GREEN BAY, WIS. — Greysteel has arranged a $14.9 million loan for the refinancing of the Hilton Garden Inn Green Bay, a recently renovated hotel in the heart of the Lambeau Field Stadium District. Developed in 2000 by Beechwood Hotel Group, the select-service property features 125 rooms. Beechwood has owned and operated the asset for more than 20 years. Fox Communities Credit Union provided the floating-rate loan. The refinancing was completed ahead of the property’s CMBS loan maturity.
CHAGRIN FALLS, OHIO — The Cooper Commercial Investment Group has brokered the $8.8 million sale of the Winbury Professional & Medical Center in the Cleveland suburb of Chagrin Falls. The 54,505-square-foot medical office building features landscaped grounds, private entrances and a conference room. Dan Cooper of Cooper Group represented the seller, a local real estate investment group out of Cleveland. The private West Coast-based buying group purchased the asset at 98 percent of the list price and $168 per square foot.
CHICAGO — Canyon Partners Real Estate LLC has provided a $106.3 million senior loan to refinance The Saint Grand, a newly built apartment tower in downtown Chicago’s Streeterville submarket. JLL arranged the loan on behalf of the borrower, a joint venture controlled by Mavrek Development. The 21-story property features 248 market-rate apartment units, a 103-stall parking garage and 46,946 square feet of retail space that is leased to Club Studio Fitness, Wintrust Bank and Tropical Smoothie Café. Amenities include coworking areas, electric vehicle charging stations, bike storage, a concierge, outdoor pet area and rooftop terrace with a fitness center, pool, fire pit and grilling stations.
WHITESTOWN, IND. — SkyREM has purchased a newly constructed warehouse totaling 565,560 square feet within 65 Commerce Park in the Indianapolis suburb of Whitestown. The development offers direct access to I-65 and proximity to the Indianapolis International Airport and CSX railroads. The facility is fully automated with robotics and is fully leased to a global e-commerce platform specializing in fashion. The property features a clear height of 36 feet and 55 dock doors. SkyREM purchased the asset from Strategic Capital Partners, a developer headquartered in Indianapolis.
ST. LOUIS — Inland Real Estate Investment Corp. and Devon Self Storage have completed an 80,217-square-foot self-storage facility with 797 units in St. Louis. The project at 4222 Union Blvd. involved the conversion of a warehouse into a climate-controlled self-storage property. The three-story facility features a 24-hour security system and is situated near I-70. Approximately 75 percent of St. Louis’ self-storage inventory is comprised of converted properties from prior uses, according to Inland, which maintains a self-storage portfolio of more than $1.8 billion in assets under management. Devon currently manages 190 properties across 31 states.
CHICAGO RIDGE, ILL. — MedProperties Realty Advisors, a Dallas-based healthcare real estate investor, has acquired Millennium Medical Center, a 41,540-square-foot medical office building in the southwest Chicago suburb of Chicago Ridge. The two-story property at 10604 Southwest Highway was built in 2018 by a group of local physicians. The lead tenant is an affiliate of US Oncology, a national network of more than 600 cancer treatment centers. A complementary tenant base that serves patients suffering from cancer and related ailments makes up the balance of the tenancy at the property. Old National Bank provided debt for the acquisition. The seller was the original physician group.
NORMAL, ILL. — The Boulder Group has brokered the $3.1 million sale of a single-tenant restaurant property net leased to Raising Cane’s Chicken Fingers in Normal. The restaurant at 311 Veterans Parkway opened this month and is operating under a 15-year ground lease with 10 percent rental escalations every five years and five five-year renewal options. The property marks the only Raising Cane’s location within a 50-mile radius. Randy Blankstein and Jimmy Goodman of Boulder Group represented the seller, a Midwest-based developer. The buyer was a 1031 exchange investor. The transaction represented a 4.75 percent cap rate. Raising Cane’s, founded in Louisiana in 1996, operates more than 800 locations worldwide.
Since the Federal Reserve began raising rates in March 2022 to combat inflation, the real estate market has faced challenges such as rising interest rates, capital market volatility and economic uncertainty. These factors caused many institutional investors to pause their real estate investment activities compared to historical levels. Despite ongoing volatility, investors are gradually re-entering the market, driven by several factors. Key reasons for the pause included a challenging fundraising and capital markets environment, the unpredictable cost of capital, a scarcity of transactions leading to a lack of pricing discovery and widening bid/ask spreads. Some institutional investors were impacted by the “denominator effect,” resulting in an overweighting to real estate and the need for portfolio rebalancing. Additionally, to create bolster funds for other portfolio issues, some institutional investors entered redemption queues seeking liquidity. Broader capital market constraints reduced the availability of equity, while simultaneously driving a growing preference for structuring investments as debt rather than equity among those who remained active. During this period of muted transaction activity, private investors capitalized on the market’s dislocation. These investors increasingly prioritized their acquisition efforts toward newer vintage core and core-plus assets over value-add or development opportunities, reflecting a shift toward higher quality …
DEARBORN, MICH. — Mid-America Real Estate Corp. has brokered the sale of Fairlane North, a 151,121-square-foot shopping center in Dearborn. Dabaja Brothers Development Group, a metro Detroit-based company, was the buyer. The asset will be rebranded as Dabaja Fairlane North Properties. The center is fully leased to Value City Furniture, Crunch Fitness, Forman Mills, Happy’s Outlet and Verizon. Shadow anchors include Walmart, The Home Depot and Launch Family Entertainment. Ben Wineman, Eric Geskermann, Daniel Stern and Tony Schmitt of Mid-America represented the seller, a private investment group. Ali Charara of Century 21 Curran & Oberski represented the buyer. The transaction represents the final component in the disposition of Fairlane North, as Mid-America previously represented the seller in the sales of the Launch and Home Depot parcels.
COLUMBUS, IND. — Piping Rock Partners, a San Francisco-based investment firm focused on value-add multifamily real estate in the Midwest, has sold Fox Pointe Apartments in Columbus for $13.8 million. CBRE represented the seller and buyer, an affiliate of Equity Property Management LLC. Piping Rock purchased the 120-unit multifamily property in 2010 for $4.7 million and invested more than $1 million in renovations, including a fully remodeled clubhouse, new roofing and siding, and interior upgrades such as new appliances, cabinetry, countertops, flooring and lighting.
