Midwest

IPA Arranges $15.1M Sale of Property Net Leased to Giant Eagle in Medina, Ohio

by Kristin Harlow October 15, 2018

MEDINA, OHIO — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the $15.1 million sale of a single-tenant property net leased to Giant Eagle Supermarket in Medina, about 35 miles south of Cleveland. The 90,346-square-foot property is located at 870 N. Court St. Giant Eagle has operated at the site since 2006. The property underwent an expansion and renovation in 2010. Erin Patton, Scott Wiles and Craig Fuller of IPA marketed the property on behalf of the seller, a Chicago-based private REIT. A Miami-based private fund purchased the asset.

October 15, 2018

Development Hospitality Midwest Ohio

98-Room Fairfield Inn & Suites Opens in Dayton, Ohio

by Kristin Harlow October 15, 2018

DAYTON, OHIO — Shaner Hotels has opened the 98-room Fairfield Inn & Suites in Dayton. Shaner operates and co-owns the select-service hotel in conjunction with Crawford Hoying. Located at 305 E. Monument Ave., the six-story hotel is situated between Fifth Third Field, home of the Class A minor league the Dayton Dragons, and Riverscape Metro Park. Hotel amenities include a fitness center, business center, on-site laundry facilities and complimentary Wi-Fi. Dining options include complimentary breakfast, a lobby bar and The Market, which offers snacks and drinks.

October 15, 2018

Acquisitions Industrial Midwest Self-Storage Wisconsin

Marcus & Millichap Negotiates $9.5M Sale of Self-Storage Facility in Waukesha, Wisconsin

by Kristin Harlow October 15, 2018

WAUKESHA, WIS. — Marcus & Millichap has negotiated the sale of Goerkes Corners in Waukesha for $9.5 million. The 555-unit self-storage facility is located at 21300 Doral Road. Constructed in 2015, the property features both climate-controlled and non-climate-controlled units. Sean Delaney and Michael Mele of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The team also secured and represented the buyer, a limited liability company affiliated with Baron Properties in Denver.

October 15, 2018

Acquisitions Midwest Retail Wisconsin

Quantum Brokers $4.1M Sale of Retail Property in Greenfield, Wisconsin

by Kristin Harlow October 15, 2018

GREENFIELD, WIS. — Quantum Real Estate Advisors Inc. has brokered the $4.1 million sale of Outback Plaza in Greenfield, a southern suburb of Milwaukee. Mattress Firm, Destination XL, CitiBank and Phoenix Salon Suites occupy the 22,558-square-foot retail property. Chad Firsel of Quantum represented the seller, a Chicago-based acquisition and development company. A Scottsdale, Ariz.-based private real estate investor purchased the asset.

October 15, 2018

Illinois Midwest Retail Top Stories

Sears Files for Chapter 11 Bankruptcy, Plans 142 More Store Closures

by Kristin Harlow October 15, 2018

HOFFMAN ESTATES, ILL. — Sears Holdings Corp. (NASDAQ: SHLD) has filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Southern District of New York. A $134 million debt payment was due today. Eddie Lampert will step down as Sears chief executive, but will remain the company’s chairman. The Hoffman Estates-based company oversees both Sears and Kmart-branded department stores. The company has negotiated $300 million in senior financing from its lenders and is also in the process of negotiating a $300 million loan with ESL Investments Inc., which is Lampert’s hedge fund. “While we have made progress, the plan has yet to deliver the results we have desired, and addressing the company’s immediate liquidity needs has impacted our efforts to become a profitable and more competitive retailer,” says Lampert. “The Chapter 11 process will give [Sears] the flexibility to strengthen its balance sheet, enabling the company to accelerate its strategic transformation, continue right-sizing its operating model and return to profitability.” Sears and Kmart stores will remain open for business, but the company plans to close 142 unprofitable stores by the end of the year. Liquidation sales at these stores are expected to begin shortly. This is in addition …

October 15, 2018

Acquisitions Affordable Housing Illinois Midwest Multifamily

Avanath Acquires Two Affordable Housing Properties in Metro Chicago for $72.2M

by Kristin Harlow October 12, 2018

CHICAGO AND WILLOWBROOK, ILL. — Avanath Capital Management LLC has acquired two affordable housing properties in metro Chicago totaling 668 units for $72.2 million. Avanath’s institutional fund, Avanath Affordable Housing III, was used to acquire the assets. The properties include the 582-unit Hinsdale Lake Terrace in Willowbrook and the 86-unit Drexel Court in Chicago. Avanath plans to upgrade amenity spaces at both properties. Sellers were not disclosed. At the Hinsdale property, 100 percent of the rents are restricted for those earning no more than 60 percent of the area median income. At the Drexel property, resident incomes are restricted per the Illinois Housing Development Authority.

October 12, 2018

Iowa Loans Midwest Multifamily Nebraska

NorthMarq Arranges $53.3M Refinancing for Five Multifamily Properties in Iowa, Nebraska

by Kristin Harlow October 12, 2018

IOWA AND NEBRASKA — NorthMarq Capital has arranged $53.3 million for the refinancing of five multifamily properties located in Iowa and Nebraska. The properties include Park Avenue in Des Moines; Bentley and Enclave in Omaha; and Highpointe and Old Cheney in Lincoln, Neb. The five properties contain a total of 899 units. Jason Kinnison of NorthMarq arranged the five individual financings through Freddie Mac. The fixed-rate, 10-year loans feature amortization schedules of 30 years.

October 12, 2018

Loans Midwest Multifamily Ohio Seniors Housing

Greystone Provides $15M Bridge Financing for Two Skilled Nursing Facilities in Youngstown, Ohio

by Kristin Harlow October 12, 2018

YOUNGSTOWN, OHIO — Greystone has provided $15 million in bridge financing for two skilled nursing facilities in Youngstown. The properties include Beeghly Oaks Center for Rehab and Healing and Oasis Center for Rehab and Healing. The properties have undergone significant renovations and offer sub-acute care, skilled nursing, pulmonary care, wound care, orthopedic rehabilitation, a veterans program, concierge services and outpatient therapy. The Beeghly Oaks Center has a dialysis unit, and the Oasis Center offers diabetic management and a Parkinson’s program for residents and non-residents. Fred Levine of Greystone originated the loan.

October 12, 2018

Acquisitions Midwest Net Lease Ohio Retail

Boulder Group Brokers $2.8M Sale of Property Net Leased to CVS in Cleveland Heights, Ohio

by Kristin Harlow October 12, 2018

CLEVELAND HEIGHTS, OHIO — The Boulder Group has brokered the $2.8 million sale of a single-tenant property net leased to CVS Pharmacy in Cleveland Heights, an inner-ring suburb of Cleveland. The 10,159-square-foot building is located at the intersection of Monticello Boulevard and Noble Road. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based real estate investment company. A West Coast-based real estate partnership purchased the asset. CVS has five years remaining on its lease, which expires in January 2023.

October 12, 2018

Acquisitions Industrial Michigan Midwest

Friedman Arranges Sale of 28,900 SF Industrial Building in Inkster, Michigan

by Kristin Harlow October 12, 2018

INKSTER, MICH. — Friedman Real Estate has arranged the sale of a 28,900-square-foot industrial building in Inkster, about 20 miles west of Detroit. The sales price was not disclosed. The property is located at 3000 Middlebelt Road. Phil Konopitski of Friedman represented the buyer, Abdul Saleh. Kodiak Properties was the seller. Tenants were not disclosed.

October 12, 2018

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