ARCADIA, RENSSELAER AND FOWLER, IND. — BWE has arranged $19.7 million in financing for the acquisition and rehabilitation of three affordable housing properties in rural Indiana. Lundat Kassa and Bob Morton of BWE arranged the financing on behalf of Vita Investment Holdings LLC, an Indiana-based developer of affordable and seniors housing communities. Vita acquired the properties to preserve their long-term affordability for residents. The financing consisted of two loans, including a construction loan from Fifth Third Bank. BWE also secured a $17.1 million loan through the USDA 538 Forward Permanent Loan program. The nonrecourse loan features a 40-year amortization schedule. Vita also utilized 4 percent Low-Income Housing Tax Credits to finance the project. The three properties include: Hamilton Place, which totals 54 units in Arcadia; Madison Cottage of Rensselaer, which includes 71 units in Rensselaer; and Madison Cottage of Benton County, a 51-unit building in Fowler. The developments will be preserved as affordable to residents who earn up to 60 percent of the area median income. All three properties will receive improvements to mechanical systems and the unit interiors will be enhanced. Community amenities will also be upgraded.
SCHAUMBURG, ILL. — Entre Commercial Realty has brokered the sale of a 111,594-square-foot industrial building located at 933 Remington Road in the Chicago suburb of Schaumburg. The sales price was undisclosed. The property, which features modern office finishes, is located within the Woodfield Business Center. Dan Benassi, Dan Jones and Sam Deihs of Entre represented the seller, a private investor who wished to sell the building in advance of a pending lease expiration in early 2024. Phil Reiff of JLL represented the buyer, NBS Corp., which plans to relocate from its current facility in Elk Grove Village.
BROOKLYN CENTER, MINN. — Colliers Mortgage has provided a $3.2 million HUD 223(f) loan for the refinancing of Ewing Square Townhomes in the Minneapolis suburb of Brooklyn Center. The 23-unit affordable housing community features three- and four-bedroom units, all of which are covered by a Section 8 HAP contract. Amenities include a playground and a clubhouse with a business center. Frank Hogan of Colliers Mortgage originated the 35-year loan, which features a 35-year amortization schedule. The borrower was Ewing Square Acquisition Partners LP, an affiliate of Vitus Group LLC.
SIOUX FALLS AND BROOKINGS, S.D. — Upland Real Estate Group has arranged the sale of two properties net leased to Arby’s in South Dakota for an undisclosed price. The buildings are located in Sioux Falls and Brookings. Arby’s has 20-year leases with 5 percent rent increases every five years on both properties. The tenant on the leases, DRM Inc., is one of the largest Arby’s franchisees and operates 109 Arby’s locations in seven Midwest states. Deborah Vannelli, Keith Sturm and Amanda Leathers of Upland represented the undisclosed seller. Both properties sold to cash buyers completing 1031 exchanges.
SCHAUMBURG, ILL. — Colliers has arranged the sale of a 178,000-square-foot office building in the Chicago suburb of Schaumburg for an undisclosed price. The vacant building at 955 American Lane formerly served as Experian’s regional headquarters. Experian vacated the property in August of this year. Built in 1999, the four-story property features a shared parking deck, conference center, training room, cafeteria, fitness center, outdoor volleyball court and walking path around Woodfield Lake. The building is situated just west of Woodfield Mall and is divisible for up to seven tenants. Alissa Adler and John Homsher of Colliers represented the seller, Orion Schaumburg LLC. A private investor purchased the asset. Jon Connor and Steve Kling of Colliers also assisted with the transaction.
CHICAGO — Specialty insurance provider Argo Group has signed a new long-term lease at 24 E. Washington St., also known as the Marshall Field & Co. building, in Chicago. Argo’s lease is for roughly 20,500 square feet on the ninth floor. The company plans to begin operating out of its new office in early 2024. In 2021, owner Brookfield Properties completed a major restoration of the historic building, which has been listed on the National Register of Historic Places since 1978. Built in the early 1900s, the building served as the flagship location of the Marshall Field department store. The property rises seven stories and totals 636,000 square feet. This year, Ferraro North America, Olam International and Spot Logistics also signed leases at the property. Jeff Miller and Corey Siegrist of JLL represented Argo in its lease, while Jack O’Brien and JD Parcheta of The Telos Group represented Brookfield.
CRYSTAL LAKE, ILL. — Thinnes Transport Inc. has renewed its 91,267-square-foot industrial lease at 450 Congress Parkway in the Chicago suburb of Crystal Lake. John Joyce, Kenneth Franzese and John Cassidy of Lee & Associates represented the tenant, which is a family-owned freight transportation and logistics company. Dan Jones of Entre Commercial Realty represented the landlord, STAG Industrial Holdings.
BENSENVILLE, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial VI LP, has acquired a three-building industrial portfolio totaling 88,741 square feet in the Chicago suburb of Bensenville. The purchase price was undisclosed. The properties, all located on County Line Road, were constructed in 1991. The buildings are demised into 10 units, each of which is equipped with a dock, drive-in door and office space. Eric Fischer and Jackson Elder of Cushman & Wakefield represented Venture One. Seller information was not provided. VK Industrial VI is co-sponsored by Venture One and Kovitz Investment Group.
LENEXA, KAN. — Enjoy Pure Food + Drink has signed a lease to open at Restaurant Row in Lenexa City Center. The 4,000-square-foot space will serve as the restaurant’s second location and is slated to open in fall 2024. Enjoy Pure Food + Drink is a health-forward restaurant offering breakfast, lunch and dinner as well as organic cold-pressed juices, smoothies, clean cocktails and a gluten-free and vegan bakery. John Nolan of Crossroads Real Estate Group represented the tenant, while Erin Johnston of Copaken Brooks represented ownership on an internal basis. Future phases of Restaurant Row call for an additional 10,000 square feet of retail and restaurant space and 50,000 square feet of office space.
By J. Byron Brazier Equitable development is a knotty concept. In theory, development equity sounds easy and essential. In practice, it’s not clearly defined and not easily sustainable — economically, socially or politically. Equitable development is generally seen as an approach that revitalizes and empowers disinvested communities by meeting residents’ wants and needs, diminishing disparities and spurring economic growth, ensuring residents benefit from such growth and creating conditions for people to live healthy and happy lives. That definition is accurate but incomplete. Equitable development has multiple meanings, some less intuitive than others. Chicago lawyer Danielle Meltzer Cassel says there are three ways to define development equity. The first is the one above, which is the direct model of equitable development. This model rectifies inequality through what development directly produces, such as affordable housing in areas where there’s little or no such housing, good jobs for people who are unemployed or underemployed, greater access to quality healthcare and education, and other resources that allow communities to thrive. There are two other definitions, the indirect model and what Cassel calls the procedural model of equitable development. The indirect model involves real estate developments that do not directly benefit disinvested communities, such as …