Midwest

Interra Realty Brokers $5.8M Sale of Multifamily Property in Chicago’s Ravenswood Neighborhood

by Kristin Harlow March 13, 2023

CHICAGO — Interra Realty has brokered the sale of a 27-unit multifamily property in Chicago’s Ravenswood neighborhood for $5.8 million. Constructed in 1927, the property at 4401-11 N. Hamilton Ave. features 12 studios, 12 one-bedroom units and three commercial spaces. The building has recently undergone capital improvements. Joe Smazal of Interra represented the buyer and seller, both of which were local private investors. The transaction marks the first time the building has sold in over 50 years.

March 13, 2023

Acquisitions Midwest Multifamily Ohio

Marcus & Millichap Negotiates Sale of 24-Unit Apartment Building in Columbus

by Kristin Harlow March 13, 2023

COLUMBUS, OHIO — Marcus & Millichap has negotiated the sale of The Gemma in the Olde Towne East neighborhood of Columbus for an undisclosed price. The newly constructed apartment building features 24 units. The transaction also included the neighboring Carriage House, a newly constructed, two-townhome building. Matt Snyder and Lisa Sickinger of Marcus & Millichap represented the seller, a limited liability company. The buyer was a partnership between Maitland Property Management and ARZ Realty Capital, both headquartered in Dallas. Maitland Property Management will serve as property manager for both assets. Ari Raskas of ARZ Realty Capital arranged acquisition financing.

March 13, 2023

Acquisitions Iowa Midwest Retail

Matthews Real Estate Arranges Sale of Shine Shop Car Wash Portfolio in Iowa

by Kristin Harlow March 13, 2023

IOWA — Matthews Real Estate Investment Services has arranged the sale of four properties occupied by Shine Shop Car Wash in Iowa for an undisclosed price. The properties are located at 3301 N. Ankeny Blvd. in Ankeny, 1400 SE University Ave. in Waukee, 601 NE Cypress Drive in Grimes and 6035 Merle Hay Road in Johnston. Beryl Grant and Clay Smith of Matthews represented the buyer, Rocket Car Wash, a national chain looking to expand particularly in the Iowa market. The seller was a private investor.

March 13, 2023

Leasing Activity Michigan Midwest Retail

Joyful Tots Daycare Signs 6,750 SF Retail Lease at Village Plaza in Warren, Michigan

by Kristin Harlow March 13, 2023

WARREN, MICH. — Joyful Tots Daycare has signed a 6,750-square-foot retail lease at Village Plaza in Warren, a northern suburb of Detroit. Located at the northwest corner of 13 Mile and Mound roads, the shopping center totals roughly 100,000 square feet. Michael Murphy and Bill McLeod of Gerdom Realty & Investment represented the landlord, Shango Enterprise Group.

March 13, 2023

Development Illinois Midwest Multifamily

Sterling Bay Tops Out Construction of 282-Unit Apartment Building in Chicago’s Fulton Market

by Kristin Harlow March 10, 2023

CHICAGO — Sterling Bay has topped out construction of 160 N Morgan, the firm’s first residential building in Chicago’s Fulton Market district. The 282-unit apartment building will feature amenities such as an exterior rooftop pool deck, fitness center, training room, outdoor fitness deck, resident lounge, covered outdoor dog run and coworking spaces. Sterling Bay is developing the project in partnership with Ascentris, a Denver-based real estate private equity firm. The project’s capital structure includes senior-secured financing from CIBC Bank USA. Sterling Bay has set aside 28 units for affordable housing. Chicago-based bKL Architecture is the project architect. Walsh Group is leading construction alongside joint venture partner BOWA Construction. Pre-leasing is scheduled to begin in July. The first units are slated for completion in September.

March 10, 2023

Leasing Activity Midwest Minnesota Office

HNTB Signs 15,187 SF Office Lease in Downtown Minneapolis

by Kristin Harlow March 10, 2023

MINNEAPOLIS — Infrastructure design firm HNTB has signed a 15,187-square-foot office lease at 60 South Sixth, an office tower in downtown Minneapolis formerly known as RBC Plaza. KBS Real Estate Investment Trust III owns the 40-story, 710,332-square-foot property. Since purchasing the building in 2015, KBS has invested over $24 million in renovations. In 2022, KBS spent more than $6.5 million on the refurbishment of common areas and the fitness center. KBS also plans to add another tenant lounge. Brent Robertson and Andrea Leon of JLL represented KBS in the lease, while Eddie Rymer of JLL represented HNTB.

March 10, 2023

Acquisitions Michigan Midwest Multifamily

Thompson Thrift Sells 320-Unit Apartment Complex in Grand Rapids

by Kristin Harlow March 10, 2023

GRAND RAPIDS, MICH. — Thompson Thrift has sold The Grove, a 320-unit apartment complex in Grand Rapids, for an undisclosed price. A private real estate investment firm purchased the Class A community. Completed in August 2022, The Grove features floor plans that average 1,200 square feet. Amenities include a resident social lounge, fitness center, heated pool and spa, grilling areas, pickleball courts, dog park and pet spa. Jason Krug of Berkadia brokered the sale on behalf of Thompson Thrift.

March 10, 2023

Illinois Leasing Activity Midwest Office

Alma Opens 10,605 SF Office at Fulton East in Chicago

by Kristin Harlow March 10, 2023

CHICAGO — Alma, a provider of aesthetic medical technologies and energy-based solutions for the surgical, medical aesthetics and beauty markets, has opened a 10,605-square-foot office at Fulton East in Chicago’s Fulton Market district. The 12-story, 90,000-square-foot office and retail building, developed by Parkside Realty Inc., is located at 215 N. Peoria St. Alma will also occupy ground-floor retail space in the building beginning in May. The ninth floor of Fulton East will serve as the central location for the North American operation team of Alma, while the 5,025-square-foot retail space will house the company’s first U.S.-based Sisram Wellness Center. Alma will maintain its existing distribution space at 485 Half Day Road in Buffalo Grove, Ill. Jonathan Metzl of Cushman & Wakefield represented Alma in the lease, while Katie Scott and Camille Julmy of Parkside Realty represented ownership.

March 10, 2023

Development Midwest Minnesota Multifamily

Red Leaf Partners, Monarch Development Partners to Build 49-Unit Apartment Complex in Excelsior, Minnesota

by Kristin Harlow March 10, 2023

EXCELSIOR, MINN. — Locally based Red Leaf Partners LLC and Monarch Development Partners LLC are developing One West Drive, a 49-unit apartment building in Excelsior, a western suburb of Minneapolis. The project site is situated near Lake Minnetonka and dozens of restaurants and shops. The development will include a 322-stall parking garage, of which 78 stalls will be dedicated to One West Drive residents. Andy Finn of Northmarq arranged equity and debt financing for the project. Denver-based Brue Baukol Capital Partners is the equity partner, and MidWestOne Bank is providing a construction loan. The loan features a 65 percent leverage on a three-year term with three years of interest-only payments.

March 10, 2023

Acquisitions Midwest Missouri Multifamily Northmarq

Northmarq Arranges Sale of 456-Unit Multifamily Community in Kansas City

by Kristin Harlow March 9, 2023

KANSAS CITY, MO. — Northmarq has arranged the sale of Timberlane Village in Kansas City for an undisclosed price. Built in 1987, the 456-unit multifamily community consists of 40 buildings across 27 acres. Units range from 704 to 1,253 square feet. Amenities include a pool, tennis court, fitness center, sauna, clubhouse, covered parking and green space. Gabe Tovar, Jeff Lamott, Parker Stewart and Dominic Martinez of Northmarq represented the seller, the property’s original developer. Daniel Stickane of Northmarq arranged acquisition financing on behalf of the buyer, Venterra Realty. The Fannie Mae loan features a fixed interest rate. The transaction marks the first time the property was on the market and the first acquisition for Venterra in the Kansas City market.

March 9, 2023

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