April 22, 2014 | ISSUE 329
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Sumitomo Acquires Office Building 

in Downtown Chicago for $111.5M

The 27-story tower is located at 203 N. LaSalle St. The building is currently 87 percent leased.

CHICAGO -- Sumitomo Corp. of Americas (SCOA) has acquired the 581,107-square-foot office portion of a 27-story tower in downtown Chicago. 

 

The purchase price was undisclosed, but Crain's Chicago Business listed the purchase price at $111.5 million. The trophy-class building is located at 203 N. LaSalle St. in downtown's Central Loop district. 

 

The office space is situated on the 13th to 27th floors of the Class A, mixed-use building. The transaction did not include the retail space on the first and second levels, or the 10 levels of parking. 

 

The building offers convenient access to the Clark and Lake Chicago Transit Authority (CTA) station and the underground pedestrian walkway that spans the Loop. 

 

The tower is currently 87 percent leased. Notable tenants include DLA Piper, the University of Phoenix and Masuda Funai. Avison Young will serve as the tower's exclusive leasing agent. The property is LEED-Gold certified and carries an Energy Star label. Skidmore, Owings & Merrill designed the tower in 1985. 

 

The company plans to make improvements to the 29-year-old tower's lobby and elevators. SCOA will also install tenant amenities, such as a fitness center. 

  

Click here to read more of Nellie Day's story.

Kwame Building Group to Oversee 

$43M Loop Trolley Project in Missouri

Kwame Building Group will begin issuing construction bid packages in late April and May.

ST. LOUIS -- The Loop Trolley Transportation Development District (TDD) has selected Kwame Building Group to provide construction management services for the $43 million Loop Trolley project in St. Louis and University City, Mo. 

 

The trolley project includes installation of the tracks and overhead electric lines, construction of 10 station stops, and a roundabout with landscape elements at the western terminus. The 2.2-mile electric trolley system will operate three cars -- a restored historic trolley car and two vintage replica cars. 

 

The Loop Trolley TDD recently received Federal Transit Administration approval for a $25 million grant through the Urban Circulator Systems program for the project. Kwame Building Group will begin issuing construction bid packages in late April and May.

Hubbell Realty Co. Develops $8.2M Loft Apartments in Downtown Des Moines

14Forty consists of 37 one- and two-bedroom loft apartments.

DES MOINES, IOWA -- A new loft apartment community in the Western Gateway section of downtown Des Moines is now open. 14Forty, located at 1440 Locust St., welcomed its first residents in April and is now fully leased. 

 

Hubbell Realty Co. developed the $8.2 million project. The development is a historic renovation of the Mitchell Transmission Building, the former local branch office of Studebaker Corp. of America, an automobile manufacturer based in South Bend, Ind. 

 

14Forty consists of 37 one- and two-bedroom loft apartments. The lofts are situated above 3,600 square feet of retail/office space occupied by Shiffler Associates Architects PLC and Marc Stephens Salon, as well as 57 indoor parking spaces. 

 

The lofts range from 530 square feet to more than 1,000 square feet. The units feature original architectural elements, soaring ceilings up to 17 feet high, large windows with views of the Pappajohn Sculpture Park and contemporary design. 

 

The community is pet-friendly and includes in-home washers and dryers. Amenities include a rooftop patio with grills, cinema, community room with shuffleboard, business center and a 24-hour fitness center. Rents range from $895 for a one-bedroom loft to $1,525 for a two-bedroom loft. 

 

"It's been fun to watch the transformation of this historic building into a stunning multi-use project," says Krista Capp, senior vice president of Hubbell Realty. "14Forty residents share in our enthusiasm for downtown living and appreciate the historic character of the building, adding to the energy and excitement surrounding the Western Gateway neighborhood." 

 

Hubbell Construction Services renovated the historic building. Hubbell Apartment Living manages the property.

Ryan Cos. to Develop 30,000 SF Children's Hospital of Wisconsin 

Construction on the new Children's Hospital of Wisconsin will occur during the summer with a projected opening in late 2014.

DELAFIELD, WIS. -- The Ryan Cos. U.S. Inc. will develop a new, 30,000-square-foot clinic for the Children's Hospital of Wisconsin. The new facility will be built in Delafield, located approximately 26 miles west of Milwaukee. 

 

Initial improvements to the 5.1-acre site at 3195 Hillside Drive began in early April. Construction on the two-story building will occur during the summer with a projected opening in late 2014. 

 

The new clinic will provide services for asthma/allergy; cardiology; dermatology; ear, nose and throat; gastroenterology; orthopedics and urology specialty care; primary care; imaging, and physical and occupational therapy for children and adolescents. There will also be a lab and pharmacy. 

 

Ryan is providing development, design-build construction and real estate management services for the project. Zimmerman Architectural Studios Inc. will serve as the project's architect. Associated Bank has provided construction financing for the project.

Bernard Financial Arranges $24.5M Loan for Detroit Office Building

The 23-story office building is located at 1001 Woodward Ave.

DETROIT -- Bernard Financial Group has arranged a $24.5 million non-recourse loan for a 23-story office building in Detroit. The building is located at 1001 Woodward Ave. The property has attached parking and ground-floor retail containing 298,517 square feet of net rentable area and 729 parking spaces. 

 

Dennis Bernard and Kevin Kovachevich of Bernard Financial Group originated the loan on behalf of the borrower, 1001 Webward LLC.The lender was a CMBS lender and a servicing correspondent of Bernard Financial Group. Bedrock Real Estate Services operates the office building.

Essex Brokers $2.4M Sale of 32-Unit Apartment Building in Chicago

The apartment building is located at 7381 N. Damen Ave. in the Rogers Park neighborhood of Chicago. 

CHICAGO -- Essex Realty Group Inc. has brokered the $2.4 million sale of a 32-unit courtyard apartment building in Chicago to an undisclosed buyer. 

 

The apartment building is located at 7381 N. Damen Ave. in the Rogers Park neighborhood. The recently renovated apartment building includes individual units, kitchens, bathrooms and common areas.  

 

Doug Imber and Kate Varde of Essex represented the undisclosed seller. Jim Darrow and Jordan Gottlieb of Essex represented the buyer in the transaction.

M&M Arranges $2.9M Sale of Self Storage Facility in Metro Chicago

The 61,700-square-foot self storage facility is located at 1960 Wiesbrook Road.

OSWEGO, ILL. -- Marcus & Millichap has arranged the $2.9 million sale of a 61,700-square-foot self storage facility in Oswego, a suburb of Chicago. Kendall Point Self Storage is located on 3.9 acres of land at 1960 Wiesbrook Road. The facility includes 13 single-story buildings with 425 non-climate controlled units. 

 

Built in 2001, the property has numerous amenities including an on-site manager's office with retail center, security lighting throughout, video surveillance, electronic key card access gate, chain link perimeter fencing and drive-up units with roll-up doors. 

 

Sean Delaney of Marcus & Millichap represented the seller, a limited liability company. Delaney also represented the buyer, Sparkplug Capital.

Upcoming Events

The I-39 Logistics Corridor Association's 
International Trade Conference 
When: May 7, 2014
Where: Giovanni's Restaurant & Convention Center, 610 N. Bell School Road, Rockford, Ill.
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When: June 11, 2014
Where: Hilton Charlotte Center City
4th Annual Interface Healthcare Real Estate Carolinas Conference
When: June 11, 2014
Where: Hilton Charlotte Center City
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When: April 22-25, 2014
Where: Las Vegas
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Danielle Everson, Associate Editor
Heartland Real Estate Business
France Media, Inc.
404-832-8262
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