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DevelopmentIndianaIndustrialMidwest

NewCold Opens $300M Cold Storage Facility in Lebanon, Indiana

by Kristin Harlow

LEBANON, IND. — NewCold has opened a $300 million cold storage facility in Lebanon, about 30 miles northwest of Indianapolis. The highly automated warehouse is one of the largest cold storage facilities nationwide, according to the firm. NewCold aims to make its warehouses increasingly grid-dependent, using their own power generated from a variety of sources, including renewable energy. NewCold says its properties are about 50 percent more energy efficient than traditional warehouses. The Lebanon facility serves global food producers.

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DevelopmentMidwestMissouriMultifamily

Opus, Balboa Complete 255-Unit Luxury Apartment Complex in Kansas City

by Kristin Harlow

KANSAS CITY, MO. — The Opus Group and Balboa Real Estate Partners have completed The Darby at Briarcliff, a 255-unit luxury apartment complex in Kansas City. Owned by Balboa, the property is situated in the Briarcliff West neighborhood and consists of two buildings. Amenities include a pool, lounge, private event space, fitness center, patio, work-from-home lounge, coffee bar, pet spa and dog run. The development is part of a master-planned community initiated by Charles Garney of Briarcliff Development Co. Over the course of two decades, the firm has revitalized what was once a 400-acre infill site by developing single-family residences, apartments, commercial spaces and hotels. Monthly rents at The Darby at Briarcliff start at $1,203. Residents can now earn one month of free rent, according to the property’s website. Coastal Ridge is the property manager for The Darby at Briarcliff. Opus served as developer, design-builder, interior designer, architect and structural engineer.

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AcquisitionsMidwestMultifamilyNAIWisconsin

NAI Greywolf Negotiates $9.3M Sale of Apartment Community in Milwaukee

by Kristin Harlow

MILWAUKEE — NAI Greywolf has brokered the sale of Mayfair Apartments in Milwaukee for $9.3 million. Located on North Lovers Lane Road, the apartment community features 134 units in one- and two-bedroom layouts. Thomas Gale and Katrina Gee of NAI Greywolf represented the seller. Buyer and seller information was not provided.

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AcquisitionsIllinoisMidwestRetail

Mid-America Brokers Sale of 85,920 SF Champaign Town Center in Illinois

by Kristin Harlow

CHAMPAIGN, ILL. — Mid-America Real Estate Corp. has brokered the sale of Champaign Town Center, an 85,920-square-foot retail center in the central Illinois city of Champaign. The sales price was undisclosed. Champaign Town Center is leased to five national tenants, including HomeGoods, Ruler Foods, JoAnn Fabrics, Guitar Center and Men’s Wearhouse. Ben Wineman of Mid-America represented the seller, a metro Washington, D.C.-based private investment company. David Tran of Transmercial represented the buyer, a California-based private investor.

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LoansMidwestMinnesotaOfficeRetail

Mag Mile Capital Arranges $5.7M in Financing for Adaptive Reuse Project in Minneapolis

by Kristin Harlow

MINNEAPOLIS — Mag Mile Capital has arranged $5.2 million of senior debt financing from a Minnesota-based bank and an additional $500,000 of Commercial Property Assessed Clean Energy (C-PACE) financing on behalf of CDT Realty Corp. The Minneapolis-based developer plans to complete an adaptive reuse project of two existing brick-and-timber loft buildings totaling 50,000 square feet in Northeast Minneapolis. The properties were originally constructed in 1910. The buildings will be connected with a new elevator lobby and fully renovated to create loft office space, retail shops and a variety of tenant amenities. The development will be named Burlap Lofts. Planned amenities include a clubroom with tenant lounge and full kitchen, large-screen TVs, private call booths, meeting spaces, a rooftop garden terrace, outdoor seating and an onsite Harmony Coffee location. The building is slated to open in spring 2024. The 81 percent loan-to-cost debt ratio combines floating-rate construction-period financing with fixed-rate permanent debt and 20-year, fixed-rate C-PACE financing. Cody Harper of Mag Mile Capital arranged the financing.

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DevelopmentIllinoisLoansMidwestMultifamily

Wingspan, Tucker Receive $100M Construction Loan for Multifamily Development in Skokie, Illinois

by Kristin Harlow

SKOKIE, ILL. — A joint venture between Wingspan Development Group and Tucker Development has received a $100 million construction loan for The Henry at Harms Woods in Skokie. The project at 5400 Old Orchard Road will feature 245 luxury apartment units, 49 rental townhomes and roughly 10,000 square feet of commercial space. Kennedy Wilson and a national insurance company provided the financing. The project architect is HKM Architects + Planners, and Nicholas & Associates will serve as general contractor. Demolition of an existing office structure at the site is scheduled for this winter. Construction is scheduled to begin in the spring. The Henry at Harms Woods will feature studio, one-, two- and three-bedroom apartment units as well as three-story townhomes. Amenities will include a courtyard, pool, sun deck, grilling areas, fitness center and coworking stations. The project is situated near the 350-acre Harms Woods Nature Preserve as well as Westfield Old Orchard shopping mall. Plans for the project were first announced earlier this year.

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AcquisitionsIndustrialLoansMidwestMinnesota

CBRE Negotiates Sale of Eight-Building Industrial Portfolio in Metro Minneapolis for $88.5M

by Kristin Harlow

FRIDLEY, EAGAN AND BROOKLYN CENTER, MINN. — CBRE has negotiated the sale of an eight-building industrial portfolio totaling 941,564 square feet in metro Minneapolis for $88.5 million. The buildings, which range in size from 72,268 to 207,558 square feet, are located in Fridley, Eagan and Brooklyn Center. Judd Welliver, Bentley Smith, Mike Caprile, Zach Graham, Ryan Bain and Joe Horrigan of CBRE represented the seller, PCCP. The portfolio, which was 98 percent occupied at the time of sale, sold to a joint venture between Minnesota-based Capital Partners and Cincinnati-based Eagle Realty Group. Bill Mork led a JLL Capital Markets team that arranged $57.3 million in acquisition financing on behalf of the buyer. A life insurance company provided the five-year, fixed-rate loan, which featured a loan to value ratio of 65 percent.

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AcquisitionsIndianaMidwestMultifamily

Morgan Properties Acquires 470-Unit Multifamily Community in Indianapolis

by Kristin Harlow

INDIANAPOLIS — Morgan Properties has acquired Astoria Park Apartments in Indianapolis for an undisclosed price. The 470-unit multifamily community features amenities such as an outdoor pool, fitness center, tennis courts, playground, dog park and pet washing station. Morgan plans to invest $4 million in renovations, including upgrading unit interiors, expanding amenities and integrating smart home technology. The acquisition brings Morgan’s Indianapolis-area portfolio to more than 2,500 units.

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IndianaLoansMidwestMultifamily

Berkadia Arranges $42.9M in Acquisition Financing for Apartment Community in Brownsburg, Indiana

by Kristin Harlow

BROWNSBURG, IND. — Berkadia has arranged $13 million in institutional equity as well as a $29.9 million Freddie Mac loan for the acquisition of Legacy Park, a 250-unit apartment community in the Indianapolis suburb of Brownsburg. Wilkinson Corp. was the buyer. Cody Kirkpatrick, Noam Franklin and Chinmay Bhatt of Berkadia arranged the equity, while Richard Levine of Berkadia originated the seven-year loan. Built in 2009, the property at 6750 Legacy Park Drive features one-, two- and three-bedroom units averaging 1,056 square feet. Amenities include a golf simulator, pool, fitness center, clubhouse and enclosed garages.  

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AcquisitionsIllinoisMidwestMultifamily

Kiser Group Brokers $31.5M Condo Deconversion Sale in Chicago

by Kristin Harlow

CHICAGO — Kiser Group has brokered a Section 15 condominium deconversion sale of The Granville Tower Condominium Associated for $31.5 million. Situated immediately south of the Loyola campus, the property is located at 6166 N. Sheridan Road. Granville Tower was converted from apartments to condominiums in 1981. There are 154 units. Andy Friedman and Jake Parker of Kiser brokered the sale. Becovic Management Group was the buyer. With high dues and upcoming maintenance needs, properties like Granville Tower have faced challenges in resale, making a deconversion sale an attractive option, says Parker.

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