WEST DUNDEE, ILL. — Pensam has acquired 1900 at Canterfield, a 260-unit apartment community in West Dundee, a far northwest suburb of Chicago. Built in 2018, the property consists of 18 buildings on 23 acres. Amenities include a clubhouse, fitness center, conference room, outdoor lounge area and pool. The seller and sales price were undisclosed. A multifamily real estate investment firm based in Miami, Pensam has invested more than $3 billion in 35,000 multifamily assets across the country.
CHICAGO — Chicago-based Harrison Street has entered into a series of transactions under which the company agreed to purchase 24 seniors housing assets and sell 14 medical office properties for a total transaction volume of approximately $1.6 billion. The 24 Class A seniors housing properties comprise 2,195 assisted living and memory care units across California and Nevada. The purchase price was roughly $1.2 billion. Healthpeak Properties Inc. was the seller of 12 communities, while Gallaher Cos. was the seller of the other 12 properties. Oakmont Management Group operates all 24 assets, many of which have either been recently completed or are currently under construction. The Healthpeak portfolio maintained an average occupancy rate of 96 percent from 2016 to 2019, according to Harrison Street. The properties average four years in age. In 2020, Healthpeak established and began executing a plan to dispose of its seniors housing properties, except for its continuing care retirement communities. “The assets we are acquiring are managed by a leading operator and are located in attractive markets backed by solid demographics, high barriers to entry and historically high occupancy rates,” says Michael Gordon, global chief investment officer at Harrison Street. Additionally, Harrison Street has agreed to sell …
EDWARDSVILLE, ILL. — A joint venture led by developer TriStar Properties has sold a 2 million-square-foot industrial campus occupied by World Wide Technology (WWT) in Edwardsville near St. Louis. The sales price was undisclosed. TriStar developed the property as a build-to-suit for WWT in 2019. The campus includes two equally sized buildings with clear heights of 36 feet. One building is devoted to production and assembly of technology equipment while the other is utilized for storage and distribution of products. The facility is located within TriStar’s Gateway Commerce Center, a 2,300-acre logistics park. An undisclosed institutional buyer purchased the asset.
CREST HILL, ILL. — General contractor Summit Design + Build LLC has begun construction of a warehouse expansion project for TLC Ingredients in Crest Hill, just north of Joliet. Summit will add 55,012 square feet to the tenant’s existing 40,000-square-foot warehouse. Summit will also build a new break room, loading dock, bathroom and parking stalls. TLC Ingredients is a distributor of food additives including chemicals and phenolic resins. Harris Architects Inc. is the project architect. Completion is slated for this fall.
CHICAGO — The Invert Chicago LLC has unveiled plans to build Chicago’s first subsurface business complex on 140 acres on the city’s southeast side that was vacated decades ago by the steel industry. Over the course of 13 years, Invert will develop nearly 6 million net square feet of climate-controlled space 250 to 350 feet below the surface at 11118 S. Buffalo Ave. The project site currently functions as a marine, rail and truck terminal. Initial subsurface space is expected to be available for occupancy by 2024. Invert anticipates making a formal filing with the City of Chicago later this summer.
CHICAGO — Marcus & Millichap has brokered the sale of a 23-unit apartment building in Chicago’s Logan Square neighborhood for $5.3 million. The property, located at 2865 W. Shakespeare Ave., was fully occupied at the time of sale. James Ziegler and Kyle Stengle of Marcus & Millichap marketed the property on behalf of the seller, JAB Real Estate. The duo also secured and represented the buyer, a limited liability company.
CAROL STREAM, ILL. — Global eParcel Solutions LLC has inked a 32,000-square-foot industrial lease at 835-845 Carol Court in Carol Stream. The company, which provides domestic and international shipping for e-commerce companies via trucking, sea freight and air freight, has expanded its space by 29,000 square feet through multiple leases over the past five years. The 32,000-square-foot space features seven exterior docks, two drive-in doors and 3,217 square feet of office space. The facility is located within Carol Point Business Center. Mason Hezner of Brown Commercial Group represented the tenant in the lease transaction. Al Caruana of Cushman & Wakefield represented the owner, MP Carol Point Business Center LLC.
Focus on the Midwest Amid a global pandemic and its economic repercussions, the American Midwest has remained a place of comparative stability — and opportunity. Wide-open spaces and lower costs of living attract businesses and workers alike. Warehouses, distribution centers and transportation corridors bustle thanks to shifting supply chains and surges in deliveries. Educated workforces and leading universities and research centers nourish hubs in tech and life sciences. In short, there’s a lot in “flyover country” for the multifamily industry to like in 2021. An overview follows of the region stretching from Minnesota to Ohio and from Michigan to Kentucky. Why is the Midwest a good value for multifamily investors today and why is it well positioned for the post-COVID-19 recovery? Read on to learn more. Beneath-the-Radar Metropolitan Areas Blossom Even before COVID-19, Midwestern cities have been attracting people and businesses. Across industries, the Midwest hosts some of America’s largest employers: Kroger (Cincinnati), Salesforce (Indianapolis), Cardinal Health, Nationwide Insurance, Honda of America (Columbus), as well as Target, U.S. Bancorp, General Mills, 3M and Medtronic (all in Minneapolis-St. Paul). Thirteen companies in the Fortune 1000 have set up shop in Milwaukee, and 15 have operations in Columbus. The region has much …
EVANSVILLE, IND. AND CHICAGO — Old National Bancorp (Nasdaq: ONB) and First Midwest Bancorp Inc. (Nasdaq: FMBI) have entered into a definitive merger agreement valued at $6.5 billion. The two Midwest institutions operate retail bank branches under the Old National Bank and First Midwest Bank brands, respectively. The all-stock transaction is expected to close late this year or early 2022 and is subject to customary closing conditions, including regulatory and shareholder approvals. The boards of directors of both companies have unanimously approved the merger agreement. The “merger of equals” arrangement will allow the banks to compete against other banks and lenders in the Midwest for new business, as well as give both organizations the ability to scale and retain their existing personnel and client base. The combined company will be the sixth-largest bank with headquarters in the Midwest. The transaction calls for First Midwest stockholders to receive 1.1336 shares of Old National common stock for each share of First Midwest common stock they own. Following completion of the transaction, former First Midwest stockholders are expected to collectively represent approximately 44 percent of the combined company. This values First Midwest currently at $2.5 billion, according to Market Watch. The combined assets …
CHICAGO — SVN Chicago Commercial has negotiated the sale of a 44-unit multifamily building in Chicago’s Kenwood neighborhood for $4.9 million. The property is located at 4611 S. Drexel Blvd. Jeff Baasch of SVN brokered the sale. ShainRealty Capital, a Los Angeles-based privately owned real estate investment firm, purchased the property from the undisclosed seller. The acquisition marks ShainRealty’s ninth purchase on Chicago’s South Side.
