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Midwest

CivicDevelopmentMidwestMinnesota

Kraus-Anderson Completes $43.7M School in Lamberton, Minnesota

by Kristin Harlow

LAMBERTON, MINN. — Kraus-Anderson has completed a new PK-12 school for Red Rock Central School District in Lamberton, a city in southern Minnesota. Kraus-Anderson worked closely with the district to pass a $41 million bond referendum in November 2021 to fund the new $43.7 million school. Designed by MLA Architects, the 130,000-square-foot property features a gym, fitness center and weight room, auditorium and stage, and art and science labs. There are also CTE spaces, common areas, Special Ed spaces and a storm shelter. Construction began in February 2023.

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CivicDevelopmentMidwestMissouri

Titan Built Breaks Ground on $30.5M Joint Operations Facility for City of Lee’s Summit, Missouri

by Kristin Harlow

LEE’S SUMMIT, MO. — Titan Built has broken ground on a $30.5 million joint operations facility for the City of Lee’s Summit. Designed by Hoefer Welker, the 43,600-square-foot project will function as central command for emergency preparedness, management and disaster management, and day-to-day emergency response coordination. The property will house fire department administration and training teams, city emergency operations, the traffic operations center and a co-located fire and police communication center. Voters approved the construction of the facility as part of the 2023 No Tax Increase Bond initiative that allocated $74 million to enhance safety and emergency preparedness. The project also received $1.5 million in financial support from the State of Missouri. Completion is slated for spring 2026.

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AcquisitionsMichiganMidwestRetail

Marcus & Millichap Arranges $2M Sale of Two-Tenant Retail Property in Stevensville, Michigan

by Kristin Harlow

STEVENSVILLE, MICH. — Marcus & Millichap has arranged the $2 million sale of a 4,556-square-foot retail property occupied by Starbucks and T-Mobile in Stevensville, a city in southwest Michigan. Constructed in 2021, the building is located at 4678 Red Arrow Highway. John Nuzman of Marcus & Millichap represented the seller, TDM Partners LLC. Chris Prins of DAR Commercial Real Estate represented the local buyer. The asset sold at 97 percent of the list price.

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AcquisitionsIllinoisMidwestMultifamily

SVN Chicago Commercial Brokers $1.2M Sale of Multifamily Property in Lombard, Illinois

by Kristin Harlow

LOMBARD, ILL. — SVN Chicago Commercial has brokered the sale of a seven-unit multifamily property in the Chicago suburb of Lombard for $1.2 million. The sales price marked one of the highest price-per-door transactions in Lombard to date, according to SVN. The 5,950-square-foot property is located at 143 E. Grove St. Joe Connelly of SVN represented the seller, while David Szymanowski of SVN represented the all-cash buyer.

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Leasing ActivityMichiganMidwestRetail

Mathnasium Signs 1,500 SF Retail Lease at Brookdale Square in South Lyon, Michigan

by Kristin Harlow

SOUTH LYON, MICH. — Mathnasium has signed a 1,500-square-foot retail lease at Brookdale Square in South Lyon, about 40 miles west of Detroit. The shopping center, located at the intersection of 9 Mile Road and Pontiac Trail, is now fully leased. Michael Murphy and Tjader Gerdom of Gerdom Realty & Investment represented the landlord, Beztak Properties.

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Affordable HousingDevelopmentLoansMidwestMultifamilyOhioSeniors Housing

KeyBank Provides $93M in Construction Financing for Affordable Seniors Housing Community in Columbus

by Kristin Harlow

COLUMBUS, OHIO — KeyBank Community Development Lending and Investment (CDLI) has provided a $43.3 million construction loan and $23.8 million in Low-Income Housing Tax Credit financing for construction of The Caravel, a 234-unit affordable seniors housing community in Columbus. KeyBank Commercial Mortgage Group also arranged a $25.9 million Forward Fannie MTEB permanent loan for the project. The Caravel will provide affordable housing for individuals age 55 years or older who earn no more than 70 percent of the area median income. All units will be adaptable to residents with ADA needs, and 25 will be fully accessible. The developer, Kittle Property Group, is partnering with Homeport to provide residents with resources and connect them to services throughout the community. Homeport will provide a service coordinator for residents. Derek Reed and David Lacki of KeyBank CDLI structured the financing. Robbie Lynn of KeyBank Commercial Mortgage Group facilitated the permanent loan placement.

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DevelopmentMidwestMissouriMultifamily

Brinkmann Constructors Breaks Ground on 205-Unit Apartment Complex in Olivette, Missouri

by Kristin Harlow

OLIVETTE, MO. — Brinkmann Constructors has broken ground on The Irvington Place Apartments, a 205-unit apartment complex in Olivette, a western suburb of St. Louis. Balboa Real Estate Partners is developing the five-story, 218,000-square-foot development. Amenities will include a pool, fitness center, yoga room, outdoor courtyard, clubroom, work-from-home space and a dog wash station. Slaggie Architects Inc. is the project architect.

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LoansMidwestMultifamilyNorth Dakota

Bernard Financial Group Arranges $7.5M Loan for Refinancing of North Dakota Multifamily Property

by Kristin Harlow

DICKINSON, N.D. — Bernard Financial Group (BFG) has arranged a $7.5 million Freddie Mac loan for the refinancing of Lincoln Meadows, a 203-unit multifamily property in Dickinson, a city in western North Dakota. The three-story community was built in 2012. Joshua Bernard of BFG arranged the loan on behalf of the borrower, Lincoln Meadows Owner LLC.

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AcquisitionsIllinoisLee & AssociatesMidwestRetail

Lee & Associates Negotiates $1.5M Sale of Former Bank Property in Carol Stream, Illinois

by Kristin Harlow

CAROL STREAM, ILL. — Lee & Associates has negotiated the $1.5 million sale of a 4,500-square-foot, former bank property in the Chicago suburb of Carol Stream. The freestanding building at 1275 N. County Farm Road features six drive-thru lanes. Rick Scardino of Lee & Associates represented the buyer, Universal Metro Asian Services, which plans to relocate to the facility and utilize it for adult daycare services. Brendan Reedy and Jimmy Danaher of Mid-America Real Estate represented the seller, GW Carol Stream LLC.

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AcquisitionsMichiganMidwestRetail

North Central Area Credit Union Purchases Development Site in Standish, Michigan

by Kristin Harlow

STANDISH, MICH. — North Central Area Credit Union has purchased .85 acres of commercial land on South Huron Road in Standish, a city in northern Michigan. The sales price was undisclosed. Jack Melton, Michael Murphy and Tjader Gerdom of Gerdom Realty & Investment represented the undisclosed seller. Sara Lewis of Century 21 Affiliated represented the credit union, which will soon begin construction at the site.

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