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Midwest

AcquisitionsMidwestOfficeOhio

CBRE Arranges Sale of 21-Story Office Tower in Downtown Cleveland

by Kristin Harlow

CLEVELAND — CBRE has arranged the sale of 1100 Superior Avenue, a 21-story office tower totaling 576,500 square feet in downtown Cleveland. The sales price was $8.1 million, according to Crain’s Cleveland Business. Steve Timmel, Will Roberts, Jamie Dunford, Warren Blazy III and Eric Smith of CBRE represented the seller, LNR Partners LLC. Brady Sullivan Properties was the buyer. Built in 1972 and renovated in 2006 and 2013, the building features amenities such as a fitness center, tech hub, conference facilities, a café, public event center and 435-stall parking garage.

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Affordable HousingDevelopmentMidwestMinnesotaMultifamily

Lupe Completes 110-Unit Affordable Housing Community in Minneapolis

by Kristin Harlow

MINNEAPOLIS — Lupe Development Partners has completed Lakefield Apartments, a 110-unit affordable housing community in the Lyn-Lake area of Minneapolis. The project marks a collaboration between Lupe and the city to address affordable housing needs. The development was originally planned to include 95 units before the developer acquired an additional parcel and expanded the project to 110 family-sized units, including more three- and four-bedroom layouts. As of September, the project was 70 percent leased. The development concludes the third phase of Lupe’s mixed-income campus on Lake Street near the Lyndale Avenue intersection. In total, the campus has brought 353 units of affordable and market-rate housing along Lake Street in the past five years. The $41 million project was made possible through collaboration with the city, Multifamily Housing Revenue Bonds, Hennepin County, Minnesota Department of Employment and Economic Development and housing tax credit equity. Frana Cos. served as general contractor.

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IndianaIndustrialLeasing ActivityMidwest

Associated Signs 89,612 SF, Full-Building Industrial Lease in Indianapolis

by Kristin Harlow

INDIANAPOLIS — Associated has signed a full-building, 89,612-square-foot industrial lease at The Midway Building at 5770 Decatur Blvd. in Indianapolis. Corey Chase of Newmark represented the tenant in the lease, which represents a nearly 60,000-square-foot expansion from Associated’s previous space in the same corridor. Owned by Holladay Properties, the facility features 5,425 square feet of office space, a clear height of 24 feet, 21 dock doors, two drive-in doors and more than 250 parking spaces. Delivered in 2004, The Midway Building offers convenient access to I-70, I-465 and I-69 and is located near FedEx and UPS distribution hubs. Brian Seitz, Griffin Seitz and Brian Buschuk of JLL represented the landlord. Founded in 1960, Associated provides engineering, fleet management and labor optimization services supported by equipment sales, service, rentals and parts. The company is a subsidiary of The Raymond Corp., a Toyota Industries company.

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AcquisitionsIndustrialMichiganMidwestSelf-Storage

Marcus & Millichap Brokers Sale of 635-Unit Self-Storage Facility in Plymouth, Michigan

by Kristin Harlow

PLYMOUTH, MICH. — Marcus & Millichap has brokered the sale of EZ Storage, a 635-unit self-storage facility in the western Detroit suburb of Plymouth. Completed in December 2022, the climate-controlled property totals 73,450 net rentable square feet. Brett Hatcher, Gabriel Coe and Nathan Coe of Marcus & Millichap, in association with Paul Kerber, Marcus & Millichap’s Michigan broker of record, represented the seller, an entity doing business as EZ Storage Plymouth Twp LLC. The buyer was not disclosed.

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AcquisitionsIllinoisIndustrialMidwest

NAI Hiffman Negotiates $2.6M Sale of Industrial Building in Wood Dale, Illinois

by Kristin Harlow

WOOD DALE, ILL. — NAI Hiffman has negotiated the $2.6 million sale of a 20,541-square-foot industrial building at 344 Beinoris Drive in the Chicago suburb of Wood Dale. Joe Bronson and Paddy Dwyer of NAI Hiffman represented the buyer, a metal manufacturing company that bails, stores and distributes scrap metals nationwide. The buyer will nearly triple its previous footprint of about 7,000 square feet, also in Wood Dale. With heavy power infrastructure and outdoor storage capacity, the facility enables the manufacturer to expand processing and storage while maintaining its presence in the O’Hare submarket.

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AcquisitionsIndianaIndustrialLoansMidwest

CBRE Arranges $107.3M Sale of Indianapolis Industrial Portfolio

by Kristin Harlow

INDIANAPOLIS — CBRE has arranged the sale of a 1.3 million-square-foot, seven-property industrial portfolio in Indianapolis for $107.3 million. Judd Welliver, Zach Graham, Ryan Bain, Bentley Smith, Michael Caprile and Joe Horrigan of CBRE represented the seller, Arcapita. Billy Mork, Mike Vannelli and Joel Torborg of CBRE arranged $64.4 million in acquisition financing on behalf of the buyer, Capital Partners. The fixed-rate loan features interest-only payments for the full term. CBRE’s JD Graves and Chris Black will handle marketing and leasing for the portfolio.

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DevelopmentMidwestSouth Dakota

Capri Pools & Aquatics Completes $31.3M Expansion to University of South Dakota Wellness Center

by Kristin Harlow

VERMILLION, S.D. — Capri Pools & Aquatics has completed a new 45,800-square-foot expansion to the University of South Dakota Wellness Center. The firm completed the $31.3 million project in partnership with Journey Construction, RGD Planning & Design and Councilman Hunsaker. The natatorium houses an Olympic-sized competition pool, activity pool, Ninja Cross aquatic obstacle course, multipurpose room, hot tub, steam room, athletic locker rooms, expanded wellness locker rooms, a meet management room, coaches’ offices and a lifeguard room. The 12,930-square-foot Olympic-sized competition pool features 50-meter lanes and two movable bulkheads to divide the pool into three separate zones for simultaneous activities. It also includes seating for 400 people.

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AcquisitionsIllinoisMidwest

Nicholas Family of Cos. Buys Joseph Nicholas Construction Corp., Expands Auto Dealership Building Services

by Kristin Harlow

MOUNT PROSPECT, ILL. — The Nicholas Family of Cos. has acquired Schaumburg, Ill.-based Joseph Nicholas Construction Corp. (JNC), a construction firm specializing in auto dealerships. JNC will become a dedicated automotive facility construction studio within The Nicholas Family of Cos., which is based in Mount Prospect. JNC joins Nicholas & Associates, the Nicholas Family’s diversified construction arm, and will relocate its headquarters to Mount Prospect. Joey Mariconda, director of construction for JNC, will join Nicholas & Associates as director of its automotive construction studio. Both companies are second-generation, family-run operations.

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AcquisitionsIllinoisMidwestMultifamilyRetail

Marcus & Millichap Brokers $4.4M Sale of Apartment, Retail Building in Chicago

by Kristin Harlow

CHICAGO — Marcus & Millichap has brokered the $4.4 million sale of 2525 North Clark Street in Chicago’s Lincoln Park neighborhood. Totaling 7,851 rentable square feet, the asset includes 12 multifamily units and three commercial storefronts anchored by Starbucks. Kyle Stengle of Marcus & Millichap represented the seller. Mitchell Kiven of Marcus & Millichap procured the buyer, The Shiner Group, a Wilmette, Ill.-based developer and investor. The buyer plans to keep the current retailers in place and make targeted improvements to the apartment units for continued rent growth.

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AcquisitionsIndustrialMidwestOhio

SVN Summit Negotiates $2.7M Sale of Two-Building Industrial Property in Akron, Ohio

by Kristin Harlow

AKRON, OHIO — SVN Summit Commercial Real Estate Advisors has negotiated the $2.7 million sale of a two-building, multi-tenant industrial property at 555-557 E. Tallmadge Ave. in Akron. Graydon Fox of SVN Summit represented the seller, while Jerry Fiume of SVN Summit represented the buyer. Situated in the North Hill industrial corridor, the 68,369-square-foot property features convenient access to State Route 8. FedEx Ground is a longtime anchor tenant at the facility.

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