Midwest

Cannabis Facility Construction Transforms Former Restaurant Property into Cannabis Dispensary in Suburban Chicago

by Kristin Harlow November 30, 2023

TINLEY PARK, ILL. — Cannabis Facility Construction (CFC) has completed the Ascend Tinley Park recreational cannabis dispensary for Ascend Wellness Holdings Inc. in the Chicago suburb of Tinley Park. The 4,900-square-foot property at 16200 S. Harlem Ave. was formerly home to Chili’s and the Dugout sports bar. The project build-out included new lighting, custom-milled wood walls, multimedia display screens, illuminated product display cases and flexible point-of-sale stations. The building now features a state-of-the-art security system, custom mural by a local artist and expanded parking. The project marks the seventh Illinois dispensary that CFC has built for Ascend.

November 30, 2023

Jeff Rinkov Lee Associates Investment Sales

Acquisitions Content Partner Features Lee & Associates Midwest Multifamily Northeast Office Retail Southeast Texas Western

Is a Rebound in the Cards for Investment Sales Anytime Soon?

by Sarah Daniels November 30, 2023

Would-be commercial real estate investors and sellers for the last several months have been waiting for a sign that the Federal Reserve has tamed inflation, therefore giving the central bank reason to officially end its tightening program. October’s better-than-expected consumer price index increase of 3.2 percent — versus the 3.3 percent consensus — may have delivered that signal. The futures markets immediately reduced the probability of a Fed interest rate hike in December to zero, with many capital markets analysts suggesting that it would begin to cut rates midway through 2024. But just an end to rate hikes could fuel investment sales activity, says Jeff Rinkov, CEO of Lee & Associates Commercial Real Estate Services. “Once investors see some positive sentiment from the Fed, I think they’ll start to get interested in deploying what we believe is an enormous amount of capital that has been waiting on the sidelines,” he explains. “I also think that’s when investors will be met by more accommodating sellers. At the moment, price discovery continues to be very challenging and is driving a sluggish transaction environment.” Crashing Sales Indeed, investment sales volume through three quarters of 2023 totaled $276.3 billion, a year-over-year decline of 55 …

November 30, 2023

Affordable Housing Development Indiana Loans Midwest Multifamily Seniors Housing

Merchants Capital Provides $17.4M in LIHTC Equity Financing for Affordable Seniors Housing Community in Fort Wayne

by Kristin Harlow November 29, 2023

FORT WAYNE, IND. — Merchants Capital has provided $17.4 million in Low-Income Housing Tax Credit (LIHTC) equity financing for the construction of Reserve on Park Place, an affordable seniors housing community in Fort Wayne. Brown Capital Group, Leo Brown Group and Rogers Development Group are developing the 187-unit property. Restricted to seniors age 55 and older, the three-story community will feature 15 studios, 136 one-bedroom units and 36 two-bedroom units for residents earning up to 80 percent of the area median income. The units are designed to support senior and special needs with features such as handrails, grab bars, intercoms, limited access and video surveillance. Completion is slated for April 2025.

November 29, 2023

Illinois Leasing Activity Midwest Office

IWG to Open 21 New Coworking Spaces Across Illinois

by Kristin Harlow November 29, 2023

ILLINOIS — IWG, a provider of hybrid working solutions with brands such as Spaces and Regus, has unveiled plans to open 21 new coworking spaces across Illinois. The new locations are primarily in metro Chicago. Plans call for 17 Regus locations, four HQ locations and one Signature location. The flexible workspaces will offer private offices, meeting rooms and creative coworking spaces. IWG’s “Design Your Own Office” service will enable companies to tailor their space entirely. IWG operates 4,000 locations in more than 120 countries. The firm predicts that 30 percent of all commercial real estate will be flexible workspace by 2030.

November 29, 2023

Acquisitions Illinois Midwest Multifamily Seniors Housing

OneLife Senior Living Acquires 70-Unit Property in Suburban Chicago

by Kristin Harlow November 29, 2023

VERNON HILLS, ILL. — OneLife Senior Living has acquired the former Springs of Vernon Hills Alzheimer’s Special Care Center in the Chicago suburb of Vernon Hills. The firm has since rebranded the 70-unit property as The Laurel at Vernon Hills. OneLife retained all 59 staff members, and reviewed and updated benefits, wages and best practices for staffing. OneLife reduced temporary agency staff and increased permanent team members. The Laurel at Vernon Hills provides memory care services for people with Alzheimer’s and other forms of dementia. The community features large hallways, a circular design, fully enclosed courtyards and enhanced security. The seller and sales price were not provided.

November 29, 2023

Acquisitions Illinois Midwest Multifamily

Interra Realty Brokers $8.1M Sale of Chicago Apartment Building

by Kristin Harlow November 29, 2023

CHICAGO — Interra Realty has brokered the sale of a 69-unit apartment building in Chicago’s Rogers Park neighborhood for $8.1 million. Located at 7219 N. Sheridan Road, the property features three studios, 37 one-bedroom units, 21 two-bedroom units and eight ground-floor retail spaces. Kevin Rahmanim of Interra represented the buyer, a local private investor. The sale marks the first time the building, which was constructed in 1931, has transacted in over 50 years. The local private seller was self-represented.

November 29, 2023

Affordable Housing Development Illinois Midwest Multifamily Seniors Housing

NHP Foundation Completes Renovation of 57-Unit Affordable Seniors Housing Property in Chicago

by Kristin Harlow November 29, 2023

CHICAGO — The NHP Foundation (NHPF) has completed a major renovation of the Edwin C. Berry Manor Apartments in Chicago. The Section 8 seniors housing property is located at 737 E. 69th St. The rehabilitation project was made possible by a financial partnership between HUD, Merchants Capital, Illinois Housing Development Authority, National Affordable Housing Trust and UnitedHealth Group. The 57-unit community, built in 1991, marks the fourth property that NHPF has acquired or built in Chicago in the last five years and the first specifically for seniors. The units are fully leased. The project team included Weese Langley Weese, Burling Builders Inc., Solis Construction and baso ltd. Operation Pathways, a subsidiary of NHPF, will provide social and enrichment services to the residents. An onsite resident services coordinator will work with residents to support aging well in their independent living spaces.

November 29, 2023

Development Michigan Midwest Multifamily Student Housing Top Stories

American Campus Communities Underway on $631M Student Housing Project at University of Michigan

by Kristin Harlow November 29, 2023

ANN ARBOR, MICH. — American Campus Communities (ACC) is underway on the development of a $631 million student housing project at the University of Michigan in Ann Arbor. Plans call for a new residential community with five residence halls totaling 2,300 beds and a 900-seat dining facility, the largest of its kind among academic institutions, according to ACC. The university engaged ACC in a public-private partnership to lead the development of the project, which is situated on Central Campus between East Hoover Avenue and Hill Street. RAMSA is serving as the architect of record and Elkus Manfredi Architects is the interior architect. According to ACC, the development signifies the first Central Campus residence halls built specifically for first-year students since 1963 and will significantly alleviate a decades-long shortage of on-campus housing. “This important new student residential community allows all first-year students who want to live on the University of Michigan Central Campus to do so,” says Graham Wyatt, partner at RAMSA. “It will provide affordable and uniquely appropriate residential communities and amenities for the first- and second-year students who live there, and it will create a crucial link between Central Campus and the Athletic Campus.” To make way for the …

November 29, 2023

Acquisitions Midwest Multifamily Wisconsin

Marcus & Millichap Arranges Sale of 158-Unit Multifamily Portfolio in Wisconsin

by Kristin Harlow November 28, 2023

MANITOWOC, MCFARLAND AND MADISON, WIS. — Marcus & Millichap has arranged the sale of a 158-unit multifamily portfolio in Wisconsin for an undisclosed price. The properties include Benley Manor, Central Park West, Woodland Commons and The Trafalgar Apartments. Benley Manorf and Central Park West, located in Manitowoc, were built between 1996 and 1998 and offer townhome-style units. Woodland Commons in McFarland was built between 2005 and 2006 and offers amenities such as a pool, spa, community room and fitness center. The Trafalgar Apartments in Madison was built in 2005 and features in-unit washers and dryers along with private balconies. Matthew Whiteside of Marcus & Millichap represented the seller, a private investor, and the buyer, a private investor.

November 28, 2023

Leasing Activity Midwest Retail Wisconsin

Whole Foods Market to Open in Madison, Wisconsin, on December 13

by Kristin Harlow November 28, 2023

MADISON, WIS. — Whole Foods Market will open a 50,000-square-foot store in Madison on Wednesday, Dec. 13. The new store at 4710 Madison Yards Way replaces an existing Whole Foods Market at 3313 University Ave. that had served the community since 1996. The new store anchors the 21-acre Madison Yards mixed-use development, which features retail, restaurant and entertainment space surrounding a central green plaza. The store will feature more than 800 local items from the Midwest.

November 28, 2023

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