GRUNDY CENTER, IOWA — Lee & Associates has negotiated the $800,000 sale of a 75,000-square-foot industrial property in Grundy Center, a city in central Iowa. The building is located at 701 A Ave. Tom Condon of Lee & Associates represented the seller, Richelieu Foods. Matt Miehe of Fischels Commercial Group represented the buyer, Honary Enterprises, an environmental lubricant manufacturing company.
The term “adaptive reuse” in real estate circles typically conjures images of repurposing old, obsolete commercial buildings. Meanwhile, academic buildings, administrative offices and other properties on college campuses rarely come to mind. But NAI has noted a growing need among higher learning institutions with vacant or underused assets, particularly as a result of growing online learning options, says Larry Gautier, senior vice president of NAI Miami | Fort Lauderdale. As a result, the brokerage is focused on finding solutions for schools. “NAI hasn’t historically been involved with higher institutions of learning — we’ve typically focused on conventional real estate transactions,” Gautier acknowledges. “But a few years ago, when students weren’t going in to class, colleges and universities were facing a challenge: what do you do with facilities — that were built for thousands of students — in a remote-learning setting? For many schools, remote learning is here to stay.” Options include leasing buildings to commercial users or entering a joint venture with, for example, an aerospace or engineering company for educational programs, he adds. Colleges that suddenly have vast unused parking lots could also enter into long-term leases with multifamily, office or mixed-use developers. “Our position is to help these schools create …
DETROIT — Blue Cross Blue Shield of Michigan has renewed its office lease at 500 River East Tower in downtown Detroit. The health insurance company remains the sole tenant within the 307,000-square-foot building, which has been part of the Blue Cross downtown campus since 2011 and is within close proximity to other Blue Cross and Blue Care Network facilities located on East Lafayette and Jefferson Avenue. According to Crain’s Detroit Business, Friedman Real Estate recently purchased both 500 River East Tower and 600 River East Tower from a New Jersey-based publicly traded utility company. Friedman is marketing 600 River East Tower for lease to prospective corporate users.
MINNEAPOLIS, EDINA AND PLYMOUTH, MINN. — The Inland Real Estate Group of Cos. has acquired three seniors housing communities in metro Minneapolis for an undisclosed price. A JLL seniors housing capital markets team arranged acquisition financing on behalf of Inland. The Waters Senior Living will continue to manage the communities for Inland. The portfolio consists of The Waters of Edina, The Waters of Plymouth and The Waters on 50th. The three properties consist of 321 units, including 223 units for independent living/assisted living and 98 units for memory care. The communities were constructed in the past 10 years.
LEASBURG AND BOURBON, MO. — DLP Capital has acquired two outdoor hospitality and RV campground resorts totaling 568 acres within the Ozark Mountains in Missouri. The purchase prices were undisclosed. The acquisitions include Ozark Outdoors in Leasburg and Blue Springs Ranch in Bourbon. Amenities include rafting, kayaking, canoeing, tubing, aerial rope courses, ziplining, drive-in style movies, sand volleyball, swim beaches and horseback riding. Ozark Outdoors features 235 RV sites, 180 tents, 27 cabins, 20 motel rooms and five chalets. The resort was built in 1960 and renovated in the 2000s. Blue Springs Ranch, which includes 156 RV sites, 57 tents and 33 cabins, was built in 1988. The acquisitions bring DLP’s total investment in the outdoor hospitality sector to nearly 2,000 RV pad sites owned or in development in Florida and Missouri. Another 900 are currently in design for resorts in Georgia and Florida, in addition to tiny homes, cabins and other outdoor hospitality options. In line with these investments, DLP is introducing the new brand name “Dream Outdoor Resorts” for its growing portfolio of outdoor resorts. The two Ozark properties will join the brand.
MINNEAPOLIS — Colliers Mortgage has provided a $10.8 million HUD 221(d)(4) loan for the rehabilitation of Labor Retreat Apartments in Minneapolis. The 77-unit Section 8 property features one- and two-bedroom units. Amenities include a community room, onsite management office, outdoor patio, lounge area and laundry rooms. In addition to the HUD-insured first mortgage, the project will utilize 4 percent Low-Income Housing Tax Credits and tax-exempt bonds, which were underwritten by affiliate Colliers Securities LLC. The loan features a 40-year term and 40-year amortization schedule. The borrower was Labor Retreat Housing Partners LLC, an affiliate of Vitus Group LLC.
GLENVIEW, ILL. — Mid-America Real Estate Corp. has arranged the sale of Glenbrook Marketplace, a shopping center totaling 47,873 square feet in the Chicago suburb of Glenview. The sales price was undisclosed. Tenants include Starbucks, Fifth Third Bank, Athletico, Club Pilates, X Golf, Studio Spin and Jimmy John’s. Walgreens shadow anchors the property. Joe Girardi and Emily Gadomski of Mid-America represented the seller, Northpond Partners. Phillips Edison & Co. Inc. was the buyer.
CHICAGO — Tishman Speyer has acquired Union West, a 15-story luxury apartment tower in Chicago’s West Loop neighborhood. The purchase price was roughly $128 million, according to Crain’s Chicago Business. Completed in 2019, Union West features 357 units ranging in size from studios to three bedrooms. A joint venture led by ZOM Living sold the property, which is located at 939 W. Washington Blvd. The building, which is currently 94 percent leased, features amenities such as a fitness center, lounge, entertainment space, an outdoor pool, private work and meeting rooms, a yoga and spin room, pet spa, dog run and onsite boutique grocer West Loop Market. John Jaeger of CBRE represented the seller.
CHICAGO — JLL has brokered the $76 million sale of 3Eleven, a 245-unit apartment community in Chicago’s River North neighborhood. Built in 2018, the property features one-, two- and three-bedroom units. Amenities include a rooftop terrace, pool, lounge areas, a fitness center, yoga studio, chef’s demonstration kitchen and coworking space. Located at 311 W. Illinois St., 3Eleven is situated at the intersection of West Illinois and North Franklin streets. Kevin Girard, Mark Stern and Zach Kaufman of JLL represented the seller, The John Buck Co. and its institutional partner. JLL also procured the buyer, Vista Property. Chris Knight and Mike Brady of JLL originated a $47.7 million Freddie Mac loan on behalf of the buyer.
INDIANAPOLIS — StorageMart has opened a new self-storage facility on East Washington Street in Indianapolis. The property offers 785 units with 82,159 rentable square feet of climate-controlled space in assorted sizes. Security features include 24/7 video surveillance, PIN entry access and motion sensor lighting. Founded in 1999 in Missouri, StorageMart operates more than 250 locations across the United States, Canada and the United Kingdom.
