MCCOOK, ILL. — Tru Vue, a manufacturer of glazing products for the custom picture framing, museum, photography, technical glass and acrylic markets, has renewed its 299,200-square-foot industrial lease at 9400 W. 55th St. in McCook, an industrial suburb of Chicago. Fischer and Co. and Tom Condon of Lee & Associates represented the tenant. Terry Grapenthin and Ryan Earley of Lee & Associates represented the owner, High Street Logistics Properties.
WICHITA, KAN. — The International Pizza Hut Franchisee Holders Association (IPHFHA) is relocating its headquarters to The Offices at Cranbrook in Wichita. The move is expected to occur in May. IPHFHA has been a part of Wichita and Pizza Hut’s history since 1968, supporting over 5,300 restaurants across the franchise system. The new headquarters will support future workforce expansion and the association’s Pizza Hut Foundation, which launched in 2022 to support scholarship, mentorship and literacy initiatives. Wichita-based developer Occidental Management owns The Offices at Cranbrook. Chad Stafford represented the landlord on an internal basis, while Whitney Vliet Ward and Ben Suellentrop of J.P. Weigand & Sons Inc. represented the tenant. IPHFHA operates as a trade association and is comprised of private owners of Pizza Hut franchises.
SOUTH BEND, IND. — DWG Capital Partners has acquired a 65,256-square-foot industrial facility located at 301 E. Sample St. in South Bend. The sales price was undisclosed. The single-story property is situated on four acres and features a clear height of 24 feet, a drive-in door and two dock doors. Structured as a sale-leaseback, the transaction was completed with private equity firm JAL Equity, which simultaneously acquired the longtime tenant, Mossberg & Co. The tenant is a provider of technology-based print and marketing solutions. Bryan Huber and Michael Soleimani of SAB Capital represented the seller.
By Adam Ferguson, Bernard Financial Group If 2022 was a lesson in how rapidly things can change in commercial real estate, 2023 was an exercise in adaptation for both borrowers and lenders alike. Detroit is no stranger to change or adaptation. From becoming the Motor City and growing into the country’s fourth-largest city during the first half of the 20th century to a renaissance in the 2010s after several decades of bumps and bruises, Detroit continues to add to its storied history. With billions of dollars of investment within the city limits and growing suburban sectors, Detroit’s multifamily market is making significant advancements by adding fresh developments to a market where 38 percent of multifamily inventory is over 50 years old. While certainly not the only catalyst, low interest rates help to spur development. Lower cost of capital is especially impactful in markets like Detroit where building costs are high and rents are low compared with other major markets. Southeast Michigan averaged over 3,800 units of multifamily housing building permits issued per year over the past decade. Compare that to an average of 988 from the decade prior and one can discern the growth in demand for multifamily housing financing …
DULUTH, MINN. — Kraus-Anderson Duluth has completed Zenith DCHS, a $34.9 million project that converted the Historic Old Central High School in downtown Duluth into 122 apartment units. Designed by AWH Architects and owned by Saturday Properties, the four-story building boasts the city’s landmark clock tower. The building was constructed in 1892 as Duluth Central High School (DCHS) and is listed on the National Register of Historic Places. Amenities for apartment residents include a fitness center, sauna, coworking space, auditorium and workshop.
MENOMONEE FALLS, WIS. — Rexel USA Inc. and Everlight Solar LLC have fully leased a recently completed industrial building in Menomonee Falls. The two tenants are leasing 59,388 square feet and 19,738 square feet, respectively. They will take occupancy in the second quarter following the completion of tenant improvements. Owner Luther Group developed the facility on a speculative basis. Bob Flood, Brian Flood and Derek Yentz of Founders 3 Real Estate Services represented ownership.
CARMEL, IND. — Colliers has brokered the sale of The Green on Meridian, a two-building medical office portfolio totaling 58,158 square feet in the Indianapolis suburb of Carmel. The sales price was undisclosed. The three-story buildings are 25 percent occupied by 10 tenants. Alex Cantu, Alex Davenport and Bryce Wetzel of Colliers represented the seller, NAYA Investment & Management, an independent real estate firm specializing in the acquisition and management of office and residential properties across Indiana and Florida. A private investor was the buyer.
ELK GROVE VILLAGE, ILL. — Brown Commercial Group has negotiated the sale of a 23,790-square-foot industrial building in the Chicago suburb of Elk Grove Village. The sales price was undisclosed. The property at 160 Scott St. was originally marketed for lease but received multiple offers from potential buyers. Candace Scurto of Brown represented the seller, a private investor. Mason Hezner of Brown represented the buyer, GP Glass Co., which has two other locations in Elk Grove Village. The company is a custom shower glass and door installation business.
BUFFALO GROVE, ILL. — Illinois Masonry Group has signed a 22,000-square-foot industrial lease at 1025 Busch Parkway in the Chicago suburb of Buffalo Grove. The company will relocate from a nearby location. The building features a clear height of 19 feet, one dock, one drive-in doors and 4,000 square feet of office space. Brian Bocci of Entre Commercial Realty represented the tenant, while Michael Whetstone and Brian Silverman of JBS represented the undisclosed landlord.
TOLEDO, OHIO — Welltower Inc. (NYSE: WELL) has agreed to acquire 25 active adult properties from Affinity Living Communities for $969 million. The off-market transaction is part of a long-term strategic partnership between the two companies, with plans for future development activity together. The portfolio encompasses nearly 3,900 units predominately located in the Pacific Northwest. Welltower says the acquisition will enable the company to strategically scale the geographic reach of its active adult portfolio into markets with a five-year projected population growth in the 55-plus demographic that is more than 2.5 times higher than the U.S. average. Post-closing, Affinity will continue to manage the portfolio subject to a terminable management contract. Welltower plans to fund the acquisition using cash on hand and the assumption of $523 million of below-market-rate debt with an average interest rate of 3.8 percent and a nine-year weighted average maturity. The purchase price of approximately $249,000 per unit represents a significant discount to replacement cost, according to Welltower. The average property age is eight years. The transaction is expected to close in tranches over the next several months with timing dependent on property-level loan assumption approvals. The deal will expand Welltower’s in-place and under-development active adult …