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Data CentersDevelopmentIndustrialLoansMidwestNorth Dakota

CIM Group Provides $125M in Construction Financing for Applied Digital’s Computing Campus in North Dakota

by Kristin Harlow

ELLENDALE, N.D. — CIM Group has provided a $125 million loan with a potential increase up to $200 million to fund construction of Applied Digital’s High-Performance Computing (HPC) Campus in Ellendale, a city in southern North Dakota. The data center is designed to provide massive computing power and support HPC applications. Applied Digital is a designer, builder and operator of next-generation digital infrastructure for HPC applications. The company began construction on the first building at its HPC campus in October. Applied Digital has also executed a Letter of Intent with a U.S.-based hyperscaler for a 400-megawatt lease at the campus, which has more than 600 megawatts of future capacity. 

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AcquisitionsIllinoisMidwestMultifamily

DMG Capital Acquires Linkt Apartments in Chicago’s River West for $14.2M

by Kristin Harlow

CHICAGO — DMG Capital, the multifamily investment affiliate of Chicago-based Daniel Management Group, has acquired Linkt Apartments in Chicago’s River West neighborhood for $14.2 million. The luxury apartment property includes 47 units and two street-level retail spaces. The asset is 95 percent occupied. DMG will manage the building and oversee a common area refresh and light unit rehabs. The fitness center, outdoor green space and lobby will all be part of upgrades that will occur in the second half of this year. The acquisition marks DMG Capital’s third in six months, totaling $40 million in new assets. Philip Galligan and Danny Kaufman of JLL Capital Markets arranged debt financing through Freddie Mac. Meredith Katz and Ariel Murray of Greenberg Traurig LLP represented DMG in the purchase. Craig Martin and Joe Smazal of Interra Realty brokered the transaction on behalf of the buyer and undisclosed seller.

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AcquisitionsIndustrialMidwestWisconsin

Brisky Net Lease Brokers $11.7M Sale of 186,588 SF Industrial Property in Green Bay

by Kristin Harlow

GREEN BAY, WIS. — Brisky Net Lease has brokered the sale of a 186,588-square-foot industrial property in Green Bay for $11.7 million. The single-tenant building is located at 3181 Commodity Lane. The tenant, Itasca, Ill.-based Advanced Converting Works, provides solutions for the flexible packaging converting industry. There are 15 years remaining on the lease. Brian Brisky of Brisky Net Lease represented the seller, a REIT. The buyer was undisclosed.

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AcquisitionsIllinoisIndustrialMidwest

Venture One Buys 32,496 SF Industrial Building in Elgin, Illinois

by Kristin Harlow

ELGIN, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial VI LP, has acquired a 32,496-square-foot industrial building in Elgin for an undisclosed price. Located on Church Road and built in 1979, the property is fully leased to three tenants. The facility features three docks, four drive-in doors and parking for 30 cars. Nick Kyriazes of 360 Real Estate Services represented the undisclosed seller, while Matthew Lee and Parker Ray of Core Industrial Realty represented Venture One. VK Industrial VI is co-sponsored by Venture One and Kovitz Investment Group.

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Leasing ActivityMichiganMidwestOffice

Jacobs & Diemer Law Firm Signs 5,286 SF Office Lease in Detroit

by Kristin Harlow

DETROIT — Law firm Jacobs & Diemer PC has signed a 5,286-square-foot office lease at 211 W. Fort St. in Detroit. The law firm has more than 70 years of experience as an appellate specialist in the state of Michigan. Andrew Bower of Friedman Real Estate represented the tenant, which is relocating from 500 Griswold St.

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AcquisitionsMichiganMidwestMultifamily

ARCO Acquires Riverside Townhomes in Gibraltar, Michigan, for $17.1M

by Kristin Harlow

GIBRALTAR, MICH. — ARCO Real Estate Co. has acquired Riverside Townhomes in Gibraltar, a southern suburb of Detroit, for $17.1 million. The townhome rental property, located at 14221 Park St., features 136 units. Peter Jankowski and Rich Deptula of Friedman Real Estate represented both the buyer and undisclosed seller.

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DevelopmentHospitalityMidwestMissouri

Midas Hospitality Opens 96-Room TownePlace Suites Hotel in Wentzville, Missouri

by Kristin Harlow

WENTZVILLE, MO. — Midas Hospitality has opened a TownePlace Suites by Marriott extended-stay hotel in Wentzville, a far west suburb of St. Louis. The 96-room property is located at 20 Cliff View Drive along I-70. The four-story hotel features a fitness center, guest laundry facilities, complimentary breakfast buffet, complimentary high-speed internet, a 10-person meeting room and outdoor patio area. CMC Construction was the general contractor, and Royal Banks of Missouri provided project financing.

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AcquisitionsIllinoisMidwestMultifamily

Interra Realty Brokers $11.2M Sale of Apartment Building in Chicago

by Kristin Harlow

CHICAGO — Interra Realty has brokered the sale of a 48-unit apartment building in Chicago’s Lakeview East neighborhood for $11.2 million. Located at 452 W. Oakdale Ave. and constructed in 1971, the property includes 16 studios and 32 one-bedroom units. All apartments were occupied at the time of sale. Joe Smazal of Interra represented the buyer, Beal Properties, and the seller, a local investment group led by Cagan Management.

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AcquisitionsMidwestMinnesotaMultifamily

JLL Arranges Sale of 48-Unit Townhome Rental Property in Burnsville, Minnesota

by Kristin Harlow

BURNSVILLE, MINN. — JLL Capital Markets has arranged the sale of Shalimar Estates, a 48-unit townhome rental community in Burnsville, about 15 miles south of downtown Minneapolis. Located at 13340 Parkwood Drive, the property features three-bedroom units within attached three-story buildings with garages on the ground level. Josh Talberg and Bill Mork of JLL represented the seller, Gaughan Cos. Shalimar Estates was part of Gaughan’s larger 800-unit Minnesota Legacy Apartment Portfolio.

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AcquisitionsIllinoisIndustrialMidwest

Venture One Buys 32,230 SF Industrial Building in Naperville, Illinois

by Kristin Harlow

NAPERVILLE, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial VI LP, has acquired a 32,230-square-foot industrial building in the Chicago suburb of Naperville for an undisclosed price. Constructed in 1989, the property was 50 percent leased to one tenant at the time of sale. The building features a clear height of 18 feet, two docks, two drive-in doors and parking for 42 cars. Venture One plans to make improvements such as new spec office space, energy-efficient warehouse lights and a new parking lots. Ted Gates and Dylan Demaio of CBRE will market the property for lease. VK Industrial VI is co-sponsored by Venture One Real Estate and Kovitz Investment Group.

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