MINNEAPOLIS — Marcus & Millichap has brokered the sale of First Avenue Apartments, a 52-unit apartment property located on First Avenue in Minneapolis. The sales price was undisclosed. Constructed in 1917 and 1919, the asset is comprised of two neighboring buildings within the city’s Stevens Square neighborhood. Michael Jacobs and Abe Roberts of Marcus & Millichap represented the buyer and seller, both of which requested anonymity.
MILWAUKEE — LifeStance Health, formerly operating as Cornerstone Counseling Services SC, has renewed its 8,226-square-foot office lease at 5007 S. Howell Ave. in Milwaukee. Joe Mortiz of Colliers negotiated the lease. LifeStance Health employs approximately 6,600 psychiatrists, advanced practice nurses, psychologists and therapists, and operates across 33 states and approximately 550 centers.
PEWAUKEE, WIS. — Anchor Wealth Partners LLC has signed a 1,953-square-foot office lease in Pewaukee, a western suburb of Milwaukee. The property, Squires III, is located on Riverwood Drive. John Davis and Ned Purtell of Founders 3 Real Estate Services represented the owner, R2 Properties.
HUDSON, OHIO — Joann Inc. (NASDAQ: JOAN), a fabrics and sewing retailer based in Hudson, has filed for prepackaged Chapter 11 bankruptcy. The company’s 829 stores and its website (JOANN.com) will remain open for business. Following the bankruptcy process, if approved, Joann will become a private company owned by some of its lenders and other industry parties, and its shares will no longer be listed on Nasdaq or any other national stock exchange. As of this writing, the company’s stock has been delisted. Joann expects to emerge from the voluntary bankruptcy process as early as April. In addition to the bankruptcy decision, the 81-year-old company has entered into a transaction support agreement with a majority of its financial stakeholders and additional industry financing parties. As part of the agreement, Joann has received commitments for approximately $132 million in new financing and related financial accommodations. “This agreement is a significant step forward in addressing Joann’s capital structure needs, and it will provide us with the financial resources and flexibility necessary to continue to deliver product assortments and enhance the customer experience wherever they are shopping with us,” says Scott Sekella, Joann’s chief financial officer. He adds that 95 percent of the company’s …
PEKIN, ILL. — Five Below and Maurices are joining the tenant lineup at East Court Village in Pekin, just south of Peoria in central Illinois. The retailers, which are expected to open in fall 2025, join existing tenants Tractor Supply Co., Petco, Hobby Lobby and Dunham’s Sports. A former Bergner’s store is being redeveloped to make way for Five Below and Maurices, and additional tenants will be announced. The redevelopment project totals 42,000 square feet. Cullinan Properties Ltd. owns and manages East Court Village.
CHICAGO — Ziegler has negotiated the sale of a 100-plus-bed skilled nursing facility in a northern neighborhood of Chicago. Ziegler advised the seller, an Illinois-based nonprofit. A local operator acquired the asset for an undisclosed price. Nick Glaisner of Ziegler led the transaction with the support of colleague Melanie Shaffer.
MIDLAND, MICH. — Marcus & Millichap has arranged the sale of the SpringHill Suites by Marriott Midland for an undisclosed price. The 96-room, three-story hotel is located just off US Highway 10 in Midland, a city in central Wisconsin. The asset is set to undergo a full renovation to the newest Marriott brand standards. Ebrahim Valliani and Michael Klar of Marcus & Millichap represented the buyer and seller, both of which were private investor groups. Chris Gomes and Allan Miller of the brokerage firm were also listed on the deal as supporting brokers.
INDIANAPOLIS — Friedman Communities, the multifamily management division of Friedman Real Estate, has been selected to manage Veridian Castleton Apartments in Indianapolis. Constructed in 1965, the property contains 398 units with a mix of one-, two- and three-bedroom layouts. Amenities include a fitness center, pool, lounge area, playground, two bark parks and a picnic and grilling area.
ROCHESTER HILLS, MICH. — Peace Love & Little Donuts has signed a lease to open a 1,164-square-foot location at the Papa Joe’s Plaza shopping center in Rochester Hills. Michael Murphy and Vicki Gutowski of Gerdom Realty & Investment represented the tenant, while Lawrence Randazzo of Hayman Co. represented the undisclosed landlord. Pittsburgh-based Peace Love & Little Donuts operates in 14 states.
MISHAWAKA, IND. — The Boulder Group has arranged the $9.6 million sale of a single-tenant retail property net leased to Best Buy in Mishawaka near South Bend. The 50,327-square-foot building is located at 6502 Grape Road along I-80. Nearby tenants include Target, Apple, Macy’s, Menards, Ross Dress for Less, Walmart, Sam’s Club, The Home Depot, Aldi, Meijer and Costco. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a West Coast-based partnership. The buyer was an institution.