INDIANAPOLIS — JLL has arranged the sale of Lake Pointe Center III and IV in Indianapolis for an undisclosed price. M&J Wilkow and a fund manager by DRA Advisors LLC purchased the pair of office buildings, which span 170,000 square feet. Recently updated amenities include an on-site conference facility and fitness center. Jim Postweiler, Peter Harwood and Derek Fohl of JLL arranged the sale on behalf of the seller, USAA Real Estate.
EVANSTON, ILL. — KeyBank Real Estate Capital has provided a $24.3 million Fannie Mae loan for the acquisition of a four-property multifamily portfolio in Evanston. The properties total 132 units and were built in the early 1920s. Erik Storz of KeyBank arranged the non-recourse, fixed-rate loan with a 10-year term. The borrower was not disclosed.
CLIVE, IOWA — Carter Validus Mission Critical REIT II Inc. has purchased the Clive Healthcare Facility for $23.5 million. The 58,156-square-foot property is situated on one acre in Clive, about 10 miles east of Des Moines. Constructed in 2008, the facility is fully leased and anchored by an ambulatory surgery center. The seller was not disclosed.
CAROL STREAM AND ELGIN, ILL. — Colliers International has brokered the sale of two warehouses in Carol Stream and Elgin. The asking price was $7 million, but the final sales price was not disclosed. The Carol Stream property spans 45,746 square feet and includes five loading docks. The building is fully leased to two tenants. The Elgin property spans 35,756 square feet and includes three loading docks. Kelly Joyce of Colliers represented the undisclosed buyer. Jeff Devine and Steve Disse of Colliers represented the seller, Bristol Group.
FARGO, N.D. — Newmark Knight Frank (NKF) has arranged a $77.2 million construction loan for Block 9, a $125 million mixed-use project in downtown Fargo. The project involves the transformation of a 48,000-square-foot parking lot into an 18-story mixed-use tower. Ben Greazel of NKF arranged the loan on behalf of the borrower, a joint venture between Kilbourne Group and R.D. Offutt Co. A syndicate of banks led by First National Bank of Omaha provided the financing. Construction began in September. R.D. Offutt Co. will occupy a portion of the tower for its headquarters. Other components of the project include ground-floor retail space, a boutique hotel to be managed by Aparium Hotel Group, a restaurant and residential condominiums. Completion is slated for 2020.
CHESTERFIELD, MICH. — Grandbridge Real Estate Capital has secured a $42.9 million first mortgage loan for the acquisition of Waterside Marketplace in Chesterfield, about 25 miles north of Detroit. Tenants at the 291,231-square-foot retail center include Dick’s Sporting Goods, Best Buy, TJ Maxx, Bed Bath & Beyond, Ulta, JoAnn Fabrics, Old Navy, DSW, Five Below, Party City, JC Penney and Lowe’s. Gerry Robbins of Grandbridge arranged the three-year loan, which features a 25-year amortization schedule and an interest rate in the low-four percent range. A Grandbridge correspondent lender provided the loan. Mid-America Real Estate Corp. brokered the sale on behalf of the buyer, PMAT Real Estate Investments.
WINNETKA, ILL. — The Winnetka Village Council has given final approval to One Winnetka, a five-story retail-residential project in suburban Chicago. The development will be located adjacent to the city’s train station in the downtown area. David Trandel, CEO of both Springbank Capital Advisors LLC and Stonestreet Partners LLC, is the developer. Lucien Lagrange Studio is the architect. One Winnetka will offer 36 apartment units, 15 condominiums and seven townhome units, as well as 30,000 square feet of street-level commercial space and 355 parking spaces. The three-building project is slated for completion at the end of 2020.
NEWBURGH, IND. — Marcus & Millichap has brokered the sale of a 560-unit self-storage facility in Newburgh in southwestern Indiana. The sales price was not disclosed. The facility, located at 6998 Loehr Road, spans 74,562 square feet. The property includes 88 climate-controlled units, 411 drive-up units and 61 parking spaces. Jeffrey Herrmann, Sean Delaney and Michael Mele of Marcus & Millichap marketed the property on behalf of the undisclosed sellers. The team also secured and represented the buyer, Iron Gurad Storage.
CHICAGO — Verizon has leased 2,455 square feet on North Cicero Avenue in Chicago for a flagship store. The property, which sits below 64 residential units, is located in Portage Park near the Jefferson neighborhood. First Western Properties brokered the 10-year lease transaction.
Today, Detroit looks starkly different than a decade ago. The city was hit hard by the Great Recession, but shortly thereafter, businesses started moving their operations into the downtown corridor. Businessman Dan Gilbert moved Quicken Loans into its downtown headquarters in August 2010, bringing approximately 1,700 employees with him. Today, Quicken’s footprint has expanded to 17,000 employees working downtown. Other companies followed, such as when we moved our headquarters downtown in 2012. As the city has regained its footing, retail has helped bring people into the downtown corridor, both from around the city and from out of the suburbs. To date, Woodward Avenue and Capitol Park have been the two main hubs of retail activity in downtown Detroit, with once-vacant buildings housing national brands and unique entrepreneurs. As these two neighborhoods become more populated, retailers are starting to look for other neighborhoods in Detroit with potential to be redeveloped into standout retail options. This begs the question: can other neighborhoods in Detroit flourish and support retail, beyond the central business district? As Detroit’s renaissance expands to other neighborhoods throughout the city, we expect there to be more opportunities ahead. Any incoming retailers and developers should consider what categories may be …