LAFAYETTE, IND. — Argus Self Storage Advisors has arranged the sale of a CubeSmart Self Storage facility in Lafayette for $6.2 million. Located at 3480 Concord Road, the property features 315 units and totals 41,960 square feet. The sale included expansion land, enabling an additional 45,000 square feet. Rob Schick of Argus represented the undisclosed seller. The asset was 81 percent leased at the time of sale.
“Traditional wired and wireless networks are becoming faster and more reliable with each new standard on the market,” says Pavlov Media CEO Cory Douglas. “We’re seeing multifamily consumers extend these data networks well beyond the need for just for voice and video. There are all kinds of new demands on multi-dwelling units (MDUs) for integrating Internet of Things (IoT), life safety and power and water management systems into traditional data networks.” For more than 30 years, Pavlov Media has been the leading national provider of residential Wi-Fi service, and now, with Douglas as the company’s newly named CEO, Pavlov Media has plans to build on its success through its unique technology and its eye on the innovation required by multifamily’s evolving needs. Douglas, promoted to replace retiring founder and CEO Mark Scifres, says what sets Pavlov Media apart is its ability to rapidly implement broadband Wi-Fi and video solutions for any style of community, located in any part of the country. “That capability is really driven by the investments in our back office, technology and engineering workflows that we’ve developed over time,” Douglas explains. “It’s our goal to make the purchasing and deployment experience easy for our customers. It’s done …
CARROLLTON, OHIO — Woda Cooper Cos. Inc. has broken ground on Hemming Crossing, a $12.5 million affordable seniors housing community in Carrollton, a city in eastern Ohio. The 42-unit property will offer one- and two-bedroom units for residents age 55 and older who earn 30 to 70 percent of the area median income. The three-story building will feature a community room, grandchild playroom, fitness center, patio, picnic tables and grills. The development is made possible with funding supported by Low-Income Housing Tax Credits (LIHTC) allocated by the Ohio Housing Finance Agency, which also provided an equity bridge loan. Affordable housing finance syndicator Marble Cliff Capital (MCC) provided the LIHTC investment financing. Consumers National Bank is a primary lender for the project and secondary investor through MCC. PCI Design Group is the architect, Chadan Engineering is the civil engineer and Sol Design + Consulting is the sustainability consultant. Woda Construction Inc. is the general contractor, and Woda Cooper’s management division, Woda Management & Real Estate, will oversee leasing and property management. A timeline for completion was not provided.
ELMHURST AND ADDISON, ILL. — Lee & Associates has negotiated two industrial leases totaling 67,244 square feet in DuPage County. Woodland Group, a privately owned logistics, e-commerce and supply chain management company, signed a 38,475-square-foot lease renewal at 325 W. Lake St. in Elmhurst. Kenneth Franzese and John Cassidy of Lee & Associates of Illinois represented the tenant, while Tom Maher of Hamilton Partners represented the landlord. Bauderer Packaging signed a 28,769-square-foot lease at 775 Belden Ave. in Addison. The 200,907-square-foot property is now fully occupied. Jeff Janda and Michael Plumb of Lee & Associates of Illinois represented the landlord, Link Logistics. Rick Morris of Cresa represented the tenant.
MORTON GROVE, ILL. — Entre Commercial Realty has brokered the sale-leaseback of a 66,786-square-foot industrial building in Morton Grove, a northern suburb of Chicago. Located at 5940 Oakton St., the property features four docks, four drive-in doors and a special use permit for an auto repair and body shop. Denise Chaimovitz of Entre brokered the transaction. Service King will continue leasing nearly 28,000 square feet, and the seller, Lin-Mar, will lease back roughly 39,000 square feet. Venture One Real Estate was the buyer.
RIVERWOODS, ILL. — Marcus & Millichap has arranged the $2.5 million sale of a 4,400-square-foot fuel station and convenience store occupied by Thorntons in Riverwoods, a northern suburb of Chicago. The newly constructed property is located at 1055 N. Milwaukee Ave. Thorntons recently signed a 20-year, absolute net ground lease. Nicholas Kanich of Marcus & Millichap represented the seller, a national real estate developer. The property sold to a Chicago-based private investor completing a 1031 exchange.
CHICAGO — Monarch Realty Partners has brokered the sale of a 15-unit apartment building in Chicago’s far south Chicago Lawn neighborhood. Located at 2537 W. 63rd St., the property features two commercial spaces. Robert Berman of Monarch represented the long-term, local owner in the sale. The property sold to an out-of-state buyer for an undisclosed price.
DES PLAINES, ILL. — CP Capital US has sold The Monarch, a 236-unit apartment complex in the Chicago suburb of Des Plaines. The buyer and purchase price were not disclosed. CP Capital completed The Monarch in 2020 and sold it fully leased. Amenities include a fitness center, pool, yoga studio, parking garage, game room, pet spa, dog park and clubhouse. The community is situated adjacent to Forest Preserves of Cook County, which offers numerous outdoor recreational activities and a network of hiking and biking trails.
GLENVIEW, ILL. — California-based Upside Foods, which produces lab-grown meat from animal cells, has unveiled plans to build its first commercial factory in Glenview, a northern suburb of Chicago. Called Rubicon, the facility will total 187,000 square feet. The factory will start by producing ground cultivated chicken products, with plans to expand to other species and formats in the future. Upside Foods will be the first tenant at the industrial park that is currently under construction at the site of the former Allstate corporate campus, according to Crain’s Chicago Business. Upside Foods says it is investing $140 million in the Midwest region and creating more than 75 new jobs.
DETROIT — Greatwater Opportunity Capital has unveiled plans to develop a $14 million affordable housing community in Midtown Detroit. The project marks Greatwater’s first-ever new-construction development. For the past 10 years, the firm has been renovating buildings in Detroit to restore housing and preserve affordability. The new development will be located at 3740 2nd Ave. and will feature 33 studios and 24 one-bedroom units along with first-floor commercial space and secure parking. Through the city’s NEZ property tax abatement, 20 percent of the units will be designated for residents earning up to 80 percent of the area median income. Completion is slated for spring 2025. Greatwater leveraged Opportunity Zone funds and financing from Diversified Members Credit Union for the project. McIntosh Poris is the architect, and the Monahan Co. is the general contractor.