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Midwest

Build-to-RentDevelopmentMidwestSingle-Family RentalWisconsin

Heyday Breaks Ground on 130-Unit Build-to-Rent Community in Suburban Milwaukee

by Kristin Harlow

OAK CREEK, WIS. — Heyday has broken ground on Heyday Oak Creek, a 130-unit build-to-rent community in the Milwaukee suburb of Oak Creek. The project marks Heyday’s second build-to-rent community in Wisconsin. Floor plans come in one-, two- and three-bedroom layouts ranging from 832 to 1,701 square feet. Each residence features an attached two-car garage with personal electric vehicle charging outlets. Private patios or covered porches accompany each home. Residents have access to bike and walking paths as well as a dog parka and community garden. Leasing is slated to begin in early 2024.

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DevelopmentIndustrialIowaMidwest

Meridian Design Build Completes 479,000 SF Industrial Build-to-Suit in Cedar Rapids, Iowa

by Kristin Harlow

CEDAR RAPIDS, IOWA — Meridian Design Build has completed construction of a 479,000-square-foot industrial build-to-suit in Cedar Rapids. Scannell Properties developed the project on behalf of a provider of global shipping and information services. Located at 1035 Commerce Park Drive SW, the building features 190 loading docks, 12 drive-in doors, 168 interior van loading positions and 31,977 square feet of office space. Meridian completed significant site improvements to accommodate a 660-car parking lot, 189 van staging spaces, 130 tractor parking spaces and a 330-stall trailer storage yard. Cornerstone Architects provided architectural design services, and Manhard Consulting handled the civil engineering design.

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AcquisitionsIllinoisMidwestMultifamily

Kiser Group Brokers Sale of 41-Unit Apartment Building in Chicago’s Humboldt Park

by Kristin Harlow

CHICAGO — Kiser Group has brokered the sale of a 41-unit apartment building in Chicago’s Humboldt Park neighborhood for an undisclosed price. The property at 3935-45 W. Division St. consists of 37 apartment units and four retail spaces. The asset was converted into condos in 2006, and then was transformed when 85 percent of its units were acquired through a bank sale following the market downtown in 2008-2009. The undisclosed buyer is poised to increase rents, seeking a value-add opportunity.

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AcquisitionsHospitalityIndianaMidwest

Marcus & Millichap Arranges Sale of 90-Room Holiday Inn Express Hotel in Indianapolis

by Kristin Harlow

INDIANAPOLIS — Marcus & Millichap has arranged the sale of the Holiday Inn Express East Indianapolis for an undisclosed price. The 90-room hotel, built in 1999, is located at 7035 Western Select Drive. Jasdeep Sohi of Marcus & Millichap represented the seller, a limited liability company, and the buyer, a limited liability company. The property will undergo full renovations in accordance with IHG’s Formula Blue Package in the coming months.

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DevelopmentMidwestMissouriMultifamily

Cordish Opens Three Light Luxury Apartments in Kansas City’s Power & Light District

by Kristin Harlow

KANSAS CITY, MO. — The Cordish Cos. has opened Three Light Luxury Apartments in Kansas City’s Power & Light District. Three Light joins sister properties One Light and Two Light, both of which are 97 percent occupied. Located at the corner of Truman Road and Main Street, the 25-story, 288-unit apartment tower features a seven-story parking garage with 472 spaces as well as 7,600 square feet of ground-floor retail space. Monthly rents start at $1,350 per month. There are more than 30,000 square feet of amenity spaces, including an eighth-floor outdoor terrace with infinity-edge pool, clubroom, party room, entertainment kitchen, theater room, game room, business center, coworking spaces, fitness center, infrared sauna, dog washing stations and personal concierge services. The Power & Light District, developed by Cordish, opened 15 years ago. There has been more than $9.7 billion in public and private investment over the last 15 years, with more than 12,111 new apartment units and 5,326 new or renovated hotel rooms as well as the KC Streetcar line.

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AcquisitionsIllinoisIndustrialMidwest

Plymouth Industrial REIT Sells Chicago Industrial Building for $19.9M

by Kristin Harlow

CHICAGO — Plymouth Industrial REIT Inc. (NYSE: PLYM) has sold a 306,552-square-foot industrial building located at 6510 W. 73rd St. in Chicago for $19.9 million. The buyer was an undisclosed owner-user. Plymouth’s net proceeds after the payoff of a $5.8 million mortgage secured by the property and other adjustments are $13.9 million. The company intends to use the proceeds to pay down outstanding borrowings on its credit facility and fund its development program.

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Leasing ActivityMidwestMinnesotaOffice

Redpath Signs 33,690 SF Office Lease in St. Paul, Minnesota

by Kristin Harlow

ST. PAUL, MINN. — Redpath and Co. has signed a 33,690-square-foot office lease at 400 Roberts St. N. in St. Paul for its new headquarters. The locally based CPA firm is retaining its base in downtown St. Paul. Tom Stella and Eric King of Cushman & Wakefield represented the landlord, Securian Financial. Also known as Securian Center, the office building features amenities such as Skyway connectivity in four directions, a work café with outdoor seating, onsite childcare, and a conference and training center. Mike Salmen of Transwestern represented the tenant.

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AcquisitionsHealthcareIllinoisMidwest

Marcus & Millichap Brokers $6.3M Sale of Fresenius-Occupied Property in Westmont, Illinois

by Kristin Harlow

WESTMONT, ILL. — Marcus & Millichap has brokered the $6.3 million sale of a Fresenius-occupied medical office property in Westmont, a western suburb of Chicago. Located at 700 Pasquinelli Drive, the building serves as a vascular repair center operated by Makris MD Vascular Center, a subsidiary of Fresenius Medical Care. Fresenius recently extended its lease for 10 years. Austin Weisenbeck and Sean Sharko of Marcus & Millichap represented the seller, a limited liability company.

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AcquisitionsIndianaIndustrialMidwestSelf-Storage

Argus Arranges $6.2M Sale of Self-Storage Facility in Lafayette, Indiana

by Kristin Harlow

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.

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Cory Douglas Multifamily Wi-Fi demand
Content PartnerFeaturesMidwestMultifamilyNortheastPavlov MediaSoutheastStudent HousingTexasWestern

Multifamily Must Innovate, Adapt Now to Anticipate Resident Connectivity Demands

by Sarah Daniels

“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 …

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