Midwest

Cooper Commercial Arranges $8.5M Sale of Retail Property in Indianapolis

by Christina Cannon January 12, 2016

INDIANAPOLIS — The Cooper Commercial Investment Group has arranged the sale of Indian Creek Shopping Commons in Indianapolis for $8.5 million. The 59,789-square-foot center was built in 2003 and is shadow anchored by Walmart Supercenter. Tenants at the property include Dollar Tree, Buffalo Wild Wings, Sally Beauty, Pet Supplies Plus, FedEx, World Finance Company, GameStop and Rally’s Hamburgers. Dan Cooper of The Cooper Commercial Investment Group brokered the transaction. The seller was a private investment group, and the East Coast buyer was undisclosed.

January 12, 2016

Midwest Multifamily Ohio Seniors Housing

SLIB Arranges $6.3M Sale of Two Assisted Living Communities in Ohio

by Christina Cannon January 12, 2016

FINDLAY AND SPRINGFIELD, OHIO — Senior Living Investment Brokerage has arranged the sale of Fox Run Manor in Findlay, about 50 miles south of Toledo, and a second unnamed community in Springfield, about 50 miles west of Columbus, for $6.4 million. A private owner based in Kentucky purchased the assisted living communities, which have a combined 147 units, from an undisclosed seller. Fox Run was built in 1984, and comprises 52,591 square feet on approximately four acres. Occupancy at the time of sale was 78 percent. The Springfield community was built in 1989 and comprises 53,382 square feet on 5.4 acres. Occupancy at the time of sale was 82 percent. Ryan Saul led the SLIB team in the transaction.

January 12, 2016

Illinois Midwest Multifamily Student Housing

Gilbane Begins Construction on 30 East Apartments in Chicago’s South Loop

by Christina Cannon January 12, 2016

CHICAGO— Gilbane Development Co. has begun construction on 30 East, a new apartment community in Chicago’s South Loop. The site is located one block west of Grant Park and is near seven colleges and universities comprising more than 26,000 students. The 16-story, 150,000-square-foot building, designed by Chicago-based architect Solomon Cordwell Buenz, will feature 255 beds within 134 apartment units. It will be completed for occupancy by August 2017. Residents will have access to building amenities including a club room, café, tech hub, fitness center, lounge areas, gaming areas, study rooms and indoor bicycle storage. Outdoor terraces will feature gas grills, a fire pit, large screen outdoor TV, indoor/outdoor fireplace and several seating areas for social interaction. High-speed Internet and Wi-Fi will be available throughout the building. Additionally, 8,000 square feet of retail space will be located on the ground floor. Apartments will be fully furnished with private bedrooms and bathrooms, floor-to-ceiling windows, in-unit washers and dryers, walk-in closets, fully equipped kitchen and a flat-screen TV. Floor plans include studio, convertible, two-, three-, and four-bedroom units. 30 East will be professionally managed and feature individual leases by the bed.

January 12, 2016

Midwest Ohio Retail

CBRE Brokers $2.4M Sale of 85,498 SF Retail Property in Cincinnati

by Christina Cannon January 12, 2016

CINCINNATI — CBRE has brokered the $2.4 million sale of an 85,498-square-foot retail property in Cincinnati. Crossings of Colerain LLC acquired the property from an undisclosed seller. The Crossings of Colerain is located at the intersection of Colerain Avenue and Ronald Reagan Cross County Highway. The retail property was largely vacant at the time of sale, and the buyer plans to backfill the vacant spaces with new retail tenants. Current tenants include Wing Eyecare and ImmediaDent. Hank Davis of CBRE brokered the transaction.

January 12, 2016

Midwest Office Ohio

Rubenstein Partners Sells Seven-Building Office Portfolio Near Cleveland for $30M

by Christina Cannon January 11, 2016

FAIRLAWN, OHIO — Rubenstein Partners LP, along with an affiliate of Mark Munsell, has sold a seven-building office portfolio in Fairlawn, approximately 30 miles south of Cleveland, for $30 million. Embassy Park Akron LP, an affiliate of Group RMC, acquired the Class A portfolio. The properties are known collectively as the Embassy Parkway Portfolio. John Dellagnese & Associates built the seven assets, which total 400,000 square feet. The portfolio was approximately 80 percent occupied at the time of sale. Russell Rogers and Thomas Gustafson of Colliers International brokered the deal. Colliers International also brokered the transaction in 2012 when Rubenstein Partners acquired the portfolio.

January 11, 2016

Midwest Missouri Multifamily Student Housing

ACC to Develop Student Housing Community Near the University of Missouri

by Christina Cannon January 11, 2016

COLUMBIA, MO. — American Campus Communities (ACC) will develop a 718-bed student housing community adjacent to the University of Missouri campus in Columbia. U Centre on Turner will consist of 182 units located at the intersection of 5th Street and Turner Avenue. The development, expected to come on line in the fall of 2017, will include 177 four-bedroom, four-bathroom units and five two-bedroom, two-bathroom units in two buildings, surrounding a controlled-access parking garage. U Centre on Turner will include a 12,000-square-foot community center with a fitness center, game room, offices and academic success center. The project will also include a courtyard with a pool, spa and outdoor cooking stations. The site is a 3.8-acre assemblage that was purchased last year. Kurt Hollenberg of United Country-Commercial represented the seller, Ginger C LLC. Thomas Horvath of CR Commercial Realty represented American Campus Communities in the transaction.

January 11, 2016

Michigan Midwest Retail

Namdar Realty Group Acquires 160,500 SF Shopping Center Near Ann Arbor

by Christina Cannon January 11, 2016

YPSILANTI, MICH. — Namdar Realty Group has acquired a 160,500-square-foot retail center in Ypsilanti, approximately eight miles southeast of Ann Arbor, for an undisclosed price. Gault Village Marketplace is a one-story shopping center that includes tenants such as Family Dollar, Advance America, Measurement Incorporated, New Image Beauty, China One and Gault Village Cleaners. Namdar plans on upgrading the property and targeting new tenants. Gault Village Marketplace is located at 1005-1075 Emerick St. The property is situated on 13.2 acres and includes 1,200 parking spaces. Joel J. Gorjian of Namdar completed the acquisition on behalf of the company. The seller in the transaction was a private investor.

January 11, 2016

Midwest Minnesota Mixed-Use

Marcus & Millichap Brokers $5.8M Sale of Mixed-Use Property in Minneapolis

by Christina Cannon January 11, 2016

MINNEAPOLIS — Marcus & Millichap has brokered the sale of a mixed-use property in Minneapolis for $5.8 million. The Alden consists of 68 apartment units and two levels of office space that total 10,000 square feet. The property, located at 1201 Hawthorne Ave. W., was originally built in 1925 as a hotel. The building was renovated in 1990 and now features 52 studio apartments ranging from 235 square feet to 418 square feet and 16 one-bedroom units ranging from 457 square feet to 657 square feet. Mox Gunderson and Dan Linnell of Marcus & Millichap secured and represented the buyer, an undisclosed partnership that plans on updating the building. The duo, along with Marcus & Millichap’s Josh Talberg, also listed the property on behalf of the seller, an undisclosed partnership.

January 11, 2016

Iowa Midwest Multifamily Seniors Housing

SLIB Brokers $3.1M Sale of Skilled Nursing and Independent Living Communities in Iowa

by Christina Cannon January 11, 2016

SIOUX CITY, IOWA — Senior Living Investment Brokerage has arranged the sale of Countryside Nursing & Rehab, a 222-bed skilled nursing facility, and Four Seasons Countryside Estates, an independent living community, for a combined $3.1 million. The two properties are located a half mile from each other in Sioux City, near the Nebraska border. The buyer was Ide Management Group, an Indiana-based owner-operator expanding its footprint in Iowa. The seller was a public REIT looking to divest the non-core asset. Countryside Nursing & Rehab is 68,457 square feet and sits on 8.5 acres. It was originally built in 1965 and most recently renovated in 2003. Four Seasons Countryside Estates includes 45,553 square feet of space and sits on 5.4 acres. It was built in 1936 and renovated in 1986. Ide will invest in updates to the skilled nursing portion of the portfolio to help improve a low occupancy rate of 35 percent. Ryan Saul and Jeff Binder led the SLIB team in the deal.

January 11, 2016

Midwest Multifamily Ohio Seniors Housing

Lancaster Pollard Arranges $43.6M in Bond Financing for Construction of Seniors Housing Facility in Ohio

by Christina Cannon January 8, 2016

NEW ALBANY, OHIO — Lancaster Pollard has arranged $43.6 million in bond financing for the construction of Wesley Woods, a new continuing care retirement community in the Columbus suburb of New Albany. The recipient of the proceeds is Methodist ElderCare Services, an affiliate of the West Ohio Conference of the United Methodist Church that provides housing, healthcare and services to seniors in central Ohio. Wesley Woods will be located on 37.8 acres alongside a nature preserve. The size of the community and number of units were not disclosed. The bond financing will also be used to add a wellness center to Wesley Ridge, another Methodist ElderCare development in Ohio that offers assisted living and independent living. In addition to providing new funds for the construction projects, the debt structure will refinance Methodist ElderCare’s existing 2005, 2010 and 2011 tax-exempt bonds. The Series 2015A and Series 2015B bonds were privately placed with two regional banks. The first 50 percent of entry fee receipts are earmarked and estimated to pay down the Series 2015B bonds of $6 million over a four-year period. Kass Matt led the transaction for Lancaster Pollard.

January 8, 2016

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