WEST BEND, WIS. — Evans Senior Investments (ESI) has brokered the sale of Samaritan Health Center, a county-owned facility in West Bend, about 30 miles north of Milwaukee. The community was originally built in 1969 and renovated in 2009. The property offers three licensed programs: a skilled nursing facility, an assisted community-based residential facility (CBRF) and a supportive living, apartment-style residential care apartment complex (RCAC). Altogether, the center provides 186 beds, including 131 skilled nursing beds, 24 RCAC beds and 31 CBRF beds. According to ESI, Samaritan Health Center was 33 percent occupied at the time of marketing and struggling with negative cash flows. The property also needed substantial renovations. An independent owner-operator purchased the asset for an undisclosed price.
OAK PARK, ILL. — Mosaic Construction LLC has completed a new facility for Stride Autism Centers at 6400 W. North Ave. in Oak Park near Chicago. One of more than 20 Stride facilities across the country, the new location features a safe free-play natural environment space, circle time areas and more than 10 individualized instruction spaces customized for the needs of children with autism. The 6,700-square-foot space features a reading nook and mural wall inside the activity room as well as new flooring, appliances, paint and updates to the bathrooms and classrooms. Project partners included Huron Design Group, Splash 10, North Builders, D&D Flooring, Frank Bak Decorating, Brew Plumbing, Parkside Electric and G&C Glass, Mirror and Construction.
TOPEKA, KAN. — Advisors Excel has acquired the West Ridge Mall in Topeka with plans to convert it into a mixed-use destination with dining, event, entertainment, green and corporate spaces. Advisors Excel is a Topeka-based financial and investment services company. West Ridge Mall, totaling 992,000 square feet, is the third-largest enclosed mall in Kansas. Upon completion of the renovation project, the property will serve as Advisors Excel’s new headquarters, accommodating more than 1,000 employees. Originally opened in 1988, West Ridge Mall has seen a steady decline in business and occupancy over the last decade. Anchor stores Macy’s and Sears closed in 2012 and 2018, respectively. By 2021, the mall’s occupancy rate had dropped to 39 percent. Renovation plans call for a fresh urban design and layout. The new center will incorporate uses such as coworking spaces, theaters, fitness spaces, spas, breweries and cafes. Advisors Excel selected Texas-based investment and development firm Russell Glen to assist with the redevelopment. Architectural firm RDC will be responsible for the design of the retail, entertainment and restaurant components, while Hufft will focus on the design of Advisors Excel’s new headquarters. The mall redevelopment is currently in its initial stages, with Advisors Excel working to …
INDIANAPOLIS — Cronheim Mortgage has arranged $14 million for the acquisition and conversion of a vacant retail center in Indianapolis into a 116,000-square-foot self-storage facility under the JustStorage brand. A bridge lender provided the nonrecourse, floating-rate loan, which features a 70 percent loan-to-cost ratio. DealPoint Merrill is developing the property, while its affiliate management company, JustStorage, will operate the asset. Plans call for both climate-controlled and non-climate-controlled offerings.
WAUKESHA, WIS. — Founders 3 Real Estate Services has negotiated the sale of a 115,500-square-foot industrial property in Waukesha for $6.6 million. The asset is located at 21027 Crossroads Circle. Bob Flood of Founders 3 represented the seller, Kalmbach Media Co. Silgan Containers was the buyer.
CHICAGO — Essex Realty Group has arranged the $1.7 million sale of a two-building multifamily portfolio totaling 26 units in Chicago’s Auburn Gresham neighborhood. Located at 8301 S. Paulina St. and 1469 W. 83rd St., each building features 13 units and a mix of two- and three-bedroom units. The properties were substantially occupied at the time of sale. Robert Berman, Michael Anguiano, Daniel Shabsin, Jeremy DeMarco and Joe Kahlhammer of Essex represented the private seller. Buyer information was not provided.
ELMHURST, ILL. — DarwinPW Realty/CORFAC International has brokered the sale of a 37,136-square-foot industrial building in the Chicago suburb of Elmhurst for an undisclosed price. Located at 737 N. Oaklawn Ave., the property features 13,920 square feet of office space, a clear height of 14.5 feet, two exterior docks, one drive-in door, 60 parking spaces and a fenced outdoor storage yard. George Cibula and Luke Ferzacca of DarwinPW Realty/CORFAC International represented the undisclosed seller. Joe Bronson of NAI Hiffman represented the buyer, Haskris, which is a manufacturer and distributor of engineered chillers and heat transfer systems. Haskris owns a building across the street and is planning to expand to the new facility.
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Multifamily Markets See Silver Lining Despite Economic Headwinds
Like other property sectors, rental housing assets have experienced big swings in fortunes over the past few years. Historically high rent growth during the pandemic came to a halt amid new supply in many markets. And the end of cheap debt has stymied investment sales and is stressing investors who paid handsomely for apartments using short-term financing. But the situation could be worse. Housing remains in high demand, and despite higher mortgage rates and a collapse in home sales, a severe lack of inventory on the market continues to prop up home values and price out would-be buyers. In May, home prices across the country increased 5.9 percent over the previous year, according to the latest S&P CoreLogic Case Shiller U.S. National Home Price NSA Index. Rental housing owners and operators are the obvious beneficiary of those challenges, says Ivy Zelman, executive vice president and co-founder of Zelman & Associates, a Walker & Dunlop company that provides housing research, analysis and consulting. Move-outs attributed to home purchases clearly illustrate the trend. An apartment and single-family rental operator in Phoenix recently told Zelman that such move-out activity has dropped to about 13 percent from an historical average of 30 percent, she …
ST. LOUIS — Northmarq has brokered the sale of The District, a 428-unit multifamily property in St. Louis. The sales price was undisclosed. Built in 1953, the community is located at 633 McKnight Road directly off I-170. Amenities include a pool, fitness center, two dog parks, a children’s playground, clubhouse, resident lounge and barbecue areas. Dominic Martinez, Parker Stewart and Alex Malzone of Northmarq represented the seller, Freeman Webb. The buyer was a Coloardo-based private investor.
CHICAGO — Cook County Health (CCH) has unveiled plans to build a new community health center at 467 E. 31st St. in Chicago’s Bronzeville neighborhood. Bronzeville Health Center will join CCH’s portfolio of more than a dozen community health centers located across Chicago and suburban Cook County. Anchored by CCH’s Provident Hospital, Bronzeville Health Center will offer family medicine, behavioral health and rehabilitation services, including physical therapy, occupational therapy and speech therapy. The 26,000-square-foot facility will include 44 exam rooms and a gym space for therapy services. The family medicine and behavioral health practices are moving from their existing location within Provident Hospital’s Sengstacke Health Center. The move also frees up more clinical space within Provident Hospital to allow for the expansion of hospital-based services. Patients will continue to be able to receive primary and specialty outpatient care at Sengstacke Health Center. CCH has spent more than $9 million to grow clinical services and modernize the Provident Hospital campus since 2020. The Cook County Bureau of Asset Management and CCH are investing $10 million to build out and furnish the new Bronzeville facility.