Midwest

IPA Arranges $11.5M Acquisition Loan for Retail Center in Champaign, Illinois

by Kristin Harlow October 16, 2023

CHAMPAIGN, ILL. — IPA Capital Markets, a division of Marcus & Millichap, has arranged an $11.5 million loan for the acquisition of Baytowne Shoppes & Square in Champaign, a city in central Illinois. The property is 99 percent leased to tenants such as PetSmart, Staples, Ulta, Dollar Tree, Party City, Rally House and Citi Trends. Adam Mengacci of IPA arranged the 10-year CMBS loan, which features a fixed interest rate of 6.97 percent and interest-only payments for the entire term. Stonefield Investment Advisors was the borrower.

October 16, 2023

Loans Midwest Retail Wisconsin

Bernard Financial Group Secures $10.1M Loan for Acquisition of Shopping Center in Waukesha, Wisconsin

by Kristin Harlow October 16, 2023

WAUKESHA, WIS. — Bernard Financial Group (BFG) has secured a $10.1 million CMBS loan for the acquisition of a 112,010-square-foot shopping center in Waukesha, a western suburb of Milwaukee. Dennis Bernard and Joshua Bernard of BFG arranged the loan. The borrower was an entity doing business as Meadowbrook Marketplace Associates LLC.

October 16, 2023

Acquisitions Midwest Office Wisconsin

Coldwell Banker Commercial River Valley Brokers $10M Sale of Office Building in Onalaska, Wisconsin

by Kristin Harlow October 16, 2023

ONALASKA, WIS. — Coldwell Banker Commercial River Valley has brokered the $10 million sale of a three-story, 66,000-square-foot office building in Onalaska, a city in western Wisconsin. The property is located at 2700 Midwest Drive. The buyer was Kwik Trip Inc., which will use the building for its training department, part of its accounting department and other office employees. Kwik Trip’s corporate headquarters will remain at its current location on the far north side of La Crosse, where the company’s production facilities are also located. Kwik Trip operates roughly 880 convenience stores primarily in Wisconsin, Minnesota and Iowa. Chuck Olson of Coldwell Banker Commercial River Valley represented the seller, Ron Houser, owner of Midwest Investment I LLC. Houser developed the property and began utilizing it in 1993. He later sold the asset but then repurchased it a few years ago.

October 16, 2023

Acquisitions Illinois Midwest Retail

Bianco Properties Acquires 61,000 SF Schaumburg Plaza Shopping Center in Suburban Chicago

by Kristin Harlow October 16, 2023

SCHAUMBURG, ILL. — Bianco Properties has acquired Schaumburg Plaza, a 61,000-square-foot shopping center in the Chicago suburb of Schaumburg. The sales price and seller were undisclosed. Tenants include Starbucks, O’Reilly Auto Parts, Lou Malnati’s Pizzeria and Joann Fabrics. Nirav Express Market is set to open later this year. St. Louis-based Bianco focuses on retail and industrial investment opportunities.

October 16, 2023

Iowa Leasing Activity Midwest Retail

Ann Taylor Factory Store Opens at Outlets of Des Moines

by Kristin Harlow October 16, 2023

ALTOONA, IOWA — Ann Taylor Factory Store has opened at the Outlets of Des Moines in Altoona. The store marks the first Ann Taylor Factory Store in the state of Iowa. The 4,000-square-foot store offers a wide selection of dresses, suits, separates and casual wear in regular and petite sizes as well as shoes and accessories. Outlets of Des Moines is home to retailers such as Coach Outlet, Nike Factory Store, J. Crew Factory, Under Armour Factory House, Levi’s Outlet Store, American Eagle and Victoria’s Secret.

October 16, 2023

Development Kansas Midwest Multifamily

Ryan Cos. Breaks Ground on 413-Unit Luxury Apartment Complex in Overland Park, Kansas

by Kristin Harlow October 13, 2023

OVERLAND PARK, KAN. — Ryan Cos. has broken ground on The OsLo, a 413-unit luxury apartment complex in the Kansas City suburb of Overland Park. The four-story project will be situated at the intersection of 135th Street and Antioch Road. Completion is slated for late 2025. The OsLo is being built in partnership with operating partner EPC Real Estate Group. Smart technology will be fully integrated for residents, enabling them to use a smartphone app for accessing the building and individual units, controlling thermostats and receiving package delivery notifications. A focus on health and wellness will be incorporated into the property to align with the Scandinavian-themed architecture. There will be a spa, yoga studio, golf simulator and sound studio. Additionally, residents will have access to coworking areas, group gathering places, a pool, pond and dog park. Ryan is serving as the developer, builder and capital markets provider. NSPJ Architects is the architect, Olsson is the civil engineer, Lankford & Associates is the mechanical, electrical and plumbing engineer and Bob D. Campbell is the structural engineer. Security Bank provided construction financing.

October 13, 2023

Affordable Housing Development Midwest Multifamily Nebraska

The Annex Group to Develop $52.7M Affordable Housing Community in Lincoln, Nebraska

by Kristin Harlow October 13, 2023

LINCOLN, NEB. — The Annex Group is developing Union at Antelope Valley, a $52.7 million affordable housing community in Lincoln. The five-story project will feature 187 one-, two- and three-bedroom units that will be reserved for households whose income levels are at or below 60 percent of the area median income. Completion is slated for summer 2025. The community will be situated on 1.7 acres at 1810 K. St. within the eastern portion of downtown Lincoln. Amenities will include a community center, fitness center, dog park, courtyard, private garage and onsite management. Like all of Annex’s affordable housing communities, Union at Antelope Valley will offer a customized Community Impact Plan that will help connect residents with community resources. Partners on the project include BVH Architecture, REGA Engineering Group and Summit LIHTC Consulting. US Bancorp Impact Finance provided more than $21 million in federal Low-Income Housing Tax Credit equity financing, while Cedar Rapids Bank & Trust provided more than $25 million in debt financing. Annex’s construction arm, Annex Construction of Nebraska LLC, is the general contractor.

October 13, 2023

Industrial Loans Michigan Midwest

Bernard Financial Group Arranges $30M Loan for Refinancing of Industrial Property in Livonia, Michigan

by Kristin Harlow October 13, 2023

LIVONIA, MICH. — Bernard Financial Group (BFG) has arranged a $30 million loan for the refinancing of a 364,000-square-foot industrial property in Livonia, a northwest suburb of Detroit. Dennis Bernard and Joshua Bernard of BFG arranged the loan with Securian Life Insurance Co. The borrower was an entity doing business as Livonia West Commerce Center 2 LLC.

October 13, 2023

Acquisitions Indiana Industrial Midwest

MDH Partners Acquires 247,000 SF Warehouse in Noblesville, Indiana

by Kristin Harlow October 13, 2023

NOBLESVILLE, IND. — MDH Partners has acquired Washington Business Park 2, a 247,000-square-foot warehouse completed this year in the Indianapolis suburb of Noblesville. Patch Development was the seller. MDH previously purchased Washington Business Park 1 in October 2022. Both buildings are located within the 142-acre Washington Business Park. Houston Hawley represented MDH on an internal basis. Bryan Poynter and Ryan Baker of Cushman & Wakefield brokered the sale. MDH’s footprint in Indiana now totals more than 1.4 million square feet.

October 13, 2023

Acquisitions Illinois Midwest Multifamily

Kiser Group Negotiates $10.9M Sale of Apartment Building in Chicago’s Andersonville Neighborhood

by Kristin Harlow October 13, 2023

CHICAGO — Kiser Group has negotiated the $10.9 million sale of an apartment building in Chicago’s Andersonville neighborhood. Located at 1553-55 W. Hollywood Ave., the property spans a full city block and features 76 apartment units along with 22 retail spaces. Jacob Price and Katie LeGrand of Kiser brokered the transaction. Buyer and seller information was not provided. The new ownership plans to preserve the property’s vintage character while enhancing units and amenities.

October 13, 2023

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