Midwest

Standard, Vistria Group Acquire Workforce Housing Community in Suburban Chicago for $94M

by Kristin Harlow January 12, 2024

NAPERVILLE, ILL. — Standard Real Estate Investments LP and The Vistria Group LP have acquired Haven on Long Grove in the Chicago suburb of Naperville for $94 million. The naturally occurring affordable housing community features 416 units. Pensam Capital was the seller. John Jeager of CBRE brokered the off-market transaction, which included the assumption of an existing, fixed-rate Fannie Mae mortgage serviced by M&T Bank. Situated on 34 acres, Haven on Long Grove features 248 one- and two-bedroom apartments and 168 townhomes. The buyer plans to make targeted improvements.

January 12, 2024

Acquisitions Illinois Industrial Midwest

Venture One Acquires 785,181 SF Industrial Portfolio in St. Charles, Illinois

by Kristin Harlow January 12, 2024

ST. CHARLES, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial VI LP, has acquired a 785,181-square-foot, two-building industrial portfolio in the Chicago suburb of St. Charles. The purchase price for the sale-leaseback transaction with R.R. Donnelley was undisclosed. Located at 609 Kirk Road is a 504,152-square-foot building that was constructed in 1988. The property features a clear height of 30 feet, 45 docks and three drive-in doors. The second building in the portfolio totals 281,029 square feet and is located at 1750 Wallace Ave. Built in 1990, the property features clear heights ranging from 21 to 31 feet, 15 exterior docks and one drive-in doors. Mike Tenteris, Jim Carpenter, Adam Tyler, Scott Goldman and David Friedland of Cushman & Wakefield represented the seller. VK Industrial VI is co-sponsored by Venture One Real Estate and Kovitz Investment Group.

January 12, 2024

Indiana Loans Midwest Multifamily Student Housing

Greystone Monticello Provides $36.3M in Bridge Financing for Indiana Student Housing Property

by Kristin Harlow January 12, 2024

BLOOMINGTON, IND. — Greystone Monticello has provided a $36.3 million bridge loan for a 226-unit student housing property in Bloomington. Greystone intends to transition the asset to a permanent exit with a HUD-insured green financing. Michael Zukerman and Adam Lipkin of Greystone originated the loan. Borrower information was not provided. The Greystone Monticello joint venture provides a wide range of bridge financing options in the multifamily and seniors housing industries.

January 12, 2024

Leasing Activity Michigan Midwest Office

Farbman Group, Healthrise to Relocate Headquarters in Southfield, Michigan

by Kristin Harlow January 12, 2024

SOUTHFIELD, MICH. — Farbman Group and Healthrise are both relocating their headquarters to a 93,000-square-foot office building located at 31700 Middle Belt Road in Southfield. Yamasaki designed the Class A building, which features underground parking, large floorplates and a campus-like setting. Farbman, a full-service real estate firm currently headquartered at 28400 Northwestern Highway in Southfield, will relocate in the spring or summer of this year. The relocation includes its sister companies Huntington Construction, FarbNET, Medical Real Estate Solutions, Huntington Maintenance Co. and Apex Mechanical Solutions. Healthrise provides IT services for the implementation of electronic health records, worker performance management and revenue cycle management.

January 12, 2024

Acquisitions Indiana Midwest Retail

Marcus & Millichap Arranges $2.7M Sale of Retail Center in Merrillville, Indiana

by Kristin Harlow January 12, 2024

MERRILLVILLE, IND. — Marcus & Millichap has arranged the $2.7 million sale of a 29,335-square-foot retail center located at 2871 E. 81st Ave. in Merrillville. The property is 93 percent leased and is shadow anchored by Home Depot and Target. Austin Weisenbeck, Sean Sharko and Adrian Mendoza of Marcus & Millichap represented the seller, a limited liability company. The team also secured and represented the Chicago-based buyer.

January 12, 2024

Development Illinois Midwest Multifamily

Shapack, CRG Unveil Plans to Build 29-Story Apartment Tower in Chicago’s Fulton Market

by Kristin Harlow January 11, 2024

CHICAGO — Shapack Partners and CRG have unveiled plans to build a 29-story apartment tower located at 220 N. Ada St. in Chicago’s Fulton Market. The partnership received $84 million in construction financing from Pacific Life Insurance, according to Crain’s Chicago Business. Plans call for 308 apartment units, 62 of which will be designated as affordable housing, as well as 12,300 square feet of ground-floor retail space. Apartments will come in studio, one- and two-bedroom layouts. There will also be nine penthouses. Shapack and CRG are developing the property along with Bill Williams, founder and principal of KMW Communities LLC, a Chicago-based developer. The partnership with KMW is part of CRG’s PILLAR initiative, the firm’s diverse developer program that works closely with a group of Chicago-based developers aimed at addressing the lack of diversity in commercial real estate. Rising 314 feet, 220 N. Ada St. will be positioned on a 27,244-square-foot parcel at the corner of West Fulton and North Ada streets, replacing a one-story warehouse building. Demolition is scheduled for February, with a groundbreaking planned for March. Completion is slated for early 2026. Designed by SOM, the property’s residential units will be situated on floors 5 to 28 and …

January 11, 2024

Acquisitions Kansas Midwest Retail

Mid-America Brokers Sale of 348,983 SF Oak Park Commons Shopping Center in Metro Kansas City

by Kristin Harlow January 11, 2024

LENEXA, KAN. — Mid-America Real Estate Corp. has brokered the sale of Oak Park Commons, a 348,983-square-foot shopping center in Lenexa. The sales price was undisclosed. Tenants at the property include Ross Dress for Less, Hobby Lobby, Ulta, Verizon, Dollar Tree, Petco, K&G Fashion Superstore, Northern Tool + Equipment, Shoe Carnival, Chipotle, Panda Express and Aspen Dental. Oak Park Mall is situated across the street. Ben Wineman of Mid-America, in cooperation with Eric Gonsher of The R.H. Johnson Co., represented the seller, DRA Advisors. The asset sold to a joint venture between Lormax Stern and Time Equities Inc.

January 11, 2024

Acquisitions Midwest Minnesota Multifamily

Marcus & Millichap Arranges Sale of 217-Unit Via Sol Apartment Complex in Suburban Minneapolis

by Kristin Harlow January 11, 2024

ST. LOUIS PARK, MINN. — Marcus & Millichap has arranged the sale of Via Sol, a five-story, 217-unit apartment complex in the Minneapolis suburb of St. Louis Park. The sales price was undisclosed. Completed in 2022 and located along Minnesota State Highway 7, the property features amenities such as an urban art forest, rooftop terrace, fitness center and underground parking. The average unit size is 677 square feet. Abe Roberts, Will Balthrope and Drew Garza of Marcus & Millichap represented the seller, Place E-Generation One LLC. The team also procured the buyer, Bigos-Via Sol LLC, an entity under Bigos Management. The buyer plans to rebrand the community as Zelia on Seven.

January 11, 2024

Acquisitions Kansas Midwest Multifamily

Archstone Capital Acquires 200-Unit Townhome Property in Overland Park, Kansas

by Kristin Harlow January 11, 2024

OVERLAND PARK, KAN. — Archstone Capital has acquired The Louis Overland Park, a 200-unit townhome community in the Kansas City suburb of Overland Park. Archstone Construction, Archstone’s general contractor, will oversee the property’s upcoming improvements. The acquisition marks Archstone’s entry into the Kansas City market. The Louis Overland Park, formerly named Madison Overland Park, marks Archstone’s 13th acquisition in the Midwest. The property was acquired with equity from Archstone and affiliates in a partnership with Aspen Funds and 7Acre Investments. Planned improvements for the property include upgrades to amenity spaces, modernization of common areas and improvements to enhance curb appeal. Residents can expect state-of-the art appliances, modern flooring, upgraded light fixtures and hard surface countertops.

January 11, 2024

Development Midwest Multifamily Wisconsin

McShane Completes 32-Unit Supportive Living Community in Grafton, Wisconsin

by Kristin Harlow January 11, 2024

GRAFTON, WIS. — McShane Construction Co. has completed Woodside Prairie, a 32-unit supportive living community for adults with Autism in Grafton, a northern suburb of Milwaukee. Impact Seven was the developer. Designed by New Horizon Ventures, the community offers four buildings with six single-occupant rooms and two townhome buildings with eight townhomes. A 3,700-square-foot activity building onsite features a community kitchen, craft space, computer center and fitness area. A consultant was engaged to help select interior finishes that are conducive to a healthy environment for Autistic adults. The sustainable project was designed to achieve Wisconsin Green Built Homes certification.

January 11, 2024

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