BEREA, OHIO — Tempus Realty Partners has purchased a 57,948-square-foot industrial facility located at 140 Blaze Industrial Parkway in Berea, a western suburb of Cleveland. The purchase price was $4.4 million. Tempus acquired the property from TMG Performance Products LLC.
CHICAGO — SVN Chicago Commercial has brokered the $1.8 million sale of a 4,800-square-foot restaurant condo in Chicago’s South Loop. The asset is located at 1307 S. Wabash Ave. Tim Rasmussen and Marcus Sullivan of SVN represented the undisclosed seller. David Wong of Century 21 Realty Associates represented the local buyer. The property sold for 95 percent of the asking price.
There are a variety of ways to build affordable housing, but implementing these strategies has become an increasingly difficult proposition in 2023. Affordable housing projects seem to face challenges on every front. Generally affordable housing developers will: Despite intensifying renter demand for new units, developers are struggling to make their projects financially feasible, says John Ducey, chief production officer in the affordable lending group at Walker & Dunlop. “Affordable housing developers are facing some of the toughest headwinds I’ve seen in more than 20 years in the industry,” Ducey says. “That means developers are forced to work harder than ever to structure deals that stretch scarce housing subsidies and maximize agency financing.” Challenging Conditions One impediment to affordable housing efforts is reduced future rent levels, related to area median income (AMI) caps the Department of Housing and Urban Development (HUD) imposed recently on LIHTC properties in many markets in the United States. The unexpectedly restrictive caps forced developers to slash revenue projections, scuttling some transactions and forcing many loan applicants to renegotiate or seek alternative financing to salvage deals. On the expense side, inflation and the labor crunch continue to drive up costs for new construction, renovation of older affordable …
CAROL STREAM, ILL. — Mainfreight has signed a build-to-suit lease for a 57,100-square-foot freight terminal in the Chicago suburb of Carol Stream. Chicago-based Timber Hill Group owns the property in a joint venture with Champion Realty Advisors. TH LLC, a special purpose entity managed by Timber Hill and Champion, acquired the site in May. Mainfreight’s new terminal will feature 81 dock doors and parking for 92 cars, 88 trailers and 44 tractors. There will also be a 70-foot-wide dock area and a 20,000-square-foot, two-story office space complete with a kitchen and locker rooms. The facility will serve as Mainfreight’s North American headquarters. Construction is scheduled to begin in November with completion slated for early 2025. Mainfreight is a New Zealand-based logistics company providing end-to-end freight service solutions, including warehousing, domestic distribution and international air and ocean services. The company operates in 26 countries with more than 11,000 employees. Mainfreight currently has an office in Franklin Park, Ill. The project in Carol Stream is the first of two terminal build-to-suits that Timber Hill and Champion are developing on behalf of Mainfreight.
ITASCA, ILL. — Skender has completed interior construction on the new 50,000-square-foot office for AIT Worldwide Logistics at Two Pierce Place within the Hamilton Lakes Business Park in Itasca. AIT, a global supply chain solutions company, occupies floors 20, 21 and 25 within the 25-story, 494,000-square-foot office tower. The build-out included 210 workstations, 43 enclosed offices, nine conference rooms, a boardroom, 2,000-square-foot café, dedicated reception area and game room, along with several collaboration areas throughout the floors. The project team included Partners by Design as architect, RLE as owner’s represtnative and Advance Consulting Group as engineer.
CHICAGO — Interra Realty has brokered the $4.1 million sale of a 35-unit apartment building in Chicago’s West Ridge neighborhood. Located at 2801 W. Lunt Ave., the property features 28 one-bedroom units, three two-bedroom units and four ground-level commercial spaces. The building was originally constructed in 1932. Patrick Kennelly and Paul Waterloo of Interra represented the buyer, Teko Menetti. Joe Smazal of Interra represented the seller, a local private investor.
CHICAGO — Marcus & Millichap has arranged the sale of a 7,466-square-foot medical property occupied by Oak Street Health in Chicago for $3.6 million. The net-leased building is located at 6918 W. Archer Ave. and recently received a new roof along with interior and exterior renovations. Oak Street Health signed a new 20-year lease for the location. Austin Weisenbeck, Sean Sharko and Daniel Chumbley of Marcus & Millichap represented the seller, a limited liability company. Jack Hopkins of Marcus & Millichap represented the buyer, a California-based private investor. Oak Street Health, which operates 170 locations in 21 states, was acquired by CVS earlier this year for $10.6 billion.
GRAND RAPIDS, MICH. — Radiant Smiles has opened a 2,489-square-foot dental office at 4650 Plainfield Ave. in Grand Rapids. Hillary Taatjes Woznick and Doug Taatjes of NAI Wisinski of West Michigan represented the landlord, Comprehensive Engineering, in the lease. Ryan Gillespie of CARR Realty represented the tenant. Comprehensive Engineering purchased the building in 2021 and also occupies space within it.
INDIANAPOLIS — Pure Development and Third Street Ventures have broken ground on the next phase of North Mass District in Indianapolis. Stenz Construction Corp. is the general contractor. On the heels of its Box Factory project, the development team is moving forward with two new projects: The Penn Electric Switch and The Ingram Apartments. The Penn Electric Switch is an adaptive reuse project that will be home to creative office spaces and Shindig, the latest restaurant concept from Indianapolis-based Cunningham Restaurant Group. The $12 million project is being supported by up to $3 million in developer-backed tax-increment finance bonds issued by the City of Indianapolis after the project received unanimous approval from the Indianapolis City-County Council and Metropolitan Development Commission (MDC) in September. Construction is slated to begin in spring 2024. The Ingram is a $47 million apartment project that will feature more than 180 units. Plans call for onsite parking, bike storage and a host of other amenities for residents. The development received unanimous public financing from the City-County Council and the MDC to issue $6 million in developer-backed tax-increment finance bonds. Construction is expected to begin in summer 2024.
CHICAGO — Spa provider Bathhouse has signed a 40,000-square-foot, build-to-suit lease at 1010 W. Madison St. in Chicago. The property will feature two levels of amenities as well as a rooftop pool and restaurant. The design of the concrete and glass building will pay homage to old-world bathhouses. Bathhouse offers hot saunas, cold plunges and massages. Guests can choose between day passes and specific treatments. The developer of the project, Fulton Street Cos., acquired the site in September 2020 from a private investor. It was a parking lot at the time.
