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Midwest

Affordable HousingDevelopmentIowaMidwestMultifamily

The Annex Group to Develop $62.9M Affordable Housing Community in Des Moines

by Kristin Harlow

DES MOINES, IOWA — The Annex Group has unveiled plans to develop Union at River’s Edge, a $62.9 million affordable housing community in Des Moines. The 216-unit development will offer one-, two- and three-bedroom residences to households whose income levels are at or below 60 percent of the area median income. The project will be situated on nearly four acres at 1600 Indianola Ave. Completion is slated for spring 2025. Amenities will include a fitness center, clubhouse, playground, picnic area, parking garage, community room, dog park and onsite leasing office. Residents will receive complimentary transit passes for the Des Moines Area Regional Transit Authority, which will have a bus stop adjacent to the property. Project partners include Civil Design Advantage, ASK Studio and Summit LIHTC Consulting. Affiliates of The Annex Group will complete construction and perform property management services for the community. Financing partners include WNC for more than $24 million in Low-Income Housing Tax Credit equity, Cedar Rapids Bank and Trust for tax-exempt bond financing of over $32 million, Iowa Finance Authority for tax-exempt bond allocation, and the City of Des Moines for tax-increment financing, tax abatement and $300,000 American Rescue Plan Act funds.

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AcquisitionsMichiganMidwestMinnesotaOffice

Net Lease Office Properties Sells Four Office Assets Across Three States for $43.1M

by Kristin Harlow

MICHIGAN, MINNESOTA AND ARIZONA — Net Lease Office Properties (NYSE: NLOP) has sold four office assets across three states for gross proceeds totaling approximately $43.1 million. The properties included: a 143,650-square-foot building in Tucson, Ariz., primarily leased to Raytheon Corp.; a 58,722-square-foot asset in Dearborn, Mich., that is home to Carhartt Inc.; a 70,000-square-foot building in Plymouth, Mich., that is primarily leased to AVL Michigan Holding Corp.; and a 29,916-square-foot property leased to BCBSM Inc. in Eagan, Minn. Net proceeds after closing costs, together with funds from other sources, were used to repay approximately $46 million on J.P. Morgan’s senior secured mortgage and approximately $6 million on its mezzanine loan. Subsequent to the dispositions, NLOP owned 55 office properties, 50 of which are in the U.S. and five in Europe.

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MidwestMissouri

Sky Real Estate Closes on $24.9M in Equity Commitments for Initial Partnership

by Kristin Harlow

KANSAS CITY, MO. — Kansas City-based Sky Real Estate has closed on $24.9 million in equity commitments for its initial partnership, Sky Partners I LP. There were more than 50 investors throughout the Midwest and beyond. With a focus on underappreciated real estate assets, Sky Partners I has already made significant strides in acquiring numerous investment opportunities in key markets such as Dallas, Orlando, Chicago and Kansas City. Sky Partners I looks for investments with a compelling basis, current income and upside potential.

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AcquisitionsDevelopmentMidwestMinnesota

Ryan Cos. Purchases 40-Acre Land Site in Arden Hills, Minnesota for $12.7M

by Kristin Harlow

ARDEN HILLS, MINN. — Ryan Cos. US Inc. has purchased “Outlot A,” a 40-acre land site in Arden Hills, a northeast suburb of Minneapolis, for $12.7 million. The Ramsey County Board of Commissioners approved the purchase and sale agreement for the land parcel, which is situated adjacent to Rice Creek Commons, a planned residential and commercial redevelopment of the former Twin Cities Army Ammunition Plant (TCAAP). The parcel is zoned for commercial use under the city’s TCAAP Redevelopment Code. Alatus LLC continues to serve as the lead developer of the main 390-acre Rice Creek Commons redevelopment area. A preliminary development agreement with Alatus was approved in December. Ryan will offer Outlot A as a build-to-suit that can accommodate 400,000 to 600,000 square feet. Development possibilities include a corporate campus, a research and development center, life sciences offices or manufacturing facilities alongside retail and restaurant space. The parcel will connect to the Rice Creek North Regional Trail for bicycle and pedestrian access. Ryan also expects to incorporate green space and outdoor gathering areas. Ramsey County plans to request $25 million in funding from the Minnesota Legislature to build stormwater infrastructure and construct the main public roadway. The total future development value …

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LoansMichiganMidwestMultifamily

Bernard Financial Group Arranges $8.5M Loan for Refinancing of Multifamily Asset in Southfield, Michigan

by Kristin Harlow

SOUTHFIELD, MICH. — Bernard Financial Group (BFG) has arranged an $8.5 million loan for the refinancing of a 334-unit multifamily property in Southfield. Dennis Bernard and David Ruff of BFG arranged the loan with Securian Life Insurance Co. Pine Aire Investors LLC was the borrower.

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AcquisitionsIllinoisMidwestRetail

Marcus & Millichap Negotiates $2.5M Sale of Two Retail Centers in Normal, Illinois

by Kristin Harlow

NORMAL, ILL. — Marcus & Millichap has negotiated the $2.5 million sale of two retail centers located in the college town of Normal. The adjacent properties are located on Northbrook Drive near Illinois State University. Totaling approximately 17,500 square feet, the centers are leased to mostly local tenants such as a marijuana dispensary, coffee shop, pizza parlor, regional medical provider and laundromat. Eric Bell, Jordan Callaway and Mitchell Kiven of Marcus & Millichap represented the seller, a real estate developer. Buyer information was not provided.

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AcquisitionsIllinoisMidwestRetail

AXIS 360, Lee & Associates Arrange $2.3M Sale of Former Gold’s Gym Property in Bloomington, Illinois

by Kristin Harlow

BLOOMINGTON, ILL. — AXIS 360 Commercial Real Estate Specialists and Lee & Associates have arranged the $2.3 million sale of a 45,749-square-foot building formerly occupied by Gold’s Gym in Bloomington. The two-story property features areas for workout equipment, locker rooms, offices, physical therapy areas and a childcare area. Greg Yount of AXIS 360 and Rick Scardino of Lee & Associates represented the seller, Citizen’s First Bank. Sherye Przybyla of Berkshire Hathaway represented the undisclosed buyer, which plans a remodel of the building in the coming months.

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AcquisitionsIllinoisMidwestRetail

Quantum Brokers $2.1M Sale of Two-Tenant Retail Property in Oak Lawn, Illinois

by Kristin Harlow

OAK LAWN, ILL. — Quantum Real Estate Advisors Inc. has brokered the $2.1 million sale of a two-tenant retail property in the Chicago suburb of Oak Lawn. The center recently underwent a full renovation, including new pylon signage. At the time of sale, the property was fully leased to Chicago Title and Hassleless Mattress. Chad Firsel and Brett Berlin of Quantum represented the seller, a joint venture between affiliates of Core Acquisitions and T2 Capital Management. The buyer was a California-based 1031 exchange investor.

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LoansMidwestMinnesotaMultifamilySeniors Housing

Colliers Mortgage Provides $1.5M HUD-Insured Loan for Rehabilitation of Minnesota Seniors Housing Community

by Kristin Harlow

BURNSVILLE, MINN. — Colliers Mortgage has provided a $1.5 million HUD 241(a) loan for the rehabilitation of Parkway Cooperative of Burnsville. The 102-unit seniors cooperative property features one- and two-bedroom units. Amenities include laundry rooms, community areas, underground parking, an exercise facility, library, craft room and workshop. The loan features a 26.5-year term and amortization. Parkway Cooperative of Burnsville was the borrower.

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DevelopmentMichiganMidwestMixed-Use

Oxford Cos., Crawford Hoying Unveil Plans for 20-Acre Arbor South Mixed-Use Development in Ann Arbor, Michigan

by Kristin Harlow

ANN ARBOR, MICH. — Ann Arbor-based Oxford Cos. and Dublin, Ohio-based Crawford Hoying have unveiled plans to build Arbor South, a 20-acre mixed-use development in Ann Arbor’s south side. The multi-phased project is expected to include approximately 1,000 residential units, 76,000 square feet of ground-floor commercial space, three parking garages, an upscale hotel and multiple parks and community gathering spaces. Adjacent to I-94, the project site is located at Eisenhower Parkway and South State Street. Arbor South would be the first project on the city’s south side to receive approval under the City of Ann Arbor’s TC1 zoning ordinance, an initiative designed to increase density in areas outside of downtown Ann Arbor with a heavy focus on adding accessible housing to the market. Arbor South’s residential offerings will range from studios to three-bedroom apartments. Approximately 10 to 15 percent of the units will fall under the city’s affordable housing threshold. Additional project partners include Detroit-based architecture and design firm Lord Aeck Sargent and Ann Arbor-based civil engineer Midwestern Consulting. The development team is targeting fall 2024 for site plan approval, with the first residential building coming on line in summer 2026.

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