Wednesday, August 6, 2025
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Midwest

Midwest

BEECH STREET ARRANGES REFINANCE OF UNIVERSITY OF MICHIGAN PROPERTY

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ANN ARBOR, MICH. — Beech Street Capital has arranged a $10 million CMBS loan to refinance Corner House Lofts, a 133-bed student housing property on the University of Michigan campus. Built in 2004, the seven-story property has a ground floor of commercial space in a separate condominium that is leased to Buffalo Wild Wings. The fixed-rate CMBS loan is for 10 years with a 30-year amortization schedule. Joel Mazur, vice president of Beech Street Capital's Chicago office, originated the transaction and secured the financing.

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MidwestMultifamily

IRET ANNOUNCES RECENT ACQUISITIONS, DEVELOPMENT

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TOPEKA, KAN. — IRET Properties, the operating partnership of Investors Real Estate Trust, has completed the purchase of Villa West Apartments in Topeka for $17.6 million. The property includes 44 apartment buildings with 308 apartment units. As part of the company's strategic plan to own 10,000 units in its top 10 core markets, the acquisition brings the total number of units owned by IRET in the Topeka market to 1,042. The company also announced construction is nearly complete on its 159-unit Quarry Ridge II apartment development in Rochester, Minn.

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MidwestRetail

INVESTMENT FIRM ACQUIRES MINNESOTA WALGREENS PROPERTY

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ALEXANDRIA, MINN. — The Boulder Group has completed the $5 million sale of a single-tenant, net-leased Walgreens located at 910 Broadway St. in Alexandria. The 14,820-square-foot retail building was developed in 2008. Walgreens has 21 years remaining on its lease. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest family trust, in the transaction. They also represented the buyer, a Chicago-based investment firm.

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HospitalityMidwest

ELYRIA HOTELS ACQUIRES RAMADA INN PROPERTY

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ELYRIA, OHIO — Elyria Hotels Inc., a regional hotel owner and operator, has acquired the 248-room Ramada Inn Elyria Ohio for $1.1 million. The hotel includes a restaurant, lounge and more than 10,000 square feet of meeting space. The new owner plans to keep the property under the Ramada brand and begin renovations to the guest rooms and public areas. Ed James and Lance Potter of Mumford Co. represented the seller, an institutional entity, in the transaction.

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MidwestRetail

NEW YORK-BASED THE ROASTING PLANT TO OPEN DETROIT LOCATION

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DETROIT — The Roasting Plant, a New York-based coffee retailer, will open its first store outside of Manhattan this fall in Detroit's First National Building. Located at 660 Woodward, the first-floor shop will include on-site roasting and both indoor and outdoor seating. The Roasting Plant will offer 11 bean choices daily and use its Javabot system to individually create each customer's drink. Rock Ventures LLC, a real estate company owned by Quicken Loans founder Dan Gilbert, purchased the 800,000-square-foot First National Building in August 2011. Bedrock Real Estate Services represented both parties in the lease transaction.

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Market ReportsMidwest Market ReportsWisconsin

Actual rents increase at some properties.

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The Milwaukee apartment market continues to enjoy higher occupancies, less concessions and yes, some actual rent growth. The market saw less available units in recent years. As the old law of supply and demand dictates, that drop in the number of available units has led to a significant reduction in concessions, thereby increasing effective rents. In some cases, not only was there an increase in effective rents, but in actual rents at some properties and within certain markets. What are the driving factors and what can we expect going forward? There are a few components at work — more jobs and virtually no new developments. Another important, but less quantifiable factor, is the desire of some potential homeowners to remain renters. When we talk about job growth, we are certainly not talking about a dramatic increase. Still, an increase is always better than a loss. After hemorrhaging jobs in the late 2000s, as the recession gripped the area and the rest of the country, Milwaukee began to rebound in 2010. In fact, according to Manpower International, the area was one of the top job growth areas in the country, ranking sixth in fastest employment growth of the top 100 metropolitan …

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MidwestRetail

DOLLAR GENERAL FETCHES $1.1M IN KANSAS CITY

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KANSAS CITY, KAN. — The Boulder Group has arranged the $1.1 million sale of a triple net-leased Dollar General property at 2272 Quindaro Blvd. in Kansas City. The 9,100-square-foot Dollar General was built in 2012 and is leased to Dollar General for 15 years. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer, a high-net-worth investor from Chicago, in the transaction. A Midwest-based developer was the seller.

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MidwestRetail

LANDMARK ARRANGES $4M SALE OF MICHIGAN RETAIL BUILDING

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HARRISON TOWNSHIP, MICH. — Landmark Commercial has arranged the $4 million sale of a single-tenant retail building in Harrison Township. The building is leased on a long-term basis to West Marine, a boating accessories retailer. Daniel Kukes and Kevin Baker of Landmark Commercial represented the buyer, a non-traded REIT, in the transaction. They also represented the seller, a local developer.

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