CHICAGO — Marcus & Millichap has brokered the sale of Kedzie Plaza in Chicago for $5.2 million. The 73,876-square-foot retail property is located at 4725 S. Kedzie Ave. Tenants include Dunkin’, Metro by T-Mobile, Subway, Domino’s and Sally Beauty. Adrian Mendoza, Austin Weisenbeck and Sean Sharko of Marcus & Millichap represented the buyer, a local private investor. Seller information was not provided.
WAYZATA, MINN. — Davis has opened the Wayzata Specialty Center, a 16,147-square-foot medical office building in Wayzata, about 13 miles west of Minneapolis. Tailwind Pediatric Dentistry and Lorenz Clinic are leasing the entire second floor of the two-story building. LAK MedSpa occupies a portion of the first floor. The project replaced an outdated office building. The project team included Synergy Architecture Studio and Timco Construction. In addition to serving as developer, Davis is providing property management and leasing services for the building. Two suites on the first floor remain available for lease.
PERU, ILL. — Cawley Chicago has arranged the sale of a 52-acre truck terminal property in Peru, a city in Central Illinois. The sales price was undisclosed. Located at 5005 Plank Road, the property consists of 27 acres of heavy-duty parking, a terminal building with 146 docks, 10,000 square feet of office space and a 9,600-square-foot mechanic’s shop with six drive-through bays. Originally developed by Consolidated Freight, the asset has been in continuous operation by various less-than-truckload (LTL) companies. LTL is a ground transportation method that consolidates multiple shippers’ freight onto single semi-trucks. Jon Chamlin, Joshua Hearne and Reinier Pranger of Cawley Chicago brokered the sale, further details of which were not provided.
CHICAGO — SVN Chicago Commercial has negotiated the sale of the former MK restaurant property in Chicago’s River North neighborhood for $2.6 million. The buyer plans to redevelop the 9,600-square-foot building, which is located at 868 N. Franklin St. Marcus Cook of SVN Chicago represented the buyer, while colleagues Wayne Caplan and Michael Elam represented the seller, a Los Angeles-based investment firm.
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Underutilized Hotel Properties Present Conversion Opportunities for Multifamily, Affordable Housing
Walker & Dunlop is finding financial success while helping to provide high-demand, affordable housing in key markets by converting hotel assets into multifamily buildings. Brian Cornell, managing director at Walker & Dunlop Investment Partners (WDIP), says his firm is identifying hotels that are already built out and can accommodate market-rate multifamily use. Extended-stay hotels have the best layout for this type of conversion because their footprint already includes the floor plans and many of the amenities that multifamily residents expect. “The units are typically one-bedroom, but with some two-bedroom suites and studios,” he outlines. “This creates a variety of unit types within the existing physical build-out of the property, and these assets can operate as true multifamily without having to combine walls and do extensive capital renovations.” When it comes to location, Cornell explains, “We prefer infill locations that have strong employment drivers and a dearth of affordable housing.” Underutilized Properties, Multifamily Strategies The three investments Walker & Dunlop has done in the past two years are in the heart of commercial corridors, in areas where there are limited multifamily projects within a two-to-three-mile radius offering rents that can support an 80 percent area median income (AMI) threshold. One is …
CLEVELAND — City Club Apartments has topped off construction of City Club Apartments-Cleveland, a 23-story luxury apartment tower located at 776 Euclid Ave. in Cleveland. The development will include 304 apartment units and penthouses as well as street-level retail space, including a restaurant, basement speakeasy, lobby café, Sky Club café and doggie daycare and spa. Dubbed an “apartment hotel,” the property will offer residents the option to rent a furnished suite or an unfurnished apartment or penthouse. Amenities will include indoor and outdoor theaters, a heated rooftop pool and hot tub, outdoor kitchen, coworking spaces, a bark park, Zen garden, fitness center, yoga studio, wellness room, business center and conference room. Occupancy is slated to begin in October.
CHICAGO — Skender has completed an expansive renovation project at THE MART office building in Chicago. Owner Vornado Realty Trust coined the repositioning initiative as “Evolution of an Icon.” Skender made improvements to four key areas of the building’s second floor: a 29,000-square-foot circulation area, 21,000-square-foot conference center, 23,000-square-foot fitness center and 2,000-square-foot private tenant lounge. In the circulation area, Skender added new Terrazzo flooring and new lounge seating sourced from design showrooms at THE MART. The new conference center is comprised of 15 meeting rooms that accommodate up to 300 people. The area also features a workspace with phone booths, lounge seating, a pantry and satellite service area. The fitness center features a golf simulator, locker rooms, infrared saunas, a cycle room and mind-body room. Overlooking the river is the new tenant-exclusive, speakeasy-inspired lounge with a bar. Gensler was the architect and IMEG Corp. was the engineer.
MERRIAM, KAN. — Brinkmann Constructors has broken ground on Merriam Grand Station Lofts, a 361-unit luxury apartment project in Merriam, a southwest suburb of Kansas City. Drake Development is developing the project on the site of a former retail development that has been vacant for 10 years. The development is part of the larger Merriam Grand Station, a $72.5 million project including retail, residential and public gathering space. Merriam Grand Station Lofts will consist of two buildings with 73,000 square feet of below-grade parking. Amenities will include a pool, pet wash station, game rooms and electric vehicle charging stations. Completion is slated for 2025.
CHICAGO — Interra Realty has brokered the sale of a 16-unit multifamily property in Chicago’s Logan Square neighborhood for $6.1 million. Located at 2543 N. California Ave., the building was constructed in 1902 and renovated in 2018. There are eight two-bedroom units, five three-bedroom units, one four-bedroom layout and two commercial spaces. Starbucks has been a long-term tenant in one of the commercial spaces. Brad Feldman of Interra represented the seller, Chicago-based Barnett Capital Ltd. Feldman also represented the local private buyer.
SALEM, OHIO — The Cooper Commercial Investment Group has arranged the $2 million sale of Salem Market Place in Salem, a city in Northeast Ohio. Tenants at the 16,252-square-foot property include Super Cuts, Sally Beauty Supply, GameStop, Little Caesar’s, Gadget Lab, Alternative Smokes, Hibachi Express and Drayer Physical Therapy. The center is 83 percent occupied. Dan Cooper and Bob Havasi of Cooper Group represented the seller, a West Coast-based investor. The sales price represented a cap rate of 7.73 percent and approximately 98 percent of the list price.