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Midwest

AcquisitionsMichiganMidwestOffice

Mercantile Bank Acquires 31,500 SF Office Building in Kentwood, Michigan

by Kristin Harlow

KENTWOOD, MICH. — Mercantile Bank has acquired a 31,500-square-foot office building in Kentwood near Grand Rapids. The two-story, fully remodeled building offers a mix of private offices, conference rooms, open workspaces, a large break room, training room and onsite parking. Significant capital improvements include renovations in 2017 and 2020 as well as upgraded HVAC systems and a refreshed parking lot. Kurt Kunst of NAI Wisinski of West Michigan represented Mercantile Bank, while Doug Taatjes and Hillary Taatjes Woznick of NAI Wisinski of West Michigan represented the undisclosed seller. Mercantile is one of the largest Michigan-based banks with assets of approximately $6.1 billion.

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AcquisitionsIndustrialMidwestSelf-StorageWisconsin

EquiCap Commercial Brokers Sale of 258,450 SF Self-Storage Portfolio in Wisconsin

by Kristin Harlow

MILWAUKEE, PORT WASHINGTON, SLINGER AND WEST BEND, WIS. — EquiCap Commercial has brokered the sale of the StorSafe of Wisconsin Portfolio, a 258,450-square-foot self-storage portfolio in Wisconsin. The five properties, totaling 1,454 units, are located in Milwaukee, Port Washington, Slinger and West Bend. Jesse Luke and Scott Rihm of EquiCap brokered the transaction. An out-of-state buyer purchased the portfolio within 97 percent of the list price. The deal closed within 75 days of going under contract.

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Affordable HousingDevelopmentMidwestMultifamilyOhio

Woda Cooper Opens 46-Unit Affordable Housing Community in Columbus, Ohio

by Kristin Harlow

COLUMBUS, OHIO — Woda Cooper Cos. Inc. and its co-developer Community Development for All People (CD4AP) have opened Columbus Renaissance Housing, a 46-unit affordable housing community located at 33 W. Morrill Ave. in Columbus. The property is reserved for renters with household incomes up to 60 percent of the area median income, which is $61,980 per year for a family of four. The project is comprised of one three-story building. There are 12 one-bedroom units, 28 two-bedroom apartments and six three-bedroom units. The property is certified LEED Silver. Amenities include a community room, parcel room, fitness center, central laundry, a playground, onsite office and bike racks. CD4AP is operating an onsite office to assist residents with advocacy, financial literacy, community enrichment activities and goal setting as well as referrals for addiction counseling, childcare, healthcare, employment and legal counsel. Columbus Renaissance Housing represents a combination of public and private investment from entities, including the City of Columbus, Franklin County, Ohio Housing Finance Agency (OHFA), Affordable Housing Trust for Columbus & Franklin County (AHT) and Columbus-Franklin County Finance Authority, as well as several commercial investors and lenders. The City of Columbus provided a low-interest permanent loan and approved a 15-year tax abatement …

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AcquisitionsHospitalityMidwestNorth Dakota

Marcus & Millichap Negotiates $8.3M Sale of Comfort Suites Hotel in Fargo, North Dakota

by Kristin Harlow

FARGO, N.D. — Marcus & Millichap has negotiated the $8.3 million sale of Comfort Suites Medical Center, an 82-room hotel in Fargo. Allan Miller, Chris Gomes, Huberth Marak and Skyler Cooper of Marcus & Millichap represented the buyer, a limited liability company, while the brokerage firm’s Jon Ruzicka assisted in closing the transaction. The buyer was part of a hospitality group completing a 1031 exchange after selling a hotel in Montana. The deal closed with conventional financing from a local lender. The property is located at 4417 23rd Ave. S.

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AcquisitionsIllinoisMidwestMultifamily

Interra Realty Arranges $3.4M Sale of Chicago Apartment Building

by Kristin Harlow

CHICAGO — Interra Realty has arranged the $3.4 million sale of a 34-unit apartment building in Chicago’s Albany Park neighborhood. Located at 4901 N. Christiana Ave. and built in 1928, the property includes 33 studios and one one-bedroom unit. The building was 97 percent occupied at the time of sale and recently received capital improvements to 23 units. Patrick Kennelly of Interra represented the local buyer, 606 Realty. Joe Smazal of Interra represented the seller, an entity led by Mike Root of Chicago-based Root Realty.

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AcquisitionsIllinoisIndustrialMidwest

Venture One Acquires 56,068 SF Industrial Building in Chicago’s Kinzie Corridor

by Kristin Harlow

CHICAGO — Venture One Real Estate, through its acquisition fund VK Industrial VII LP, has acquired a 56,068-square-foot industrial building located at 235 N. Artesian Ave. in Chicago. The property was vacant at the time of acquisition. Situated in the Kinzie Industrial Corridor, the building features direct access to the central business district. The facility features three docks, one drive-in door and parking for 38 cars. Venture One plans to improve the asset with office renovations, warehouse paint, parking lot paving, energy-efficient warehouse lights, roof replacement and landscaping. Cal Kropke and John Huguenard of JLL represented the undisclosed seller. Larry Goldwasser, Matt Cowie and John Marks of CBRE will market the property for lease. VK Industrial VII is co-sponsored by Venture One and Kovitz Investment Group.

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DevelopmentIndianaMidwestMixed-Use

Thompson Thrift Breaks Ground on Final Phase of $750M Fishers District in Metro Indianapolis

by Kristin Harlow

FISHERS, IND. — Thompson Thrift has broken ground on The Union at Fishers District, the final phase of the master-planned development in the Indianapolis suburb of Fishers. The mixed-use project will bring luxury residences, retail and office space and Indiana’s first AC Hotel by Marriott. Located near I-69 and 116th Street, the commercial portion is slated for completion in late 2026 and will include 57,000 square feet of retail, restaurant and entertainment space, 70,000 square feet of Class A office space and a 135-room AC Hotel. Additionally, a central event plaza will serve as a gathering place for both visitors and residents. Tenants with signed leases include Piedra, a modern upscale Mexican restaurant; Niku Sushi.Kitchen.Bar, which offers contemporary Japanese cuisine; Kitchen Social, a casual restuarnt serving international cuisine; Everbowl, a health-focused fast-casual spot; and Racha Thai, a Thai food restaurant. Medical spa Renova Aesthetics and Sweathouz, a wellness facility offering health and recovery treatments, will also be among the first tenants to open. Thompson Thrift is actively negotiating leases on the remaining spaces. The Union Flats will be a Class A multifamily community with 251 units located above ground-floor retail space. The project is slated to open in late 2026. …

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DevelopmentMichiganMidwestMultifamilyRetail

Construction Underway on Adelaide Pointe Marina, Residential Development in Muskegon, Michigan

by Kristin Harlow

MUSKEGON, MICH. — Residential phases are underway and major infrastructure is in motion at Adelaide Pointe, a lakefront project in Muskegon, a western Michigan city located along Lake Michigan. Entrepreneur Ryan Leestma is spearheading the development. Backed by over $85 million in private capital and part of a broader $250 million master plan, Adelaide Pointe is located in a federally designated Opportunity Zone and anchored on a manmade peninsula surrounded by water. The project marks one of the largest waterfront developments in the state and Michigan’s largest Opportunity Zone project to date. The development will feature a 454-slip marina, luxury condominiums, a yacht club, boardwalk and commercial village.

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DevelopmentMidwestMissouriMultifamily

Local Developers Complete $90M Avenir Luxury Apartment Complex in Suburban St. Louis

by Kristin Harlow

UNIVERSITY CITY, MO. — Developers Charles Deutsch and Zack Deutsch have completed Avenir, a $90 million luxury apartment complex in the St. Louis suburb of University City. Occupancy at the 262-unit project has surpassed 50 percent. Floor plans come in one-, two- and three-bedroom configurations ranging from 640 to 1,620 square feet. Monthly rents start at $1,700. Amenities include pickleball courts, bocce ball, a resort-style swimming pool, outdoor grilling stations, fire pits, a dog park, fitness center, business center, indoor game room and coffee bar. Covered parking and a bike storage area are also available. Avenir represents the Deutsch’s first luxury apartment community that isn’t geared toward the seniors housing market. Charles Deutsch is one of the original co-founders and owners of The Gatesworth Communities, a collection of luxury seniors housing developments in University City and Creve Coeur. His son, Zack, has been a member of The Gatesworth Communities team for more than a decade. Holland Construction Services was the general contractor for Avenir. Construction began in October 2022. Additional project team members included Gray Design Group as architect and First Bank, which provided the financing.

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AcquisitionsMichiganMidwestMultifamily

Marcus & Millichap Brokers $9.7M Sale of Manufactured Housing Community in Port Huron, Michigan

by Kristin Harlow

PORT HURON, MICH. — Marcus & Millichap has brokered the $9.7 million sale of Port of Call Manufactured Housing Community in eastern Michigan’s Port Huron. Developed in 1995, the community is licensed for 146 homesites, 143 of which are occupied. Of the homes, 112 are community owned and 31 are tenant owned. All utilities are public and individually metered, and the property features off-street parking, community lighting and a basketball court. Chase Gilewski and Marcus & Millichap represented the seller and procured the buyer. Luke Lamoreaux of Marcus & Millichap Capital Corp. arranged $7.2 million in acquisition financing through a national housing lender that specializes in manufactured, modular and mobile homes.

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