ST. LOUIS — Berkadia has brokered the sale of Crossing at Northpointe, a 334-unit, garden-style multifamily property in St. Louis. The sales price was undisclosed. Located at 3144 Sunswept Park Drive, the community was built in 1972 and renovated in 2021. Andrea Kendrick, Ken Aston and Bobby Mills of Berkadia represented the seller, Utah-based Sundance Bay. A New Jersey-based buyer purchased the asset, which was 94 percent occupied at the time of sale.
WADENA, MINN. — Ziegler has provided a bond issue totaling $20.5 million for the Wadena Cancer Center in Wadena, a city in central Minnesota. The Wadena Cancer Center is jointly operated by Astera Health CentraCare Health and is located on Astera Health’s main campus. In collaboration with CentraCare Health System, Astera Health has entered into a joint venture to establish the Central Minnesota Cancer Center LLC. This initiative aims to address the critical need for comprehensive oncology services in the region. The proceeds of the bond issue will be used to finance the construction and equipping of the 15,350-square-foot cancer center, which will include six clinic exam rooms and eight infusion bays. The facility will provide a full spectrum of cancer care services, including medical and radiation oncology visits, chemotherapy, infusion, radiation treatments and diagnostic imaging. Ziegler utilized a unique financing structure to fund the project through its relationship with a nonprofit entity, National Healthcare, Research and Education Finance Corp. (NHREFCO). NHREFCO works to support the charitable and educational purposes of hospitals, academic medical centers and medical research organizations by acting as the borrower for bond transaction and lessor to the tenant through a long-term assumable lease.
EDEN PRAIRIE, MINN. — Shear Bliss, a family-run hair and beauty salon, will open at Eden Prairie Center in the Twin Cities suburb of Eden Prairie. The salon will fill a former MasterCuts location in suite 2168. Shear Bliss, which maintains an additional location in North Dakota, expects to open its Eden Prairie salon on Friday, April 5. Eden Prairie Center, opened in 1976, features more than 100 shops and restaurants. JLL manages the 1.4 million-square-foot retail property.
TOLEDO, OHIO — SRS Real Estate Partners has brokered the $11.9 million sale of Airport Square, a 187,252-square-foot shopping center located on Airport Highway in Toledo. Situated on approximately 23 acres, the property is 99 percent occupied by tenants such as Urban Air Adventure Park, Discount Fashion Warehouse, American Freight and DaVita Healthcare. Urban Air recently signed a 10-year lease at the center. Jack Cornell, Matthew Mousavi and Patrick Luther of SRS, along with Mac Lehrer of Hoty Enterprises, represented the seller, Oklahoma City-based Frayer Properties. SRS also represented the buyer, a private investor based in Las Vegas. Matt Shane of SF Capital Group procured the debt.
CHICAGO — Kiser Group has negotiated a $7.2 million condo deconversion sale in Chicago’s Lakeview neighborhood. Originally listed for sale in 2021 by the condominium association’s property manager, the 41-unit property went in and out of contract for two years. Andy Friedman and Jake Parker of Kiser represented the buyer, Langdon Partners, which plans to fully renovate the building. “Condominium buildings with a high percentage of investor-owned units, such as 505 Melrose, reach a point where owners are no longer able to properly maintain a building and a deconversion sale is an excellent solution,” says Friedman. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a property if 75 percent or more are in agreement. The threshold is 85 percent for the City of Chicago. Sellers then have the option to either move out of their units or lease them back from the new owner.
OLIVETTE, MO. — A.J. Brown Inc. has completed construction of Padel + Pickle, an indoor padel and pickleball facility in the western St. Louis suburb of Olivette. The 42,116-square-foot project marks the largest indoor padel and pickleball facility in the world, according to the construction firm. A.J. Brown converted a former whiskey distillery and manufacturing facility into the championship-level property, which features six European-style padel courts and eight pickleball courts along with a bar, lounge areas, big-screen televisions, locker rooms and a pro shop. Padel + Pickle offers clinic, private lessons, leagues, court rentals, open play and tournaments for all skill levels. The project team included Linea Design Inc. and Fixture Contracting. Padel is a mix between tennis and squash.
SOUTHFIELD, MICH. — Southfield-based commercial real estate firm Farbman Group has launched Campusville, a comprehensive student housing property management, maintenance, development, construction and investment sales platform. The firm says it recognizes the need for innovative solutions to meet the changing demands of university living. Campusville’s mission is to enhance the quality of life for students by offering modern accommodations that foster a sense of community and provide convenient access to campus resources and local amenities.
OMAHA, NEB. — Turner Construction has signed a 6,132-square-foot office lease at Farnam Executive Center in Omaha. The property, located at 10810 Farnam Drive and recently purchased by White Lotus Group, rises four stories and totals 92,242 square feet. Lease opportunities remain available for users looking for 4,000 to 79,644 square feet. Chris Mensinger, Justin Spooner and Lizzie Mensinger of Colliers represented the landlord in the lease with Turner.
By Noel Liston, Core Industrial Realty The 10 major submarkets that comprise the broader Chicagoland industrial market all performed at or above expectations in 2023. While absorption was not as robust as the pandemic boom that saw back-to-back record years, 2023 was a solid year for absorption and a strong year in rental growth throughout the broader market. Significant deliveries of speculative developments were offset with solid absorption by manufacturing, assembly and food & beverage-related industries that picked up the slack left from a less enthusiastic e-commerce market. Broadly speaking, the greater Chicagoland industrial market started 2024 with a vacancy rate of ±7.3 percent. This vacancy rate is up from the low 5 percent range the market averaged for the second half of 2023. Assuming equilibrium (a market that favors neither tenant nor landlord) for the market is historically a ±6 percent vacancy rate, the current vacancy rate can be deceiving. This is, in large part, due to the jump in vacancy as a result of the delivery of a significant amount of larger, speculative industrial developments in certain submarkets where land zoned for industrial with relatively good access to a major highway or interstate was still available. Further, …
HILLIARD, OHIO — A joint venture between Milhaus and Harbor Group International (HGI) has broken ground on Tempo, a 359-unit apartment project in Hilliard, a northwest suburb of Columbus. The development is in the heart of commercial real estate firm Equity’s mixed-use development known as TruePointe, construction of which began in July 2023. Milhaus will lead development of Tempo, with HGI providing 80 percent of the common equity. Tempo will offer floor plans ranging from studios to three-bedroom units. Residents will have access to amenities such as a resort-style pool, courtyard, fitness center, sky lounge, coworking spaces, an onsite dog park, beach volleyball court and outdoor pizza kitchen. Architecture firm MA+ Design, SJL Design Group and The Kleingers Group make up the project team. First Internet Bank provided project financing. Completion is slated for spring 2026.