Midwest

STERLING HEIGHTS, MICH. — Developer Repvblik has opened The Block at Sterling Heights, a 213-unit apartment development in Sterling Heights. The adaptive reuse project transformed the former Wyndham Gardens Sterling Heights hotel into studio and one-bedroom apartments. The multi-million-dollar project began in July 2022. Several months into construction, Repvblik decided to demolish a sprawling section of the building that used to contain the Loon River Café and Sterling Inn Banquet and Conference Center in order to free up more than three acres of street-facing land for future development. Units at The Block range from 315 to 825 square feet. Rents for most apartments range from $795 to $1,300 per month, with large loft apartments renting for $1,500 per month. A significant number of the units will be reserved for those making between 60 and 120 percent of the area median income. Amenities include a fitness center, recreational green space, laundry facility on every floor, mail room, resident lounge and 24-hour emergency maintenance. Future amenities will likely include an outdoor dog park and bike parking. PK Housing and Management is managing the community.

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JOLIET, ILL. — CBRE has completed the lease-up of Joliet Marketplace, a 100,000-square-foot shopping center in Joliet. UrgentVet inked the most recent lease for a total of 3,500 square feet. The veterinarian clinic plans to open this spring. The property was formerly occupied by K-Mart and had stood vacant since 2016. IG Capital purchased the asset in 2020 and brought on CBRE’s Sean McCourt, Joe Parrott and Riley McCarron to assist with redeveloping the site. UrgentVet joins Tony’s Fresh Market, Planet Fitness, Tropical Smoothie Café, Charley’s and Ivy Rehab at the center. McCourt and Parrott represented IG Capital in the lease with UrgentVet.

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WAUWATOSA, WIS. — Slick City, an indoor slide park concept, has signed a lease to open a 51,958-square-foot location at 1435 N. 113th St. in Wauwatosa. Brett Deter and Scott Revolinski of Founders 3 Real Estate Services represented the undisclosed landlord. The family entertainment space may include a soft play area for younger children, zip lines, trapezes and swings. There are currently three other Slick City locations in the U.S. in Denver, St. Louis and Katy, Texas.

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RICHMOND, IND. — Marcus & Millichap has arranged the $1.7 million sale of a 9,785-square-foot retail center in Richmond, a city in eastern Indiana. UPS and Hoppe Jewelers are tenants at the property, which is located at 3643 National Road East. The building was constructed in 2003 and renovated in 2019 and 2020. Damien Yoder and Madison Harman of Marcus & Millichap’s The Yoder-Harman Group represented the seller, a private investor. During negotiations, a tenant vacated, so the duo helped the seller create a new three-year master lease for the vacancy. They also advised the seller on how to maximize the property’s value by structuring a new five-year lease for Hoppe Jewelers to commence at the close of the sale. Buyer information was not provided.

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Retail Program Bohler-Drive Thru

With high operating costs eroding profitability at many urban stores, major retailers are concentrating development and store renovations in suburban locations with layouts geared to the latest consumer preferences. As more retailers follow suit, early adopters provide object lessons in best practices to better serve an evolving customer base and reveal pitfalls to avoid along the way. “Retailers are more sensitive to the pressures of high costs and loss prevention in urban markets, and as a result, they are backing off in those areas,” says Cornelius Brown, a principal and regional manager in the Philadelphia office of Bohler. “Retailers looking to grow, in our experience, are shifting to the suburbs and using retail program methods to cut costs.” Bohler is a land development design and consulting firm that helps developers move their projects forward quickly. Recently, those clients have been keen to avoid risk in both site selection and design features, Brown says. Streamlining Retail Development Retail programs allow developers to use pre-existing retail layout prototypes to determine optimal site arrangements. This approach uses checklists to assign one of several pre-made layouts to a development based on factors such as road location, grading and elevation, parking needs, drive-through layout, loading …

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OAK BROOK, ILL. — Daniel Goodwin, founder, chairman and CEO of The Inland Real Estate Group of Cos. Inc., has passed away at the age of 80. A native Chicagoan, Goodwin earned his bachelor’s and master’s degrees from Illinois public universities. Upon graduation, he worked as a science teacher on the city’s West Side for five years before embarking on his real estate career. Since Oak Brook-based Inland’s inception in 1968, the company grew under Goodwin’s leadership into one of the nation’s largest commercial real estate, investment and finance groups. Collectively, Inland entities have raised over $26 billion in capital, conducted over $80 billion in commercial real estate transactions, sponsored over 800 investment programs and founded six Inland entities that either listed on or merged with a public company on the New York Stock Exchange. Goodwin has received hundreds of local and national business, civic and philanthropic awards. Consistent with Inland’s long-term succession plan, the board of directors has appointed current Inland CFO Anthony Chereso as Inland’s CEO, effective immediately. Chereso has more than 30 years of experience in finance, commercial real estate, capital markets and the alternative investment industry.

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DETROIT AND MILWAUKEE — Walker & Dunlop has arranged the sales of four Section 8 affordable housing communities in Detroit and Milwaukee. Sales prices were not provided. The Detroit properties total 81 units and include Aaron Apartments, Field Place Apartments and West Boston Apartments. All three communities underwent significant rehabilitation in 2007 facilitated by 9 percent Low-Income Housing Tax Credits (LIHTCs). In Milwaukee, Boulevard Apartments features 235 units. The property boasts a 100 percent LIHTC allocation and is further supported by 15 percent Section 811 Project Rental Assistance. Aaron Hargrove and Eric Taylor of Walker & Dunlop represented the undisclosed buyers and sellers in all four deals.

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GREENWOOD, IND. — Marcus & Millichap has brokered the sale of Yorktowne Farms Apartments, a 264-unit multifamily property in the Indianapolis suburb of Greenwood. Built in 1982, the community features amenities such as a pool, playground, laundry facilities, and basketball and tennis courts. Aaron Kuroiwa and Tony Rogers of Marcus & Millichap represented the buyer, ICONIC Property Partners. The seller and sales price were undisclosed.

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KANSAS CITY, MO. — Quantum Real Estate Advisors Inc. has negotiated the sale of a CVS-occupied retail property in Kansas City for $2.2 million. CVS has nine years remaining on its lease. Nick Hilgendorf of Quantum represented the seller, a Midwest-based investor, and the buyer, a Southeast-based investment firm completing a 1031 exchange. Quantum also assisted the seller throughout its loan defeasance process.

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CHICAGO — Farbman Group has opened “The LookOut,” an amenity space within its 100 N. LaSalle office building in Chicago. The space was formerly a 26th-floor penthouse suite. Key features of The LookOut include a lounge and dining space, views of downtown Chicago, a workout facility and artwork. Farbman partnered with Michigan-based Soul Studio, an art program and gallery by nonprofit Friendship Circle that provides adults with special needs a safe space to create and connect through art. Farbman commissioned a piece entitled “Rhythmic Grid Space” by Aislinn Wendrow as a mural for the amenity space.

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