Midwest

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

Midwest Minnesota Multifamily

NAI Everest Completes $15.6M Sale of 60-Unit Apartment Property in Minneapolis

by Christina Cannon January 8, 2016

MINNEAPOLIS — NAI Everest has completed the sale of a luxury 60-unit apartment building in Minneapolis. The Laramar Group, a Chicago-based owner and manager of multifamily properties, acquired the asset for $15.6 million or $261,250 per unit. The asset is located at 3021 Holmes Ave. S. Built in 2009, the six-story property includes amenities such as an indoor and outdoor party room, heated underground parking, a fitness studio and outdoor patio with grilling areas. Hotel Uptown LLC sold the building and was represented by Gina Dingman of NAI Everest.

January 8, 2016

Midwest Minnesota Multifamily

Marcus & Millichap Brokers $3.2M Sale of Apartment Property in Alexandria, Minnesota

by Christina Cannon January 8, 2016

ALEXANDRIA, MINN. — Marcus & Millichap has brokered the sale of a 72-unit apartment community for $3.2 million in Alexandria. Lakewood Apartments, located at 204 Kenwood Drive, is comprised of 25 one-bedroom units, 46 two-bedroom units and one three-bedroom unit. Cole E. Harstad, Mox Gunderson and Dan Linnell of Marcus & Millichap listed the property on behalf of the seller, an undisclosed non-profit community development corporation. The trio also secured the undisclosed buyer.

January 8, 2016

Healthcare Illinois Midwest

The Boulder Group Completes $2.3M Sale of Medical Property in Chicago

by Christina Cannon January 8, 2016

CHICAGO — The Boulder Group has completed the sale of a net-leased medical property in Chicago for $2.3 million. Physicians Immediate Care is located at 6140 N. Broadway and has approximately 14 years remaining on its lease. The 3,220-square-foot building was constructed in 2014. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, Crossroads Development. The buyer in the transaction was a high-net-worth individual in a 1031 exchange.

January 8, 2016

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