MENOMONEE FALLS, WIS. — Rexel USA Inc. and Everlight Solar LLC have fully leased a recently completed industrial building in Menomonee Falls. The two tenants are leasing 59,388 square feet and 19,738 square feet, respectively. They will take occupancy in the second quarter following the completion of tenant improvements. Owner Luther Group developed the facility on a speculative basis. Bob Flood, Brian Flood and Derek Yentz of Founders 3 Real Estate Services represented ownership.
CARMEL, IND. — Colliers has brokered the sale of The Green on Meridian, a two-building medical office portfolio totaling 58,158 square feet in the Indianapolis suburb of Carmel. The sales price was undisclosed. The three-story buildings are 25 percent occupied by 10 tenants. Alex Cantu, Alex Davenport and Bryce Wetzel of Colliers represented the seller, NAYA Investment & Management, an independent real estate firm specializing in the acquisition and management of office and residential properties across Indiana and Florida. A private investor was the buyer.
ELK GROVE VILLAGE, ILL. — Brown Commercial Group has negotiated the sale of a 23,790-square-foot industrial building in the Chicago suburb of Elk Grove Village. The sales price was undisclosed. The property at 160 Scott St. was originally marketed for lease but received multiple offers from potential buyers. Candace Scurto of Brown represented the seller, a private investor. Mason Hezner of Brown represented the buyer, GP Glass Co., which has two other locations in Elk Grove Village. The company is a custom shower glass and door installation business.
BUFFALO GROVE, ILL. — Illinois Masonry Group has signed a 22,000-square-foot industrial lease at 1025 Busch Parkway in the Chicago suburb of Buffalo Grove. The company will relocate from a nearby location. The building features a clear height of 19 feet, one dock, one drive-in doors and 4,000 square feet of office space. Brian Bocci of Entre Commercial Realty represented the tenant, while Michael Whetstone and Brian Silverman of JBS represented the undisclosed landlord.
TOLEDO, OHIO — Welltower Inc. (NYSE: WELL) has agreed to acquire 25 active adult properties from Affinity Living Communities for $969 million. The off-market transaction is part of a long-term strategic partnership between the two companies, with plans for future development activity together. The portfolio encompasses nearly 3,900 units predominately located in the Pacific Northwest. Welltower says the acquisition will enable the company to strategically scale the geographic reach of its active adult portfolio into markets with a five-year projected population growth in the 55-plus demographic that is more than 2.5 times higher than the U.S. average. Post-closing, Affinity will continue to manage the portfolio subject to a terminable management contract. Welltower plans to fund the acquisition using cash on hand and the assumption of $523 million of below-market-rate debt with an average interest rate of 3.8 percent and a nine-year weighted average maturity. The purchase price of approximately $249,000 per unit represents a significant discount to replacement cost, according to Welltower. The average property age is eight years. The transaction is expected to close in tranches over the next several months with timing dependent on property-level loan assumption approvals. The deal will expand Welltower’s in-place and under-development active adult …
CRYSTAL LAKE, ILL. — McShane Construction Co. will build Redwood Crystal Lake, an apartment community with 124 single-story units in the Chicago suburb of Crystal Lake. The developer, Redwood Living Inc., builds and manages single-story apartment homes. Redwood Crystal Lake will feature 25 townhome buildings with four to six units each. Designed by Mann Parsons Gray Architects, each apartment will offer a two-bedroom, two-bathroom floor plan along with an attached two-car garage and private patio. Completion is slated for December.
WICHITA, KAN. — Equity Bancshares Inc. (NYSE: EQBK), the Wichita-based holding company of Equity Bank, has finalized its merger with Rockhold BanCorp, the parent company of the Bank of Kirksville in Kirksville, Mo. Bank of Kirksville’s locations opened as Equity Bank locations on Saturday, Feb. 10. The company will consolidate the core banking system and digital banking platform in May. Equity previously announced the merger with Rockhold on Wednesday, Dec. 6. Equity has approximately $5.3 billion in consolidated total assets and operates 74 locations in Kansas, Missouri, Arkansas and Oklahoma. There are now 24 Missouri locations. Equity’s stock price opened at $32.32 per share Monday, Feb. 12, up slightly from $30.87 per share one year ago.
CHICAGO — Walker & Dunlop has arranged $29.5 million in refinancing for Marine Terrace Apartments in Chicago’s Buena Park neighborhood. The 190-unit apartment community at 4180 N. Marine Drive was formerly a condominium building. Dean Huber and Brien Martin of Walker & Dunlop arranged the loan through Prime Finance on behalf of the borrower, Rany Management. Rany plans to use around $2 million of the financing to add amenities such as a rooftop deck and a fitness room.
KIRKWOOD, MO. — Brinkmann Constructors has completed The James, a 152-unit apartment complex in the western St. Louis suburb of Kirkwood. High Street Residential, a subsidiary of Trammell Crow Co., was the developer. The five-story development includes 285 parking spaces and 7,000 square feet of retail space. Amenities include a pool, courtyard, entertainment lounge, fitness center, pet spa, work-from-home space and coffee bar. ESG Architecture & Design served as the project architect. Monthly rents start at $1,603, according to the property’s website.
DES MOINES, IOWA — Houghton Properties LLC has completed development of a new 15,000-square-foot flex warehouse in Des Moines. Located at 4410 E. 50th St., the property features a clear height of 20 feet, two drive-in doors and 2.5 acres of outdoor storage. Mick Grossman of KW Commercial is the leasing agent for the building.