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Midwest

Affordable HousingDevelopmentIllinoisMidwestMultifamily

McShane Completes 24-Unit Illinois Affordable Housing Community for Adults with Disabilities

by Kristin Harlow

WAUKEGAN, ILL. — McShane Construction Co. has completed Kirwan Apartments in the Chicago suburb of Waukegan. Over the Rainbow (OTR) was the developer. The 24-unit affordable housing development enables adults with physical disabilities to live independently. The project is named after Leo Kirwan, an OTR resident, board member and advocate for accessible housing. All units feature one bedroom and one bathroom and are barrier free. Tenants have access to a community room and laundry facilities. The three-story building is situated adjacent to OTR’s Gustafson Apartments. Weese Laungley Weese Architects provided architectural services.

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AcquisitionsHealthcareIndianaMidwest

Echo Real Estate Capital Acquires 57,000 SF Medical Office Building in Suburban Indianapolis

by Kristin Harlow

GREENWOOD, IND. — Echo Real Estate Capital has acquired a 57,000-square-foot medical office building in the Indianapolis suburb of Greenwood for an undisclosed price. Located at 555 County Line Road, the multi-tenant property is anchored by Community Health and Goodman Campbell Brain & Spine. The building is currently 64 percent occupied. Echo plans to undertake several capital improvements, including a lobby renovation, roof replacement, parking lot repairs and landscaping upgrades. Wintrust Bank provided acquisition financing. The transaction marks Echo’s fourth acquisition in the submarket.

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AcquisitionsKansasMidwestMultifamily

Post Road Management Acquires 1,002-Unit Multifamily Portfolio in Wichita, Kansas

by Kristin Harlow

WICHITA, KAN. — Post Road Management has acquired an 11-property multifamily portfolio totaling 1,002 units in Wichita for an undisclosed price. With this purchase, Post Road has nearly tripled its footprint in the Wichita market. The firm plans to invest an average of $12,000 per unit in upgrades across the portfolio. About 21 percent of the units have been fully renovated. Post Road purchased the portfolio with assumable nonrecourse Fannie Mae and HUD financing in place. The properties include Kingston Cove, Cimarron Apartments, Stratford East, Park Meadows, The Willows, Willows South, Stratford West, Danish Village, Pine Creek, Edgemoor Townhomes and Cottonwood Crossing. Alex Blagojevich, Brett Meinzer, Colton Howell and Richard Redding of MMG Real Estate Advisors represented the undisclosed seller and procured the buyer.

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IllinoisMidwestRetail

Walmart to Close Four Stores in Chicago

by Kristin Harlow

CHICAGO — Walmart has announced that it will close four stores in the South and West sides of Chicago. Crain’s Chicago Business reports that the stores are located in the city’s Kenwood, Lakeview, Little Village and Chatham neighborhoods. Walmart cited a lack of profitability as the reason for the closures, reporting that the locations collectively lose tens of millions of dollars a year. The company recently invested $70 million to upgrade the stores and built two new Walmart Health facilities and a Walmart Academy training center. “It was hoped that these investments would help improve our stores’ performance,” said the company. “Unfortunately, these efforts have not materially improved the fundamental business challenges our stores are facing.”

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DevelopmentMidwestMinnesotaMultifamilySeniors Housing

New Perspective Opens 146-Unit Senior Living Community in Arden Hills, Minnesota

by Kristin Harlow

ARDEN HILLS, MINN. — New Perspective has opened a 146-unit seniors housing community in Arden Hills, a suburb of Minneapolis-St. Paul. The 192,000-square-foot community offers independent living, assisted living and memory care services. The property is New Perspective’s 10th in the Twin Cities metro area. New Perspective Arden Hills will partner with Bethel University, the community’s next-door neighbor, in providing a variety of campus opportunities for those living in the building.

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AcquisitionsHospitalityMidwestOhio

Marcus & Millichap Brokers Sale of Holiday Inn Express & Suites Hotel in Streetsboro, Ohio

by Kristin Harlow

STREETSBORO, OHIO — Marcus & Millichap has brokered the sale of the Holiday Inn Express & Suites Cleveland-Streetsboro hotel for an undisclosed price. The 68-room hotel is located in Streetsboro, a southeast suburb of Cleveland. The property, constructed in 1999, will continue operating as a Holiday Inn Express following a renovation. Alexandre Duong of Marcus & Millichap represented the seller, a limited liability company. Duong also procured the undisclosed buyer.

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Cliff McDaniel Lument Affordable Housing
AcquisitionsAffordable HousingContent PartnerFeaturesLumentMidwestNortheastSoutheastTexasVideoWestern

Higher Interest Rates Cause Affordable Housing Values to Return to Old Norms

by Sarah Daniels

  Rising interest rates dinging commercial real estate and multifamily assets have plunged low-income housing tax credit (LIHTC) properties back into reality, especially those coming to the end of their 15-year compliance periods. “There were some huge profits made in the affordable housing space over the last two or three years,” says Cliff McDaniel, a managing director with Lument, which is representing Harmony Housing in the $1.4 billion sale of its affordable housing portfolio to the Michaels Organization. “We sold a lot of properties for $60,000 a unit or even $120,000 a unit, and the debt was $40,000 a unit. But the mania over that type of profitability is over, and values are going back to where they were before.” Up until about five years ago, the phrase “huge profits” and “affordable housing” would rarely if ever have occurred in the same sentence. Or even in the same story. Prior to that, affordable housing properties typically had very little value at the end of their initial 15-year compliance periods, and limited partners who provided equity to the project by buying tax credits routinely agreed to sell their interest to the general partner for a nominal fee. At that point, the …

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AcquisitionsIndianaIndustrialMidwest

MAG Capital Partners Acquires 105,548 SF Indiana Industrial Property in Sale-Leaseback

by Kristin Harlow

ELKHART, IND. — In a sale-leaseback transaction, MAG Capital Partners LLC has acquired a 105,548-square-foot industrial property in Elkhart for an undisclosed price. The facility at 1511 W. Lusher Ave. is situated near I-80, I-90 and I-94. Jonathan Wolfe, Daniel Macks and Jeff Lizzo of STREAM Capital Partners represented the seller, Colbert Packaging Corp., a producer of sustainable paper-based packaging serving the pharmaceutical, healthcare and consumer goods industries. Colbert also maintains a facility in Kenosha, Wis. Based in Dallas, MAG Capital Partners is an industrial real estate investment firm founded by Dax Mitchell and Andrew Gi.

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IllinoisLeasing ActivityMidwestOffice

Antares Capital Signs 87,586 SF Office Lease at 320 South Canal in Chicago

by Kristin Harlow

CHICAGO — Antares Capital has signed an 87,586-square-foot office lease for floors 41 through 43 at 320 South Canal in Chicago. Riverside Investment and Development and Convexity Properties co-developed the new 52-story office tower, which was completed in December 2022. Antares is a provider of financing to private equity-backed borrowers and a credit manager with more than $60 billion of capital under management. The firm is relocating from 500 West Monroe where it occupies 69,646 square feet. Designed by Goettsch Partners, 320 South Canal is situated immediately south of Union Station and is now 68 percent leased. Additional tenants include BMO, Skadden Arps, National Futures Association and Ullico. The Green, a 1.5-acre, privately owned outdoor park, sits on the west side of the building. Michael Sessa, Dan Maslauski and Jack Deroche of Cushman & Wakefield represented Antares in the lease. Christy Domin and Drew Neiman represented Riverside on an internal basis.

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