ELGIN, ILL. — Marcus & Millichap has arranged the $1.1 million sale of 308 Kathleen Drive, a 12-unit apartment building and 314-318 Kathleen Drive, two six-unit apartment buildings in Elgin. Andrean Angelov and Ryan Engle, investment specialists at Marcus & Millichap, marketed the property on behalf of the seller, a partnership, and the buyer, a limited liability company. The properties include two-bedroom/one-bathroom units and one storage space per unit.
BRIDGEVIEW, ILL. — Menasha Packaging has signed a 166,683-square-foot lease in Bridgeview, a southwest suburb of Chicago. The industrial property is located at 7770 West 71st St. Patrick McCaffrey and Rob Wheeler with Cresa Partners represented Menasha in the transaction. Steve Connolly and Chris Gary of NAI Hiffman’s Industrial Services team represented the landlord, ML Realty Partners. Menasha Packaging specializes in creating graphic packaging and merchandising products for retail, food and pharmaceutical applications.
Modest economic growth in the Chicago metro area will support further improvements in apartment vacancy and rents this year. Staffing levels grew in the first half of 2013, though the pace of hiring eased from prior periods. Vacancy will remain lower than normal in the near term, though temporary imbalances between supply and demand will occur over the next two years. This trend is especially likely in the city, where the number of new luxury units aimed at upwardly mobile young households and affluent older households is increasing. New sources of demand, however, will also emerge, including echo boomer and new immigrant households. Properties listed for sale typically elicit multiple offers, placing upward pressure on prices and compressing cap rates. Northside neighborhoods remain a targeted area, and the best assets in those submarkets can trade at cap rates from 5 to 6 percent. Investors continue to look for underperforming assets and are giving greater consideration to eventual exit strategies. Interest in Class C and Class D assets in blue-collar neighborhoods on the west side and south side is also gaining traction. Recent transactions have established $30,000 per unit to $35,000 per unit as the strike point to execute deals, and …
WEST CHESTER, OHIO — TriHealth and Duke Realty have broken ground on the 48,910-square-foot Group Health Medical Office – West Chester in suburban Cincinnati. Indianapolis-based Duke Realty will develop, own and manage the facility, located at 8040 Princeton Glendale Road in West Chester, about 20 miles north of Cincinnati. The design of the facility will be based on a medical home model, which includes practices and services that are in close proximity and shared spaces such as check-in/check-out and administration. The design is intended to minimize the amount of time patients need to move around the facility for care, according to Jerry Oliphant, executive vice president and COO of Cincinnati-based TriHealth. GBBN Architects is designing the facility. The medical office building development is slated for completion by September 2014.
NEW BERLIN, WIS. —Walmart Real Estate Business Trust has purchased a 0.5-acre parcel in New Berlin, a western suburb of Milwaukee, for its new supercenter development. Highland Memorial Park Inc. sold the land, which is located at 15355 W. Greeenfield Ave. and includes a residential house. Kevin Barry and James Young of Cassidy Turley Barry represented Highland Memorial Park in the transaction. Yoni Zvi of EDG 18 represented Walmart Real Estate Business Trust in the transaction.
CHICAGO — Essex Realty Group Inc. has arranged the $1.1 million sale of 7031 N. Ridge Ave., a 13-unit, walk-up building located in Chicago’s Rogers Park neighborhood. The property is situated on the southeast corner of Ridge and Greenleaf avenues, about three blocks west of the Rogers Park Metra Station and numerous CTA bus routes. The property includes a mix of five one- and eight two-bedroom units. Doug Imber and Kate Varde of Essex Realty represented the sellers, and Matt Welke, also of Essex, represented the buyer.
WAUKESHA, WIS. — Southwest Milwaukee Volleyball Club has signed a lease for 7,225 square feet at 1260 SW. Avenue in Waukesha, a western suburb of Milwaukee. Anthony Huenerbein of The Dickman Co. Inc./CORFAC International represented Southwest Milwaukee Volleyball in the transaction. Brian Parrish of PARADIGM Real Estate LLC represented the landlord, Tybecca LLC.
ALGONQUIN, ILL. — UC Funding has originated and structured an $11 million bridge loan for the construction of Riverside Plaza, a 63-unit, Class A apartment development in downtown Algonquin. When completed, each unit will feature hardwood floors, Italian cabinetry and porcelain tiling. Amenities at the community will include a fitness room, business center, clubroom, lobby doorman service, two elevators, storage lockers and heated indoor parking. Algonquin is located 45 miles northwest of Chicago. UC Funding is a national balance sheet provider of capital solutions involving both debt and equity. The Boston-based firm has closed more than $700 million in real estate investments during the last 18 months.
EAST LANSING, MICH. — Compass Self Storage LLC, a member of the Amsdell family of companies, has purchased a 52,000-square-foot self storage property in East Lansing. The storage center is located at 4200 Hunsaker St. Compass Self Storage will operate the facility, which offers drive-up storage unit access, climate-controlled units and moving and packing supplies. The property will be the ninth location for Compass in the greater Michigan market. The acquisition also marks the company's 10th self storage acquisition in 2013.
BURNSVILLE, MINN. — Dougherty Mortgage LLC has arranged a $3.2 million Fannie Mae loan for the refinancing of the Court Place of Burnsville Apartments in metro Minneapolis. The 40-unit rental townhome community is located at 13354 Court Place in Burnsville. Dougherty’s Minneapolis office arranged the 12-year, non-recourse loan for Court Place of Burnsville LLP.
