Midwest

Marcus & Millichap Arranges Sale of 12-Unit Apartment Building in Elkhart, Ind.

by Jonathan Mehall July 27, 2015

ELKHART, IND. — Marcus & Millichap has arranged the sale of Gladstone Apartments in Elkhart, located at 601-603 Gladstone Ave. The 12-unit, multifamily property sold for $264,000, or $22,000 per unit, and consists of two one-bedroom units and 10 two-bedroom units. Gladstone Apartments is fully occupied. Built in 1964, the property had been owner-operated and owner-managed for 36 years and included relatively new windows and roofing. The 10,800-square-foot property is located a few blocks from downtown Elkhart and has trolley access to Walmart, Meijer, Elkhart General Hospital, and Ivy Tech, according to LoopNet. The apartment community includes spacious floor plans, separately metered electric, baseboard heat, an outdoor picnic area, coin-operated washers and dryers in two laundry rooms, wall-mounted electric air conditioning, landlord-paid water/sewer/trash common area electricity and private trash services. David Orton of Marcus & Millichap’s Indianapolis office represented the buyer, a private investor, in the transaction. Orton also marketed the property on behalf of the seller, a personal trust. Orton Interra Credit Union, a local bank, financed the transaction.

July 27, 2015

Affordable Housing Midwest Minnesota Multifamily

Dominium to Transform Fort Snelling Upper Post Into 190 Affordable Housing Units

by Jonathan Mehall July 24, 2015

ST. PAUL, MINN. — Dominium has secured provisional approval to rehabilitate the historic Fort Snelling Upper post in St. Paul. The approximately $100 million project will be financed through a combination of low-income housing tax credits as well as federal and state historic tax credits, among other sources. The final product will add a projected 190 affordable housing units. The project is in response to strong demand for more affordable housing in the market. Research from Dominium shows Hennepin and Ramsey counties have only 34 apartments affordable and available for every 100 residents making less than $20,000 a year. Located near the Minneapolis-St. Paul International Airport, the Upper Post of Fort Snelling was a major hub for military activity throughout the late 19th century and much of the early 20th century. It served as an induction and training center during both world wars. The site, which was designated a national historic landmark in 1960, was turned over to the Minnesota Department of Natural Resources in 1971. Dominium recently completed the rehabilitation of St. Paul’s Schmidt Brewery on West 7th St. Dominium also is in the process of completing the $175 million renovation of the Minneapolis Pillsbury A-Mill, a national historic landmark, …

July 24, 2015

Hospitality Indiana Midwest

Arbor Lodging Partners Acquires Two Hotels in Indianapolis

by Jonathan Mehall July 24, 2015

INDIANAPOLIS — Arbor Lodging Partners, through an affiliate, has acquired two select-service, extended-stay hotels in Indianapolis: the TownePlace Suites Indianapolis Keystone, an 82-room hotel; and the TownePlace Suites Indianapolis Park 100, a 94-room property. The terms of the transaction were undisclosed. The two hotels are part of the TownePlace Suites by Marriott brand and offer an all-suites concept that caters to business travelers. The residential-style suites come in studio, one-bedroom and two-bedroom unit sizes, and offer amenities such as ample workspace and living areas and full-sized, fully equipped kitchens. Arbor Lodging Partners is a Chicago-based national owner and operator of hotels. Individuals who represented the buyer and seller were undisclosed.

July 24, 2015

Illinois Midwest Multifamily

Essex Realty Brokers Sale of Four-Unit Multifamily Property in Chicago

by Jonathan Mehall July 24, 2015

CHICAGO — Essex Reality Group has brokered the sale of 1725-1733 S. Ruble St. in Chicago to an undisclosed buyer. The purchase price was $925,000. The property consists of two newly constructed walk-up apartment buildings adjacent to one another that contain a total of four luxury duplex apartments, four garage parking spaces and 3,572 square feet of developable land. The property is situated in close proximity to the University of Illinois at Chicago, the Halsted Street Metra Station, as well as I-90/I-94. Jason Fishleder of Essex Reality Group’s Chicago office was the broker for the transaction. Essex Realty Group, Inc. specializes in the sale of investment real estate throughout the Chicago metropolitan area.

July 24, 2015

Midwest Wisconsin

The Dickman Company Arranges Sale of 119,000 SF Building in Brown Deer, Wis.

by Jonathan Mehall July 24, 2015

BROWN DEER, WIS. — The Dickman Company, Inc./CORFAC International has completed the sale of a 119,000-square-foot building located at 6700 West Brown Deer Road in Brown Deer, 13 miles north of Milwaukee. The terms of the transaction were not disclosed. Brown Deer 6700 LLC purchased the building from the Community Development Authority of the Village of Brown Deer. Samuel M. Dickman Jr. and Samuel D. Dickman were the brokers involved in this transaction.

July 24, 2015

Midwest Nebraska Retail

Namdar Realty Group Acquires 340,000 SF Mall in Hastings, Neb.

by Jonathan Mehall July 24, 2015

HASTINGS, NEB. — Namdar Realty Group has purchased Imperial Mall in Hastings. The purchase price was not disclosed, but The Grand Island Independent, a local newspaper, reports the property sold for $1.05 million. A Kmart and Herberger’s anchor the 340,000-square-foot retail center. Napoli’s restaurant is also located at the mall. All the tenants at Imperial Mall have short-term leases, according to Namdar Realty. Imperial Mall is situated directly across from Hastings Municipal Airport off West 12th St. Namdar Realty will seek regional and national tenants to stabilize the center. The property was put up for auction on June 1 with a starting bid of $750,000 and was sold through the online auction platform of auction.com. Joel Gorjian represented Namdar Realty in the transaction.

July 24, 2015

Midwest Multifamily Ohio

Hamilton Point Investments Acquires Apartment Property near Columbus for $14.6M

by Jonathan Mehall July 23, 2015

GROVE CITY, OHIO — Hamilton Point Investments LLC has acquired Collier Park, an apartment property in Grove City, about 10 miles southwest of Columbus. The purchase price was $14.6 million. Built in 2001, Collier Park is a 232-unit apartment complex located directly off I-71 and I-270. Collier Park features one- and two- bedroom apartment homes with lake views and a variety of amenities including fully equipped kitchens, washer/dryer connections, air conditioning and spacious closets. Hamilton Point Investments, based in Old Lyme, Conn., has plans to make modest interior and exterior upgrades at the property over the coming year. George Skaff of ARA Newmark represented the seller, Champion Cos., in the transaction.

July 23, 2015

Affordable Housing Loans Midwest Minnesota Multifamily

Dougherty Mortgage Closes $3.5M HUD Loan for Affordable Housing Project in Minneapolis

by Jonathan Mehall July 23, 2015

MINNEAPOLIS — Dougherty Mortgage LLC has closed a $3.5 million HUD 221(d)(4) loan for the rehabilitation of The Cameron, a 44-unit affordable housing property located in the North Loop of Minneapolis. Dougherty’s Minneapolis office arranged the 40-year permanent financing loan for Cameron Building Ltd. Partnership. The owner is renovating the 40,000-square-foot building, which is listed on the National Register of Historic Places. The Cameron will offer much-needed workforce housing in a neighborhood where the demand is strong, according to Dougherty. Located just minutes from downtown Minneapolis and Target Field, the site provides convenient access to transportation and neighborhood amenities. When completed, the project will consist of 44 studio, one- and two-bedroom apartments. Rents will range from $596 to $1,100 per month, and units will be set aside for tenants earning 50 percent and 60 percent of area median income. Building amenities will include a fitness room, a Wi-Fi lounge, bicycle storage, and storage lockers. Additional sources of funding include low-income housing tax credits, federal and state historic tax credits, the Hennepin County Affordable Housing Incentive Fund, Minneapolis Community Planning & Economic Development, Minneapolis Affordable Housing Trust Fund, Metropolitan Council Local Housing Incentives Account, Minnesota Housing Finance Agency Challenge, Metropolitan Council Tax …

July 23, 2015

Illinois Industrial Midwest Retail

MB Real Estate To Manage, Lease Illinois Tollway Oases

by Jonathan Mehall July 23, 2015

CHICAGO — MB Real Estate (MBRE) has won the assignment to manage and lease the Illinois Tollway Oases, six properties servicing commuters and travelers along the Illinois Tollway system. The tollway oases offer patrons a variety of convenient food options, a wide range of services and are directly accessible from the tollway with on-off ramps. Properties include the Belvidere Oasis along I-90; the Lake Forest Oasis on I-94; the DeKalb Oasis on I-88; the Chicago Southland Lincoln Oasis along I-80/I-294; the Hinsdale Oasis on I-294; and the O’Hare Oasis, also on I-294. Current tenants of the oases include the Illinois Tollway, McDonald’s, Starbucks, Best Buy Express, Subway, Illinois Lottery and Sbarro, among others. Kathleen Bertrand of MBRE will serve as the leasing representative for the six properties, which offer a variety of spaces available for lease.

July 23, 2015

Industrial Midwest Wisconsin

The Dickman Company Brokers 160,000 SF Industrial Lease in West Bend, Wis.

by Jonathan Mehall July 23, 2015

WEST BEND, WIS. — The Dickman Company Inc./CORFAC International has brokered a 160,000-square-foot industrial lease for Gardner Pet Group Inc. in West Bend, about 38 miles northwest of Milwaukee. A pet food distributor, Gardner is moving its manufacturing operations and up to 60 jobs from China to West Bend, according to the Milwaukee Business Journal. The property is located at 2845 Wingate St. The landlord is Wingate Ventures LLC, care of Phoenix Investors LLC. Gardner selected the location in West Bend to add to its current operations in Juneau, Wis. Nick Keys, Samuel M. Dickman Jr. and Samuel D. Dickman negotiated the lease.

July 23, 2015

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