Tuesday, April 29, 2025
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Midwest

AcquisitionsHospitalityMichiganMidwest

Alpine Realty Capital Brokers Sale of 137-Room Comfort Inn & Suites Hotel in Mt. Pleasant, Michigan

by Kristin Harlow

MT. PLEASANT, MICH. — Alpine Realty Capital LLC, a member of Hotel Brokers International, has brokered the sale of the Comfort Inn & Suites and Conference Center in Mt. Pleasant, a city in central Michigan. The sales price was undisclosed. The 137-room hotel includes an adjacent 10,000-square-foot conference center and is situated near the main campus of Central Michigan University (CMU). The property is located on a 10-acre site that is leased from CMU. Further details of the sale were not provided.

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AcquisitionsCivicIndianaMidwest

Marcus & Millichap Arranges $7M Sale of State of Indiana Government Property

by Kristin Harlow

CROWN POINT, IND. — Marcus & Millichap has arranged the $7 million sale of a 34,704-square-foot property occupied by the State of Indiana in Crown Point, a city in Northwest Indiana. The asset is located at 9801 Georgia St. near I-65. Mitchell Kiven and Nicholas Kanich of Marcus & Millichap represented the seller, a partnership. The duo also secured and represented the buyer, a limited liability company.

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AcquisitionsIllinoisMidwestRestaurantRetail

SRS Real Estate Brokers $3M Sale of Wendy’s-Occupied Property in Chicago

by Kristin Harlow

CHICAGO — SRS Real Estate Partners has brokered the sale of a single-tenant retail property occupied by Wendy’s in Chicago for $3 million. Built in 1983 and renovated in 2022, the 4,031-square-foot building is located at 2811 N. Narragansett Ave. Sean Lutz and Dan Elliott of SRS represented the seller, a California-based private investor. Bruce Lee and Hope Kim of New Star Realty represented the all-cash buyer, a California-based private investor. The sales price of $753 per square foot represented a cap rate of 5.27 percent.

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AcquisitionsIllinoisMidwestRetail

Coldwell Banker Commercial Negotiates $2.2M Sale of Retail Strip Center in Normal, Illinois

by Kristin Harlow

NORMAL, ILL. — Coldwell Banker Commercial Real Estate Group has negotiated the $2.2 million sale of College Oak Square Strip Mall in Normal, just north of Bloomington. The 29,000-square-foot property, built in 1986, is home to 19 tenants and is located at 1520 E. College Ave. Greg Yount of Coldwell Banker Commercial represented the seller, Broadmoor Park LLC. The buyer was undisclosed.

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DevelopmentIllinoisMidwestMultifamily

Luxury Living Begins Leasing District 1860 Luxury Apartment Complex in Lincolnwood, Illinois

by Kristin Harlow

LINCOLNWOOD, ILL. — Luxury Living has begun leasing District 1860, a six-story luxury apartment complex in Lincolnwood, a northern suburb of Chicago. Located at 7215 District Ave., the development offers 299 units in studio, one-, two- and three-bedroom layouts. Tucker Development and AECOM-Canyon Partners, a joint venture between AECOM Capital and Canyon Partners, were the developers. District 1860 has signed retail agreements with Davanti Enoteca, Fatpour, Fat Rosie’s and Amazon Fresh Grocery. Amenities include a pool, rooftop dog run, community room, fitness center and Wi-Fi access anywhere in the community. Move-ins are anticipated to begin later this month. Rents start at $1,850 per month for studios.

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IllinoisIndustrialLeasing ActivityLee & AssociatesMidwest

Coaster Co. Signs 150,209 SF Industrial Lease in Roselle, Illinois

by Kristin Harlow

ROSELLE, ILL. — Coaster Co. (COA Inc.) has signed an industrial lease to fully occupy Turnberry 5 in Roselle, which is located in Chicago’s North DuPage submarket. The 150,209-square-foot building is situated at 1550 Central Ave. within Turnberry Industrial Park. Jeff Janda and Tim Cronin of Lee & Associates represented COA, which is relocating from Des Plaines, Ill. Mike Freitag, Kelly Disser and Dan Leahy of NAI Hiffman represented the owner, Prologis. COA distributes and supplies household furniture.

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AcquisitionsIllinoisMidwestOffice

Colliers Brokers Sale of 80,978 SF Office Building in Elgin, Illinois

by Kristin Harlow

ELGIN, ILL. — Colliers has brokered the sale of an 80,878-square-foot office building located at 2250 Point Blvd. in Elgin for an undisclosed price. Originally built by PanCor Construction & Development in 1999, the four-story property is located within Randall Point Executive Center. The building was 30 percent leased at the time of sale. Alissa Adler and John Homsher of Colliers, in partnership with the Ten-X Commercial Real Estate auction platform, represented the undisclosed seller. An entity doing business as Elgin Square Property LLC was the buyer.

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LoansMidwestNorthmarqOhioRetail

Northmarq Arranges $6.1M Loan for Refinancing of Retail Portfolio in Fairfield, Ohio

by Kristin Harlow

FAIRFIELD, OHIO — Northmarq has arranged a $6.1 million loan for the refinancing of a four-building retail portfolio in Fairfield, about 25 miles north of Cincinnati. The portfolio is 99 percent leased and totals 62,720 square feet. Built in 1987, Diplomat Village consists of three buildings totaling 50,650 square feet. Kemper Ponds Plaza, built in 2005, totals 12,070 square feet. Noah Juran of Northmarq arranged the fixed-rate, three-year loan with a local bank.

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AcquisitionsMidwestMissouriRestaurantRetail

Blue West Capital Negotiates $2.4M Sale of Kansas City Restaurant Property

by Kristin Harlow

KANSAS CITY, MO. — Blue West Capital has negotiated the sale of a single-tenant restaurant property occupied by Freddy’s Frozen Custard & Steakburgers in Kansas City for $2.4 million. Freddy’s has a new long-term, net lease at the property, which is located at 13628 Washington St. The lease includes 10 percent rental increases every five years and is guaranteed by M&M Custard, the third-largest Freddy’s franchisee. There are roughly 450 Freddy’s locations nationwide. Zach Wright and Brandon Wright of Blue West Capital represented the seller, a Midwest-based development company. The property sold to an all-cash buyer based in California.

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DevelopmentIllinoisMidwestMultifamily

Focus Completes Construction of 8o8 Luxury Apartment Tower in Downtown Chicago

by Kristin Harlow

CHICAGO — General contractor Focus has completed construction of a high-rise, luxury apartment tower in downtown Chicago named 8o8. Located at 808 N. Cleveland Ave., the 23-story building features 200 apartment units, 20,000 square feet of office space and 7,500 square feet of retail space. DAC Developments and Bayview USA Holdings developed the property, which features amenities such as a pool, spa, fitness spaces, game rooms, coworking space, dog run and pet spa. Designed by Pappageorge Haymes, the project features multiple outdoor areas and 101 parking stalls. The development also features 20 affordable housing units. Monthly rents for market-rate units start at $2,175.

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