Midwest

Wells Fargo Provides $56.5M Acquisition Loan for Multifamily Property in Suburban Chicago

by Kristin Harlow June 1, 2018

ELK GROVE VILLAGE, ILL. — Wells Fargo has provided a $56.5 million loan for the acquisition of Willow Crossing in the northwest Chicago suburb of Elk Grove Village. The 579-unit multifamily property consists of 14 buildings. Amenities include two swimming pools, two playgrounds, a fitness center, clubhouse and business center. Matthew Schoenfeldt of HFF arranged the five-year loan on behalf of the borrower, The Marquette Companies. In addition to using the loan proceeds to acquire the property, the borrower plans to renovate the asset. Renovated units will feature new countertops, stainless steel appliances, walk-in closets and private balconies.

June 1, 2018

Acquisitions Indiana Midwest Multifamily

UMH Acquires Two Manufactured Housing Communities in Anderson, Indiana for $20.5M

by Kristin Harlow June 1, 2018

ANDERSON, IND. — UMH Properties Inc. (NYSE: UMH) has acquired two manufactured housing communities in Anderson, about 40 miles northeast of Indianapolis, for $20.5 million. All totaled, the properties feature 669 developed home sites on approximately 231 acres. The average occupancy rate is 91 percent. UMH is a public traded REIT that owns and operates 114 manufactured home communities with approximately 20,600 developed home sites.

June 1, 2018

Acquisitions Illinois Midwest Multifamily

Kiser Group Brokers $18.6M Sale of Apartment Property in Blue Island, Illinois

by Kristin Harlow June 1, 2018

BLUE ISLAND, ILL. — Kiser Group has brokered the $18.6 million sale of Blue Station Apartments in Blue Island, about 16 miles south of Chicago. The 345-unit apartment complex is located at 2130 W. 122nd St. The buyer, an undisclosed national portfolio owner, purchased the property from Kinzie Realty Corp. Kinzie assembled the apartments through multiple acquisitions. Community amenities include an on-site convenience store and daycare center. Lee Kiser and Matt Halper of Kiser brokered the transaction.

June 1, 2018

Acquisitions Industrial Midwest Minnesota

CBRE Arranges $12.3M Sale of Industrial Property in Maple Grove, Minnesota

by Kristin Harlow June 1, 2018

MAPLE GROVE, MINN. — CBRE has arranged the sale of Five Star Commerce Center in Maple Grove, about 15 miles northwest of Minneapolis. The 163,012-square-foot industrial property is comprised of three buildings. Constructed in 1999, the property is fully occupied. Major tenants include Next Day Automation, Dance Complex, TruGreen and Brush Masters Inc. Judd Welliver, Ryan Watts, Sonja Dusil and Tom Holtz of CBRE represented the seller, Interstate Partners. Sterling Office and Industrial Properties LLC, a North Dakota-based REIT, acquired the asset.

June 1, 2018

Development Illinois Midwest Office

Baker Nears Completion of 62,000 SF Office Redevelopment in Chicago

by Kristin Harlow June 1, 2018

CHICAGO — Baker Development Corp. has completed the exterior construction of 2017 N. Mendell, a 62,000-square-foot office redevelopment in Chicago. The property was formerly an industrial building and will be the first Class A office project completed in the North Branch Industrial Corridor since the adoption of zoning changes last year. Customizable spaces at 2017 N. Mendell, a speculative office development, range from 3,800 to 17,000 square feet. The property will feature a 3,000-square-foot rooftop deck and a dedicated food truck court. Windows will automatically adjust to sunlight to reduce glare and improve temperature control. Baker expects to deliver the first spaces during this quarter. A streamlined interior build-out process, featuring pre-selected options for paint, lighting, flooring and wall partitions, will enable businesses to quickly occupy their space.

June 1, 2018

Development Industrial Midwest Ohio

Opus to Construct 612,730 SF Speculative Warehouse in Middletown, Ohio

by Kristin Harlow May 31, 2018

MIDDLETOWN, OHIO — The Opus Group has unveiled plans to construct a 612,730-square-foot, speculative warehouse in Middletown, about 38 miles north of Cincinnati. The property will feature a clear height of 36 feet, 40 dock doors, 79 trailer positions and 410 car parking spaces. Construction is expected to begin in June with completion slated for May 2019. Opus Development Co. is the developer and Opus Design Build is the design-builder. Opus AE Group is the architect of record and structural engineer. The project is a joint venture with Founders Properties LLC. Norm Khoury and John Gartner of Colliers International will market the property for lease.

May 31, 2018

Acquisitions Illinois Industrial Midwest

Exeter Property Group Acquires Two-Building Industrial Portfolio in Buffalo Grove, Illinois

by Kristin Harlow May 31, 2018

BUFFALO GROVE, ILL. — Exeter Property Group has acquired a two-building industrial portfolio in Buffalo Grove, a suburb of Chicago. The properties, spanning a combined 180,766 square feet, are located in Covington Corporate Center. One of the buildings, 951 Commerce Court, is a 95,810-square-foot property fully leased to Veritas Document Solutions. The other is an 84,956-square-foot building fully leased to five tenants, including Sears, Midwest Sealing Products and Perfect Power. Robin Stolberg, Kurt Sarbaugh and Sam Berry of HFF represented the undisclosed seller.

May 31, 2018

Acquisitions Midwest Missouri Retail

Block & Co. Brokers $3.6M Sale of Retail Building in St. Joseph, Missouri

by Kristin Harlow May 31, 2018

ST. JOSEPH, MO. — Block & Co. Inc. Realtors has brokered the sale of a 90,348-square-foot retail building in St. Joseph, about 55 miles north of Kansas City. Orscheln Farm & Home, a farm and ranch supply store company, purchased the property for its new location. The building is part of a shopping center that includes Hy-Vee, Shoe Carnival, Fashion Bug and Sally Beauty. Tony DeTommaso and Mark McConahay of Block represented the seller, Heartland Health Business Plaza LLC. Carl LaSala of NAI LaSala-Sonnenberg Heartland represented the buyer.

May 31, 2018

Acquisitions Hospitality Kansas Midwest

Hunter Hotel Advisors Arranges Sale of 147-Room Hotel in Kansas City, Kansas

by Kristin Harlow May 31, 2018

KANSAS CITY, KAN. — Hunter Hotel Advisors has arranged the sale of the 147-room Hilton Garden Inn in Kansas City for an undisclosed price. Peachtree Hotel Group purchased the hotel from Fairwood Capital. The property is located next door to the Reardon Convention Center and offers more than 1,375 square feet of meeting and event space. David Perrin of Hunter Hotel Advisors brokered the transaction.

May 31, 2018

Acquisitions Indiana Industrial Lee & Associates Midwest

Lee & Associates Negotiates Sale of 20,786 SF Warehouse in Indianapolis

by Kristin Harlow May 31, 2018

INDIANAPOLIS — Lee & Associates has negotiated the sale of a 20,786-square-foot industrial warehouse in Indianapolis for an undisclosed price. The property is located at 5402 Massachusetts Ave. Stan Elser of Lee & Associates represented the buyer, Gardner Associates LLC. Jeff Baumgardner of Century 21 Sheetz represented the seller, Parke Properties LLC.

May 31, 2018

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