SOUTH ELGIN, ILL. — JLL Capital Markets has brokered the sale of South Elgin Commons, a 94,508-square-foot retail center in South Elgin. The sales price was undisclosed. Built in 2011 and partially renovated in 2021 and 2024, the property is fully leased. Anchor tenants include Advocate Health Care, T.J. Maxx and Ross Dress for Less. Michael Nieder and Keely Polczynski of JLL represented the seller, PMAT Real Estate Investments. The buyer was L2 Partners LLC.
CHICAGO — Skender has completed construction of a 38,000-square-foot expansion for the Greater Chicago Food Depository, a nonprofit anti-hunger organization that provides food for families and individuals experiencing food insecurity. The expanded prepared meals center, located at 4100 W. Ann Lurie Place, was completed seven weeks ahead of schedule and has enabled the food bank to increase its capacity to distribute up to 10,000 meals per day. The project added a commercial kitchen for meal preparation, cold storage spaces, a new lobby and 11.5 acres of site work with parking for volunteers and guests. Skender also coordinated and facilitated the installation of a singular Hydroponic Container Farming Unit, which enables the food depository to grow its own fresh herbs. The development has received LEED Silver certification. The project team included JLL as owner’s representative, Partners by Design as architect, V3 Cos. as civil engineer, Buro Happold as structural engineer, Salas O’Brien as mechanical engineer and PM&E Partners as food processing engineer.
ST. CLOUD, MINN. — Marcus & Millichap has negotiated the $9 million sale of Sterling Heights, a 96-unit multifamily property in the Minneapolis suburb of St. Cloud. Built in 2002, the community totals 91,621 rentable square feet and offers studio, one-, two- and three-bedroom floor plans. Chris Collins, Evan Miller and Eric Wagner of Marcus & Millichap represented the seller, a Minnesota-based limited liability company, and procured the buyer, a Wisconsin-based limited liability company.
WILLISTON, N.D. — Bernard Financial Group (BFG) has arranged a $3 million Freddie Mac loan for the refinancing of The Birches Townhomes in Williston, a city in western North Dakota. The 60-unit multifamily rental property was built in 2015. Joshua Bernard of BFG arranged the loan on behalf of the borrower, Birches Owner LLC.
WEST LAFAYETTE, IND. — LV Collective has unveiled plans to build Rambler Levee District, a two-building apartment development totaling 583 units in the Levee District of West Lafayette near Purdue University. LV is partnering with Harrison Street and obtained financing from Pacific Life for the project. Amenities will include coworking spaces, a clubroom, multiple pools, internal courtyards, fitness facilities, a yoga studio, resident lounge and saunas. The 799,289-square-foot project will be centered around a 20,000-square-foot public plaza and green space. Plans also call for 15,600 square feet of retail space. Site work will begin this quarter, with completion slated for fall 2027. Project partners include development group Landmark Properties Inc., architect WDG, general contractor Brinkmann Constructors, interior designer Variant Collaborative and DLA Piper for legal counsel. TSB Capital Advisors consulted on construction financing.
TROY, MICH. — A partnership between Douglas Capital Partners, Cypress Partners and Village Green is set to open Forum Flats in Troy on Thursday, Nov. 14. The luxury apartment complex consists of three buildings with 200 units. Amenities include a clubroom, pool, fitness center, pet spa and dog park. The first of the three buildings took over the former 100,000-square-foot office space previously utilized by Kelly Services and now features 90 units. The other two buildings were constructed from the ground up and each total 55 units. Monthly rents start at $1,675 for studios.
BRAINERD, MINN. — U-Haul has acquired five former KO Storage facilities across Cass and Crow Wing counties in northern Minnesota. The properties are all located within the Brainerd metropolitan area and feature 790 drive-up units. Specifically, the facilities are located in Brainerd, Baxter, Nisswa and Pillager. The seller and sales price were not provided.
FARGO, N.D. — Kraus-Anderson has begun a $6.5 million renovation and expansion of the Challey School of Music at North Dakota State University in Fargo. Designed by Foss Architecture & Interiors, the project features a 9,700-square-foot addition to the existing building with a 1,000-square-foot rehearsal space, teaching studios and a recording facility. The expansion also includes practice rooms, offices, extra storage and locker facilities. Completion is slated for summer 2025.
RAYTOWN, MO. — Marcus & Millichap has brokered the $2 million sale of a 34,560-square-foot industrial property in Raytown, a southern suburb of Kansas City. Built in 1985, the facility is situated on 2.5 acres near I-435. Peter Doughty of Marcus & Millichap procured the 1031 exchange buyer. The seller was undisclosed. Dave Saverin, broker of record in Missouri, assisted in closing the transaction.
By David DiRienzo, director — business development, at Talonvest Capital, Inc. This is part one of a two-part series discussing the key drivers behind transaction volume and the steps owners can take to ensure they are well-positioned going forward. Much has been written about the decline in transaction volumes over the last 24 months. There is no question that properties are changing hands at a slower pace compared to the activity seen during the low interest rate environment that prevailed during the pandemic. Even so, many investors continue to seek out financing to address a variety of circumstances. In today’s market, beyond simply refinancing due to an upcoming loan maturity, three scenarios have been driving financing activity among owners of self-storage, multifamily and industrial assets: restructuring debt as a project evolves, elective refinancing to improve performance and capitalizing on a new business plan. We will cover the first theme below in part one of this two-part series. Business Plan Progression Offers Opportunities for Owners to Unlock Value As a business plan evolves and the asset matures, it’s beneficial for owners to reassess their capital stack to optimize investment performance and maximize their goals. Completing a refinance at a natural project inflection …
