Midwest

Cushman & Wakefield Brokers Sale of Henry Ford Health Hospital Building in Rochester, Michigan

by Kristin Harlow January 7, 2025

ROCHESTER, MICH. — Cushman & Wakefield has brokered the sale of the Henry Ford Health Rochester Hospital medical office building in Rochester, a northern suburb of Detroit. The sales price was undisclosed. The 113,687-square-foot property was built in 1994 and expanded in 2014. The facility is situated on the campus of Henry Ford Health Rochester Hospital, formerly known as Ascension Providence Rochester Hospital. Tenants include Henry Ford Health Providence Rochester, Henry Ford Health Family Practice and Contemporary Obstetrics and Gynecology PC. The hospital is part of the recently established partnership between Ascension Michigan and Henry Ford Health. Gino Lollio, Travis Ives, Sushil Puria, Tyler Morss and Garrett Keais of Cushman & Wakefield represented the seller, Detroit-based KIRCO. The buyer was UDLR Healthcare.

January 7, 2025

Acquisitions Midwest Missouri Retail

Marcus & Millichap Arranges $5.2M Sale of Two O2B Kids-Occupied Retail Properties in Missouri

by Kristin Harlow January 7, 2025

ST. CHARLES AND LAKE ST. LOUIS, MO. — Marcus & Millichap has arranged the $5.2 million sale of two retail properties net leased to O2B Kids in Missouri. The early childhood education facilities are located at 157 Hughes Lane in St. Charles and 1000 Wyngate Ridge Drive in Lake St. Louis. The 5,733-square-foot Hughes Lane property was built in 1997, and the 7,634-square-foot Wyngate Ridge building was constructed in 2006. Both assets operate under new 20-year triple-net leases. Dominic Sulo of Marcus & Millichap procured the undisclosed buyer.

January 7, 2025

Acquisitions Illinois Industrial Midwest

Entre Commercial Realty Negotiates Sale of 13,070 SF Industrial Facility in Algonquin, Illinois

by Kristin Harlow January 7, 2025

ALGONQUIN, ILL. — Entre Commercial Realty has negotiated the sale of a 13,070-square-foot industrial facility located at 910 W. Algonquin Road in the Chicago suburb of Algonquin. The sales price was undisclosed. The light manufacturing property features one exterior dock, one drive-in door and heavy power throughout. Marc Bartolini and Dan Jones of Entre Commercial Realty represented the seller, while Century 21 New Heritage West represented the buyer.

January 7, 2025

Acquisitions Illinois Industrial Midwest

Venture One Acquires 624,654 SF Industrial Building in Joliet, Illinois

by Kristin Harlow January 6, 2025

JOLIET, ILL. — Venture One Real Estate, in partnership with DRA Advisors, has acquired a 624,654-square-foot industrial building in Joliet for an undisclosed price. Located at 2700 Ellis Drive, the property was vacant at the time of acquisition. Constructed in 2006, the building sits on 52 acres and features a clear height of 30 feet, 63 exterior docks, 17 drive-in doors and a 13-acre paved and secured lot that can accommodate more than 500 trailer stalls. Venture One plans to construct 2,500 square feet of office space. Jeff Devine, Steve Disse and Tyler Ziebel of Colliers represented the undisclosed seller. Traci Payette, Jeff Kapcheck and Rowan McDonnell of CBRE have been hired to market the property for lease. The building was acquired in a partnership of Venture One’s acquisition fund, VK Industrial VII, and a fund managed by DRA Advisors. VK Industrial VII is co-sponsored by Venture One and Kovitz Investment Group.

January 6, 2025

Acquisitions Industrial Midwest Multifamily Wisconsin

Barry Co. Brokers Sale of 56,000 SF Industrial Building in Milwaukee Slated for Apartment Conversion

by Kristin Harlow January 6, 2025

MILWAUKEE — The Barry Company has brokered the sale of a 129-year-old industrial building in Milwaukee’s Menomonee Valley neighborhood for an undisclosed price. The 56,000-square-foot property will be transformed into an apartment development. The four-story building was listed on the market for more than 20 years, and the site’s redevelopment was made possible after an extensive re-zoning process. Kurt Van Dyke and Jim Barry III of Barry Co. brokered the transaction. Kendall Breunig of Sunset Investors purchased the property from an affiliate of the Read family.

January 6, 2025

Acquisitions Indiana Midwest Retail

Boulder Group Negotiates $5.8M Sale of O’Reilly Auto Parts-Occupied Retail Property in Indiana

by Kristin Harlow January 6, 2025

HOBART, IND. — The Boulder Group has negotiated the $5.8 million sale of a 42,097-square-foot retail property net leased to O’Reilly Auto Parts in Hobart, a city in northwest Indiana. The building is located at 2881 E. 81st Ave. just west of I-65 and serves as an outparcel to The Home Depot and Target. Randy Blankstein and Jimmy Goodman of Boulder Group represented the seller, a Midwest-based developer. The buyer was a Midwest-based real estate investment trust.

January 6, 2025

Loans Michigan Midwest Multifamily

Bernard Financial Group Arranges $2.5M Loan for Refinancing of Michigan Multifamily Community

by Kristin Harlow January 6, 2025

CLARKSTON, MICH. — Bernard Financial Group (BFG) has arranged a $2.5 million loan for the refinancing of a 141-unit multifamily community in Clarkston, a northern suburb of Detroit. Joshua Bernard of BFG arranged the loan on behalf of the borrower, Independence Square LP. Ameritas Life Insurance Corp. provided the loan.

January 6, 2025

Acquisitions Michigan Midwest Retail

Marcus & Millichap Brokers $2.1M Sale of Huntington Bank-Leased Retail Asset in Southfield, Michigan

by Kristin Harlow January 6, 2025

SOUTHFIELD, MICH. — Marcus & Millichap has brokered the $2.1 million sale of a 5,749-square-foot retail building net leased to Huntington Bank in Southfield. Built in 2008 and located at 24805 W. 12 Mile Road, the property features four drive-thru lanes and an ATM. Huntington Bank recently signed a new 10-year triple-net ground lease, which began in March 2024. Ashish Vakhariya, Seth Haron and Darin Gross of Marcus & Millichap represented the seller, a private developer. The asset sold to a local, all-cash buyer.

January 6, 2025

Acquisitions Midwest Minnesota Multifamily

JLL Arranges $24.5M Sale of Apartment Community in Forest Lake, Minnesota

by Kristin Harlow January 3, 2025

FOREST LAKE, MINN. — JLL Capital Markets has arranged the $24.5 million sale of Village Apartments in Forest Lake, about 27 miles northeast of St. Paul. The 252-unit apartment community was constructed in 1969 and consists of three buildings. Amenities include picnic areas, a playground, pool and bike racks. Josh Talberg of JLL represented the seller, Gaughan Cos. The buyer was undisclosed. Village Apartments marks the seventh property to trade in the larger 800-unit Minnesota Legacy Apartment Portfolio that JLL has been marketing for sale.

January 3, 2025

Acquisitions Industrial Midwest Self-Storage Wisconsin

NAI Pfefferle Brokers Sale of Two Self-Storage Facilities in Pulaski, Wisconsin

by Kristin Harlow January 3, 2025

PULASKI, WIS. — NAI Pfefferle has brokered the sale of two self-storage facilities totaling 441 units in Pulaski, about 20 miles northwest of Green Bay. The sales price was not disclosed, but the asking price was $4.3 million. The properties total 98,740 square feet. Jonathan Glassco and Nick Schmidt of NAI Pfefferle arranged the sale.

January 3, 2025

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