Marcus & Millichap Brokers $19.2M Sale of Hotel Portfolio in Suburban Chicago

ELGIN AND ALGONQUIN, ILL. — Marcus & Millichap has brokered the sale of a three-property hotel portfolio in Chicago’s western suburbs for $19.2 million. The assets include a Comfort Suites and a Country Inn and Suites in Elgin, as well as a Holiday Inn Express in Algonquin. The 78-room Comfort Suites was built in 2006, while the 98-room Country Inn and Suites was constructed in 2000. The Holiday Inn Express was built in 2001 and features 86 rooms. Ebrahim Valliani and Michael Klar of …

August 10, 2022Acquisitions, Hospitality, Illinois, Midwest

Dominion Negotiates Sale of Former Law School Campus in Auburn Hills, Michigan

AUBURN HILLS, MICH. — Dominion Real Estate Advisors has negotiated the sale of the former Western Michigan University/Thomas M. Cooley Law School campus in Auburn Hills for an undisclosed price. The 132,745-square-foot property is located at 2630 Featherstone Road. Eric Banks, Jim Mitchell, Andrew Boncore and David Depodesta of Dominion brokered the transaction. The buyer, FANUC Robotics, plans to expand the campus and spend $86 million to build a new 655,000-square-foot manufacturing …

August 10, 2022Acquisitions, Civic, Michigan, Midwest

Quantum Arranges $13.1M Sale of Office Building in Warrensville Heights, Ohio

WARRENSVILLE HEIGHTS, OHIO — Quantum Real Estate Advisors Inc. has arranged the $13.1 million sale of a 45,422-square-foot office building in Warrensville Heights, an eastern suburb of Cleveland. Constructed as a build-to-suit for advertising agency Marcus Thomas in 2011, the property was renovated in 2021. Daniel Waszak of Quantum represented the buyer, a Miami-based private investor. A metro Cleveland-based developer was the

August 10, 2022Acquisitions, Midwest, Office, Ohio

Crafty Signs 12,000 SF Office Lease in Chicago

CHICAGO — Crafty, a company that assists workplaces in managing food, beverages and supplies, has signed a 12,000-square-foot office lease at 205 W. Wacker in Chicago. Headquartered in downtown Chicago, Crafty is expanding its footprint. The firm previously occupied 3,500 square feet in the West Loop neighborhood. Brian McDonnell and Bill Sheehy of CBRE represented Crafty in the lease

August 10, 2022Illinois, Leasing Activity, Midwest, Office

Cooper Group Brokers $1.8M Sale of Medical Office Building in Cleveland

CLEVELAND — The Cooper Commercial Investment Group has brokered the sale of a single-tenant medical office building in Cleveland for nearly $1.8 million. Cleveland Clinic occupies the property. Dan Cooper of Cooper Group represented the seller, a Florida-based private investor. The California-based buyer purchased the property at the full asking price, which represents a cap rate of 6.5

August 10, 2022Acquisitions, Healthcare, Midwest, Ohio

Lee & Associates’ Second-Quarter 2022 Economic Rundown by Sector

Rising interest rates, inflation and general economic uncertainty altered the patterns and outlooks for the industrial, office, retail and multifamily sectors across the United States. As Lee & Associates’ recent Q2 2022 North America Market Report reveals, certain sectors like industrial and multifamily, that were white hot last year, have begun to cool slightly. Meanwhile, retail is making historic gains in the face of decreasing interest in ecommerce. The full Lee & Associates …

August 10, 2022Content Partner, Features, Industrial, Leasing Activity, Lee & Associates, Life Sciences, Midwest, Multifamily, Northeast, Office, Retail, Southeast, Texas, Western

Three Walls Capital Purchases Hotel Portfolio in Minnesota, Missouri

EAGAN, MINN. AND FENTON AND ST. CHARLES, MO. — Three Walls Capital (TWC) has purchased a three-property hotel portfolio in Minnesota and Missouri for an undisclosed price. The hotels include the 89-room Staybridge Suites Eagan Airport in Eagan, the 94-room Extended Stay America St. Louis Fenton in Fenton, and the 94-room Candlewood Suites St. Louis St. Charles in St. Charles. Aimbridge Hospitality will manage the assets on behalf of TWC. Aimbridge manages more than 65 properties owned by TWC, …

August 9, 2022Acquisitions, Hospitality, Midwest, Minnesota, Missouri

Northland Buys 318-Unit Apartment Community in Madison, Wisconsin

MADISON, WIS. — Northland has purchased Preserve West, a 318-unit apartment community in Madison. The purchase price and seller were undisclosed. The garden-style property was formerly named ReNew 78 West. The community features 17 buildings across roughly 20 acres. Amenities include a clubhouse, fitness center, coworking space and communal kitchen. Northland owns and operates a multifamily portfolio that includes more than 26,000 units across the

August 9, 2022Acquisitions, Midwest, Multifamily, Wisconsin

Colliers Mortgage Provides $11.2M Construction Loan for Minnesota Affordable Housing Complex

COLUMBIA HEIGHTS, MINN. — Colliers Mortgage has provided an $11.2 million HUD 221(d)(4) loan for the construction of 42nd & Central in Columbia Heights, a northern suburb of Minneapolis. The project will consist of 62 affordable housing units, all of which will be restricted to residents who earn 60 percent or less of the area median income. Amenities will include a clubroom, fitness room, playground, bike station, dog run, storage lockers and package room. The loan features a 40-year …

August 9, 2022Affordable Housing, Loans, Midwest, Minnesota, Multifamily

MDH Partners Acquires 193,348 SF Industrial Building in Indianapolis

INDIANAPOLIS — MDH Partners has acquired Park 100 Building 71, a 193,348-square-foot industrial building in Indianapolis. The purchase price was undisclosed. Constructed in 1988, the facility features a clear height of 24 feet, 26 exterior dock doors and 90 car parking spaces. The property is 87 percent leased to DB Schenker, Watkins & Shepard Trucking Inc. and MKM Distribution Service. Alex Cantu and Alex Davenport of Colliers represented the undisclosed seller. Houston Hawley served as …

August 9, 2022Acquisitions, Indiana, Industrial, Midwest