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AcquisitionsCaliforniaHealthcareIllinoisMidwestTop StoriesWestern

Remedy, Kayne Anderson Acquire 37-Property Healthcare Portfolio for $252M

by John Nelson

CHICAGO AND LOS ANGELES — A joint venture between Remedy Medical Properties and Kayne Anderson Real Estate has acquired a portfolio of 37 healthcare properties from Broadstone Net Lease (NYSE: BNL), a diversified real estate investment trust with an industrial focus. The properties traded hands for $252 million. JLL served as the broker for the transaction. The 37 properties were selected from a larger collection of healthcare assets designated for sale by Broadstone Net Lease. The properties are being sold as part of the REIT’s plan to focus on core net lease assets in the industrial, retail and restaurant sectors. As of March 31, industrial properties comprised 54.2 percent of the REIT’s portfolio. The portfolio totals more than 708,000 square feet across 13 states. Each property is fully leased. The assets are situated in prominent markets that include: Chicago; Houston; Charlotte, North Carolina; Indianapolis; Seattle; Milwaukee; Tampa, Florida; and Arlington, Texas. The properties are leased by health systems and physician groups such as Advocate, Emerge Ortho, Froedert Health, IU Health, Tampa General, TGH Imaging and USPI. The largest facility included in the portfolio is Ridgeway Medical Campus in Greece, New York, near Rochester. The multi-specialty outpatient medical center comprises 120,000 …

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DevelopmentMidwestMinnesotaMultifamilySeniors Housing

Lupe Development Opens $52M Wirth on the Woods Seniors Housing Campus in Minneapolis

by Kristin Harlow

MINNEAPOLIS — Lupe Development has opened Wirth on the Woods, a $52 million seniors housing campus near Theodore Wirth Park in Minneapolis. The project includes 100 units of affordable seniors housing in a six-story building named The Theodore and 100 units of market-rate seniors housing in a six-story building named The Eloise. The development also includes a new regional storm pond, outdoor classroom and play area for the adjacent Anwatin Middle and Bryn Mawr Elementary schools. The two seniors housing buildings feature shared amenities such as an outdoor courtyard, garden and greenhouse. The affordable housing component was made possible with the Livable Communities Demonstration funds from Metropolitan Council, as well as loans, grants and funding participation from the City of Minneapolis, Hennepin County and the Minnesota Housing Finance Agency. Investors in the project included Great Southern Bank and Raymond James Investments. The Eloise was privately funded, and Great Southern Bank served as the senior lender. Frana Cos. was the general contractor. Wirth on the Woods is the result of master planning between Lupe Development and Swervo Development Corp. The master plan created more than 200 additional market-rate units in a combination of lofted units and townhomes called the Pennhurst Collective. …

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DevelopmentIllinoisMidwestRetail

JT Magen Completes Construction of Two-Story Retail Space for Cartier in Chicago

by Kristin Harlow

CHICAGO — JT Magen has completed construction of a two-story retail space for Cartier in Chicago. The luxury goods and jewelry company relocated to 15 Oak St. JT Magen served as construction manager for the retail build-out, overseeing all aspects of budgeting, procurement of materials, managing subcontractors and conducting the final handover of the completed project. The firm also spearheaded the structural design for the base building requirements and those of the storefront. JT Magen collaborated with the Cartier team as well as Atmosphere Design Group, Henderson Engineering and Turner Townsend. The new Cartier boutique features a white oak staircase and a custom internal elevator cab.

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AcquisitionsMidwestMinnesotaOffice

Transwestern Brokers $4M Sale of Office Building in Blaine, Minnesota

by Kristin Harlow

BLAINE, MINN. — Transwestern Real Estate Services has brokered the $4 million sale of a 46,800-square-foot office building in Blaine, a northern suburb of Minneapolis. Located at 3680 Pheasant Ridge Drive NE, the property was vacant at the time of sale but formerly housed the Minnesota School of Business. Eric Rapp of Transwestern represented the seller, M5 Built Holdings-Blaine LLC. The buyer, East Blaine Community Center, plans to fully renovate the building. The owner will utilize the building’s classrooms and large gathering spaces as a religious community center.

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AcquisitionsMidwestMultifamilyWisconsin

Marcus & Millichap Negotiates $3.6M Sale of Apartment Building in Milwaukee’s Third Ward

by Kristin Harlow

MILWAUKEE — Marcus & Millichap has negotiated the $3.6 million sale of Grand Riverside Residences in Milwaukee’s Third Ward. The building features 16 apartment units and two retail spaces. Located at 225-229 N. Water St., the property was originally constructed in 1900 and renovated in 2006. The retail spaces are home to Sevva Salon and fitness studio Barre3. Matthew Whiteside of Marcus & Millichap represented the buyer and seller, neither of which were disclosed.

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AcquisitionsIllinoisMidwestRetail

Boulder Group Arranges $1.1M Sale of CVS-Occupied Property in Lawrenceville, Illinois

by Kristin Harlow

LAWRENCEVILLE, ILL. — The Boulder Group has arranged the $1.1 million sale of a 10,093-square-foot retail property net leased to CVS in Lawrenceville, a city in southeast Illinois. The building is located at 1421 State St. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, an Illinois-based partnership. The buyer was a West Coast-based individual investor. CVS has occupied the property since 2005.

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Lakeside
DevelopmentHospitalityMichiganMidwestMixed-UseMultifamilyOfficeRestaurantRetailTop Stories

Lionheart Capital Plans $1B Lakeside Mall Redevelopment in Sterling Heights, Michigan

by Katie Sloan

STERLING HEIGHTS, MICH. — Lionheart Capital has unveiled plans for the $1 billion mixed-use redevelopment of Lakeside Mall in the Detroit suburb of Sterling Heights. The redevelopment process will begin with the demolition of the enclosed regional mall following its closure on July 1. The new development will be anchored by a mixed-use town center and central park featuring shops, offices, coffee houses, restaurants, an area for community gatherings and events, and a two-story community center with recreational amenities including swimming pools, fitness facilities and libraries.  The project is also set to include a hotel and residential space, details of which were not disclosed, as well as 30 acres of public space, parks and infrastructure. Plans include the addition of walking, biking and hiking trails that connect to local trail networks including the Iron Belle Trail, Freedom Trail and Dodge Park Trail.  Groundbreaking on the town center is scheduled for late 2025. The development team includes master architect CallisonRTKL, landscape designer SWA and civil engineer Giffels Webster. A completion timeline was not disclosed. Lakeside Mall originally opened in 1976. The site spans 110 acres and the existing buildings total 1.5 million square feet. Miami-based Lionheart Capital is an investment firm …

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Market ReportsMidwestMidwest Market ReportsNebraskaOffice

Omaha’s Office Market Continues to Buck National Trends

by Kristin Harlow

By Kristi Andersen and Melissa Torrez, CBRE The office market remains one of the most uncertain commercial real estate sectors across the country. Facing declining asset values, rising interest rates and the increase of remote and hybrid work, many of the nation’s office markets are struggling.  Key indicators that typically track the health of the market include net absorption, rental rates and vacancy rates. Not surprisingly, given the recent challenges, net absorption of office space nationwide is currently negative, rents have gone down and vacancy is high. However, Omaha continues to buck those trends. A solid, steady economy The midwestern city boasts a diverse economy with agriculture, food processing, insurance, transportation, healthcare and education all being leading drivers. Warren Buffett calls Omaha home, as do several Fortune 500 corporations such as Berkshire Hathaway, Union Pacific Railroad, Mutual of Omaha and Peter Kiewit Sons’ Inc.  The Omaha economy consistently outperforms other metro areas, particularly during economic downturns. In December, the U.S. Bureau of Economic Analysis released 2022 Gross Domestic Product (GDP) data for counties and metropolitan areas. Douglas County, the most populous county in Nebraska, had the highest annual GDP growth at 9.2 percent for U.S. counties with populations greater than …

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Demand for retail space in the first quarter of 2024 has been driven by food-and-beverage, discount and experiential sector tenants.
AcquisitionsContent PartnerDevelopmentFeaturesIndustrialLeasing ActivityLee & AssociatesLoansMidwestMultifamilyNortheastOfficeRetailSoutheastTexasWestern

Lee & Associates Report: Industrial, Office Sectors Face Challenges as Retail, Multifamily Show Positive Trends

by Sarah Daniels

Economic headwinds such as elevated interest rates and persistent inflation led to mixed outcomes in the first quarter for industrial, office, retail and multifamily sectors, with market observers anticipating a contracting economy, as outlined by Lee & Associates’ 2024 Q1 North America Market Report. On the industrial front, market pressures — including interest rates and supply chain challenges — led to higher vacancy in the United States in the first quarter of the year. U.S. office space experienced its fifth consecutive year of contraction, as office worker attendance stagnated. Additional challenges, in the form of loans maturing in a high-rate environment, signal further challenges in the near future for the office landscape. Continued merchant demand, reduced closures and bankruptcies and limited supply converged to create a feeding frenzy for retail space, with vacancies at historic lows. And finally, geographically based factors drove multifamily markets, many of which (especially in the Midwest and Northeast) experienced a rebound in apartment demand fueled by rising consumer sentiment and moderating inflation, despite supply outpacing demand. Lee & Associates has made their full, first-quarter report available here (with breakdowns of cap rates by city, vacancy rates, market rents, inventory square footage and more). The summaries from each sector …

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AcquisitionsMidwestMissouriMultifamily

Northmarq Arranges $54.1M Sale of Luxury Apartment Complex in Maryland Heights, Missouri

by Kristin Harlow

MARYLAND HEIGHTS, MO. — Northmarq has arranged the $54.1 million sale of The Flats at Dorsett Ridge in Maryland Heights, a northwest suburb of St. Louis. The 214-unit luxury apartment complex was built in 2021. The property offers one-, two- and three-bedroom units. Amenities include a pet spa, grilling stations, outdoor gaming area, fitness center, clubhouse with game room and golf simulator, coffee bar, parking garage and bike storage. Parker Stewart and Dominic Martinez of Northmarq represented the seller, Pier Property Group, a St. Louis-based developer. The buyer was a large capital group from the East Coast. David Garfinkel of Northmarq arranged a five-year acquisition loan.

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