MINNEAPOLIS — Marcus & Millichap has brokered the sale of a 12-unit apartment building located at 519 10th Ave. SE in Minneapolis for $1.1 million. Constructed in 1966, 519 Apartments is situated in the Saint Anthony Main/Marcy-Homes neighborhood near the University of Minnesota Twin Cities campus. Abe Roberts and Michael Jacobs of Marcus & Millichap represented the buyer and seller, both of which were undisclosed.
DEER PARK, ILL. — Three new tenants are opening at Deer Park Town Center in the Chicago suburb of Deer Park. Sweetgreen opened a 2,156-square-foot restaurant in July. Victoria’s Secret will occupy 4,965 square feet. Construction on that store is scheduled to begin this fall. The Shade Store, a retailer offering customized window treatments, blinds, shades and drapes, is scheduled to open in spring 2024. Additionally, three existing tenants have either renovated their space or plan to do so. Pottery Barn is in the process of a renovation that will expand its square footage to approximately 12,000 square feet. Completion is slated for this fall. Bath & Body Works recently relocated its store to a new 3,710-square-foot space. Crate & Barrel plans to remodel its store, with completion in time for the start of the holiday shopping season. Managed by JLL, Deer Park Town Center is an outdoor lifestyle center featuring more than 60 retail, restaurant and service brands.
COTTAGE GROVE, MINN. — Home Choice has opened a new store at 6990 80th St. in Cottage Grove, about 10 miles south of St. Paul. A ribbon-cutting ceremony and grand opening celebration is scheduled for Friday, Aug. 4. Home Choice, part of the Rent-A-Center Inc. family, operates 20 locations in Minnesota. The retailer sells furniture, appliances, computers and electronics.
PLAINFIELD, IND. — El Toro Bravo, a regional Mexican restaurant, has opened at The Shops at Perry Crossing in Plainfield, a western suburb of Indianapolis. The 3,886-square-foot restaurant features a patio. El Toro Bravo’s menu consists of classic Mexican dishes such as burritos, quesadillas and gorditas. There are currently seven El Toro Bravo locations across the Midwest. Managed by JLL, The Shops at Perry Crossing is an outdoor lifestyle center featuring more than 50 retail, restaurant and service brands.
ADDISON, ILL. — Marcus & Millichap has brokered the $1.1 million sale of a 12-unit apartment building in Addison, a western suburb of Chicago. The property at 41 E. Blecke Ave. features two studios and 10 one-bedroom units. Christopher Malay and Eric Bell of Marcus & Millichap represented the seller, a limited liability company. Ryan Engle and Andrean Angelov of Marcus & Millichap secured and represented the buyer, a private investor completing a 1031 exchange.
WARREN, IND. — Parkview Hospital Inc. has renewed its 3,523-square-foot office lease on Bennett Drive in Warren, about 35 miles southwest of Fort Wayne. The lease term is three years. Chad Voglewede and Bill Drinkall of Bradley Co. represented the landlord, Jackson Asset Group 1 LLC.
By Scott Olson, Skogman Commercial Despite a derecho, a pandemic, inflation, supply chain issues and a possible recession, Cedar Rapids continues its rapid growth as evidenced by the ranking by “American Growth Project 2023” as a top 15 fastest-growing mid-size U.S. city. But, its other national rankings are just as impressive: • 23rd-Best Run City in U.S. (wallethub.com, 2023) • Top 100 Best Places to Live in America (Livability, 2023) • 23rd-Best Place to Raise a Family (wallethub.com, 2023) • 13th-Best City to Buy a House (niche.com, 2023) • Ranked No. 21 of Cities with Lowest Cost of Living (Business Insider, 2023) • A Cleanest U.S. City by Short-Term Particle Pollution (American Lung Association, 2023) • Two Nationally Ranked Medical Centers: St. Luke’s Hospital and Mercy Medical Center (PINC Al/Fortune and Newsweek, 2023) • Top 50 Best City for Jobs in America (wallethub.com, 2023) • No. 22 Safest City in America (wallethub.com, 2022) • Best Tasting Drinking Water in Iowa (Iowa Section, American Water Works 2022) In addition to these rankings, Cedar Rapids is also continuing to make major progress on recovery from previous national disasters: • 2008/2016 historic floods are resulting in the $750 million flood control system making …
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Low-Income Housing Tax Credit Industry Adjusts to HUD Curveball on Income Limits
New income limits for low-income and very-low-income housing in 2023 represent a mixed blessing for the industry’s providers, who gain more potential renters but face ubiquitous caps that restrain their ability to adjust rents. The U.S. Department of Housing and Urban Development (HUD) publishes the income limits annually based on changes in each housing area’s median income, and typically places caps on outlier markets to prevent wide year-to-year swings. From 2010 through 2021, about 10 percent of areas were capped each year. Also in that period, the caps predictably checked the increase in an area’s qualifying income levels to no more than double the annual percent change in national median income. HUD published national median income based on three-year-trailing American Community Survey (ACS) data that HUD adjusted forward using the Consumer Price Index (CPI). In 2022, however, HUD omitted the CPI factor and based limits on historical survey data alone, producing lower results for median incomes and a smaller percentage change to be doubled into a cap. Even so, calculated incomes rose significantly, spurring HUD to cap increases in 57 percent of areas. Industry experts had predicted HUD would add the CPI adjustment back into its calculations in 2023, resulting …
DECATUR, MARION AND DANVILLE, ILL. — Meridian Design Build has completed construction of three industrial build-to-suit projects in Illinois. A global shipping and information services provider will occupy all three buildings. The first project is a 317,518-square-foot facility in Decatur. Scannell Properties developed the building, which features 10,920 square feet of office space, 174 interior van loading positions, 78 loading docks and a 607-car employee parking lot. Cornerstone Architects and civil engineer Spaceco made up the project team. SunCap Property Group served as the developer of a similar 251,000-square-foot building in Marion. The property features 11,411 square feet of office space, 147 interior van loading positions, 68 loading docks and a 537-car employee parking lot. Architect Ware Malcomb and civil engineer Manhard Consulting made up the project team. The third facility totals 217,323 square feet in Danville. Jones Development was the developer on the project, which features 10,500 square feet of office space, 119 interior van loading positions, 56 loading docks and a 390-car employee parking lot. The project team included Ware Malcomb and civil engineer Farnsworth Group.
ST. PETERS, MO. — Brinkmann Constructors has broken ground on Old Hickory Village, a 316-unit apartment complex in St. Peters, a northwest suburb of St. Louis. The project will consist of two buildings and a parking garage. Amenities will include a pool, fitness center, pickleball courts and three courtyards. Completion is slated for May 2025. Tegethoff Development is the developer.