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Midwest

AcquisitionsMidwestMissouriMultifamily

Elite Street, Rialto Acquire 200-Unit Apartment Complex in St. Louis

by Kristin Harlow

ST. LOUIS — A joint venture between Elite Street Capital and Rialto Capital Management has acquired the Lofts at the Highlands in St. Louis for an undisclosed price. The 200-unit apartment property is situated on 2.8 acres at 1031 Highlands Plaza Drive. Completed in 2006, the property features units that average 1,233 square feet. Amenities include a hot tub, grilling area, courtyard, fitness center, business center and recreation room. The complex was 95 percent occupied at the time of sale. Matthew Lawton, Sean Fogarty, Marty O’Connell and Wickliffe Kirby of HFF marketed the property on behalf of the seller, KBS Legacy Partners Apartment REIT Inc., which is a public, non-traded real estate investment trust sponsored by KBS Capital Advisors LLC and affiliates of Legacy Partners Residential Realty LLC.

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DevelopmentHospitalityKansasMidwest

LANE4 Completes Development of 89-Room Home2 Suites in Kansas City, Kansas

by Kristin Harlow

KANSAS CITY, KAN. — LANE4 Property Group has completed a new Home2 Suites by Hilton hotel in Kansas City. The 89-room property is connected to an Applebee’s restaurant. The project, formerly home to a rundown retail and office center, totals just over 65,000 square feet. Home2 Suites features kitchens, in-room desks, a pool, fitness center, guest laundry and meeting space. Applebee’s underwent an extensive interior and exterior remodeling with new furniture and 16 televisions. Davidson Architecture and Engineering provided architectural services while Crossland Construction served as general contractor. Central Bank of Kansas City and Academy Bank provided financing for the project. Polsinelli provided legal counsel.

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DevelopmentIllinoisMidwestMultifamily

White Oak, Crayton to Develop 275-Unit Apartment Tower in Chicago’s West Loop

by Kristin Harlow

CHICAGO — White Oak Realty Partners and Crayton Advisors are developing a 275-unit apartment property in Chicago’s West Loop. Known as Milieu, the 19-story development is scheduled for completion in the summer of 2019. The project will include a mix of studio, one- and two-bedroom units in addition to 13,000 square feet of retail space. The property will be built in partnership with Pacific Life Insurance Co., Power Construction and a design team including architect Fitzgerald Associates, interior designer Patina Collection|Design and engineering firms WSP, WMA and Eriksson Engineering.

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AcquisitionsKansasMidwestOffice

Disaster-Restoration Firm Purchases Headquarters Building in Shawnee, Kansas for $3.2M

by Kristin Harlow

SHAWNEE, KAN. — Fire and water damage restoration company ServiceMaster DSI is relocating the headquarters for its national large loss division, ServiceMaster Recovery Management, to Shawnee this month. The 47,000-square-foot office building will also serve as the fire and water damage restoration company’s regional headquarters for Missouri and Kansas. The property is situated on four acres at 8450 Cole Parkway. Bill Maas of Block & Co. Inc. Realtors negotiated the $3.2 million sale on behalf of ServiceMaster DSI. The seller was not disclosed.

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AcquisitionsIllinoisIndustrialMidwest

Lagestee-Mulder Acquires 47,000 SF Industrial Building in Naperville, Illinois

by Kristin Harlow

NAPERVILLE, ILL. — Lagestee-Mulder has acquired a 47,000-square-foot industrial building in Naperville for an undisclosed price. The property is situated on 4.3 acres at 1600 Shore Road. Built in 1989, the property is fully leased to nine tenants that occupy spaces ranging in size from 3,118 to 9,429 square feet. Lagestee-Mulder’s investment fund, LM Value Investors II LLC, was used to acquire the newly renovated property. John Whitehead and Adam Johnson of NAI Hiffman represented the seller, Midwest Industrial Funds.

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AcquisitionsMidwestMinnesotaMultifamily

Praedium Group Acquires 168-Unit Multifamily Community in Minneapolis

by Kristin Harlow

MINNEAPOLIS — The Praedium Group has acquired Maverick North Loop Apartments in Minneapolis for an undisclosed price. Built in 2017, the rental property includes a six-story building with 155 units and a four-story building with 13 townhomes. The property also features 5,095 square feet of ground-floor retail space, half of which is leased to Starbucks. Amenities include a pool terrace, fitness center, clubhouse, dog bath and walk area. The seller was not disclosed.

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AcquisitionsIndustrialMidwestWisconsin

Dickman/CORFAC International Brokers Sale of 187,000 SF Industrial Building in Sturtevant, Wisconsin

by Kristin Harlow

STURTEVANT, WIS. — The Dickman Company Inc./CORFAC International has brokered the sale of a 187,000-square-foot industrial building in Sturtevant, about 28 miles south of Milwaukee. The sales price was not disclosed. The property is located at 2620 90th St. Gallo Business Center Investments LLC purchased the building from 90th Street Industrial LLC. Samuel M. Dickman Jr., Samuel D. Dickman and Zach Noble of Dickman brokered the transaction.

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AcquisitionsIndustrialMichiganMidwestSelf-Storage

Marcus & Millichap Arranges Sale of 72,125 SF Self-Storage Facility in Waterford, Michigan

by Kristin Harlow

WATERFORD, MICH. — Marcus & Millichap has arranged the sale of Secured Self Storage in Waterford, about 35 miles northwest of Detroit. The sales price was not disclosed. The 72,125-square-foot self-storage facility is located at 4303 Highland Road. Built in 1982, the property consists of 20 climate-controlled units and 535 standard units. Brett Hatcher and Gabriel Coe of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The team also secured and represented the out-of-state buyer.

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AcquisitionsIllinoisMidwestOffice

Millennium Properties Brokers Sale of 51,230 SF Office Building in Elgin, Illinois

by Kristin Harlow

ELGIN, ILL. — Millennium Properties Real Estate has brokered the $1.1 million sale of a 51,230-square-foot office building in Elgin, about 35 miles northwest of Chicago. The property, located at 164 Division St., is 83 percent occupied by a variety of doctor offices, law firms and design firms. Brad Thompson and Daniel Hyman of Millennium brokered the sale. A partnership sold the property to a private investor.

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IowaLeasing ActivityMidwestRetail

Four New Stores to Open at Outlets of Des Moines

by Kristin Harlow

ALTOONA, IOWA — Four national retailers are opening at Outlets of Des Moines this spring. American Eagle and Christopher & Banks are slated to open this month, followed by Michael Kors Outlet and Lucky Brand in May. The open-air outlet center, developed by New England Development and located at 801 Bass Pro Drive, opened last fall. The property will be home to approximately 42 retailers after these new additions.

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