MERRILLVILLE, IND. — Evans Senior Investments (ESI) has arranged the sale of a 48-unit assisted living and memory care community in Merrillville, a city in Northwest Indiana. A regional family ownership group sold the asset to Lloyd Jones for an undisclosed price. The community was originally purpose-built for memory care in 2016 and received in-place rents above $5,000 a month at that time. In late 2019, the community began accepting assisted living residents due to slow lease-up velocity of the existing memory care units. The property experienced multiple bans on admissions due to COVID-19 outbreaks, with the most recent ban taking place in February 2022. At the time of marketing, the asset was 79 percent occupied and experiencing positive cash flow.
LIBERTY, MO. — Marcus & Millichap has brokered the $1.9 million sale of a 10,963-square-foot retail building in Liberty, a northern suburb of Kansas City. The two-tenant property at 8500-8504 N. Church Road is home to Hallmark and a salon. Dustin Javitch, Craig Fuller, Erin Patton and Scott Wiles of Marcus & Millichap represented the seller, a limited liability company. David Saverin assisted in closing the transaction as the Missouri broker of record. A local buyer purchased the asset.
By Tyler Ziebel, Colliers Following one of the most active and aggressive periods in Chicago’s industrial capital markets history, 2022 ended as a year most market participants would rather forget. As the buying community returned to their desks and fastened their seatbelts for another year of fun in 2023, industrial sales brokers across the country are starting the year posed with a question from investors that hasn’t been asked in some time: “What are we going to be able to buy this year?” It’s easy to assume that investors will remain content to sit out of the turbulent market, but the answer to where we are, and aren’t, seeing liquidity requires a nuanced answer. In order to do that, we must take a quick look at 2022 and what set this uncertain market in motion. After several record-setting years for industrial leasing and sales in 2020 and 2021, accelerated by the COVID pandemic and a historically low interest rate environment, 2022 opened with the same frenzied pace and enthusiasm of 2021. But as the Federal Reserve pivoted its focus from keeping the economy stable to taming the resulting inflation, rapidly rising interest rates grounded institutional industrial transactions and development deals …
ST. LOUIS — The St. Louis Housing Authority has selected Preservation of Affordable Housing Inc. (POAH) to lead the redevelopment of the Clinton-Peabody Apartments in St. Louis. Built in 1942, the property includes 358 units across 31 buildings. POAH says that an initial development phase could start by late 2024, but ultimately the site’s full redevelopment will occur in multiple phases over the next several years with at least $100 million in new investment projected. Resident and community engagement work is underway. The goal is to reposition Clinton-Peabody as a mixed-income community that is better connected to surrounding neighborhoods. POAH Communities LLC, POAH’s affiliated property management firm, will manage the new phases. POAH will also implement its Community Impact platform, which provides resident services focused on housing, education, employment, financial stability and health. The project team includes Roanoke Construction and the design team of Trivers and Lamar Johnson Collaborative. Additional members include landscape architect Arbolope Studio, civil engineer David Mason & Associates and MEP engineer Custom Engineering Inc. Support also comes from the Heartland Black Chamber of Commerce and Unicorn Group, the St. Louis Small Business Empowerment Center, Prosperity Connection and Key Strategic Group.
WHITELAND, IND. — Mohr Capital has completed the development of an 846,260-square-foot industrial facility at its Mohr Logistics Park in the Indianapolis suburb of Whiteland. The property at 5365 N. Graham Road features a clear height of 40 feet. So far, one tenant has signed a lease for 513,000 square feet. A lease for the remaining space is currently under negotiation. Both tenants are expected to occupy the building this summer. The project team included Pepper Construction, Curran Architecture and American Structurepoint. Mark Writt of CBRE handles the leasing.
BROOKLYN PARK, MINN. — Sealy & Co. has acquired a newly constructed industrial building totaling 221,128 square feet in the Minneapolis suburb of Brooklyn Park. The purchase price was undisclosed. Located at 10600 Xylon Ave. N., the facility is fully leased to multiple tenants. The property features a clear height of 32 feet, 50 dock-high doors, two drive-in doors and abundant auto and trailer parking. Jason Gandy and Davis Gibbs represented Sealy on an internal basis. Scannell Properties was the seller.
SUN PRAIRIE AND WAUNAKEE, WIS. — Trilogy Health Services has taken over operations at Sun Prairie Senior Living in Sun Prairie and Waunakee Valley Senior Living in Waunakee, the company’s first properties in Wisconsin. The last time Trilogy expanded into a new state was in 2006 when the company added The Oaks at Northpointe Woods in Battle Creek, Mich., to its roster of campuses. Trilogy now operates nearly 130 senior living communities across five states. Waunakee Valley offers residents independent living, assisted living, skilled nursing and rehabilitation services. Sun Prairie offers assisted living, skilled nursing and rehabilitation services.
OHIO AND VIRGINIA — Marcus & Millichap has arranged the $7.4 million sale of a four-property retail portfolio occupied by Childtime Daycare in Ohio and Virginia. The net-leased properties are located in Fairborn, Centerville and Blue Ash, Ohio, as well as Midlothian, Va. Dominic Sulo of Marcus & Millichap represented the seller of the Ohio buildings, a Michigan-based limited liability company. Sulo and colleague Eric Luhrsen represented the seller of the Virginia property, a North Carolina-based limited liability company. Sulo and colleague Hank Wolfer secured the undisclosed buyers.
CHICAGO — Woodlawn Central LLC is moving forward with the development of Woodlawn Central, an $895 million mixed-use project spanning eight acres in Chicago’s Woodlawn neighborhood. The development team recently hired Transwestern Real Estate Services as its commercial real estate services provider. Woodlawn Central is poised to transform the area into a walkable, transit-oriented district with easy access to civic amenities such as the Obama Presidential Center, Jackson Park, the Museum of Science and Industry and the University of Chicago. Woodlawn’s Apostolic Church of God conceived and planned the project. The Network of Woodlawn, which was founded in 2009 to improve the neighborhood’s quality of life by building infrastructure to support better education, safety, health and economics, gave substantial input on the project. In addition to 870 homes ranging from affordable workforce options to market rate, luxury and seniors housing, Woodlawn Central will support a diverse range of Black businesses, creators, innovators and residents with much-needed community assets. Plans call for a 154-room hotel, small performance theater, vertical greenhouse and microgrid energy facility. The retail, hospitality, cultural, service, tech and transit options have been planned to nurture Black-owned businesses and generate employment opportunities for residents. According to the development team, …
SKOKIE, ILL. — Unibail-Rodamco-Westfield has unveiled plans to add up to 200,000 square feet of healthcare space to its redevelopment of Westfield Old Orchard mall in Skokie. The medical space is expected to be available for leasing in 2024. Greg Gerber and Chris Cummins of JLL will handle the leasing assignment. In 2022, Unibail-Rodamco-Westfield unveiled plans for the redevelopment of Westfield Old Orchard mall to include health and wellness amenities, luxury residences and open green space. Currently, there are 17 restaurants, 143 retailers, two fitness studios and 1.7 million square feet of retail space.