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Midwest

AcquisitionsIllinoisMidwestMultifamily

JLL Brokers $76M Sale of Apartment Community in Chicago’s River North

by Kristin Harlow

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.

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DevelopmentIndianaIndustrialMidwestSelf-Storage

StorageMart Opens 785-Unit Self-Storage Facility in Indianapolis

by Kristin Harlow

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.

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AcquisitionsMidwestMinnesotaOffice

Colliers Arranges Sale of 31,780 SF Office Building in Plymouth, Minnesota

by Kristin Harlow

PLYMOUTH, MINN. — Colliers has arranged the sale of a 31,780-square-foot office building in the Minneapolis suburb of Plymouth for an undisclosed price. The property at 13305 12th Ave. North includes 2,500 square feet of warehouse space. Nick Leviton and Laura Moore of Colliers represented the seller, a local partnership. Jason Sell of Cushman & Wakefield represented the undisclosed buyer. The property was occupied until the onset of the COVID-19 pandemic.

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AcquisitionsIowaMidwestRestaurantRetail

Quantum Negotiates $2.6M Sale of Starbucks-Occupied Property in Dubuque, Iowa

by Kristin Harlow

DUBUQUE, IOWA — Quantum Real Estate Advisors Inc. has negotiated the $2.6 million sale of a newly completed property occupied by Starbucks in Dubuque, a city in eastern Iowa. The building, which is located across the street from a Hy-Vee grocery store, traded at a cap rate of 6.1 percent. Zack Hilgendorf and Nick Hilgendorf of Quantum represented the seller, a Midwest-based developer. Steve Moore of Quantum represented the buyer, a Midwest-based investor.

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LoansMidwestMinnesotaMultifamily

JLL Arranges $60.1M in Construction Financing for Minnesota Multifamily Property

by Kristin Harlow

INVER GROVE HEIGHTS, MINN. — JLL Capital Markets has arranged mezzanine and construction financing totaling $60.1 million for Avalon Apartments and Townhomes in Inver Grove Heights, a southeast suburb of Minneapolis. The apartment and townhome project is set to break ground immediately and will include 244 luxury units as well as 193 parking spaces. Units will come in studios through three-bedroom floor plans. Amenities will include a pool, barbecue area, pickleball court, playground, yoga room, community room, speakeasy lounge, fitness center, golf simulator, business center, rooftop patio and dog run. Dan Linnell, Scott Loving, Josh Talberg and Mox Gunderson of JLL arranged a $45 million construction loan through Alerus, a provider of business and consumer banking products based in North Dakota. JLL also sourced $15.1 million in mezzanine financing from Centerspace, a real estate investment trust focused on apartment communities throughout the Midwest and Mountain West.

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AcquisitionsHospitalityMidwestOhio

ADR Signature Acquires 216-Room Embassy Suites Hotel in Beachwood, Ohio for $10.2M

by Kristin Harlow

BEACHWOOD, OHIO — ADR Signature has acquired the 216-room Embassy Suites by Hilton Cleveland Beachwood hotel for $10.2 million. The property is located at 3775 Park East Drive in Beachwood, a southeast suburb of Cleveland. Amenities include an indoor pool, business center, fitness center, meeting rooms, complimentary breakfast and an onsite restaurant. Starwood Capital Group was the seller.

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AcquisitionsIllinoisMidwestMultifamily

Interra Realty Brokers $2.6M Sale of Apartment Building on Chicago’s South Side

by Kristin Harlow

CHICAGO — Interra Realty has brokered the $2.6 million sale of a 31-unit apartment building in Chicago’s South Shore neighborhood. Located at 6949-6959 S. Merrill Ave., the courtyard property includes a mix of studio to three-bedroom units, some of which have been updated with new kitchens and baths. Two units were reconfigured to include an additional bedroom, which generated additional rent of $300 per month. Max Grossman of Interra represented the local confidential buyer. Joe Smazal and Lucas Fryman of Interra represented the seller, a private investor based on the East Coast. The asset was roughly 90 percent occupied at the time of sale.

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IndianaLeasing ActivityMidwestRetail

Nordstrom Rack to Open 25,000 SF Store in Noblesville, Indiana

by Kristin Harlow

NOBLESVILLE, IND. — Nordstrom Inc. has unveiled plans to open a new Nordstrom Rack store in Noblesville, a northeast suburb of Indianapolis. The 25,000-square-foot store is slated to open in fall 2024 and will be situated within Hamilton Town Center, a shopping center that is home to Ulta, Ross Dress for Less, Dick’s Sporting Goods and Total Wine & More. Simon Property Group owns and manages the center. Nordstrom Rack is the off-price retail division of Nordstrom. With this new location, the company operates three Nordstrom Rack stores and one Nordstrom store in Indiana.

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IllinoisLeasing ActivityMidwestRetail

AXIS 360 Negotiates Two Retail Leases for Cannabis Dispensaries in Normal, Illinois

by Kristin Harlow

NORMAL, ILL. — AXIS 360 Commercial Real Estate Specialists has negotiated two retail leases for cannabis dispensaries in Normal, just north of Bloomington. Revolution Cannabis signed a lease for 3,700 square feet at 1609 Northbrook Road and expects to open before the end of the year. AYR Wellness signed a lease for 3,200 square feet at 1730 Bradford Lane within the Constitution Trail Centre shopping center. AYR Wellness is slated to open in spring 2024. Michael O’Neal and Meghan O’Neal-Rogozinski of AXIS 360 represented the undisclosed landlords in both leases.

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Affordable HousingDevelopmentIllinoisMidwestMultifamily

Habitat, P3 Markets Top Off Second Apartment Building at 43 Green Development in Chicago

by Kristin Harlow

CHICAGO — Habitat and P3 Markets have topped off construction of the second apartment building at 43 Green, a $100 million mixed-income development in Chicago’s Bronzeville neighborhood. The transit-oriented development is centered around the 43rd Street Green Line L station. The new building rises 10 stories with 80 units, 44 of which will be designated as affordable. Completion is slated for late summer 2024. The developers have fully leased the first apartment building, which also rises 10 stories. The 99-unit property consists of 50 affordable units for households earning up to 60 percent of the area median income. Located on a long-vacant, city-owned lot on the northeast corner of East 43rd Street and Calumet Avenue, the first building is the largest of three planned buildings at 43 Green. Amenities include a fitness center, business center, picnic area, community room with kitchen, two rooftop terraces, laundry facilities and bicycle storage. The second building will have similar amenities.

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