Midwest

CBRE Arranges Sale of 435-Unit Gates at Carlson Center Apartment Community in Suburban Minneapolis

by Kristin Harlow November 9, 2023

MINNETONKA, MINN. — CBRE has arranged the sale of Gates at Carlson Center, a 435-unit apartment community in Minnetonka, a western suburb of Minneapolis. The sales price was undisclosed. Located at 300 Carlson Parkway, the property is 96.8 percent occupied and 98 percent of its units have been renovated since the original construction in 1990. Floor plans consist of one- and two-bedroom units averaging 910 square feet. Amenities include an outdoor heated pool, sun deck, dog park, clubhouse, fitness center and walking trails. Abe Appert, Keith Collins and Ted Abramsom of CBRE represented the seller, a global investment advisor. FPA Multifamily was the buyer.

November 9, 2023

Acquisitions Illinois Midwest Retail

Mid-America Brokers Sale of 16 Retail Storefronts in Chicago

by Kristin Harlow November 9, 2023

CHICAGO — Mid-America Real Estate Corp. has brokered the sale of The Chicago High-Street Retail Portfolio, a collection of 16 street retail buildings totaling over 75,000 square feet in Chicago’s Lincoln Park and Bucktown neighborhoods. Tenants within the portfolio include Lululemon, Warby Parker, Blue Mercury, Summer House Santa Monica, Ramen-San, Barry’s Bootcamp, One Medical, Little Green Tree House, OVME, Lush Cosmetics and Bond Vet. Joe Girardi and Rick Drogosz of Mid-America represented the institutional seller. The sales price and buyer were undisclosed.

November 9, 2023

Illinois Leasing Activity Midwest Multifamily

The Apartment Source Begins Preleasing Efforts for The Ivy Apartment Building in Uptown Chicago

by Kristin Harlow November 9, 2023

CHICAGO — The Apartment Source (TAS) has begun pre-leasing efforts for The Ivy, a newly rehabbed apartment building in Uptown Chicago. TMG Management owns the 63-unit property, which features seven studios, 54 one-bedroom units and two two-bedroom units. The renovated apartments feature high-efficiency stainless steel appliances, in-unit laundry and Italian cabinetry. Amenities include a fitness center, bike room and laundry room. TMG acquired the asset in May 2022. The building is set to reopen in early 2024.

November 9, 2023

Illinois Industrial Loans Midwest

Red Oak Capital Holdings Provides $4.2M Bridge Loan for Chicago Industrial Property

by Kristin Harlow November 9, 2023

CHICAGO — Red Oak Capital Holdings LLC has provided a $4.2 million bridge loan for a multi-tenant industrial property in Chicago. The funds will be used to refinance and upgrade the Class B facility, which is located at 3850 W. Cortland St. The loan was underwritten under Red Oak’s Opportunistic Bridge Program, one of four commercial real estate loan programs the company introduced earlier this year. The program is a higher-leverage, fixed-rate option for assets with a substantial value-add component. The debt for 3850 W. Cortland St. features a note rate of 10.5 percent and a 12-month term with two six-month renewal options. The financing represents 66.41 percent of the asset’s “as-stabilized” value of $6.4 million. The 92,511-square-foot building was constructed in 1960 and last renovated in 2019. Building features include 37,249 square feet of office space, clear heights ranging from 12 to 22 feet, four dock-high doors and six drive-in doors. Having acquired the asset in late 2019 for nearly $3.7 million, the borrower plans to use part of the debt proceeds to pay off a matured loan. The balance will go toward capital expenditure improvements as well as leasing commissions and tenant improvements to stabilize the property prior …

November 9, 2023

Leasing Activity Midwest Restaurant Retail Wisconsin

Cardinal Capital Management Opens The Social at Middleton Market in Wisconsin

by Kristin Harlow November 9, 2023

MIDDLETON, WIS. — Cardinal Capital Management Inc. has opened The Social at Middleton Market in Middleton, a northwest suburb of Madison. The bar is located within the Middleton Market Food Hall, which is connected to Aviary at Middleton Market Apartments. The Social provides residents and visitors a space to enjoy crafted beverages. Under the guidance of Nancy Allen, general manager of Middleton Market, and Lynn Haker of Babes Grill & Bar in Madison, The Social offers a curated menu of signature cocktails, locally sourced beers, an extensive selection of wines and shareable appetizers.

November 9, 2023

Industrial Market Reports Michigan Midwest Midwest Market Reports

Grand Rapids Industrial Market Fundamentals Remain Strong

by Kristin Harlow November 9, 2023

By Drew Miller, CBRE Despite some level of macroeconomic uncertainty, the fundamentals of the industrial real estate market in West Michigan remain solid. While the overall number of tenants in the market has recently declined slightly, the demand for space from local companies and tenants new to the market is still outpacing supply. Nationally, the overall industrial vacancy rate finished the second quarter of 2023 at 3.7 percent, 30 basis points higher than the previous quarter but 100 basis points lower than the 10-year average. Comparatively, the West Michigan industrial market, of approximately 170 million square feet, ended the second quarter with an availability rate of less than 3 percent. The combination of a diverse economy, robust infrastructure and a conservative approach to development all factor into the continued strength of the region. Grand Rapids, the second-largest city in Michigan, and West Michigan at large are blessed with a well-balanced and diverse economy led by office furniture, automotive suppliers, aerospace, food processing, e-commerce and advanced manufacturing companies. The area is home to many of the leading office furniture and related design companies, including MillerKnoll, Haworth and Steelcase, all headquartered in West Michigan, with many of their manufacturing and suppliers …

November 9, 2023

Bryan Rader Multifamily WiFi Pavlov Media

Content Partner Development Features Leasing Activity Midwest Multifamily Northeast Pavlov Media Southeast Texas Western

Multifamily Operators Adopt Property-Wide Internet Access as New Standard Amenity

by Sarah Daniels November 9, 2023

Multifamily residents want to take their internet connections with them beyond their unit’s four walls and throughout the complex. The National Multifamily Housing Council has found for years that 90 percent of renters say good internet access is a necessity. But the meaning of good connectivity has changed. “Ten, fifteen or twenty years ago, the most popular trend was cocooning — where people would go to work, come home and run into their apartment. They’d close the door, and you wouldn’t hear or see from them again until the next day,” says Bryan Rader, president of MDU at internet service provider Pavlov Media. “Today, multifamily renters spend more time around the community,” he continues. “Developers are playing to that lifestyle change by building amenities and encouraging residents to spend time together. Having a really strong managed Wi-Fi network that is safe, secure and authenticates the user is very valuable.” Put more simply, Wi-Fi within amenities is important to renters. Take fitness centers, for example. When was the last time you saw anyone on a treadmill without headphones relaying music from the internet through a phone or tablet? The move toward property-wide internet demand started in universities as students needed internet …

November 9, 2023

Affordable Housing Indiana Loans Midwest Multifamily Ohio

Merchants Capital Provides $184M for Refinancing of Seven Midwest Workforce Housing Properties

by Kristin Harlow November 8, 2023

INDIANA, KENTUCKY AND OHIO — Merchants Capital has provided $184 million in separate seven-year loans for the refinancing of seven workforce housing properties in Indiana, Kentucky and Ohio. Zidan Management Group, a Midwest-based multifamily owner and developer, was the borrower. The properties include: Barton Farms Apartment Homes in Greenwood, Ind.; Bexley Village in Greenwood, Ind.; Creekside at Meadowbrook in Lowell, Ind.; Tymberwood Trace Apartments in Louisville, Ky.; Crestview Apartments in Louisville, Ky.; Camelot East Apartments in Fairfield, Ohio; and Meadow View Apartments & Townhomes in Springboro, Ohio. There are more than 1,500 units across the portfolio. The communities offer naturally occurring affordable housing with rent pricing affordable to households earning at or below 80 percent of the area median income.

November 8, 2023

Development Indiana Midwest Multifamily Student Housing

Subtext Breaks Ground on 449-Bed Student Housing Community at Purdue University

by Kristin Harlow November 8, 2023

WEST LAFAYETTE, IND. — Subtext has broken ground on its second property at Purdue University in West Lafayette. Brinkmann Constructors is the general contractor for the 449-bed, 245,700-square-foot student housing community. Completion is slated for August 2025. The development will offer a mix of studio, one-, two-, three- and four-bedroom units. All of the units will be fully furnished. Designed by ESG Architecture and Design, the project will feature more than 15,000 square feet of amenity spaces, including a coffee bar, clubroom, study rooms, fitness center, pet grooming area, pool, spa and dog run. This fall, total enrollment reached a record 52,211 students at Purdue.

November 8, 2023

Development Industrial Kansas Midwest Self-Storage

Hunt Midwest to Build New StorTropolis Self-Storage Facility in Olathe, Kansas

by Kristin Harlow November 8, 2023

OLATHE, KAN. — Hunt Midwest is building its sixth and largest StorTropolis self-storage facility in Olathe, a southwest suburb of Kansas City. The project is located at 601 N. Millridge St. next to Walmart and Aldi stores. The development will total 112,987 leasable square feet across 867 climate-controlled units with a variety of sizes. Completion is slated for September 2024. With this sixth location, StorTropolis will offer more than 4,000 self-storage units in Clay County, Platte County, Blue Springs, Shawnee, Lenexa and Olathe. Hunt Midwest partnered with Strickland Construction and Storage Asset Management to build and operate the facility in Olathe. Both partners also built and operate the existing StorTropolis locations across the metro area.

November 8, 2023

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