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Midwest

IndustrialLoansMidwestMinnesota

CBRE Arranges $100M Recapitalization for 36-Property Industrial Service Facility Portfolio Across 20 States

by Kristin Harlow

MINNESOTA — CBRE has arranged a $100 million recapitalization of a 36-property industrial service facility portfolio on behalf of a joint venture between Wayzata, Minn.-based Moir Park Capital and Eden Prairie, Minn.-based Hempel Real Estate. Industrial service facilities provide an outdoor storage component coupled with zoning that allows for a wide range of industrial uses. The portfolio encompasses nearly 630,000 square feet across 201 acres in 20 states. All of the properties are fully occupied by eight tenants, including United Rentals, Gerber Collision & Glass, Kaige Kubota, Caliber Collision, Sunbelt Rentals, Home Depot, Cummins and H&E Equipment Services. Judd Welliver, Bentley Smith, Michael Caprile, Ryan Bain, Zachary Graham, Joseph Horrigan, Will Pike and Victoria Gomez of CBRE represented Moir Park Capital in the transaction.

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AcquisitionsIndustrialMidwestMinnesota

Midloch Investment Partners, Fountain Real Estate Capital Buy Industrial Property in Suburban Minneapolis for $11.9M

by Kristin Harlow

GOLDEN VALLEY, MINN. — A joint venture between Midloch Investment Partners and Fountain Real Estate Capital have acquired Boone Plaza in the Minneapolis suburb of Golden Valley for $11.9 million. The 123,608-square-foot industrial flex property is fully leased to 16 tenants. Constructed in 1984, Boone Plaza is situated on 10 acres at 1000 Boone Ave. North immediately north of the headquarters of General Mills. Some of the tenants at the property include General Mills, Gonyea Custom Homes and Schlage Lock Co. Fountain Real Estate will serve as the leasing broker.

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AcquisitionsMidwestMinnesota

Transwestern Arranges Sale of 65,535 SF Church Building in Hopkins, Minnesota

by Kristin Harlow

HOPKINS, MINN. — Transwestern Real Estate Services has arranged the sale of a church and education facility totaling 65,535 square feet in Hopkins, a western suburb of Minneapolis. The sales price was undisclosed. Eric Rapp of Transwestern represented the buyer, Kingdom Embassy Worship Center, which will renovate the property and use it for both worship and education. Steve Shepherd of Newmark represented the seller, the Parish of Saing Gabriel the Archangel of Hopkins. The building is located at 6 Interlachen Road.

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AcquisitionsHospitalityMidwestWisconsin

Marcus & Millichap Brokers Sale of 67-Room Clarion Pointe Hotel in Tomah, Wisconsin

by Kristin Harlow

TOMAH, WIS. — Marcus & Millichap has brokered the sale of the Clarion Pointe Tomah hotel, a 67-room property in the central Wisconsin town of Tomah. The two-story hotel is located at 2005 N. Superior Ave. Amenities include a hot tub, fitness center, laundry facility, gift shop, playground and gaming lounge. Ebrahim Valliani and Michael Gantman of Marcus & Millichap represented the buyer and seller, both of which were private investors. Marcus & Millichap’s Chris Gomes and Allan Miller were also listed on the deal as supporting brokers, and Todd Lindblom assisted in closing the transaction.

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Leasing ActivityMichiganMidwestRetail

Cali Girl Books Signs 1,600 SF Retail Lease in Davisburg, Michigan

by Kristin Harlow

DAVISBURG, MICH. — Cali Girl Books has signed a 1,600-square-foot retail lease at Oak Hill Plaza in Davisburg, about 23 miles south of Flint. Michael Murphy and Tjader Gerdom of Gerdom Realty & Investment represented the landlord, Kassab Associates. Located at 10785 Dixie Highway, Oak Hill Plaza is home to tenants such as Locri Pizzeria, Davisburg Nutrition and Diamond All Star Cheer.

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Affordable HousingDevelopmentKansasMidwestMultifamily

Annex Group Underway on $61M Affordable Housing Community in Wichita, Kansas

by Kristin Harlow

WICHITA, KAN. — The Annex Group is underway on the development of Union at Purple Heart Trail, a $61 million affordable housing community in Wichita. The property will offer 240 units for households whose income level is at or below 60 percent of the area median income. Completion is slated for early 2026. The project will encompass two four-story buildings surrounded by landscaping and open space. Amenities will include a community center with fitness center, media center, business center, outdoor gazebo, playground, dog park, walking path and picnic areas. Project partners include: HDJ as the architect; Baughman for civil engineering, surveying and planning; Summit LIHTC Consulting; the City of Wichita, which provided incentives and $45.4 million in tax-exempt bonds; and Kansas Housing Resources Corp., which issued the tax credit award. Aegon Asset Management provided $26.8 million in federal tax credit equity and $18.4 million in state tax credit equity, and Bank of America provided $45.5 million in construction financing. Merchants Capital provided $14.4 million for the project.

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Leasing ActivityMichiganMidwestRetail

First National Realty Partners Completes Lease-up of Retail Center in Canton, Michigan

by Kristin Harlow

CANTON, MICH. — First National Realty Partners has completed the lease-up of Premier Center in Canton, a western suburb of Detroit. The latest lease was with Michaels, which opened a 17,514-square-foot store in March. Additional tenants include Kroger, Home Depot, Dick’s Sporting Goods, Five Below, Ruby Tuesday, Great Clips and The UPS Store.

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AcquisitionsHealthcareIndianaMidwest

Marcus & Millichap Arranges Receivership Sale of 43,450 SF Medical Office Building in Indiana

by Kristin Harlow

VALPARAISO, IND. — Marcus & Millichap has arranged the receivership sale of a 43,450-square-foot medical office building in Valparaiso, a city in northwest Indiana. Located at 1425 Glendale Ave., the building is about 75 percent completed. Litigation with a neighboring owner tied up the property in the legal system for an extended period, during which interest rates climbed 525 basis points, says Julia Evinger of Marcus & Millichap. Evinger marketed the property for sale on behalf of the court appointed receiver. The new owner plans to complete and lease the building to medical office tenants.

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IllinoisIndustrialLeasing ActivityLee & AssociatesMidwest

Lee & Associates Negotiates 15,520 SF Industrial Lease in Elgin, Illinois

by Kristin Harlow

ELGIN, ILL. — Lee & Associates has negotiated a 15,520-square-foot industrial lease for Soosan USA, a wholly owned North American subsidiary of Soosan Heavy Industries. The property is located at 1390 Gateway Drive in Elgin. Soosan designs, manufactures and supplies hydraulic breakers, compactors and crawler drills to 70 different countries. John Sharpe and Rick Anesi of Lee & Associates represented the tenant. Matt Garland of Cawley Chicago represented the owner, Clear Height Properties.

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AcquisitionsIllinoisIndustrialMidwest

Entre Commercial Realty Brokers Sale of 12,013 SF Industrial Facility in Hebron, Illinois

by Kristin Harlow

HEBRON, ILL. — Entre Commercial Realty has brokered the sale of a 12,013-square-foot industrial facility in Hebron, a city in northeast Illinois. The sales price was undisclosed. The property features additional land suitable for outdoor storage or future expansion. The facility once served as the headquarters of KBI Custom Case, a manufacturer specializing in casework for the commercial sector. Elisabeth Lazzara and Kevin Kaplan of Entre represented the seller, while Kevin Kaplan of Entre represented the buyer, CTS Group of Cos. The trucking and logistics company plans to utilize the space as its new headquarters.

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