Midwest

RMK Begins Leasing Efforts for Townhome, Single-Family Rental Community in Gilberts, Illinois

by Kristin Harlow April 11, 2023

GILBERTS, ILL. — RMK Management Corp. has begun leasing efforts for Conservancy at Gilberts, a new community that will offer 94 rental townhomes and 90 single-family rental homes in the Northwest Chicago suburb of Gilberts. Construction is complete for the community’s first phase, which comprises 54 townhomes. Many of the townhomes have been leased and nine are occupied. Construction is underway on the remaining 40 townhomes. RMK has begun pre-leasing efforts for the first phase of 46 single-family rental homes, which are slated for occupancy in June. Two-and three-bedroom townhomes measure from 1,469 to 1,724 square feet with monthly rents ranging from $2,530 to $2,925. Four-bedroom townhomes measure from 2,114 to 2,423 square feet. Conservancy at Gilberts is a pet-friendly community and offers ample green space and outdoor areas.

April 11, 2023

Acquisitions Midwest Minnesota Retail

Hanley Investment Group Arranges $6.6M Sale of Walgreens-Occupied Property in Minneapolis

by Kristin Harlow April 11, 2023

MINNEAPOLIS — Hanley Investment Group Real Estate Advisors has arranged the sale of a 14,535-square-foot retail property occupied by Walgreens in Minneapolis for $6.6 million. Built in 1966 and renovated in 2020, the single-tenant building is located at 4323 W. Chicago Ave. Hanley’s Kevin Fryman and Ed Hanley, in association with ParaSell Inc., represented the seller, a private investor based in California. A New York-based private investor was the buyer.

April 11, 2023

Acquisitions Indiana Midwest Retail

Marcus & Millichap Brokers $4M Sale of Retail Property in Portage, Indiana

by Kristin Harlow April 11, 2023

PORTAGE, IND. — Marcus & Millichap has brokered the $4 million sale of Diamond Plaza in Portage, a city in Northwest Indiana. The 26,524-square-foot retail property is located right off U.S. Route 6. Tarek Chbeir of Marcus & Millichap secured and represented the buyer, a private investor. Josh Caruana, broker of record in Indiana, assisted in closing the transaction. Seller information was not provided.

April 11, 2023

Acquisitions Affordable Housing Michigan Midwest Multifamily

Dominion Negotiates Sale of 24-Unit Affordable Housing Community in Croswell, Michigan

by Kristin Harlow April 11, 2023

CROSWELL, MICH. — Dominion Real Estate Advisors LLC has negotiated the sale of Croswell Manor Apartments in Croswell, a city in eastern Michigan. The sales price was undisclosed. The 24-unit apartment building is a project-based Section 8 property. Rem Murray of Dominion brokered the transaction, which included the facilitation of a Housing Assistance Payments (HAP) contract transfer with HUD and an agency loan assumption. According to Dominion, the loan assumption enabled the buyer to purchase the property with a lower interest rate than what’s available in the market today and enabled the seller to obtain a higher purchase price.

April 11, 2023

Leasing Activity Michigan Midwest Retail

FitStop24 Signs 3,422 SF Retail Lease in Paw Paw, Michigan

by Kristin Harlow April 11, 2023

PAW PAW, MICH. — Fitness concept FitStop24 has signed a 3,422-square-foot retail lease in Paw Paw, a city in Southwest Michigan. Bloom City Club Cannabis leases the other half of the building, which is located on Red Arrow Highway. Michael Murphy of Gerdom Realty & Investment represented the undisclosed landlord in the lease. FitStop24 now operates 15 locations in Michigan and Indiana.

April 11, 2023

Acquisitions Illinois Midwest

Mag Mile Capital Merges with Myson, Becomes Publicly Traded Company

by Kristin Harlow April 10, 2023

CHICAGO — Mag Mile Capital, a Chicago-based commercial real estate mortgage banking firm, has completed a merger with Salt Lake City-based Myson Inc. (OTC PINK: MYSN). The transaction creates a new public entity to be named Mag Mile Capital Inc. Rushi Shah, CEO of Mag Mile Capital, has been appointed chairman of Myson’s board of directors as well as CEO of the combined publicly traded company that will be traded under a new ticker symbol. Other significant shareholders in the company include California-based Reddington Partners, a private investment holding company. Myson served as a shell company for Reddington and will do the same for Mag Mile. The merger enables Mag Mile to expand its business and expedite the process of going public. “Underpinned by the liquidity of publicly traded shares and infusion of cash, we will seek out and prudently pursue strategic acquisitions, consolidate revenues and launch our technology platform,” says Shah. “Along with other mortgage banking and capital markets brokerage services platforms, we will seek to diversify the company’s revenue stream by exploring accretive business combinations of other commercial real estate (CRE) services, including but not limited to investment brokerage services, direct lending businesses, designated underwriting and servicing businesses, …

April 10, 2023

Acquisitions Industrial Midwest Missouri Self-Storage

Marcus & Millichap Arranges Sale of 221-Unit Self-Storage Facility in Rolla, Missouri

by Kristin Harlow April 10, 2023

ROLLA, MO. — Marcus & Millichap has arranged the sale of a 221-unit self-storage facility in Rolla, a Missouri city located about midway between Springfield and St. Louis. The sales price was undisclosed. The property includes non-climate-controlled units along with one 400-square-foot office space and eight parking stalls. The facility is 93 percent leased. Marla Čolić and Anne Williams of Marcus & Millichap represented the seller, a limited liability company. A private equity group with storage holdings across the U.S. was the buyer.

April 10, 2023

Development Midwest Missouri Office

Western Specialty Contractors Restores Parking Garage at 103,000 SF Office Building in Suburban St. Louis

by Kristin Harlow April 10, 2023

CREVE COEUR, MO. — Western Specialty Contractors is completing the final phases of restoration work on the parking garage at CityPlace Four, a 103,000-square-foot office building in the western St. Louis suburb of Creve Coeur. Constructed in 2001, the four-story office building features a 339-space parking garage. A lack of maintenance, poor drainage and leaking planter boxes on the garage’s street-level concrete topping slab and a suspended deck had resulted in severe deterioration and water seepage into a parking area below. The garage has remained open during the multi-phase project. Phase III, which focuses on the garage’s southwest corner, will be completed this year. Phase IV on the northwest corner will be completed next year. ABS Consulting is the project engineer.

April 10, 2023

Acquisitions Illinois Midwest Office

Cawley Chicago Brokers Sale of Assemblage of Properties in Peru, Illinois

by Kristin Harlow April 10, 2023

PERU, ILL. — Cawley Chicago has brokered the sale of the property formerly housing Raccuglia Law Offices and an assemblage of properties in Peru, about 100 miles southwest of Chicago. The sales price and buyer were not disclosed. The Raccuglia family hired Cawley Chicago’s Jon Chamlin to liquidate the real estate portfolio of their late father, attorney Anthony Raccuglia. Included in the sale was a development site on the corner of Rock and Maple drives that consists of 0.67 acres of commercial land. The law office, constructed in 1968, will remain the local offices of Meyers Flowers Bruno McFedron & Herrmann.

April 10, 2023

Illinois Leasing Activity Midwest Retail

Lee & Associates Negotiates 7,667 SF Retail Lease for Bullfrog International in Suburban Chicago

by Kristin Harlow April 10, 2023

VERNON HILLS, ILL. — Lee & Associates has negotiated a 7,667-square-foot retail lease at Hawthorn Mills Square in the Chicago suburb of Vernon Hills. The tenant, Bullfrog International LLC, designs and manufactures high-end hot tubs. Rick Scardino and Michael Petrik of Lee & Associates represented the tenant. Matt Cavanagh of ARC Real Estate Group represented the landlord, an entity doing business as Hawthorn Hills Square 1687 LLC.

April 10, 2023

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