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Midwest

MidwestMissouriRetail

Knoebel Completes Construction of $54M Shopping Mall in St. Peters, Missouri

by Kristin Harlow

ST. PETERS, MO. — Knoebel Construction has completed The Shoppes at Mid Rivers in St. Peters, a suburb of St. Louis. The project is the largest mall to be built in St. Charles County since 2008. The 270,000-square-foot shopping center includes 14 buildings on 28 acres just north of I-70. Academy Sports + Outdoor, Burlington, Marshalls, Home Goods, Ulta Beauty, OshKosh B’gosh, Five Below, Famous Footwear and Aspen Dental have opened at the property. Ross Dress for Less, Sleep Number, Sprint and World Financial are slated to open in early 2018. Approximately 50 subcontractor companies worked on the project. The shopping center will employ 750 full- and part-time employees, according to developer GBT Realty Corp.

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MichiganMidwestRetail

Mid-America Arranges Sale of 273,029 SF Retail Center in Livonia, Michigan

by Kristin Harlow

LIVONIA, MICH. — Mid-America Real Estate Corp. has arranged the sale of Millennium Park shopping center, a 273,029-square-foot retail center in Livonia, a suburb of Detroit. Grand Sakwa Properties acquired the asset for an undisclosed price. Ben Wineman of Mid-America arranged the transaction on behalf of the seller, Ramco-Gershenson Properties Trust. Millennium Park shopping center is home to tenants including The Home Depot, Marshalls, Michaels, PetSmart and Ulta Beauty. Costco and Meijer anchor the center.

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MidwestMinnesotaMultifamily

Marcus & Millichap Arranges $3M Sale of Apartment Building in Maplewood, Minnesota

by Kristin Harlow

MAPLEWOOD, MINN. — Marcus & Millichap has arranged the sale of English Manor for $3 million. The 37-unit apartment building is located on English Street in Maplewood, about 20 miles east of Minneapolis. The property features 21 one-bedroom units and 16 two-bedroom units. Evan Miller, Mox Gunderson, Dan Linnell and Josh Talberg of Marcus & Millichap marketed the property on behalf of the seller and procured the buyer. Both were private investors.

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MidwestMinnesotaMixed-Use

Cushman & Wakefield Arranges $19.2M Sale of Mixed-Use Property in Minneapolis

by Kristin Harlow

MINNEAPOLIS — Cushman & Wakefield has arranged the sale of Riverwalk Townhomes and Flats in the North Loop neighborhood of Minneapolis for $19.2 million. The property features 96 residential units and 10,000 square feet of office condo space. The unit mix includes 40 rental townhomes and 56 apartments. Lance Steiger and Robert Dulin of Cushman & Wakefield represented the seller, James Stanton Estate. Seattle-based Goodman Real Estate purchased the property.

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LoansMichiganMidwestMultifamily

Pillar Originates $10.3M HUD Loan for Refinancing of Multifamily Property in Suburban Detroit

by Kristin Harlow

OAK PARK, MICH. — Pillar Financial, a division of SunTrust Bank, has originated a $10.3 million HUD 223(f) loan for the refinancing of Oaks on Lincoln in Oak Park, a suburb of Detroit. The 120-unit apartment property features two- and three-bedroom units up to 1,460 square feet. David Wilkins of Pillar originated the fully amortizing 35-year loan. The borrower, Kaftan Communities, will use the loan to renovate the kitchen in each unit and to make other significant improvements to the property in 2018. The improvements will enable the property to remain at market-rate rents, according to Pillar.

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HealthcareIllinoisMidwestSeniors Housing

CareTrust REIT Acquires 90-Bed Skilled Nursing Facility in Greenville, Illinois

by Kristin Harlow

GREENVILLE, ILL. — CareTrust REIT (NASDAQ: CTRE) has acquired Helia Healthcare of Greenville, a 90-bed skilled nursing facility in Greenville, about 50 miles east of St. Louis. The purchase price was not disclosed. The property, located at 400 E. Hillview Ave., is the only nursing home within a 20-mile radius that offers skilled nursing services, including neuromuscular disorders care, amputation care, cardiac care, nutritional support, advanced wound care and enteral nutrition, according to HFF. David Fasano, Ryan Maconachy, Chad Lavender and Sarah Anderson of HFF marketed the property on behalf of the seller, Palladian Healthcare.

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IllinoisMidwestRetail

Marcus & Millichap Brokers $2.4M Sale of Retail Property in Crestwood, Illinois

by Kristin Harlow

CRESTWOOD, ILL. — Marcus & Millichap has brokered the sale of a 4,800-square-foot retail property in Crestwood, about 25 miles southwest of Chicago, for $2.4 million. The building, located at 13430 South Cicero Ave., is 100 percent leased to T-Mobile, Jersey Mike’s and Sport Clips. Sean R. Sharko and Austin Weisenbeck of Marcus & Millichap marketed the property on behalf of the seller, a developer. Brendan Lee of Marcus & Millichap secured and represented the buyer, a limited liability company.

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IndianaMidwestNet LeaseRetail

Lamb Net Lease Negotiates Sale of Auto Shop in Kokomo, Indiana

by Kristin Harlow

KOKOMO, IND. — Lamb Net Lease LLC has negotiated the sale of a 14,592-square-foot building net leased to Gerber Collision & Glass in Kokomo, 60 miles north of Indianapolis. The sales price was not disclosed. Gerber Collision & Glass is a wholly owned subsidiary of Boyd Group Income Fund. A Midwest-based REIT purchased the property, which is located at 418 Kentucky Drive. Mike Lamb of Lamb Net Lease negotiated the transaction between both parties. David Bickell of SVN represented the private equity seller.

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LoansMidwestMultifamilyOhio

KeyBank Arranges $28.2M Acquisition Financing for Two Multifamily Properties in Columbus, Ohio

by Kristin Harlow

COLUMBUS, OHIO — KeyBank Real Estate Capital has arranged a total of $28.2 million in first mortgage loans through Freddie Mac for two multifamily properties located in Columbus. KeyBank arranged a $14.6 million loan for College Park Apartments, a 28-building, 250-unit property. The buildings were constructed between 1999 and 2000 and renovated in 2017. KeyBank also arranged a $13.6 million loan for Gateway Lakes, a 17-building property constructed in 2000. Chris Black and Caleb Marten of KeyBank arranged the seven-year loans, which feature 30-year amortization schedules. The borrower was not disclosed.

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HealthcareIllinoisMidwest

Marcus & Millichap Brokers $11.6M Sale of Medical Office Building in Moline, Illinois

by Kristin Harlow

MOLINE, ILL. — Marcus & Millichap has brokered the sale of Heartland Clinic and Ambulatory Surgery Center in Moline, one of the Quad Cities, for $11.6 million. The 34,020-square-foot medical office building is a multi-specialty practice that includes gastroenterology, pain management, otolaryngology (ENT), urology and nutrition departments. The physicians affiliated with the clinic perform their surgeries at the on-site Regional SurgiCenter, an ambulatory surgical center that is majority owned and operated by Covenant Surgical Partners Inc. Private equity firm Kohlberg, Kravis & Roberts, a global investment firm with over $148 billion in assets under management, recently acquired Covenant. Scott Niedergang and Gino Lollio of Marcus & Millichap represented the physician partnership that built the property. The buyer was not disclosed.

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