Midwest

Steadfast Apartment REIT Acquires 136-Unit Apartment Complex for $7.6M

by Christina Cannon May 31, 2016

GURNEE, ILL. — Steadfast Apartment REIT III Inc. has acquired a 136-unit apartment community in Gurnee, approximately 43 miles northwest of Chicago, for $7.6 million. Carriage House Apartments was built in 1970 and is 98 percent occupied. Situated on 8.4 acres, the apartment complex is comprised of 17 two-story buildings featuring one and two-bedroom units with an average size of 653 square feet. Community amenities include a swimming pool with sundeck, pool house, locker room, picnic area, laundry facilities and addition storage areas. Steadfast plans to upgrade the bathrooms, flooring and kitchen counters. Other improvements will include fresh paint and new appliances. The seller in the transaction was undisclosed.

May 31, 2016

Affordable Housing Illinois Midwest Multifamily

Evergreen Real Estate Group Completes $3.3M Renovation of 72-Unit Affordable Housing Property

by Christina Cannon May 31, 2016

DIXON, ILL. — Evergreen Real Estate Group has completed a $3.3 million renovation of Dixon Square Apartments, a 72-unit affordable housing community in Dixon, approximately 90 miles north of Peoria. Evergreen teamed up with HUD, the Illinois Housing Development Authority (IHDA) and City Real Estate Advisors to complete the project. The three-building property had not been significantly upgraded since it was completed in 1980. Evergreen made improvements to the laundry facilities, on-site playground, community garden and replaced the roof on each building. Renovations were also made to the units and included new flooring, appliances, cabinetry, countertops, plumbing fixtures, air conditioners and television hookups. The rehabilitation project, which started last spring, also included a 20-year extension of the community’s Section 8 Housing Assistance Payment contract, preserving the affordability of the residences through 2036. Dixon Square Apartments is located at 540 Freedom Walk.

May 31, 2016

Hospitality Indiana Midwest

Homewood Suites by Hilton Opens 99-Room Hotel in Northwest Indiana

by Christina Cannon May 27, 2016

MUNSTER, IND. — Homewood Suites by Hilton has opened a new hotel in Munster, approximately 11 miles west of Gary. Homewood Suites by Hilton Munster is a 99-room hotel that features complimentary breakfast, Wi-Fi, a grocery shopping service, heated indoor pool, outdoor sports court, fitness center and a meeting room that can accommodate 80 people. The property is located at 9120 Calumet Ave. General Hotels Corp., which co-owns the property with Simborg Development Inc., also manages the Homewood Suites by Hilton Munster.

May 27, 2016

Illinois Industrial Midwest Missouri Office

Ten-X Brokers Sale of Two Midwest Properties for a Total of $17.3M

by Christina Cannon May 27, 2016

ST. LOUIS AND HARVARD, ILL. — Ten-X has brokered the sale of two office/industrial properties for a total of $17.3 million. In the first deal, an undisclosed seller disposed of a Class A, 347,399-square-foot office tower in St. Louis for $8 million. AKNO 1010 Market Street St Louis Missouri LLC was the buyer. The 20-story property, built in 1981, is located at 1010 Market St. Amenities include ground-floor retail, a gym, conference room, lounge, covered parking, courtyard, 24-hour security, concierge services and on-site management. In the second deal, Optima Ventures LLC sold a 1.5 million-square-foot office and industrial property in Harvard, Ill. for $9.3 million. The 325-acre Midwest Corporate Campus is located at 2001 North Division St. The property is comprised of five manufacturing, distribution and office buildings and was formerly the regional headquarters for Motorola. The building, constructed in 1997, has been vacant since 2003. Amenities at Midwest Corporate Campus include two on-site daycare facilities, a cafeteria, rooftop and ground-level heliports, fitness center, auditorium, ponds and running and biking trails. Both properties were sold on the Ten-X Commercial online platform.

May 27, 2016

Midwest Missouri Retail

LANE4 Property Group Remodels 150,000 SF Shopping Center in Kansas City

by Christina Cannon May 27, 2016

KANSAS CITY, MO. — LANE4 Property Group Inc. is remodeling and renovating the Red Bridge Shopping Center, a 150,000-square-foot retail property in Kansas City. The center is anchored by Lipari’s Sun Fresh Grocery Market and will see the return of tenant Euston Hardware. Since purchasing the center six months ago, LANE4 has secured leases and commitments for over one-third of the existing vacant space. Others tenants at the center include Blue Bicycle Fitness Center and Sofi Cucina Italiana Restaurant. The renovation is expected to be complete by this October and includes an extensive overhaul of the façade, new roofs and parking lots, two large tower elements that will open and bring natural light into restaurant spaces and new landscaping. Centric Projects is the general contractor. Generator Studio is the architect of record.

May 27, 2016

Midwest Ohio Retail

Marcus & Millichap Brokers $6.6M Sale of 153,976 SF Shopping Center in Southern Ohio

by Christina Cannon May 27, 2016

WILMINGTON, OHIO —Marcus & Millichap has brokered the sale of a 153,976-square-foot community shopping center in Wilmington, approximately 50 miles northwest of Cincinnati, for $6.6 million. An Ohio-based developer sold Meadow Park Plaza to a New York-based private investor. Located at 1627-1683 Rombach Ave., Meadow Park Plaza is anchored by Tractor Supply, Ollie’s Bargain Outlet, Goodwill and MC Sports, all with long-term leases in place. Other tenants include GNC, Citi Financial and LA Nails. Craig Fuller, Scott Wiles and Erin E. Patton of Marcus & Millichap listed the property on behalf of the seller and secured and represented the buyer.

May 27, 2016

Illinois Industrial Midwest

Transwestern Arranges Two Industrial Leases Totaling 248,545 SF in Illinois

by Christina Cannon May 27, 2016

WAUKEGAN, ILL. — Transwestern has arranged two industrial leases totaling 248,545 square feet in Waukegan, approximately 40 miles northwest of Chicago. Horizons Window Fashions, a manufacturer of specialty and customized window fashions, signed a long-term lease for 128,296 square feet at two adjacent properties in the Amhurst Lakes Business Center. Constructed in 1999, the 240,500-square-foot center is less than a mile from the I-94/State Route 137 interchange. In a separate transaction, Trifinity Partners Inc., a third-party logistics firm, leased 120,249 square feet of space at the Delany Commerce Center, a 218,500-square-foot facility at 2431 Delany Road. Tom Boyle and Jared Paff of Transwestern represented the tenants in both transactions.

May 27, 2016

Michigan Midwest Multifamily Student Housing

WestPac Campus Communities Sells 376-Bed Student Housing Community Near Michigan State

by Christina Cannon May 26, 2016

EAST LANSING, MICH. — WestPac Campus Communities has sold The Rocks, a 376-bed student housing community located 2.5 miles north of the Michigan State University campus in East Lansing. The project was built in 2015 and is currently over 95 percent pre-leased for the upcoming school year. Triad Real Estate Partners represented the seller in the off-market transaction. An affiliate of TIAA acquired the property.

May 26, 2016

Illinois Midwest Retail

The Boulder Group Brokers $11.2M Sale of Chicago Building Net Leased to Walgreens

by Christina Cannon May 26, 2016

CHICAGO — The Boulder Group has brokered the $11.2 million sale of a retail building net leased to Walgreens. A private investor in a 1031 exchange purchased the asset, located at 2001 Milwaukee Ave. in Chicago, from a Midwest-based private investor. Walgreens’ absolute triple net lease expires Dec. 31, 2031. The Western Chicago Transit Authority Blue Line “L” Station is located one block south of the Walgreens. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction.

May 26, 2016

Midwest Multifamily Ohio Seniors Housing

CA Senior, Goldman, Sachs & Co. to Develop 101-Unit Seniors Housing Community in Cincinnati Suburb

by Christina Cannon May 26, 2016

MASON, OHIO —CA Senior LLC (CAS) has entered into a joint venture with an affiliate of Goldman, Sachs & Co. to develop a 101-unit seniors housing community in the Cincinnati suburb of Mason. The community will contain 68 assisted living units and 33 memory care units. It is scheduled to open in summer 2017. Senior Lifestyle Corp. will manage the community. The facility represents the first project in a 14-property pipeline for the joint venture. Evercore Partners acted as financial advisor to CAS in the formation of the joint venture. Polsinelli acted as legal adviser to CAS. Goldman Sachs will serve as a capital provider in the joint venture.

May 26, 2016

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