NORTHBROOK, ILL. — A joint venture partnership between Clear Height Properties and ICP Funds has acquired two light industrial buildings in Sky Harbor Industrial Park in Northbrook, a northern suburb of Chicago. The purchase price was undisclosed. The multi-tenant buildings total 93,059 square feet and are fully leased. The properties are located on Landwehr Road and Era Drive. Sean Devaney, Kurt Sarbaugh and John Huguenard of JLL brokered the transaction.
MILWAUKEE — Fiserv Inc. (NYSE: FI), a global payment and financial tech solutions firm, has unveiled its new corporate headquarters in downtown Milwaukee. The 170,000-square-foot office space serves as the new global base for the company, which is relocating from nearby Brookfield, Wis., about 13 miles west of Milwaukee. The new Fiserv offices are part of HUB640, a mixed-use campus that also includes a small-format Kohl’s department store that opened in November. Other tenants include Eight Eleven Group, Abacus Architects and North Shore Healthcare, according to Founders 3 Real Estate Services, which is handling office leasing at HUB640. Chicago-based North Wells Capital LLC owns and operates HUB640. As part of the move, Fiserv was awarded $7 million in TIF (tax increment financing) funding from the City of Milwaukee, under the condition that the company retain 93 percent of its employee base at its new office space. “City of Milwaukee elected officials unanimously chose to partner with Fiserv on this project, and we are confident the decision will be applauded for many years to come,” says Milwaukee Mayor Cavalier Johnson. The new office building is located at 600 Vel R. Phillips Ave., a site that formerly housed the Boston Store, a local …
URBANA, ILL. — Berkadia has brokered the $38 million sale of Town & Country, a 662-unit multifamily property in Urbana. Located at 1032 E. Kerr Ave., the garden-style community offers convenient access to the University of Illinois. Town & Country was built in phases between 1970 and 2007, and was 98 percent occupied at the time of sale. Ralph DePasquale of Berkadia represented the seller, Colorado-based Monarch Investment and Management Group. The buyer was Michigan-based MF Capital. The transaction also included an adjacent 52-unit self-storage facility.
ELK RIVER, MINN. — JLL Capital Markets has arranged an $18.7 million HUD 232/223(f) loan for the refinancing of Elk River Senior Living. The 108-unit senior living community offers independent living, assisted living and memory care services in Elk River, about 34 miles northwest of Minneapolis. Built in 2018, the property offers amenities such as lounges, activity rooms, dining areas and outdoor courtyards. Jeff Lepley and Alex Sheaffer of JLL arranged the financing, which consolidated five different debt obligations that were associated with the construction of the project. The borrower was undisclosed.
MILWAUKEE — Hines has launched leasing for 333 North Water Street in Milwaukee’s Historic Third Ward. The 31-story, 333-unit luxury apartment tower is slated to open in June. The project will feature ground-level retail space and 22,700 square feet of indoor and outdoor amenity spaces. Floor plans will come in a variety of options, including studio, convertible, one-, two-, three-bedroom and penthouse units. Monthly rents will start at $2,200. The property will feature direct access to Milwaukee’s Riverwalk System and proximity to public transportation.
TECUMESH, MICH. — Dominion Real Estate Advisors LLC has negotiated the sale of the former Herrick Memorial Hospital property located at 500 E. Pottawatamie St. in Tecumesh, about 60 miles southwest of Detroit. The sales price was undisclosed. James Mitchell of Dominion represented the buyer, Greater Midwest Group LLC. The hospital operated as a 50-bed acute care facility until it closed in September 2020. The new owner plans to use the 188,179-square-foot property as a behavioral health facility.
VALLEY PARK, MO. — The Boulder Group has brokered the $2.5 million sale of a restaurant property occupied by Freddy’s Frozen Custard & Steakburgers in Valley Park, a western suburb of St. Louis. The building is located at 2945 Dougherty Ferry Road. Zach Wright and Brandon Wright of Boulder represented the seller, a Midwest-based development company. The asset sold to an all-cash 1031 exchange buyer based in the western U.S. This Freddy’s location features a long-term lease with 10 percent rental increases every five years. The lease is guaranteed by M&M Custard, the third-largest Freddy’s franchisee. Freddy’s maintains approximately 500 locations nationwide.
MILWAUKEE — The Milwaukee office of Kraus-Anderson Construction will build the new corporate headquarters for Enerpac Tool Group in downtown Milwaukee. Currently located in Menomonee Falls, Enerpac will be relocating to the former ASQ Center at 648 N. Plankinton Ave. The building will be renamed Enerpac Center. The global manufacturer of industrial tools will occupy 50,000 square feet on the fourth floor. Approximately 130 employees will relocate downtown. American Society for Quality will continue to house its headquarters in the building. Creative Business Interiors provided full interior architectural design services. Enerpac’s space will feature a research and testing lab, open collaborative spaces, large conference rooms and offices. Plans also call for a fitness studio, eat-in café and updated restrooms. A full interior demolition of existing spaces will begin in early March and will combine the fourth floors of the existing north and south buildings, which are currently separate. Construction is slated to begin in late April and to be completed in late 2024 or early 2025.
BROWNSBURG, IND. — Sila Realty Trust Inc. has acquired an inpatient rehabilitation facility in Brownsburg, a northwest suburb of Indianapolis, for $39 million. Capital Growth Medvest was the seller. The property is fully leased to Community Health Network Rehabilitation Hospital West, a joint venture between Community Health Network (CHN) and Lifepoint Rehabilitation, a business unit of Lifepoint Health. CHN is a nonprofit health system with more than 200 sites of care and facilities throughout central Indiana, including six acute care hospitals totaling approximately 1,150 beds. Lifepoint is a national healthcare provider with 62 community hospitals and over 30 rehabilitation and behavioral health facilities across 29 states. The recently constructed facility in Brownsburg began accepting patients in May 2023, and serves as the third inpatient rehabilitation facility operated by the joint venture in the greater Indianapolis area. The property totals 56,000 square feet with 40 beds. The facility focuses on acute rehabilitation and recovery for patients who suffer from stroke, traumatic brain injury, spinal cord injury, complex neurological disorders, orthopedic conditions, multiple traumas, amputation and other injuries. The two-story building is situated on 12.2 acres.
CHANHASSEN, MINN. — National New Markets Fund LLC (NNMF), an affiliate of Los Angeles-based SDS Capital Group, has invested $17.5 million of its New Markets Tax Credit (NMTC) allocation into Chanhassen, Minn.-based Bongards Creameries. Bongards is a farmer-owned co-op that relies on its 267 member farms to provide milk for its cheese and whey products. As a result of the investment, Bongards will be able to increase its capacity from 4.1 million pounds of milk per day to 5.4 million pounds per day. Bongards will add an estimated 22 new full-time jobs to its existing base of 143 employees. Member farms are anticipated to add up to 260 full-time farm jobs to their existing 1,000 employees. The NNMF investment utilizes capital from the NMTC program, created by Congress in 2000 and administered by the U.S. Treasury Department. Investment groups such as NNMF compete to be selected to receive NMTC awards each year. The selected “allocatees” in turn sell the tax credits to institutional investors. The proceeds from the tax credit sale are then used as part of the investment into projects benefiting low-income communities. Bongards received the NNMF allocation as part of a complex $81 million NMTC financing package. Dudley …
