How to Woo New Tenants and Keep Them Amid Booming Multifamily Market

By Ryan Kirby, Village Green In the understatement of all understatements, the COVID-19 pandemic has changed a few things in the housing market. Supply chain disruptions, labor shortages and the astronomical rise in the price of lumber have all exacerbated the steady decline in new home construction. For more than a year, home prices have been on the rise, making purchasing a home a challenge — or even an impossibility — for many. As a result, the rental market is booming, but that’s …

October 21, 2021Market Reports, Midwest, Midwest Market Reports, Multifamily

Scannell to Build 1.3 MSF Spec Industrial Development in Tinley Park, Illinois

TINLEY PARK, ILL. — Scannell Properties has unveiled plans to develop Tinley Business Park, a 1.3 million-square-foot speculative industrial project in Tinley Park, a southwest suburb of Chicago. The three-building development will offer immediate access to I-80, I-57 and I-294. The two larger buildings will feature a clear height of 36 feet, while the smaller building will feature a clear height of 32 feet. All buildings will have ample trailer and automobile parking. Construction is …

October 20, 2021Development, Illinois, Industrial, Midwest

Dayton-Area Industrial Building Trades Hands for $10.8M

MIAMISBURG, OHIO — CBRE has arranged the $10.8 million sale of a 197,731-square-foot industrial building in Miamisburg, just south of Dayton. Located at 511 Byers Road, the one-story building was constructed in 1986 and is fully leased to four tenants. The property has undergone renovations since 2019, including parking improvements and new exterior paint. Steve Timmell, Will Roberts, Jeff Johnston, Chris Prosser and Doug Whitten of CBRE represented the seller, Industrial Commercial …

October 20, 2021Acquisitions, Industrial, Midwest, Ohio

Burlington to Open at Winchester Center in Rochester Hills, Michigan

ROCHESTER HILLS, MICH. — Burlington is opening a 31,059-square-foot store at the former Stein Mart location at Winchester Center in Rochester Hills, about 25 miles north of Detroit. RPT Realty owns the shopping center, which is located at the southwest corner of Rochester and Avon roads. Tjader Gerdom, Michael Murphy and Bill McLeod of Gerdom Realty & Investment represented RPT in the lease

October 20, 2021Leasing Activity, Michigan, Midwest, Retail

Ariel Property Advisors Arranges $2.8M Loan for Refinancing of Walgreens-Occupied Property in Decatur, Indiana

DECATUR, IND. — Ariel Property Advisors has arranged a $2.8 million loan for the refinancing of a 15,000-square-foot retail property occupied by Walgreens in Decatur, about 20 miles southeast of Fort Wayne. The property is located at 123 N. 13th St. Matt Dzbanek and Matt Swerdlow of Ariel arranged the five-year loan, which features a fixed interest rate of 3.99 percent. A national credit union provided the loan on behalf of the undisclosed

October 20, 2021Indiana, Loans, Midwest, Retail

Darwin Realty/CORFAC International Brokers Sale of 13,418 SF Warehouse in St. Charles, Illinois

ST. CHARLES, ILL. — Darwin Realty/CORFAC International has brokered the sale of 13,418-square-foot warehouse in St. Charles, about 40 miles west of Chicago. Located at 860 Equity Drive, the property was built in 2006 and features a clear height of 18 feet, one dock door and one drive-in door. The building is utilized as a showroom and for storage space. Brendan Sheahan and Frank Damato of Darwin represented the buyer, a private investor. Ryan Corcoran of Corcoran Commercial Real Estate …

October 20, 2021Acquisitions, Illinois, Industrial, Midwest

Sealy & Co. Acquires 1.3 MSF Industrial Portfolio in Suburban Wichita

PARK CITY, KAN. — Sealy & Co. has acquired a 1.3 million-square-foot industrial portfolio in Park City, a suburb just north of Wichita. The purchase price was undisclosed. The portfolio consists of four fully occupied distribution centers along North Air Capitol and North Hayes drives. All four of the Class A buildings have been constructed within the last six years. Whitney Kerr of Cushman & Wakefield represented the seller, Murdock Properties LLC. Sealy’s Jason Gandy and Davis …

October 19, 2021Acquisitions, Industrial, Kansas, Midwest

JLL Arranges $27.3M Sale of Active Adult Community Near Minneapolis

MAPLEWOOD, MINN. — JLL Capital Markets has arranged the $27.3 million sale of Frost English Silver, a newly built, luxury apartment community for residents age 55 and older in Maplewood, a suburb of Minneapolis. The property’s 107 units average 876 square feet each. Amenities include a fitness center, outdoor patio, community room, salon, indoor pool and heated underground parking. Located at 1957 English St., Frost English Silver is within walking distance of parks, lakes, trails and golf …

October 19, 2021Acquisitions, Midwest, Minnesota, Multifamily, Seniors Housing

Lee & Associates Brokers Sales of Two Industrial Buildings Totaling 78,248 SF in Batavia, Illinois

BATAVIA, ILL. — Lee & Associates of Illinois has brokered the sales of two industrial buildings totaling 78,248 square feet in the Chicago suburb of Batavia. The sales prices were undisclosed. In the first transaction, a 58,286-square-foot facility at 400-500 N. Raddant Road sold to MJM Intergalactic Properties. Michael Androwich Jr. of Lee & Associates represented the seller, Clark Tile. Mike Antonelli of Brown Commercial represented the buyer. In the second transaction, a …

October 19, 2021Acquisitions, Illinois, Industrial, Lee & Associates, Midwest

E. Formella & Sons to Relocate Operations to 45,594 SF Facility in Oak Forest, Illinois

OAK FOREST, ILL. — E. Formella & Sons, a global condiment manufacturing company, has sold its 32,880-square-foot facility at 411 E. Plainfield Road in Countryside, Ill. The company has since purchased a 45,594-square-foot property at 16425 S. Kilbourn Ave. in Oak Forest. Sales prices were not provided. Terri Alexander of Transwestern represented E. Formella in the sale of its former property. Alexander, along with colleague Alex Genova, represented E. Formella in its site selection and …

October 19, 2021Acquisitions, Illinois, Industrial, Midwest