CHICAGO — Kiser Group has brokered the $9 million sale of The Maynard in Chicago’s Uptown neighborhood. The 74-unit apartment building is located at 4875 N. Magnolia Ave. Originally built in 1925, the property features primarily micro-unit studios, some as small as 218 square feet. Rick Ofman and Lee Kiser of Kiser Group brokered the transaction. Becovic Management purchased the asset from CLK Properties.
WEST ALLIS, WIS. — Cushman & Wakefield | Boerke has arranged the sale of the Atlas Pipe Threading Co. building in West Allis, six miles west of Milwaukee. The sales price was not disclosed. The 35,266-square-foot industrial property is located at 11133 W. Rogers St. Dave Ferron and Kristian Sydow of Cushman & Wakefield | Boerke brokered the sale on behalf of the buyer, Composite Drivelines LLC, and the seller, Atlas Pipe Threading Co., a pipe supplier that closed its business over a year ago.
LITTLE FALLS, MINN. — Timber Development has sold a 12,000-square-foot retail center in the central Minnesota city of Little Falls for $1.2 million. The newly renovated property is 100 percent leased. Tenants include Maurice’s Clothing, Shoe Sensation and Cricket Wireless. Erin Patton of Marcus & Millichap brokered the transaction. The buyer was not disclosed.
CHICAGO — JLL Capital Markets has arranged the $86 million sale of a 1.2 million-square-foot, 11-property industrial portfolio across metro Chicago. High Street Realty Co. LLC purchased the portfolio on behalf of High Street Real Estate Fund V LP. Seven of the buildings are fully leased. The portfolio’s total occupancy rate is 86 percent. The properties include: 801, 901 and 1001 Technology Way in Libertyville; 101 Corporate Center in Lemont; 755 Remington Blvd. in Bolingbrook; 2050 Hammond Drive in Schaumburg; and 900, 909,1000 Asbury Drive and 911 Commerce Court in Buffalo Grove. Additionally, a 74,024-square-foot building at 1001 Asbury Drive in Buffalo Grove will be available for lease starting July 31. John Huguenard, Sean Devaney, Ed Halaburt, Steve Trapp and Steve Ostrowski of JLL brokered the transaction on behalf of the seller, an institutional client.
ROCHESTER, MINN. — The Opus Group and Titan Development & Investments have begun construction of a 154-unit apartment project Rochester, located in the southeast corner of the state. The six-story building will include 9,000 square feet of ground-level retail space. Amenities will include a dog wash, swimming pool, fire pit, clubroom and fitness center. Unit sizes will range from studios to penthouses. Completion is slated for summer 2019. Opus Design Build LLC is the design-builder and Opus AE Group is the interior designer, architect and structural engineer of record.
CINCINNATI — CBRE Group Inc. has provided a $13.6 million HUD loan for the refinancing of The Reserve at 4th and Race, a luxury apartment property in downtown Cincinnati. The 15-story property features 88 residential units in addition to office space. The former Federal Reserve Bank of Cleveland, built in 1927, was converted into multifamily and office space in 2012. Mark Tran of CBRE originated the 40-year loan, which is fully amortized.
CHICAGO — Baum Realty Group LLC has brokered the $4.1 million sale of a retail property leased by Family Dollar in Chicago’s Logan Square. The 9,801-square-foot building is located at 2274-2282 N. Milwaukee Ave. Greg Dietz, Danny Spitz and Patrick Forkin represented the undisclosed seller in the transaction. A family office buyer purchased the asset. The 4.8 percent cap rate is the lowest single-tenant Family Dollar on record nationwide, according to Baum and CoStar Group.
BELTON, MO. — Venture Construction has broken ground on a 10,000-square-foot restaurant for Cracker Barrel in Belton, about 20 miles south of Kansas City. The property will be located on the southeast corner of 163rd Street and I-49. Cracker Barrel plans to hire more than 175 employees at the location. The opening is slated for this fall. This will be the 18th Cracker Barrel location in the state of Missouri.
ST. LOUIS AND VALLEY PARK, MO. — Berkadia has arranged the sale of a six-property multifamily portfolio located in St. Louis County. The 2,000-unit portfolio sold for nearly $180 million. Andrea Kendrick and Ken Aston of Berkadia represented the seller, New Jersey-based GEM Property Management. Joe Harms and Julie Irvin of Salivar Harms LLP acted as legal counsel to GEM. “This transaction is indicative of the strength of the St. Louis multifamily market,” says Aston. “It is the largest portfolio transaction in the history of St. Louis real estate.” Berkadia’s Peter Benedetto also arranged Fannie Mae acquisition financing on behalf of the buyer, Colorado-based Monarch Investment and Management Group. “The portfolio included six apartment communities with long-term ownership,” says Kendrick. “In recent years, the seller invested more than $50 million into capital improvements.” Five of the properties in the portfolio are located in St. Louis: the 320-unit Canyon Creek, 256-unit Southwoods, 388-unit Heritage Estates, 550-unit Villages at General Grant and 196-unit Village Royale. The portfolio also includes the 260-unit Forest Woods in Valley Park, roughly 20 miles southwest of St. Louis. The garden-style communities feature amenities such as swimming pools, playgrounds, fitness centers, picnic areas and sports courts. Monarch will take …
Exciting times are in store for the senior living industry. A massive generation of baby boomers is entering the golden years of retirement and beyond, driving a wave of demand for seniors housing. The U.S. Census Bureau estimates 78 million baby boomers were born between 1946 and 1964. The youngest boomers are 54 this year and the oldest are 72, so we are just eclipsing the front end of the wave. In 2029, just 11 years from now, all baby boomers will be at least 65 years old, with the vast majority beyond age 65. This group will represent 20 percent of the U.S. population, and that is when the wave may start to resemble a tsunami. Strength in numbers Demographers agree that circumstances are favorable for growth in the seniors housing market, and the real estate industry is responding. In the Twin Cities, market conditions are balanced with an adequate supply of seniors housing to handle the first groups of seniors moving in. At this time, we observe that the greatest demand is for independent living versus assisted living, memory care or skilled nursing. Overbuilding has not been an issue in the Twin Cities and most of the Midwest …
