CHICAGO—Mortenson Construction has seen a lot of growth lately, and in response it recently promoted several leaders and recruited a new executive in Chicago. Joe Krueger, who joined the company in 2005, was promoted to construction executive. He led the $160 million Advocate Good Shepherd Hospital expansion and renovation, and is now the project leader of the new $485 million Mercyhealth hospital and medical office building in Rockford, IL. Construction executive Andy Stapleton has been promoted to general manager. Greg Werner, vice president and general manager of Mortenson's Chicago office, was recently promoted to senior vice president. He opened the Chicago office 16 years ago, and has overseen more than $2.6 billion in projects. Mortenson also hired Vladimir Stevanovic as construction executive.

DETROIT—Friedman Integrated Real Estate Solutions, has been awarded a 2016 Top Workplaces honor by the Detroit Free Press. The Top Workplaces lists are based solely on the results of an employee feedback survey administered by WorkplaceDynamics, LLC, a research firm. Several aspects of workplace culture were measured, including alignment, execution, and connection, just to name a few. “The Top Workplaces award is not a popularity contest,” says Doug Claffey, chief executive officer of WorkplaceDynamics. “And oftentimes, people assume it's all about fancy perks and benefits. But to be a top workplace, organizations must meet our strict standards for organizational health. And who better to ask about work life than the people who live the culture every day—the employees.”

DEALTRACKER

CHICAGO—Lagestee-Mulder has just acquired the Finley Business Center at 2505 South Finley Rd. in Lombard, IL. The 63,196-square-foot office building is located on a 4.35-acre site between 22^nd St. and Butterfield Rd. in the western suburbs and was purchased by the company's new investment fund, LM Value Investors II, LLC. The seller, a private investor, was represented by William J. Novelli, Jr. of CBRE. The sales price was not disclosed. This is the first asset purchased by LM Value Investors II and the third office building purchased for the LM funds. “This purchase is a continuation of our focus on well located assets in strong suburban markets,” says Don Price, senior vice president and chief investment officer for Lagestee Mulder.

CHICAGO—CPA®:18 – Global, a non-traded REIT, has just closed a $38.5 million acquisition of the mezzanine tranche for the financing of a portfolio of retail stores across MN, WI, and IA. The loan is subordinate to a senior loan from Credit Suisse and Wells Fargo and is collateralized by a pledge of equity interests from the borrower. The tenant of the stores, Mills Fleet Farms, is a full-service supplier of high-quality merchandise for life, work, home and recreational needs. It has operated in the Midwest for more than 60 years and has experienced steady growth and stability. “This investment represented an opportunity to secure attractive returns collateralized by a portfolio of mission-critical real estate,” says Gino Sabatini, W. P. Carey managing director.

CLEVELAND—Friedman Integrated Real Estate Solutions recently sold a 46,000-square-foot single tenant NNN retail property occupied by Levin Furniture. The property is located at 23300 Lorain Rd. in North Olmsted, OH, a suburb of Cleveland. The seller, LNR Partners, LLC, sold the building at auction through Ten-X.com to Basem Haddad for investment purposes. Levin has occupied 100% of the property since 1996. Rich Deptula, national director, investment advisory services at Friedman represented the seller and the buyer in this transaction.

NEWS & NOTABLES

CHICAGO—Sixteen winners were announced at the 29^th Annual NAIOP Chicago Awards for Excellence on November 17 at Navy Pier. More than 100 nominations were received in 16 categories and a jury of industry leaders reviewed the submissions to determine the finalists. The more than 1,000 attendees then voted in real-time for the winners. Riverside Investment & Development 's 150 N. Riverside project was chosen as the office development of the year. Vornado Realty Trust won office redevelopment of the year for its theMART at 222 W. Merchandise Mart Plaza. And Ridge Development took the top honors in the industrial speculative development category for RidgePort Logistics Center – Building Bravo, at 29700 S. Graaskamp Blvd., Wilmington, IL. Read more about the 2016 Winners.

CHICAGO—Mortenson Construction has seen a lot of growth lately, and in response it recently promoted several leaders and recruited a new executive in Chicago. Joe Krueger, who joined the company in 2005, was promoted to construction executive. He led the $160 million Advocate Good Shepherd Hospital expansion and renovation, and is now the project leader of the new $485 million Mercyhealth hospital and medical office building in Rockford, IL. Construction executive Andy Stapleton has been promoted to general manager. Greg Werner, vice president and general manager of Mortenson's Chicago office, was recently promoted to senior vice president. He opened the Chicago office 16 years ago, and has overseen more than $2.6 billion in projects. Mortenson also hired Vladimir Stevanovic as construction executive.

DETROIT—Friedman Integrated Real Estate Solutions, has been awarded a 2016 Top Workplaces honor by the Detroit Free Press. The Top Workplaces lists are based solely on the results of an employee feedback survey administered by WorkplaceDynamics, LLC, a research firm. Several aspects of workplace culture were measured, including alignment, execution, and connection, just to name a few. “The Top Workplaces award is not a popularity contest,” says Doug Claffey, chief executive officer of WorkplaceDynamics. “And oftentimes, people assume it's all about fancy perks and benefits. But to be a top workplace, organizations must meet our strict standards for organizational health. And who better to ask about work life than the people who live the culture every day—the employees.”

DEALTRACKER

CHICAGO—Lagestee-Mulder has just acquired the Finley Business Center at 2505 South Finley Rd. in Lombard, IL. The 63,196-square-foot office building is located on a 4.35-acre site between 22^nd St. and Butterfield Rd. in the western suburbs and was purchased by the company's new investment fund, LM Value Investors II, LLC. The seller, a private investor, was represented by William J. Novelli, Jr. of CBRE. The sales price was not disclosed. This is the first asset purchased by LM Value Investors II and the third office building purchased for the LM funds. “This purchase is a continuation of our focus on well located assets in strong suburban markets,” says Don Price, senior vice president and chief investment officer for Lagestee Mulder.

CHICAGO—CPA®:18 – Global, a non-traded REIT, has just closed a $38.5 million acquisition of the mezzanine tranche for the financing of a portfolio of retail stores across MN, WI, and IA. The loan is subordinate to a senior loan from Credit Suisse and Wells Fargo and is collateralized by a pledge of equity interests from the borrower. The tenant of the stores, Mills Fleet Farms, is a full-service supplier of high-quality merchandise for life, work, home and recreational needs. It has operated in the Midwest for more than 60 years and has experienced steady growth and stability. “This investment represented an opportunity to secure attractive returns collateralized by a portfolio of mission-critical real estate,” says Gino Sabatini, W. P. Carey managing director.

CLEVELAND—Friedman Integrated Real Estate Solutions recently sold a 46,000-square-foot single tenant NNN retail property occupied by Levin Furniture. The property is located at 23300 Lorain Rd. in North Olmsted, OH, a suburb of Cleveland. The seller, LNR Partners, LLC, sold the building at auction through Ten-X.com to Basem Haddad for investment purposes. Levin has occupied 100% of the property since 1996. Rich Deptula, national director, investment advisory services at Friedman represented the seller and the buyer in this transaction.