MINNEAPOLIS—Mesa West Capital has originated its first loan in the state of MN funding $20 million in first mortgage debt to recapitalize an historic 150,000-square-foot office building in Minneapolis. The five-year, interest only loan is secured by The Colwell Building, a recently renovated eight-story red-stone and brick building located at 123 N. 3rd St. in the historic Warehouse District. A joint venture led by San Francisco-based real estate investment firm Spear Street Capital recently completed the first phase of a multimillion dollar renovation of the property. Improvements included new terrazzo floors in the lobby, upgrades to the elevator systems and cabs, new HVAC and windows earning the building an Energy Star label from the EPA for improved building energy performance and sustainability. “The Colwell Building is one of the few institutionally owned and managed buildings in the Warehouse District and was the ideal entry point for Mesa West in Minneapolis,” says Matthew Snyder, vice president of Mesa West, who led the origination team along with Brian Hirsh out of the Chicago office.

CHICAGO, GRAND RAPIDS, MI—Talonvest Capital, Inc., a boutique self-storage and commercial real estate advisor, recently negotiated three separate loans totaling $27.2 million for Devon Self Storage. Two of the loans were secured by properties near Chicago's Loop; these included an $11 million acquisition loan for 615 S. Wabash negotiated with a community bank and a $7.1 million acquisition loan for 1601 S. Canal Street which was structured with a Midwestern regional bank. The third financing structured on behalf of Devon, a $9.1 million acquisition loan, helped complete the purchase of a three-property portfolio in the Grand Rapids, MI metro area. The Wabash property in Chicago is a newly converted 21-story self-storage facility. This 99,775 rentable square foot property, converted from a parking garage in 2016, features exterior brickwork, fire suppression and heating systems, and new flooring. The other IL property is an existing storage facility located in the historic South Loop neighborhood that borders Chinatown and East Pilsen. The five-story building totals 63,645 net rentable square feet. The Talonvest team involved in these financings included Eric Snyder, Kim Leslie, Erich Pryor, and Terra Hendrich.

NEW LENOX, IL—Marcus & Millichap recently helped complete the sale of Calistoga Plaza, a 36,839-square foot retail property located in New Lenox, IL, according to Steven D. Weinstock, regional manager of the firm's Chicago Oak Brook office. The asset sold for $4,550,000. Sean R. Sharko, Austin Weisenbeck and Joseph Sigal, investment specialists in Marcus & Millichap's Chicago Oak Brook office, had the exclusive listing to market the property on behalf of the seller, a fund manager. The buyer, a limited liability company, was secured and represented by Brian Parmacek , an investment specialist in Marcus & Millichap's Chicago O'Hare office. The center is located at 2001-2131 Calistoga Dr. at Calistoga and Laraway Rd. All tenants currently operate under a net-lease, reimbursing for their pro-rata share of expenses. Four of these tenants, Honeycuts, Italian Fiesta, Tucker's Doggie Delights and Badda Bings have recently executed five-year lease extensions.

BUILDING BLOCKS

ST. LOUIS—Draper and Kramer, Incorporated, recently opened The Flats at EVO, a collection of 46 townhome rental apartments in the St. Louis suburb of Richmond Heights, MO. The new-construction community is the second phase of EVO, a multi-phase rental development that also includes an adjacent four-story, 281-unit apartment complex that opened in 2016. Located at 9015 Eager Rd., The Flats at EVO comprises four two- and three-story buildings, each with 12 single-level residences. The 46 units include one-, two- and three-bedroom plans ranging from 764 to 1,465 square feet. Each has a private entrance and an attached one- or two-car garage. Leasing and first move-ins are underway, with rents ranging from $1,375 to $2,570; currently renters will receive one month free on a 13-month lease. “The Flats at EVO are the only rental option of their kind in this area, giving residents the feel and privacy of townhome living yet with access to the full suite of amenities that are part of the larger EVO community,” says Julie Johnson, senior vice president and director of management services for Chicago-based Draper and Kramer.