Property Type

Colliers Arranges Sale of 879,704 SF Industrial Park in Cudahy, Wisconsin

by Kristin Harlow August 23, 2017

CUDAHY, WIS. — Colliers International has arranged the sale of Mitchell Industrial Park in Cudahy, about seven miles south of Milwaukee. The sales price was not disclosed. The 10-building, 879,704-square-foot park is located near the intersection of College and Pennsylvania avenues. A joint venture between WHI Real Estate Partners LP and BK Ace Industrial Holdings LLC sold the property to Deerfield, Ill.-based Oak Realty Group Inc. BK Ace Industrial Holdings had previously purchased the business park from CenterPoint Properties in 2014. Notable tenants include DHL-Air Express International, Menasha Packaging, Mattress Firm and National Packaging. Tom Shepherd, Jeff Devine and Steven Disse of Colliers brokered the transaction. Pat Hake and Bill Langhoff of Colliers will manage leasing efforts.

August 23, 2017

Illinois Industrial Loans Midwest Self-Storage

Associated Bank Provides $17.5M Loan for Self-Storage Project in Chicago’s Wicker Park

by Kristin Harlow August 23, 2017

CHICAGO — Associated Bank has provided a $17.5 million acquisition and construction loan for a self-storage project in Chicago’s Wicker Park. A joint venture between JSM Ventures Inc. and CEDARst Cos. plans to renovate the non-retail floors of two former office buildings located at 1279 N. Milwaukee Ave. and 1300 N. Ashland Ave. Upon completion later this summer, the self-storage facility will total 86,660 square feet and 1,273 units. The two buildings, originally constructed in 1928, are part of the 325,000-square-foot Wicker Park Commons shopping center. Centrum Properties sold the office portion of the buildings, totaling approximately 156,000 square feet, to the joint venture. RREEF will continue to own the ground-floor retail space as a separate condominium. Additionally, Neighborhood Housing Services of Chicago Inc. will remain in place on the fourth floor. Daniel Barrins of Associated Bank originated the loan.

August 23, 2017

Industrial Midwest Minnesota

Kraus-Anderson Breaks Ground on 50,000 SF Addition to Banner Engineering Headquarters in Minneapolis

by Kristin Harlow August 23, 2017

MINNEAPOLIS — Kraus-Anderson Construction Co. has broken ground on a research and development building at Banner Engineering’s headquarters in Minneapolis. The new building will enable the industrial automation technology provider to create more than 225 jobs and accelerate new product development for smart sensor technologies, according to Banner Engineering. The property is located at 9714 10th Ave. North. Designed by HCM Architects and slated for completion in summer 2018, the 50,000-square-foot addition will include labs, training spaces and over 44,000 square feet of new office space.

August 23, 2017

Illinois Industrial Midwest

Cawley Chicago Brokers Sale of 143-Acre Land Site in Channahon, Illinois

by Kristin Harlow August 23, 2017

CHANNAHON, ILL. — Cawley Chicago has brokered the sale of a 143-acre land site in Channahon, a southwest suburb of Chicago. The sales price was not disclosed. A joint venture partnership led by Venture One Real Estate acquired the land, which is part of a phased acquisition that will ultimately total 292 acres. Venture One also unveiled plans for the groundbreaking of Crossroads 55 Business Park and the commencement of a 1 million-square-foot speculative warehouse facility. The site is situated in the I-80/Joliet Corridor submarket with immediate access to the Route 6 and Bluff Road interchanges on I-55. Joshua Hearne of Cawley Chicago represented the buyer in the transaction. Marquette Properties represented the undisclosed seller.

August 23, 2017

Illinois Midwest Multifamily

29th Street Capital Acquires 75-Unit Multifamily Property in Chicago

by Kristin Harlow August 23, 2017

CHICAGO — 29th Street Capital (29SC) has acquired Wooded Isle Apartments in Chicago’s Hyde Park for an undisclosed price. The 75-unit multifamily community features studios, one- and two-bedroom units. 29SC has allocated approximately $1 million for capital improvements at the property, including interior upgrades such as granite countertops and stainless steel appliances. Exterior renovations will include roof repairs, lighting, signage and landscaping. A family-owned enterprise was the seller.

August 23, 2017

Loans Multifamily Seniors Housing Southeast Virginia

Pinnacle Living Secures $50.6M Loan for Expansion of Seniors Housing Asset in Richmond

by Camren Skelton August 23, 2017

RICHMOND, VA. — Pinnacle Living, a Glen Allen, Va.-based provider of retirement and seniors housing communities, has secured a $50.6 million loan from SunTrust Bank for the renovation and expansion of Cedarfield, a 90-acre retirement community in Richmond. Formerly known as Virginia United Methodist Homes Inc., the company rebranded to Pinnacle Living in June. The company owns and operates seven seniors housing communities in Virginia. Cedarfield’s renovation will include upgrades to the dining spaces, including the addition of a new pub, marketplace and a fine dining concept. Other planned improvements include a new health and wellness center, additional parking and upgrades to additional facilities and outdoor gathering places.

August 23, 2017

Kentucky Multifamily Southeast

Cushman & Wakefield Brokers $25.5M Sale of Apartment Community in Louisville

by Camren Skelton August 23, 2017

LOUISVILLE, KY. — Cushman & Wakefield | Commercial Kentucky has arranged the $25.5 million sale of Breckenridge Square, a 294-unit apartment community in Louisville. Craig Collins of Cushman & Wakefield | Commercial Kentucky and Mike Kemether of Cushman & Wakefield’s Atlanta office represented the seller, Stratford Asset Management Co., in the sale to RealSource Properties. Breckenridge Square is situated within six miles of GE Appliance Park, UPS Worldport and Ford’s Louisville Assembly Plants. The property features a fitness center, swimming pool and a playground.

August 23, 2017

Florida Georgia Retail Southeast

Phillips Edison Acquires 280,060 SF Publix-Anchored Portfolio in Florida, Georgia

by Camren Skelton August 23, 2017

CINCINNATI — Cincinnati-based Phillips Edison & Co. has acquired three Publix-anchored shopping centers located throughout Florida and Georgia totaling 280,060 square feet. The portfolio includes St. John’s Plaza, a 117,507-square-foot center in Titusville, roughly 40 miles east of Orlando; Ormond Beach Mall, a 94,275-square foot shopping center in Ormond Beach, a Central Florida town near Daytona Beach; and Golden Park Village, a 68,278-square-foot shopping center in Buford, roughly 40 miles northeast of Atlanta. St. John’s Plaza is home to Hair Cuttery, Sally Beauty Supply, Dollar Tree and Cricket Wireless. Ormond Beach Mall features tenants including Wells Fargo and Dollar Tree. In addition to Publix, Golden Park Village houses Great Clips and The UPS Store. The sales price and seller of the portfolio were not disclosed.

August 23, 2017

Multifamily South Carolina Southeast

SVN Blackstream Arranges $12.1M Sale of Multifamily Asset in North Charleston

by Camren Skelton August 23, 2017

NORTH CHARLESTON, S.C. — Greenville, S.C.-based SVN Blackstream has brokered the $12.1 million sale of Alston Arms Apartments, a 160-unit multifamily community in North Charleston. Joey Weinel, Jonathan Kessler and Keith Nelson of SVN Blackstream negotiated the transaction on behalf of the seller. The buyer was not disclosed. Constructed in 2007, the property comprises two-bedroom units and is situated on 8.7 acres.

August 23, 2017

Hospitality Loans Southeast West Virginia

KeyBank Secures $14.5M CMBS Loan for Hotel in Charleston, West Virginia

by Camren Skelton August 23, 2017

CHARLESTON, W.VA. — KeyBank Real Estate Capital has arranged a $14.5 million CMBS loan for Four Points by Sheraton, a 176-room hotel in Charleston. William Cassidy of KeyBank structured the 10-year, nonrecourse loan featuring a 30-year amortization schedule. The borrower used the loan to refinance existing debt. Constructed in 1966 and renovated in 2014, the 12-story Four Points by Sheraton comprises 158,576 square feet and includes 10,000 square feet of office space, eight residential condos and a 286-space parking garage. Hotel amenities include a business center, fitness center and an indoor heated swimming pool.

August 23, 2017

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