June 3, 2014 | ISSUE 341
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Carter Validus Mission Critical REIT

Buys Data Center Facility for $211.7M

CVMC will provide new capital for the continued expansion of this 250,000-square-foot, multi-tenant data center in Northlake, Ill.


CHICAGO -- Carter Validus Mission Critical REIT Inc. (CVMC) has acquired a data center facility in Northlake, a suburb of Chicago, for $211.7 million. Tampa, Fla.-based CVMC purchased the CH2 Data Center from Ascent, a provider of comprehensive data center solutions. 


CVMC will provide new capital for the continued expansion of the 250,000-square-foot, multi-tenant data center. St. Louis-based Ascent will continue to manage all CH2 data center development, design, construction, engineering and operational services.

Love Funding Secures $7.5M HUD Loan for Restoration Project in Iowa

Union Arcade will offer 68 rental units along with 8,100 square feet of commercial space.


DAVENPORT, IOWA -- Love Funding has arranged a $7.5 million HUD loan for the Union Arcade commercial building in downtown Davenport. The loan will be used to convert Union Arcade into a mixed-use, market-rate multifamily residential and retail space. 


Harry Cheatham of Love Funding's St. Louis office secured the HUD loan for the building's owner, Financial District Properties. The non-recourse loan features a 40-year term. The lower level of the Union Arcade was built in 1915 to house the Union Savings Bank and Trust. The upper level was built in 1924. 


The property has been awarded federal and state historic tax credits. Once the renovation is complete, Union Arcade will offer 68 rental units along with 8,100 square feet of commercial space. According to the Quad City Business Journal, construction on the project began in March and is expected to take about 16 months to complete. 


The historic building's renovation is a part of the revitalization of downtown Davenport. Financial District Properties, which bought the building in 2012, is also investing $10 million to create 29 apartments in Davenport's Wells Fargo building downtown.

Arthur J. Rogers & Co. Arranges Lease of Four Properties in Elgin, Ill.

The Rogers Business Parke-Elgin consists of four buildings totaling 232,000 square feet.


ELGIN, ILL. -- Arthur J. Rogers & Co. has arranged the lease of four industrial and office buildings in Elgin, located approximately 45 miles northwest of Chicago. The properties are located within the Rogers Business Parke-Elgin, a development consisting of four buildings totaling 232,000 square feet. 


The leases include a 9,890-square-foot property at 2521 Technology Drive for Precision Dormer LLC, a manufacturer and seller of high-speed steel and carbide round tools; a 4,500-square-foot property at 2531 Technology Drive for Intellisource Inc., a graphic production and promotional company; a 3,900-square-foot property at 2541 Technology Drive for Winegard Co., a manufacturer of television reception products; and a 1,690 square-foot property at 2521 Technology Drive for ONSITE Woodwork, a family-owned premier woodworking company. 


Chris Zannis of Arthur J. Rogers & Co. negotiated the leases. Facilities at Rogers Business Parke-Elgin offer both 100 percent office suites and mixed-use office/warehouse space, with units ranging from 2,000 to 58,000 square feet. 

M&M Brokers $5M Sale of Apartment Property in Zimmerman, Minn.

The Pines I & II is located at 25685 3rd St. West.


ZIMMERMAN, MINN. -- Marcus & Millichap has brokered the $5 million sale of The Pines I & II, a 64-unit apartment property in Zimmerman, a rural community located approximately 42 miles northwest of Minneapolis. The address of the Pines I & II is 25685 3rd St. West. 


The property, which was built in two phases in 2005 and in 2006, features several different floor plans. Amenities include attached covered garages, a large community room and fitness center. The property closed at below a 7 percent cap rate. 


Michael Ahles, Mox Gunderson and Chris Collins of Marcus & Millichap's Minneapolis office represented the seller, a developer, and the buyer, a partnership.

Welgarz, William A. Randolph 

Break Ground on 148-Room Hotel

The Hyatt Place Hotel at Midway Airport is located at 6550 Cicero Ave.


BEDFORD PARK, ILL. -- Developer The Welgarz Co. and general contractor William A. Randolph have broken ground on the new 148-room Hyatt Place Hotel at Midway Airport in the Chicago suburb of Bedford Park. 


The six-story property will include an indoor swimming pool, bar/café, lounge and meeting rooms. The project is located at 6550 Cicero Ave. Legat Architects is providing architectural design services, and Tech 3 Consulting is serving as civil engineer.

Upcoming Events

CREW St. Louis 
Exploring the Innovation 
in the Cortex Development
When: June 10, 2014
Where: Schlafly Tap Room, 2100 Locust Street, St. Louis, Mo.
CREW Network 
Spring 2014 Leadership Summit
When: June 12-13, 2014
Where: Hyatt Regency Cincinnati, Cincinnati, Ohio
4th Annual InterFace Healthcare Real Estate Carolinas Conference
When: June 11, 2014
Where: Hilton Charlotte Center City
5th Annual InterFace Carolinas Conference
When: June 11, 2014
Where: Hilton Charlotte Center City

Have an event that you would like to share with our readers? Send an e-mail with the details to 

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Danielle Everson, Associate Editor
Heartland Real Estate Business
France Media, Inc.

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