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Midwest

AcquisitionsIndianaMidwestMultifamily

CBRE Brokers Sale of 438-Unit Multifamily Property in Greenwood, Indiana

by Kristin Harlow

GREENWOOD, IND. — CBRE has brokered the sale of Westminster, a 438-unit multifamily property in the Indianapolis suburb of Greenwood. The sales price was undisclosed. Built in 1971, the community has undergone extensive renovations totaling nearly $20 million since 2014. Residences come in one-, two- and three-bedroom layouts averaging 918 square feet. George Tikijian, Hannah Ott, Cam Benz, Claire Bullard and Ryan Stockamp of CBRE represented the seller, Van Rooy Properties, which acquired the asset in 2010. Monarch was the buyer.

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AcquisitionsMidwestMinnesotaMultifamilySeniors Housing

Inland Acquires Two Luxury Senior Living Communities in Metro Twin Cities

by Kristin Harlow

LAKEVILLE AND SAVAGE, MINN. — Inland Real Estate Acquisitions LLC has acquired two luxury senior living communities in metro Twin Cities for an undisclosed price. Kingsley Shores Independent Senior Living in Lakeville features 101 units. Amenities include a dining room, library, wellness center, warm-water pool, salon, rooftop veranda, theater room, scheduled transportation and onsite social activities. Kingsley Place, an active adult community with 55 units, was also acquired as part of Kingsley Shores. Savage Senior Living at Fen Pointe in Savage features 122 units. Amenities include a dining room, library, fitness center, clinic space, community gardens, salon, theater room, chapel, art studio, coffee bar and walking paths. Both properties were 95 percent occupied at the time of sale. Matthew Tice and David Neboyskey of Inland completed the transaction on behalf of an Inland affiliate.

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AcquisitionsMidwestMissouriMultifamily

Northmarq Negotiates Sale of 212-Unit Westpark Multifamily Property in St. Louis

by Kristin Harlow

ST. LOUIS — Northmarq has negotiated the sale of Westpark Apartment & Townhomes, a 212-unit garden-style multifamily property in St. Louis. Located at 11409 Tivoli Lane, the community was largely built between 1996 and 2006 with a portion developed in 1969. Units range from 800 to more than 2,000 square feet. Amenities include a pool, fitness center, playground and basketball court. Dominic Martinez, Parker Stewart, Charlie McKee and Alex Malzone of Northmarq represented the seller, a locally based private investor, and the buyer, a national owner/operator of multifamily properties.

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AcquisitionsIowaLoansMidwestMultifamily

Marcus & Millichap Capital Corp. Arranges $13.4M Acquisition Loan for Apartment Complex in Decorah, Iowa

by Kristin Harlow

DECORAH, IOWA — Marcus & Millichap Capital Corp. (MMCC) has arranged a $13.4 million loan for the acquisition of Briar Grove Apartments in Decorah, a city in northeast Iowa. The newly constructed, 92-unit apartment complex is located at 2342 Sweet Parkway Road. The luxury property features a mix of studio to two-bedroom layouts and is situated adjacent to the new Toppling Goliath Brewery & Taproom. Robert Bhat of MMCC arranged the five-year loan, which features an interest rate of 5.48 percent, three years of interest-only payments and a loan-to-value ratio of 65 percent. The lender and borrower were undisclosed.

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AcquisitionsIllinoisMidwestMultifamily

Interra Realty Brokers $4M Sale of Apartment Building in Chicago’s Kenwood Neighborhood

by Kristin Harlow

CHICAGO — Interra Realty has brokered the sale of a 31-unit apartment building in Chicago’s Kenwood neighborhood for $4 million. Located at 4915 S. Drexel Blvd. and originally built in 1926, the property features 10 one-bedroom, 15 two-bedroom and six three-bedroom layouts. The building has undergone several improvements in recent years, including plumbing upgrades, a new reflective roof coating, tuckpointing and window replacements. Brad Feldman of Interra represented the seller, a local operator, and the buyer, a local private partnership that completed a 1031 exchange. The buyer plans to transition operations of the building from market-rate to affordable housing. The transaction marks the first time the property has traded hands in over 20 years.

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AcquisitionsIllinoisMidwest

Quantum Negotiates $3.4M Sale of Timber Loft Building in Chicago’s Lincoln Park

by Kristin Harlow

CHICAGO — Quantum Real Estate Advisors Inc. has negotiated the $3.4 million sale of a timber loft building located at 1415 N. Dayton St. in Chicago’s Lincoln Park neighborhood. The 60,000-square-foot property was 80 percent vacant at the time of sale. The building sold to a local developer. The seller was undisclosed.

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AcquisitionsIllinoisIndustrialMidwest

SVN Core 3 Arranges Sale of 11,060 SF Industrial Building in Bloomington, Illinois

by Kristin Harlow

BLOOMINGTON, ILL. — SVN Core 3 has arranged the sale of an 11,060-square-foot industrial building located at 4 Currency Drive in Bloomington for $1.2 million. The property features overhead doors, office spaces, three restrooms, a retail front, warehouse in the back and ample parking on three sides. The transaction involved local buyers and sellers. Jill Spratt of SVN Core 3 represented the seller, while Patrick and Dan Kniery of Re/Max Rising represented the buyer.

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IndianaLoansMidwestOffice

Rubenstein Partners Completes Recapitalization of Parkwood Crossing Office Park in Indianapolis

by Kristin Harlow

INDIANAPOLIS — Rubenstein Partners LP has completed a new equity investment that fully recapitalizes the Parkwood Crossing office campus in Indianapolis. Rubenstein acquired the eight-building, 1.2 million-square-foot office park in 2016. The company has implemented a comprehensive renovation of the Class A property since taking ownership. The new recapitalization enables Rubenstein to continue to modernize the campus with further amenities and the addition of two large greenspaces. Rubenstein has spent $36 million upgrading building lobbies, restrooms, entry facades and building systems as well as adding a number of indoor and outdoor amenities. The improvements are expected to coincide with two new roundabouts and roadway beautification projects through the center of the campus.  

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DevelopmentIllinoisIndustrialMidwest

Contegra Construction Underway on 611,000 SF Warehouse for McLeod Express in Decatur, Illinois

by Kristin Harlow

DECATUR, ILL. — Contegra Construction Co. is underway on a 611,000-square-foot warehouse for McLeod Express in Decatur, about 40 miles east of Springfield. Completion is slated for June 2025. The building will serve as McLeod’s second warehouse in Decatur. The project will feature a clear height of 36 feet and 56 dock doors, including four drive-through doors. Parking will be available for 63 cars and 64 trucks. There will also be a two-story, 6,000-square-foot office space. Founded in 1986, McLeod Express is a transportation company with more than 400 employees managing a fleet of over 300 trucks and 900 trailers.

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AcquisitionsIllinoisIndustrialMidwest

Alterra IOS Acquires Three Industrial Outdoor Storage Sites in Metro Chicago

by Kristin Harlow

ILLINOIS AND INDIANA — Alterra IOS has acquired three industrial outdoor storage (IOS) sites totaling 14 acres in metro Chicago for an undisclosed price. The parcels include 2201 E. Higgins Road in Elk Grove Village, Ill.; 22634 S. Frontage Road in Minooka, Ill.; and 300 W. Chicago Ave. in East Chicago, Ind. All three properties are fully leased to a company in the equipment rental industry and feature more than 30,000 square feet of accompanying warehouse space. Alterra’s industrial real estate platform, Alterra IOS, is focused on heavy industrial and outdoor storage space.

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