Midwest

Newmark Arranges $240M Joint Venture Financing for Recapitalization of Midwest Industrial Portfolio

by Kristin Harlow March 8, 2023

BINGHAM FARMS, MICH. AND NEW YORK CITY — Newmark has arranged $240 million in joint venture financing on behalf of Bingham Farms-based Burton-Katzman and New York City-based DRA Advisors for the recapitalization of 24 light industrial properties in the Midwest. The portfolio totals more than 2.2 million square feet and is 99 percent leased. With over 40 tenants on the rent roll, no tenant occupies more than 15 percent of the portfolio’s total square footage. The venture will target value-add returns by acquiring industrial assets across the Midwest where rents are below market. Jordan Roeschlaub, Dustin Stolly and Eden Abraham of Newmark arranged the venture and financing, while Daniel Canvasser of Newmark provided regional support. Roeschlaub, Stolly and colleague Chris Kramer arranged a $150 million acquisition loan. Burton-Katzman is a fully integrated real estate company with an emphasis on the industrial market. DRA Advisors is an investment advisor specializing in real estate investment and management services for institutional and private investors.

March 8, 2023

Acquisitions Illinois Midwest Retail

Mid-America Negotiates Sale of 211,190 SF Retail Center in Waukegan, Illinois

by Kristin Harlow March 8, 2023

WAUKEGAN, ILL. — Mid-America Real Estate Corp. has negotiated the sale of Waukegan Plaza in the Chicago suburb of Waukegan for an undisclosed price. The 211,190-square-foot retail center is 89 percent leased to tenants such as Ross Dress for Less, Burlington, dd’s Discounts, rue21, Shoe Carnival, Family Dollar, GameStop, Subway, USPS and Aaron’s Rental. Joe Girardi and Emily Gadomski of Mid-America represented the private seller. The asset sold to a West Coast-based 1031 exchange investor.

March 8, 2023

Acquisitions Illinois Midwest Retail

Ashkenazy Acquisition Corp. Buys 200,000 SF Shopping Center in Chicago

by Kristin Harlow March 8, 2023

CHICAGO — Ashkenazy Acquisition Corp. (AAC) has purchased Gateway Centre in Chicago for an undisclosed price. The roughly 200,000-square-foot shopping center is located at 7507 N. Clark St. and is 93 percent leased to tenants such as Jewel-Osco, Marshalls and LA Fitness. George Good of CBRE represented the seller, Stockbridge. AAC was represented in-house in the transaction. AAC is a New York City-based private real estate investment firm focusing on retail, hotel and office assets located throughout the United States and Canada.

March 8, 2023

Acquisitions Illinois Industrial Midwest

Colliers Brokers Sale of 68,279 SF Warehouse in Vernon Hills, Illinois

by Kristin Harlow March 8, 2023

VERNON HILLS, ILL. — Colliers has brokered the sale of a 68,279-square-foot industrial warehouse in the Chicago suburb of Vernon Hills for an undisclosed price. Built in 1996 and located at 220 N. Fairway Drive, the property features eight interior loading docks, one drive-in door, six trailer parking stalls and 75 car parking stalls. There is also 7,390 square feet of office space. Ned Frank and Pat Hake of Colliers represented the undisclosed seller. Justin Lerner, Joe Karmin and Ross Lehrman of Transwestern represented the buyer, frozen pizza maker Roncadin.

March 8, 2023

Acquisitions Indiana Midwest Retail

Marcus & Millichap Arranges $2.9M Sale of Retail Property in Granger, Indiana

by Kristin Harlow March 8, 2023

GRANGER, IND. — Marcus & Millichap has arranged the $2.9 million sale of a 17,539-square-foot retail property in Granger, a city in northern Indiana. Dunkin’ is the anchor tenant. Mitchell Kiven of Marcus & Millichap represented the seller, Cloverleaf Real Estate Group, an investment fund headquartered in Northbrook, Ill. Kiven also secured and represented the buyer, a LaPorte, Ind.-based private investor. Dean Giannakopoulos and Frank Montalto of Marcus & Millichap Capital Corp. arranged acquisition financing on behalf of the buyer. The asset sold at full asking price.

March 8, 2023

Acquisitions Illinois Midwest Multifamily

CBRE Brokers $34.5M Sale of Multifamily Development Site in Chicago’s Fulton Market

by Kristin Harlow March 7, 2023

CHICAGO — CBRE has brokered the sale of a 1.7-acre site located at 420 N. May St. in Chicago’s Fulton Market neighborhood for $34.5 million. Tom Svoboda of CBRE represented the seller, an entity doing business as 420 May Acquisitions LLC. The buyer, Crescent Heights, has proposed a large multifamily project for the site. The Miami-based developer has been active in the Chicago market with multiple projects. In 2019, the firm completed construction of Nema Chicago, a 76-story, 800-unit skyscraper that is the tallest apartment building in the city.

March 7, 2023

Acquisitions Illinois Midwest Multifamily

ShainRealty Capital Sells 200-Unit Multifamily Portfolio in Chicago for $28.5M

by Kristin Harlow March 7, 2023

CHICAGO — ShainRealty Capital has sold a 200-unit multifamily portfolio in Chicago’s Kenwood neighborhood for $28.5 million. The value-add portfolio includes eight buildings located within a two-mile radius. Most of the properties feature two- and three-bedroom floor plans with an average unit size of 1,166 square feet. Lucas Fryman and Ted Stratman of Interra Realty brokered the transaction. A local Chicago syndicate led by Eagle Infinite Investments acquired the portfolio. The deal marks the first company disposition for ShainRealty Capital, a Los Angeles-based privately owned real estate investment firm. The buyer assumed in-place agency debt, which offers a 66 percent loan-to-value ratio and a 4.18 percent fixed interest rate for the remainder of the loan.

March 7, 2023

Acquisitions Midwest Multifamily Seniors Housing Wisconsin

JLL Negotiates Sale of 101-Unit Active Adult Community in Shorewood, Wisconsin

by Kristin Harlow March 7, 2023

SHOREWOOD, WIS. — JLL Capital Markets has arranged the sale of and acquisition financing for the Oaks of Shorewood, a 101-unit active adult community in Shorewood, a northern suburb of Milwaukee. Weidner Apartment Homes acquired the asset from Sherman Associates. The four-story, age-restricted building offers a mix of one- and two-bedroom units averaging 1,115 square feet. The Oaks of Shorewood is near Lake Michigan, the Milwaukee River, Hubbard Park & Beer Garden and the 50-acre Estabrook Park and Village’s main drive, which is known for eclectic boutiques and trendy restaurants. JLL worked on behalf of the new owner to originate a Fannie Mae loan to fund the purchase. Tom Wilson and Mike Brady of JLL represented the borrower, while Amanda Friant, Wick Kirby, Mox Gunderson and Jaime Fink of JLL represented the seller.

March 7, 2023

Acquisitions Indiana Midwest Retail

Marcus & Millichap Arranges $5.3M Sale of Retail Property in Merrillville, Indiana

by Kristin Harlow March 7, 2023

MERRILLVILLE, IND. — Marcus & Millichap has arranged the $5.3 million sale of Century Plaza in Merrillville, a city in Northwest Indiana. The 18,215-square-foot retail property is located at 3999 E. 81st Ave. and is home to tenants such as Panera. Alex Perez and Chris Garavaglia of Marcus & Millichap represented the seller, a limited liability company. The duo also secured and represented the buyer, a limited liability company.

March 7, 2023

Leasing Activity Michigan Midwest Retail

Destruction Depot Rage Room Signs 4,240 SF Retail Lease in Fenton, Michigan

by Kristin Harlow March 7, 2023

FENTON, MICH. — Destruction Depot Rage Room has signed a 4,240-square-foot retail lease at Fenton Town Center in Fenton, a far northwest suburb of Detroit. The space was formerly occupied by a hydroponics store. Michael Murphy and Tjader Gerdom of Gerdom Realty & Investment represented the landlord, Verus Development Group. VG’s Grocery anchors the shopping center. Destruction Depot Rage Room is an entertainment concept where users wear safety gear and get to smash items such as computers, TVs, vases and dishes.

March 7, 2023

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