KANSAS CITY, MO. — Kansas City-based Sky Real Estate has closed on $24.9 million in equity commitments for its initial partnership, Sky Partners I LP. There were more than 50 investors throughout the Midwest and beyond. With a focus on underappreciated real estate assets, Sky Partners I has already made significant strides in acquiring numerous investment opportunities in key markets such as Dallas, Orlando, Chicago and Kansas City. Sky Partners I looks for investments with a compelling basis, current income and upside potential.
ARDEN HILLS, MINN. — Ryan Cos. US Inc. has purchased “Outlot A,” a 40-acre land site in Arden Hills, a northeast suburb of Minneapolis, for $12.7 million. The Ramsey County Board of Commissioners approved the purchase and sale agreement for the land parcel, which is situated adjacent to Rice Creek Commons, a planned residential and commercial redevelopment of the former Twin Cities Army Ammunition Plant (TCAAP). The parcel is zoned for commercial use under the city’s TCAAP Redevelopment Code. Alatus LLC continues to serve as the lead developer of the main 390-acre Rice Creek Commons redevelopment area. A preliminary development agreement with Alatus was approved in December. Ryan will offer Outlot A as a build-to-suit that can accommodate 400,000 to 600,000 square feet. Development possibilities include a corporate campus, a research and development center, life sciences offices or manufacturing facilities alongside retail and restaurant space. The parcel will connect to the Rice Creek North Regional Trail for bicycle and pedestrian access. Ryan also expects to incorporate green space and outdoor gathering areas. Ramsey County plans to request $25 million in funding from the Minnesota Legislature to build stormwater infrastructure and construct the main public roadway. The total future development value …
SOUTHFIELD, MICH. — Bernard Financial Group (BFG) has arranged an $8.5 million loan for the refinancing of a 334-unit multifamily property in Southfield. Dennis Bernard and David Ruff of BFG arranged the loan with Securian Life Insurance Co. Pine Aire Investors LLC was the borrower.
NORMAL, ILL. — Marcus & Millichap has negotiated the $2.5 million sale of two retail centers located in the college town of Normal. The adjacent properties are located on Northbrook Drive near Illinois State University. Totaling approximately 17,500 square feet, the centers are leased to mostly local tenants such as a marijuana dispensary, coffee shop, pizza parlor, regional medical provider and laundromat. Eric Bell, Jordan Callaway and Mitchell Kiven of Marcus & Millichap represented the seller, a real estate developer. Buyer information was not provided.
AXIS 360, Lee & Associates Arrange $2.3M Sale of Former Gold’s Gym Property in Bloomington, Illinois
BLOOMINGTON, ILL. — AXIS 360 Commercial Real Estate Specialists and Lee & Associates have arranged the $2.3 million sale of a 45,749-square-foot building formerly occupied by Gold’s Gym in Bloomington. The two-story property features areas for workout equipment, locker rooms, offices, physical therapy areas and a childcare area. Greg Yount of AXIS 360 and Rick Scardino of Lee & Associates represented the seller, Citizen’s First Bank. Sherye Przybyla of Berkshire Hathaway represented the undisclosed buyer, which plans a remodel of the building in the coming months.
OAK LAWN, ILL. — Quantum Real Estate Advisors Inc. has brokered the $2.1 million sale of a two-tenant retail property in the Chicago suburb of Oak Lawn. The center recently underwent a full renovation, including new pylon signage. At the time of sale, the property was fully leased to Chicago Title and Hassleless Mattress. Chad Firsel and Brett Berlin of Quantum represented the seller, a joint venture between affiliates of Core Acquisitions and T2 Capital Management. The buyer was a California-based 1031 exchange investor.
BURNSVILLE, MINN. — Colliers Mortgage has provided a $1.5 million HUD 241(a) loan for the rehabilitation of Parkway Cooperative of Burnsville. The 102-unit seniors cooperative property features one- and two-bedroom units. Amenities include laundry rooms, community areas, underground parking, an exercise facility, library, craft room and workshop. The loan features a 26.5-year term and amortization. Parkway Cooperative of Burnsville was the borrower.
ANN ARBOR, MICH. — Ann Arbor-based Oxford Cos. and Dublin, Ohio-based Crawford Hoying have unveiled plans to build Arbor South, a 20-acre mixed-use development in Ann Arbor’s south side. The multi-phased project is expected to include approximately 1,000 residential units, 76,000 square feet of ground-floor commercial space, three parking garages, an upscale hotel and multiple parks and community gathering spaces. Adjacent to I-94, the project site is located at Eisenhower Parkway and South State Street. Arbor South would be the first project on the city’s south side to receive approval under the City of Ann Arbor’s TC1 zoning ordinance, an initiative designed to increase density in areas outside of downtown Ann Arbor with a heavy focus on adding accessible housing to the market. Arbor South’s residential offerings will range from studios to three-bedroom apartments. Approximately 10 to 15 percent of the units will fall under the city’s affordable housing threshold. Additional project partners include Detroit-based architecture and design firm Lord Aeck Sargent and Ann Arbor-based civil engineer Midwestern Consulting. The development team is targeting fall 2024 for site plan approval, with the first residential building coming on line in summer 2026.
MAPLE GROVE, MINN. — Associated Bank has arranged $145.2 million in construction financing for a three-story, single-tenant office and laboratory building in the Minneapolis suburb of Maple Grove. The build-to-suit property for an undisclosed tenant will total 400,000 square feet, including 320,000 square feet of office space and 80,000 square feet of state-of-the-art laboratory space. Employee amenities will include a conference center, credit union/bank, cafeteria, coffee shop, fitness center, bike room, e-bar, game room and green space. Construction is underway with completion slated for late 2025. Ryan Cos. US Inc. is the developer. Steve Clifford of Associated Bank handled the loan arrangements and closing. The syndicated deal included a total of four lenders. Associated Bank served as joint lead arranger and administrative agent, holding $50 million of the total financing package. The other three lenders were First National Bank of Omaha, Alerus Financial NA and Johnson Bank.
CHICAGO — Kiser Group has brokered the $7.6 million sale of a 39-unit multifamily property in Chicago’s Edgewater neighborhood. Katie LeGrand and Jacob Price of Kiser represented the seller, Sam Grossman, managing partner of Fairchild Acquisition. Danny Logarakis of Kiser represented the undisclosed buyer. The seller completed a full renovation of the property in June 2020. The asset was more than 97 percent occupied at the time of sale. The buyer was able to assume debt at a low interest rate for another few years.