INDIANAPOLIS — PRP has acquired Cosmopolitan on the Canal, a 218-unit Class A apartment complex located along the Central Canal in downtown Indianapolis. The purchase price was undisclosed. Constructed in 2010, the community’s interiors remain in their original condition and will undergo a comprehensive renovation. The property is situated in the Canal Walk District and features a waterfront setting.
ST. PETERS, MO. — Marcus & Millichap has arranged the sale of Cave Springs Shopping Center in the St. Louis suburb of St. Peters for $22.1 million. The retail power center totals 176,804 square feet. Anchor tenant Hobby Lobby has operated at the property since 2003. The Edge Fitness Club serves as a co-anchor at the property, which was fully leased at the time of sale. Additional tenants include Office Depot, Cycle Gear and LongHorn Steakhouse. Craig Fuller, Erin Patton and Scott Wiles of Marcus & Millichap’s Institutional Properties Advisors division procured a local buyer completing a 1031 exchange. The sale included four outparcel buildings that the buyer can spin off during the hold period if desired, according to Wiles.
AVON, OHIO — Laurel Real Estate Co. has negotiated the sale of the Fairfield Inn & Suites hotel in Avon near Cleveland for an undisclosed price. The 82-room property is located at 39050 Colorado Ave. Amenities include an indoor pool, fitness center and meeting space. Laurel represented the undisclosed seller and was the sole brokerage involved in the transaction, which was considered an off-market deal.
JUSTICE, ILL. — Network Commercial Real Estate has brokered the $4.4 million sale of a 5-acre retail development site located at 8650 W. 79th St. in Justice, a southwest suburb of Chicago. Neil Haleem of Network represented the seller, Emaar Enterprise LLC. Jeremy Forman of Shai Town Realty Group represented the buyer, Quick Trip Corp. The site will be developed into a QT gas station and convenience store.
By Trina Sandschafer, AIA, Project Management Advisors Adaptation and reinvention are core parts of what makes American cities great, and Chicago is a prime example. Whether rebuilding, reimagining space for modern usage or creating new neighborhoods from formerly empty lots, the city has become known for its unique ability to bring new energy and life to formerly underutilized areas. Chicago knows how to reimagine the built environment and is leading the way with several transformative development strategies. Adaptive reuse: A well-tested Chicago tactic Chicago’s long history of adaptive reuse began with the pioneering residential loft developers. In the wake of nationwide manufacturing declines, these enterprising developers saw opportunity in the city’s largely vacant warehouses and manufacturing buildings. The success of these early loft conversions encouraged further reimagining of Chicago’s aging industrial and office stock into condominiums, apartments, offices, entertainment venues and hospitality spaces, which continue to this day. Now, adaptive reuse strategies are helping to increase the supply of housing and restore economic viability to communities dealing with the lingering impact of the pandemic on local businesses. Converting legacy structures to new and better uses is more environmentally sustainable and can be more cost-effective than demolishing older buildings and starting …
WEST LAFAYETTE, IND. — Landmark Properties, in partnership with Manulife Investment Management, has broken ground on The Standard at West Lafayette, a 678-bed student housing project located adjacent to Purdue University in West Lafayette. Peninsula Investments also partnered on the project. Landmark Urban Construction, the in-house general contractor for Landmark Properties, is building the development. The 253-unit community is slated to deliver in time for the 2027 academic year. The Standard at West Lafayette will offer fully furnished residences with floor plans ranging from studios to four-bedroom units. Spanning 18,234 square feet, amenities will include a rooftop clubhouse with an outdoor heated pool and fitness center as well as a fourth-floor amenity level with seating, a gaming lounge and interior courtyard. The property will feature more study spaces than any other student housing community in West Lafayette, according to Landmark. The garage will feature parking for 207 vehicles. BKV Group is the architect. The project marks Landmark’s second student housing development in Indiana, following The Standard at Bloomington, which opened in fall 2023.
MAPLE GROVE, MINN. — JLL Capital Markets has provided a $33.2 million Fannie Mae loan for the refinancing of Risor of Maple Grove, a luxury 55+ community in the Minneapolis suburb of Maple Grove. The 169-unit property, completed in June 2023, rises four stories with a mix of studios, one- and two-bedroom units averaging 1,002 square feet. Amenities include a clubroom, golf simulator, wine bar, indoor pool and spa, pickleball court and top-floor sky lounge. Scott Loving, Scott Streiff, Gary Marchiori and Will Hintz of JLL originated the five-year, fixed-rate loan on behalf of the borrower, Roers Cos.
MADISON, WIS. — Midloch Investment Partners and Fountain Real Estate Capital have acquired Tradesmen Industrial, a 131,558-square-foot industrial property in Madison. The purchase price was undisclosed. Midloch and Fountain are co-investors in the facility, which can accommodate warehouse, distribution and manufacturing uses. The asset is fully leased to three tenants. Completed in 2023, the property is located at 5525 Tradesmen Drive and features a clear height of 32 feet, 14 loading docks and direct access to I-39, I-90, Highway 12 and Highway 18. Fountain will handle leasing and management for the property. Judd Welliver of CBRE brokered the sale. Mike Vannelli of CBRE arranged a new mortgage loan through Magnifi Financial on behalf of the buyers.
RAYTOWN, MO. — Block & Co. Inc. Realtors has secured a 35,000-square-foot location for Me 2 You Career Academy in the Kansas City suburb of Raytown. The fast-track healthcare program that provides debt-free education has moved to 9808 E. 66th Terrace and 9817 E. 66th St. Me 2 You is a Missouri Department of Higher Education-accredited institution established in 2021. The new location provides a larger and improved space to support the academy’s employees, students and overall program growth. Garrett Cohoon of Block & Co. represented the tenant in the lease, while Bill Maas of Block & Co. represented the undisclosed landlord.
BENSENVILLE, ILL. — Lee & Associates has negotiated a 25,631-square-foot industrial lease at 1071 Thorndale Ave. in the Chicago suburb of Bensenville. The lease brings the property to full occupancy. Chris Nelson of Lee & Associates represented the landlord, Prologis. Jeff Fischer of KBC Advisors represented the tenant, McDonald Associates Inc., an Elk Grove-based electrical manufacturer’s representative company focused on providing sales and warehousing solutions for clients.
