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CHICAGO — Chicago-based Newcastle Ltd. has acquired the historic Belmont House, a 269-unit apartment tower located at 3170 N. Sheridan Rd. in the Lakeview neighborhood of Chicago, for $56 million. The 13-story, 315,000-square-foot building also contains 9,000 square feet of retail. The property was acquired by Newcastle from Wexenthaller Realty Management on behalf of the firm’s $500 million Chicago investment platform. The Belmont acquisition was part of an 896-unit, seven-property portfolio purchase from Wexenthaller; the other six buildings should close in the next 30 days. Newcastle was represented by The Kiser Group.
AVON AND AMHERST, OHIO — The Luttner Group of NAI Daus has completed two medical office sales in Ohio. In Avon, the company brokered the sale of the Cleveland Clinic Condo, an 18,423-square-foot medical office condo located at 36901 American Way, for $4.7 million, at a 7.06 percent capitalization rate. Mark Luttner of NAI listed the property on behalf of the buyer, and also secured and represented the seller. Both parties were undisclosed. In Amherst, Luttner represented the undisclosed buyer in the acquisition of Pinnacle Medical Building, a 10,585-square-foot medical office building located at 1170 Cleveland St., for $2.13 million, at a 7.22 percent capitalization rate. The seller was also undisclosed.
BIG RAPIDS, MICH. — Agree Realty Corp. has announced plans to partially redevelop Rapids Plaza, a community shopping center located in Big Rapids. The former Roundy’s supermarket on the property will be remodeled and re-tenanted with a 25,000-square-foot MC Sporting Goods and a 15,000-square-foot Peebles department store. The project is expected to be complete in the third quarter of the year. Rapids Plaza is fully occupied by tenants including Kmart, Fashion Bug, Dollar Tree, Rent-A-Center and Payless Shoe Source.
CEDAR RAPIDS, IOWA — Cohen Financial has secured $12 million in debt financing for the acquisition of Collins Road Square, a 168,563-square-foot retail center located at 1400 Twixt Town Rd. in Cedar Rapids. The non-recourse, interest-only loan is for a term of 3 years with extension options, as well as leasing, tenant improvement and capital expenditure reserves. The loan was financed with a 75 percent loan-to-value ratio at 3 percent over the 30-day LIBOR rate. The borrower is a joint venture between San Francisco-based Trinity Property Group and Baltimore-based Alex Brown Realty.
What area is your expertise? • I am an associate partner with Hendricks & Partners and a veteran real estate advisor in the Kansas City and Midwest region. After completing my graduate degree in urban planning and working as a city planner, I joined the multifamily housing industry in brokerage. Over the last twenty years, I have connected the buyers and sellers of some of Kansas City’s highest profile apartment communities and condo conversions. The Kansas City metropolitan area straddles the border between Missouri and Kansas encompassing a 15-county Metropolitan Statistical Area, anchored by Kansas City, Missouri and Overland Park (Johnson County) Kansas. It is the 27th largest metropolitan area in the United States with an estimated population of 2.1 million. What trends do you see presently in multifamily development in your area? The Kansas City apartment market begins 2008 in relative market equilibrium with sound market economic fundamentals and supply in check. The downtown urban living trend gained significant momentum in 2007 with the opening of the Sprint Arena and the Power & Light District, a dynamic nine-city block mixed-use retail, entertainment, office, and loft district. In 2007, downtown had an estimated population of 17,000 people, which is up …
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Lorem ipsum dolor sit amet, consectetuer adipiscing elit. Curabitur sed orci.
Lorem ipsum dolor sit amet, consectetuer adipiscing elit. Curabitur sed orci.
Lorem ipsum dolor sit amet, consectetuer adipiscing elit. Curabitur sed orci.