PERKINS TOWNSHIP, OHIO — Redwood Living Inc. has opened Redwood Sandusky, a 136-unit, single-story apartment community in Perkins Township near Sandusky. Developed and managed by Redwood, the property features two-bedroom floor plans ranging in size from 1,294 to 1,620 square feet. Each unit includes an attached two-car garage. Monthly rents start around $1,799.
BROOKLYN PARK, MINN. — Colliers Mortgage has provided an $8.9 million Fannie Mae loan for the acquisition of The Groves of Brooklyn Park Apartment Homes. The 120-unit multifamily property is situated in the Minneapolis suburb of Brooklyn Park. Tony Carlson of Colliers originated the nonrecourse loan, which features a five-year term. The borrower was undisclosed.
CHICAGO — Peak Properties has been awarded management of The Ludlow, a historic typograph factory that has been converted into 121 apartment units and 20,000 square feet of commercial space in Chicago’s Lincoln Park neighborhood. Located at 2032 N. Clybourn, the loft apartments consist of studios to three-bedroom layouts split between five buildings. Amenities include a rooftop lounge, fitness center, demonstration kitchen, media room, coworking lounge and electric vehicle charging stations. Cross Street is handling marketing and leasing for The Ludlow.
EVANSVILLE, IND. — CBRE has brokered the sale of Post House, a 159-unit multifamily community in Evansville, a city on the Ohio River. The sales price was undisclosed. Built in 2020 and located at 215 Vine St., the property features a range of studio, one- and two-bedroom floor plans averaging 894 square feet and 15 loft-style, live-work units. Amenities include a pool, covered outdoor seating, yoga room, dog spa, dog park, fitness center, coworking center and parking garage. Hannah Ott, George Tikijian, Cam Benz, Claire Bullard and Ryan Stockamp of CBRE represented the seller, Scannell Properties. Prosperity Commercial Real Estate was the buyer.
ITASCA, ILL. — Lee & Associates of Illinois has arranged the sale of a 101,577-square-foot industrial building located at 701 Rohlwing Road in Itasca. The sales price was undisclosed, but the transaction marks the largest user sale in the O’Hare submarket this year by both sales price and square feet, according to Lee & Associates. Jeffrey Janda and Jeff Galante of Lee & Associates represented the seller, a private owner. Chris Nelson and Calvin Gunn of Lee & Associates represented the buyer, TR Property Management.
CHICAGO — Interra Realty has negotiated the sales of three multifamily properties in Chicago for a combined $6.8 million. Joe Smazal of Interra represented the three private sellers and the three local buyers. Located in the Avondale neighborhood, 3748-54 W. School St. sold for $2.8 million. The 12-unit building features two-bedroom, three-bedroom and four-bedroom layouts. Recent renovations include plumbing and electrical system replacements as well as new steel porches. In the Jefferson Park neighborhood, 5045-49 N. Northwest Highway is a 12-unit building that sold for $2.7 million. Constructed in 2008, the property features two-bedroom layouts. A 12-unit property at 5057-59 W. Altgeld St. in the Belmont Craigin neighborhood sold for $1.2 million. The building features studio, one-, two and three-bedroom layouts. It received a new roof in 2023.
WHITEWATER, WIS. — Marcus & Millichap has brokered the $3.6 million sale of Whitewater Plaza, a 24,211-square-foot retail strip center in Whitewater, about 50 miles southwest of Milwaukee. Located at 1139 W. Main St., the property is 94 percent occupied by tenants such as Jimmy Johns, Anytime Fitness, Cozumel Mexican Restaurant and Beijing Buffet. Dominic Sulo and Sam Malato of Marcus & Millichap represented the undisclosed seller. The buyer was also undisclosed. Todd Lindblom, broker of record in Wisconsin, assisted in closing the transaction.
FENTON, MO. — Midas Construction is rebranding to Midas Building Group (MBG). The firm builds hospitality, multifamily and senior living projects throughout the Midwest with active projects in Missouri, Illinois, Indiana and Ohio. MBG is also settling into a new and larger headquarters on the Maritz Corporate Campus at 1400 S. Highway Drive in Fenton, a suburb of St. Louis. The company previously occupied 5,226 square feet in Clayton. MBG’s new 12,005-square-foot office in Fenton features a 5,076-square-foot warehouse space. Campus amenities include a fitness center, multiple auditoriums and conference facilities, a full-service cafeteria and walking trails. The MBG family of companies includes American Cabinet Factory and Collaborative Carpentry. The firm also maintains a regional office in Indianapolis.
By George Pofok, Cushman & Wakefield | CRESCO Real Estate The Northeast Ohio market has consistently been a stable industrial hub, and over the last couple years, has been attracting the interest of investors and developers from other regions. Spanning approximately 527 million square feet, this market stretches from Cleveland down I-77 to include Akron-Canton. In the second quarter of 2024, the overall vacancy rate decreased to 2.8 percent, driven by 1.1 million square feet of positive direct absorption, a strong recovery from the negative absorption in the first quarter. Over the past few years, the vacancy rate has remained between 2.4 and 3 percent. Leasing activity kicked off the year robustly, with 4 million square feet of leases in the first quarter. However, it normalized in the second quarter, with 1.6 million square feet leased, which was slightly below the usual pace. The market is expected to remain stagnant due to limited inventory and a lack of new speculative construction starts, which continue to hinder demand from local and regional tenants seeking to expand and backfill spaces. Leasing deals are trending longer, between five to 10 years, with annual rental rate increases averaging 3 to 4 percent. Meanwhile, the …
Habitat, Cabrera Capital Partners Receive $27M Capital Loan for Multifamily Redevelopment in Chicago
CHICAGO — Habitat and Cabrera Capital Partners have received the approval of a $27 million capital loan from the Chicago Housing Authority (CHA) for the first phase of multifamily redevelopment of LeClaire Courts on the city’s Southwest Side. The 32-acre site was previously home to the LeClaire Courts public housing community, which was completed in the 1950s and demolished in 2011. Under Habitat’s multi-phase plan, the site will be redeveloped into as many as 700 residential units, most of which will be affordable; nearly 440,000 square feet of commercial space; and publicly accessible open areas. The first phase will consist of two six-story buildings located on the west side of Cicero Avenue between 44th and 45th streets. Collectively, they will offer 183 apartment units in a mix of studio, one-, two- and three-bedroom floor plans as well as a 14,000-square-foot early childhood center and 2,200 square feet of first-floor retail space. Ninety percent of the units will be designated as affordable through income and rent restrictions accompanying the development’s various sources of public financial support, including the CHA, the Chicago Department of Housing and the Illinois Housing Development Authority (IHDA). The remainder will be available as market-rate units. Residents in …