is serving as general contractor.

July 20, 2017

Indiana Midwest Multifamily Student Housing

CA Student Living, Regency Consolidated Break Ground on 751-Bed Mixed-Use Property Near Indiana University

by Kristin Harlow July 20, 2017

BLOOMINGTON, IND. — A joint venture between CA Student Living and Regency Consolidated Residential has broken ground on Evolve Bloomington, a 751-bed mixed-use property located across from Indiana University’s Memorial Stadium in Bloomington. When complete, the development will feature seven buildings. A five-story main building will include 183 units and an expansive outdoor courtyard with 2,800 square feet of street-level retail. Other portions of the property will consist of a second five-story building with 72 units wrapped around a shared parking deck; a three-story building with eight units and 5,000 square feet of retail; and four three-story buildings with three to five units per building. The property will offer a mix of studio, one-, two-, three- and four-bedroom fully furnished units and 16 townhome residences. Community amenities will include an outdoor pool, hot tub and cabana; a jumbotron for sporting events and movie nights; grilling and fire pit areas; an indoor basketball court; coffee bar; game room; study lounge; fitness room; yoga studio; dog run; and spa with sauna. Niles Bolton Associates is the project architect, and Indianapolis-based Gilliatte General Contractors is the project’s general contractor. Pre-leasing for the community is set to begin this fall, with delivery slated for …

July 20, 2017

Loans Michigan Midwest Multifamily

Hunt Provides $5.3M Freddie Mac Loan for Refinancing of Multifamily Property in Detroit

by Kristin Harlow July 20, 2017

DETROIT — Hunt Mortgage Group has provided a $5.3 million Freddie Mac small balance loan for the refinancing of Pasadena Apartments in Detroit. The 11-story multifamily property consists of 167 residential units and two retail units. The borrower, Pasadena Investments LLC, acquired the property in 2009. Improvements completed since the acquisition include kitchen renovations, exterior waterproofing and painting, a new laundry room, elevator cabs, Wi-Fi and security cameras. Originally built in 1902, Pasadena Apartments is currently 92 percent occupied. Matt Shane of Q10 | Lutz Financial arranged the 10-year loan, which features a 30-year amortization schedule.

July 20, 2017

Midwest Missouri Retail

Hawthorn Bank Signs 9,000 SF Lease for New Branch in Columbia, Missouri

by Kristin Harlow July 20, 2017

COLUMBIA, MO. — Hawthorn Bank has signed a 9,000-square-foot lease for a new bank branch in downtown Columbia. The bank will occupy the first two floors of the Plaza 807 office building once construction is complete on the new property. The five-story building, located at 807 E. Walnut St., will total 36,000 square feet. East 280 LLC owns the property. Professional Contractors & Engineers Inc. is the general contractor, while Simon Oswald Architecture is providing architectural services. Completion is slated for March 2018.

July 20, 2017

Loans Mixed-Use Texas

HFF Arranges $66M Construction Loan for Mixed-Use Project in Houston

by Taylor Williams July 20, 2017

HOUSTON — HFF has arranged a $66 million construction loan for Phase I of Buffalo Heights, a mixed-use development that will be located at 3663 Washington St. in Houston. Phase I will be anchored by a 90,000-square-foot H-E-B. The project will ultimately deliver 2,200 square feet of inline retail, 36,800 square feet of office space and a 232-unit luxury apartment building. Completion is slated for 2019. Colby Mueck and Matthew Putterman of HFF arranged the loan on behalf of the owner, BKR Memorial II LP, and developer, Midway. New York-based U.S. Trust, Bank of America Private Wealth Management provided the funds.

July 20, 2017

Office Texas

Mark IV Capital Breaks Ground on 95,000 SF Office Building in Metro Austin

by Taylor Williams July 20, 2017

ROUND ROCK, TEXAS — California-based investment and development firm Mark IV Capital has broken ground on Summit II at La Frontera, a 95,000-square-foot, Class A office building in the greater Austin area. The two-story building located near the intersection of Interstate 35 and SH 45 is the largest office property under construction in the Round Rock submarket. Amenities will include a 10,000-square-foot courtyard with Wi-Fi and food truck services, as well as a fitness center.

July 20, 2017

Loans Multifamily Texas

Azure Partners Receives $32M Acquisition Loan for 267-Unit Apartment Complex in Fairview

by Taylor Williams July 20, 2017

FAIRVIEW, TEXAS — Azure Partners LLC has received a $32 million acquisition loan for Sorrel Fairview, a 267-unit, Class A multifamily property located at 351 Sugarloaf Trail in the North Texas city of Fairview. The property features a pool, game room, fitness center and an on-site car wash. Abe Hirsch, Moshe Majeski and Zev Karpel of Meridian Capital arranged the five-year loan, which features a fixed 4 percent interest rate and three years of interest-only payments.

July 20, 2017

Multifamily Texas

Keener Acquires 321-Unit Apartment Community in Metro Houston

by Taylor Williams July 20, 2017

PASADENA, TEXAS — Keener Investments, a Houston-based investment firm, has acquired Parkside Place, a 321-unit apartment community located at 3101 Spencer Highway in the Houston metro of Pasadena. The company plans to renovate the interiors of the units, which range in size from 963 to 1,256 square feet. The property offers a pool, clubhouse, storage space and a laundry facility. The name of the seller was not disclosed.

July 20, 2017

Retail Texas

Inland Purchases of 46,300 SF Shopping Center in Denton

by Taylor Williams July 20, 2017

DENTON, TEXAS — Inland Real Estate Acquisitions Inc. has purchased Denton Village, a 46,300-square-foot shopping center located at 2341 Hickory Creek Road in Denton. Built in 2016 and anchored by Sprouts Farmers Market, the center also houses tenants such as Pet Supermarket, T-Mobile and Domino’s Pizza. Matt Tice and David Neboyskey of Inland negotiated the transaction on behalf of an institutional fund advised by Inland Institutional Capital LLC. Inland Real Estate Acquisitions is the purchasing arm for various entities that are part of The Inland Real Estate Group of Cos. Inc.

July 20, 2017

Illinois Industrial Midwest Mixed-Use Top Stories

Brennan Investment Group to Develop $1B Technology Park Near O’Hare International Airport

by John Nelson July 20, 2017

ELK GROVE VILLAGE, ILL. — Brennan Investment Group, a private real estate investment and development firm based in Chicago, plans to develop Elk Grove Technology Park, a new 85-acre infill development situated roughly three miles from O’Hare International Airport. The project could cost nearly $1 billion to develop, according to the Daily Herald. “Opportunities to develop near airports, in major metropolitan areas — and in scale — are virtually non-existent,” says Michael Brennan, chairman and managing principal of Brennan Investment Group. “We are confident this will become the most desirable and significant industrial development in the Chicago region, and perhaps in the United States.” Brennan Investment plans for Elk Grove Technology Park to house data centers and industrial space for digital manufacturing and robotics uses. Upon completion, four speculative industrial facilities will be built with opportunities for an additional five buildings, including sites for data centers. Brennan Investment will initially build out the infrastructure of the park with ponds, water features, sculptures, bike paths and pedestrian walkways. The site for Elk Grove Technology Park is bounded by Higgins Road to the north, Lively Road to the east, Oakton Boulevard to the south and King Street to the west. “Elk Grove …

July 20, 2017

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