Midwest

ANOKA AND CRYSTAL, MINN. — Colliers has brokered the sale of two multifamily properties in Minnesota for $15.9 million. Meadowview totals 60 units and is located in Anoka, a northern suburb of Minneapolis. Valley Place Apartments totals 71 units and is located in Crystal, about five miles north of downtown Minneapolis. Devon Dvorak, Mox Gunderson, Dan Linnell and Adam Haydon of Colliers represented the seller, Bader Management Inc. Los Angeles-based Coast View Strategies was the buyer. Since 2015, ownership has invested more than $2 million renovating most of the units. At the time of sale, both properties were more than 95 percent leased.

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LA VISTA, NEB. — Marcus & Millichap has arranged the $6.4 million sale of Val Verde Place Shopping Center in La Vista, a southern suburb of Omaha. Located at 9631 Giles Road and built in 2000, the property totals 48,712 square feet. Chris Garavaglia, Alex Perez and Austin Sweet of Marcus & Millichap represented the seller, a private equity group based on the East Coast, and procured the buyer, a Midwest-based 1031 exchange investor. The asset closed at 99 percent of the list price.

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KOKOMO, IND. — StarPlus Energy LLC, a joint venture between global automobile manufacturer Stellantis N.V. and South Korean battery maker Samsung SDI Co. Ltd., has secured a conditional commitment for federal funding to finance two new lithium-ion battery cell and module manufacturing plants underway in Kokomo. The plants were announced by the manufacturers in 2022 and 2023. As part of the Biden-Harris Administration’s “Investing in America” agenda, the U.S. Department of Energy’s (DOE) Loan Programs Office (LPO) announced a conditional commitment for a loan of up to $7.5 billion ($6.8 billion in principal and $688 million in capitalized interest) to StarPlus Energy. The company must satisfy certain technical, legal, environmental and financial conditions before the DOE funds the loan. If finalized, the loan would be offered through LPO’s Advanced Technology Vehicles Manufacturing (ATVM) program, which provides loans to support U.S. manufacturing of advanced technology vehicles, qualifying components and materials that improve fuel economy. The output from the Kokomo facilities will be sold to Stellantis for use in electric vehicle (EV) models that will be sold in North America. One goal of the federal funding is to help “ensure the United States can meet domestic demand and remain a global leader …

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Bohler General Contractor Approach Streamline Daniel Hines

Some commercial real estate developers work primarily with architects and engineers to establish a project’s scope and expected cost, leaving the selection of a general contractor or project manager until they are nearly ready to break ground. And by following this traditional approach, they may be leaving money on the table. A better practice is to engage contractors during project planning, industry experts advise. That’s because experienced contractors can provide practical insight into pricing and availability of materials and labor, informing critical planning decisions. Those same builders can be a sounding board for site civil engineers mapping out site preparation, utility installation, access and sequencing for the various tradespeople working on a project. “Involving a general contractor early is particularly beneficial for large-scale or phased construction projects,” says Daniel Hines, a principal in Bohler’s Charlotte office. “It enables us to approach the design more strategically, reduce costs and deliver more accurate timelines.” “The overall goal of getting a general contractor and an engineer working together is to maintain your schedule and your budget,” agrees Jeff Mitchell, director in the Charlotte, North Carolina office of Duffey Southeast Construction Inc. “Engineers are the experts at designing projects, but ultimately it is the …

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CROWN POINT, IND. — Venture One Real Estate has unveiled plans to build VenturePark65, a 135-acre logistics campus in Crown Point, a city in northwest Indiana. The development, located at the southeast corner of 101st Avenue and I-65, will encompass up to 2 million square feet of modern industrial space. Flexible building designs will accommodate large-scale users, with spaces ranging from 500,000 to 2 million square feet. Brian Vanosky and Michael O’Leary of Lee & Associates will market the property for lease.

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CHICAGO — Skender and its joint venture partner Blackwood Group have completed extensive renovations of two senior living apartment towers in partnership with the Chicago Housing Authority and Michaels Development. Canopy Architecture designed the 400,000-square-foot renovation project. Located at 3700 W. Congress Parkway in the East Garfield Park neighborhood, Irene McCoy Gaines Apartments rises 17 stories with 150 units. The property was built in 1964. All units underwent substantial renovations, including updated HVAC, electrical and plumbing systems. Skender added new amenity spaces such as a redesigned dining and community room, exterior courtyard and upgraded laundry spaces. Albany Terrace Apartments, located at 3030 W. 21st Place in the South Lawndale neighborhood, rises 17 stories with 350 units. The property was built in 1974. The building received upgrades to resident units, common spaces and HVAC systems, including electrical and plumbing systems. Skender also installed a new elevator. Each unit in both buildings received new flooring, paint, LED lights, kitchens and baths, and air conditioning and thermostats. Common areas and units received upgraded internet connectivity and Wi-Fi.

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COLLINSVILLE, ILL. — Gantry has arranged a $14.7 million permanent loan for the acquisition of Eastport Tech Center in the St. Louis suburb of Collinsville. The four-building industrial property, located on Eastport Plaza Drive, totals 202,508 square feet. The asset is fully leased to multiple tenants. Joe Monteleone and Bonnie Monteleone of Gantry represented the borrower, a private real estate company. A life insurance company provided the five-year, fixed-rate loan, which features a 30-year amortization.

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LAKE ZURICH, ILL. — Marcus & Millichap has brokered the $7.7 million sale of Lakeview Plaza, a retail strip center totaling 52,400 square feet in the Chicago suburb of Lake Zurich. Built in 1987, the property is home to restaurants, health and fitness tenants, and automotive service users. Adrian Mendoza, Sean Sharko and Austin Weisenbeck of Marcus & Millichap represented the seller, a private investment group, and procured the buyer, a family office specializing in owning and operating shopping centers.

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HUDSON, MICH. — DWG Capital Partners, in partnership with MAG Capital Partners, has acquired an 84,612-square-foot industrial facility in southeast Michigan’s Hudson. The purchase price for the sale-leaseback transaction was undisclosed. Kecy Metal Technologies, a precision metal stamping company within ARC Group Worldwide’s portfolio, occupies the property at 4111 Munson Highway. Built in 1988, the facility features a 20-foot ceiling height. Doug Passon and Robert Bender of Fortis Net Lease represented the seller, while Aaron Eichenberg of Pantheon Commercial represented DWG. The transaction marks the first purchase in Michigan for DWG.

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CHICAGO — IPA Capital Markets, a division of Marcus & Millichap, has arranged a $56 million senior construction loan and $12.5 million in equity for the development of the first phase of Yorktown Reserve in Chicago. The apartment project, which involves the transformation of Yorktown Mall, will include 271 units. Frank Montalto of IPA Capital Markets secured the debt with a local bank and arranged the equity with an institutional investor. Chicago-based Synergy Development was the borrower.

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