Midwest

HFF Arranges Sale of 407,363 SF Retail Center in Fort Wayne, Indiana

by Kristin Harlow March 20, 2018

FORT WAYNE, IND. — HFF has arranged the sale of Jefferson Pointe in Fort Wayne for an undisclosed price. The 407,363-square-foot retail center is situated on 50 acres at 4110 W. Jefferson Blvd. Tenants at the property, built in 2000, include Carmike Cinemas, Bed Bath & Beyond, Barnes & Noble, Marshalls, Ulta Beauty, Old Navy, White House Black Market, Vera Bradley, Michaels and Tucanos Brazilian Grill. A separately owned Von Maur shadow anchors the property. The vacancy rate is around 20 percent, according to The Journal Gazette. Amy Sands, Clinton Mitchell, Barry Brown, Dave Keller and Claudia Steeb of HFF represented the seller, Institutional Mall Investors LLC, which was advised by Miller Capital Advisory Inc. Jefferson Pointe Center SPE LLC purchased the asset.

March 20, 2018

Affordable Housing Indiana Loans Midwest Multifamily

KeyBank Provides $17.1M in Financing for Renovation of Affordable Housing Community in Indianapolis

by Kristin Harlow March 20, 2018

INDIANAPOLIS — KeyBank Community Development Lending & Investment has provided $17.1 million in financing for the renovation of Lakes at Crossridge, an affordable housing community in Indianapolis. Victoria O’Brien and Al Beaumariage of KeyBank originated the financing, which included a $10.2 million Freddie Mac tax-exempt loan and a $6.9 million LIHTC (Low-Income Housing Tax Credit) equity investment. Formerly known as Farmington Lake Apartments, the property features 252 units across 21 buildings. All of the one- and two-bedroom units are reserved for residents earning at or below 60 percent of the area median income. The renovation plan includes replacement of all HVAC systems, water heaters, doors and windows, and the installation of energy-efficient fixtures. Planned community improvements include a new computer lab, a key fob building entry system, new playground, bike racks, outdoor entertainment areas and a camera security system.

March 20, 2018

Acquisitions Illinois Midwest Multifamily

Michael P. Jakubiec Investment Real Estate Brokers Sale of Three Apartment Properties in Illinois

by Kristin Harlow March 20, 2018

WOODBRIDGE, ST. CHARLES AND CRYSTAL LAKE, ILL. — Michael P. Jakubiec Investment Real Estate Inc. has brokered the sale of three apartment properties in Illinois for a purchase price of just under $26 million. The properties, which total 263 units, include The Quarters in Woodbridge, Charleston Park Apartments in St. Charles and Camelot Apartments in Crystal Lake. TriCap Residential was the buyer. A private party was the seller.

March 20, 2018

Acquisitions Industrial Iowa Midwest Self-Storage

Bellomy Negotiates Sale of Two Self-Storage Facilities in Des Moines

by Kristin Harlow March 20, 2018

DES MOINES, IOWA — Bellomy & Co. has negotiated the sale of two Class A self-storage facilities in Des Moines. The sales price was not disclosed. One of the properties, Afford It Storage, includes 280 units spread across 36,150 square feet. Country Club Mini Storage features 170 units totaling 22,200 square feet. The facilities, located 5.6 miles apart, both feature a mix of climate-controlled and non-climate-controlled units. Bill Bellomy, Michael Johnson and John Arnold of Bellomy represented the Iowa-based seller. The team also procured the buyer, StorageMart, which operates more than 15 million square feet of storage in three countries.

March 20, 2018

Illinois Leasing Activity Midwest Office

Arjo Signs 62,000 SF Office Lease Renewal, Expansion in Addison, Illinois

by Kristin Harlow March 20, 2018

ADDISON, ILL. — Arjo Inc. has signed a 62,000-square-foot office lease renewal for its North American headquarters in Addison, about 20 miles west of Chicago. The medical technology company is expanding by 18,000 square feet to occupy the entire second floor at Meadows Corporate Center I. Dave Burden of Colliers International negotiated the lease transaction on behalf of Arjo. Over the past 10 years, Arjo has grown steadily from 31,000 square feet to become the largest tenant in the building today, according to Colliers.

March 20, 2018

Illinois Loans Midwest Retail

MidCap Financial Provides $18M Loan for 362,000 SF Retail Center in Aurora, Illinois

by Kristin Harlow March 19, 2018

AURORA, ILL. — MidCap Financial has provided an $18 million senior loan for the acquisition and refinancing of a 362,000-square-foot retail center in Aurora. Chicago-based Windfall Group was the borrower. Best Buy, Value City Furniture and Pier 1 Imports anchor the center, which is located north of Fox Valley Mall. Windfall plans to rename the center Pacific Square and remodel it with new restaurants and shops. Jessica Ke of Cushman & Wakefield and John Leslie of Eastern Consolidated arranged the loan.

March 19, 2018

Leasing Activity Midwest Office Ohio

Red Roof to Open New Headquarters in Ohio

by Kristin Harlow March 19, 2018

NEW ALBANY, OHIO — Red Roof has unveiled plans to open a new, 43,000-square-foot corporate headquarters in New Albany, about 15 miles northeast of Columbus. The office, located at 7815 Walton Parkway, will house 150 corporate employees. The company plans to expand its portfolio of sub-brands, including Red Roof Inn, Red Roof PLUS and The Red Collection. The St. Clair Hotel in Chicago, The Red Collection’s flagship location, is scheduled to open this year.

March 19, 2018

Acquisitions Illinois Midwest Retail

Adelphia Negotiates $2.9M Sale of Retail Building in Suburban Chicago

by Kristin Harlow March 19, 2018

GLEN ELLYN, ILL. — Adelphia Properties has negotiated the $2.9 million sale of a two-tenant retail building in Glen Ellyn, about 24 miles west of Chicago. Mattress Firm and F45 Fitness occupy the 7,006-square-foot property. Simeon Spirrison and George Spirrison represented the seller, a local developer, in the transaction. A local investor purchased the asset for 98 percent of the list price.

March 19, 2018

Acquisitions Midwest Minnesota Multifamily

Marcus & Millichap Arranges $2.8M Sale of Apartment Property in St. Paul

by Kristin Harlow March 19, 2018

ST. PAUL, MINN. — Marcus & Millichap has arranged the $2.8 million sale of Hoyt Avenue Apartments in St. Paul. The 36-unit apartment property spans two buildings with a mix of one- and two-bedroom units. Apartments range in size from 700 to 850 square feet. Recent upgrades include new balconies, sliding doors and improvements to a majority of the units. Evan Miller, Mox Gunderson, Dan Linnell and Josh Talberg of Marcus & Millichap marketed the property on behalf of the seller, a partnership, and procured the buyer, a private investor.

March 19, 2018

Acquisitions Hospitality Midwest Ohio

Huff, Niehaus Brokers Sale of 42-Room Hotel in Lebanon, Ohio

by Kristin Harlow March 19, 2018

LEBANON, OHIO — Huff, Niehaus & Associates Inc. has brokered the sale of the Carefree Inn in Lebanon, about 35 miles northeast of Cincinnati. The sales price and seller were not disclosed. The 42-room hotel is located at 674 N. Broadway St. near the Lebanon Raceway. Complimentary Wi-Fi and breakfast are available for hotel guests. A first-time hotel owner purchased the asset. Brandt Niehaus of Huff, Niehaus & Associates marketed the property for sale.

March 19, 2018

Newer Posts

Older Posts