Midwest

Inland Founder, CEO Daniel Goodwin Dies at Age 80

by Kristin Harlow January 22, 2024

OAK BROOK, ILL. — Daniel Goodwin, founder, chairman and CEO of The Inland Real Estate Group of Cos. Inc., has passed away at the age of 80. A native Chicagoan, Goodwin earned his bachelor’s and master’s degrees from Illinois public universities. Upon graduation, he worked as a science teacher on the city’s West Side for five years before embarking on his real estate career. Since Oak Brook-based Inland’s inception in 1968, the company grew under Goodwin’s leadership into one of the nation’s largest commercial real estate, investment and finance groups. Collectively, Inland entities have raised over $26 billion in capital, conducted over $80 billion in commercial real estate transactions, sponsored over 800 investment programs and founded six Inland entities that either listed on or merged with a public company on the New York Stock Exchange. Goodwin has received hundreds of local and national business, civic and philanthropic awards. Consistent with Inland’s long-term succession plan, the board of directors has appointed current Inland CFO Anthony Chereso as Inland’s CEO, effective immediately. Chereso has more than 30 years of experience in finance, commercial real estate, capital markets and the alternative investment industry.

January 22, 2024

Walker & Dunlop Arranges Sales of Four Affordable Housing Communities in Detroit, Milwaukee

by Kristin Harlow January 22, 2024

DETROIT AND MILWAUKEE — Walker & Dunlop has arranged the sales of four Section 8 affordable housing communities in Detroit and Milwaukee. Sales prices were not provided. The Detroit properties total 81 units and include Aaron Apartments, Field Place Apartments and West Boston Apartments. All three communities underwent significant rehabilitation in 2007 facilitated by 9 percent Low-Income Housing Tax Credits (LIHTCs). In Milwaukee, Boulevard Apartments features 235 units. The property boasts a 100 percent LIHTC allocation and is further supported by 15 percent Section 811 Project Rental Assistance. Aaron Hargrove and Eric Taylor of Walker & Dunlop represented the undisclosed buyers and sellers in all four deals.

January 22, 2024

Acquisitions Indiana Midwest Multifamily

Marcus & Millichap Brokers Sale of 264-Unit Yorktowne Farms Apartments in Suburban Indianapolis

by Kristin Harlow January 22, 2024

GREENWOOD, IND. — Marcus & Millichap has brokered the sale of Yorktowne Farms Apartments, a 264-unit multifamily property in the Indianapolis suburb of Greenwood. Built in 1982, the community features amenities such as a pool, playground, laundry facilities, and basketball and tennis courts. Aaron Kuroiwa and Tony Rogers of Marcus & Millichap represented the buyer, ICONIC Property Partners. The seller and sales price were undisclosed.

January 22, 2024

Acquisitions Midwest Missouri Retail

Quantum Negotiates $2.2M Sale of CVS-Occupied Property in Kansas City

by Kristin Harlow January 22, 2024

KANSAS CITY, MO. — Quantum Real Estate Advisors Inc. has negotiated the sale of a CVS-occupied retail property in Kansas City for $2.2 million. CVS has nine years remaining on its lease. Nick Hilgendorf of Quantum represented the seller, a Midwest-based investor, and the buyer, a Southeast-based investment firm completing a 1031 exchange. Quantum also assisted the seller throughout its loan defeasance process.

January 22, 2024

Development Illinois Midwest Office

Farbman Group Opens New Amenity Space at Chicago Office Building

by Kristin Harlow January 22, 2024

CHICAGO — Farbman Group has opened “The LookOut,” an amenity space within its 100 N. LaSalle office building in Chicago. The space was formerly a 26th-floor penthouse suite. Key features of The LookOut include a lounge and dining space, views of downtown Chicago, a workout facility and artwork. Farbman partnered with Michigan-based Soul Studio, an art program and gallery by nonprofit Friendship Circle that provides adults with special needs a safe space to create and connect through art. Farbman commissioned a piece entitled “Rhythmic Grid Space” by Aislinn Wendrow as a mural for the amenity space.

January 22, 2024

Acquisitions Healthcare Midwest Wisconsin

Transwestern Brokers $72M Sale of Hudson Medical Center in Western Wisconsin

by Kristin Harlow January 19, 2024

HUDSON, WIS. — Transwestern Real Estate Services has brokered the $72 million sale of Hudson Medical Center in Hudson, about 18 miles east of St. Paul. Completed in 2023, the 160,000-square-foot building serves as a multi-specialty medical office building and ambulatory surgery center. Frank Richie, Mike Salmen, Erik Coglianese and John Huff of Transwestern represented the seller, Hudson Medical LLC, which developed the facility. Hammes Partners, a private investment platform focused exclusively on healthcare real estate, was the buyer. The property’s tenant mix includes primary care, imaging, orthopedics, ophthalmology, oncology and dermatology.

January 19, 2024

Hospitality Loans Michigan Midwest

Bernard Financial Group Arranges $24.3M Loan for Refinancing of 110-Room Hotel in Detroit

by Kristin Harlow January 19, 2024

DETROIT — Bernard Financial Group (BFG) has arranged a $24.3 million CMBS loan for the refinancing of the Element Hotel at the Metropolitan in downtown Detroit. Located at 33 John R St., the hotel features 110 rooms. Dennis Bernard, Joshua Bernard and Dan Duggan of BFG arranged the loan on behalf of the borrower, Metropolitan Building SPE LLC.

January 19, 2024

Development Industrial Midwest Ohio

Interstate Batteries Partners with Neyer Properties to Build New Fulfillment Center in Columbus

by Kristin Harlow January 19, 2024

COLUMBUS, OHIO — Interstate Batteries has formed a joint venture partnership with Neyer Properties to build a new fulfillment center in Columbus. The project will be the first building in The Hub @70/270 development, which can accommodate up to 400,000 square feet of industrial and distribution space. Situated at the front of the site, the Interstate Batteries regional fulfillment center will have direct frontage along I-70 and I-270. The 151,000-square-foot facility will mark one of eight regional fulfilment centers nationwide for Interstate Batteries. Construction is scheduled to begin this month and to be completed this fall. The new property will service battery distributors in Ohio and surrounding states. The project team includes Byers, Minton & Associates, Red Architecture, Kimley-Horn and Brocon Construction.

January 19, 2024

Acquisitions Affordable Housing Midwest Multifamily Wisconsin

CPP Acquires Woodside Terrace Affordable Housing Community in Beloit, Wisconsin, for $8M

by Kristin Harlow January 19, 2024

BELOIT, WIS. — Community Preservation Partners (CPP) has acquired Woodside Terrace, an affordable housing community in Beloit, a city in southern Wisconsin. The development consists of 120 units, 116 of which are Section 8. The transaction marks CPP’s first investment in Wisconsin. The community will receive extensive renovations, estimated at $72,912.03 per unit. CPP’s total investment is roughly $27.4 million, which includes the purchase price of $8 million. Built in 1972, the property consists of three buildings on three contiguous parcels. There are 90 one-bedroom units averaging 540 square feet and 30 two-bedroom units averaging 835 square feet. In addition to the individual unit upgrades, the community will receive a new playground, gazebo, dog park, barbecue grills and bike racks. The property’s Section 8 contract was set to expire in 2030. With CPP’s acquisition and upgrades, the community will have renewed affordability status for 20 years. Renovations are slated for completion in December 2025. Project partners include the Wisconsin Housing and Economic Development Authority, R4 Capital, general contractor Renu, Wisconsin Management Co. and architect C&S Engineering.

January 19, 2024

Development Midwest Missouri Office

Keystone Construction Completes 45,000 SF Production Studio for St. Louis CBS Affiliate

by Kristin Harlow January 19, 2024

ST. LOUIS — Keystone Construction Co. has completed a new production studio and headquarters for St. Louis CBS affiliate First Alert 4. The general contractor transformed an existing three-story, 45,000-square-foot office building through a major exterior and interior renovation project. The new space is 26 percent larger than First Alert 4’s previous space. The facility at 77 Progress Parkway features two broadcast studios with 14 presentation areas, a newsroom, two dressing rooms, two control rooms, a data center, seven satellites, LED-screen backgrounds and a fitness center. The design and engineering team included Partners by Design, Cole & Associates and Barrett, Woodyard & Associates. NAI Desco served as the real estate broker for the purchase of the building and two-acre lot.

January 19, 2024

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