NELSONVILLE, OHIO — The transformation of the former Nelsonville High School Complex into an affordable housing property is about one-third complete. The $9.6 million redevelopment project undertaken by The Woda Group Inc. saved the historic school from demolition. Located at 189 Fayette St., about 60 miles southeast of Columbus, the complex consists of two adjoining buildings built in 1907 and 1924. The new apartment homes will include 33 one- and two-bedroom units, and feature open concept kitchens, energy-saving appliances and individual heating and cooling. Some apartments will retain original chalkboards and classrooms for closet space. The project is slated for completion this fall.
GRANDVIEW, MO. — Hanley Investment Group Real Estate Advisors has brokered the sale of an 8,000-square-foot retail building on a pad site in Grandview, 14 miles south of downtown Kansas City, for $3.4 million. The multi-tenant building is located at 12410 S. U.S. Highway 71 in Truman’s Marketplace shopping center. The building is 100 percent occupied by T-Mobile, McAlister’s Deli and KC Speed Nails. Jeff Lefko and Bill Asher of Hanley Investment Group represented the seller, a private developer based in Kansas City. John Stafford of Colliers International represented the buyer, a Thousand Oaks, Calif.-based private investor.
MOUNT CLEMENS, MICH. — Friedman Integrated Real Estate Solutions has arranged the sale of Holiday Garden Apartments in Mount Clemens, about 25 miles north of Detroit. The sales price was not disclosed. The 64-unit property is located at 115 N. River Road. J and G Investments purchased the property from Mt. Clemens Properties LLC. Peter Jankowski of Friedman represented both parties in the transaction.
WARREN, MICH. — Colliers International has brokered the sale of a 62,900-square-foot industrial facility in Warren, a suburb of Detroit. The sales price was not disclosed. The building is located at 25200-25700 Malvina Ave. A large portion of the building is currently leased to TVI Logistics, a specialty warehousing and distribution company. Gary P. Grochowski, Justin Francek and Bryan Barnas of Colliers represented the undisclosed seller in the transaction.
ST. JOSEPH, MO. — Time Equities Inc. (TEI) has acquired two multifamily properties in St. Joseph for $26 million. Both properties were formerly industrial facilities converted into residential buildings. Foutch Brothers LLC was the seller. St. Joseph is approximately 55 miles north of Kansas City. Mitchell Park Plaza, located at 1300 S. 11th St., consists of 301 units spanning 271,584 square feet. Located in the former Mead Paper Products Factory, the property offers studio, one-, two- and three-bedroom apartments. Amenities include an indoor pool, jogging track, outdoor movie theater, atrium and laundry facilities. Lofts at 415, located at 415 N. 3rd St., consists of 48 loft units spanning 52,612 square feet. Once home to a Pony Express warehouse, the property offers two- and three-bedroom units up to 1,300 square feet. Clifton Martin of TEI managed the transaction on behalf of TEI. Matt Ledom and Aaron Mesmer of Block Real Estate Services LLC brokered the transaction on behalf of Foutch.
CHICAGO — New York Life Real Estate Investors has originated a $59.4 million mortgage loan for a cold storage industrial portfolio scattered across metro Chicago. The portfolio consists of four buildings spanning 710,000 square feet. The buildings are located in Chicago, Bartlett and Lyons, Ill. The floating-rate loan has a five-year term. The borrower was an institutional investor.
MARYLAND HEIGHTS, MO. — Homewood Suites by Hilton St. Louis Westport has opened in Maryland Heights, a suburb of St. Louis. Developed and owned by Lodging Hospitality Management, the hotel consists of 121 suites. Amenities include complimentary breakfast, Wi-Fi, a grocery shopping service, outdoor patio, fitness center, indoor pool and putting green. The hotel is located at 2434 Old Dorsett Road and offers convenient access to Lambert-St. Louis International Airport.
CHICAGO — Essex Realty Group Inc. has brokered the sale of a two-building multifamily property in Chicago’s Roscoe Village for $1.7 million. The buildings are located at 2101 W. Fletcher St. The first building consists of three units, including one- and two-bedroom units. The second building includes two four-bedroom units. Both buildings were renovated in 2015. Doug Fisher and Matt Welke of Essex represented the undisclosed seller, while Doug Imber, Kate Varde and Clay Maxfield represented the undisclosed buyer.
WEST ALLIS, WIS. — Five Below has signed a 9,586-square-foot retail lease at West Allis Towne Centre in West Allis, six miles west of Milwaukee. The shopping center is located at 6768 W. Greenfield Ave. Tony Colvin and Dan Cohen of Mid-America Real Estate-Wisconsin LLC represented the tenant in the lease transaction.
To say that the greater Indianapolis industrial market experienced a historical year in 2016 almost seems trite. By every measure, the city’s industrial records were shattered. Net absorption in 2016—8.3 million square feet—crushed that of previous years. Additionally, 11.2 million square feet of new leases were signed, which is more than the 2014 and 2015 totals combined. And, the market saw its lowest vacancy rate in 36 years at 3 percent – down from 5.8 percent at the end of 2015. Now that’s historic! The industrial market is on fire, and Indianapolis is among the brightest embers. While the city has always competed well with its peers, Indianapolis outpaced the competition in 2016. The city was ranked in the top 10 for industrial space absorbed last year, and it has a history of being “recession-resilient,” in that it is one of the few industrial markets that actually grew during the last recessionary period. The industrial market was tight heading into 2016 and tightened even further throughout the year as historic leasing demand dramatically outpaced new supply. After no new buildings were delivered in the third quarter of 2016, the fourth quarter produced four newly constructed industrial warehouses totaling 635,000 square …