WIXOM, MICH. — Torch Tobacco has signed a 1,250-square-foot retail lease at Wixom Charms Plaza in Wixom, a northwest suburb of Detroit. CVS anchors the shopping center, which still has spaces available for lease. Michael Murphy and Bill McLeod of Gerdom Realty & Investment represented the undisclosed landlord. Jonathan Semma of 365 Realty represented the tenant.
CINCINNATI — Nicol Investment Co. has sold the Riverfront Portfolio at The Banks, a mixed-use development in downtown Cincinnati, to Crawford Hoying. The sales price was not disclosed, but the Cincinnati Business Courier reports the assets traded for approximately $177 million. The project consists of two multifamily properties totaling 592 units, Current at the Banks and Radius at the Banks, in addition to approximately 100,000 square feet of ground-floor retail space. The properties are located in the city’s Central Business District, nestled between Great American Ballpark (home of the MLB’s Cincinnati Reds), Paycor Stadium (home of the NFL’s Cincinnati Bengals) and the Ohio River, which separates Ohio from Kentucky. The 300-unit Current at the Banks includes more than 77,000 square feet of ground-floor retail space leased to The Holy Grail, Jefferson Social, Fishbowl and Ruth’s Chris. Radius at the Banks features 292 units as well as 19,000 square feet of ground-floor retail, which includes E+O Kitchen and Taste of Belgium. “Crawford Hoying brings tremendous value to the high-profile project as a manager and operator of various commercial real estate projects throughout Ohio,” says Ron Johnson, chief financial officer at Nicol. “We’d like to thank the CBRE Riverfront Team, led by …
ST. LOUIS — Aptitude Development is set to break ground on The Marshall St. Louis, a 508-bed student housing community located near St. Louis University. Construction is scheduled to begin this spring, with completion anticipated for fall 2025. Amenities will include an expansive hot tub, fitness facility, gaming lounge, collaborative and individual study spaces, café areas and fire pits. Aptitude is a student housing developer based in Elmwood Park, N.J.
BLOOMINGTON, MINN. — SFM Mutual Insurance Co. has renewed its 49,490-square-foot office lease at Northland Center in the Minneapolis suburb of Bloomington. KBS owns the two-building, 492,514-square-foot property. Amenities include a 40,000-square-foot concourse level offering public areas, 5,000-square-foot fitness center, full-service café, training and conference facilities, atrium lounge, onsite car wash and sundry shop. Bill Rothstein of Cushman & Wakefield represented KBS in the lease. KBS recently completed a $1 million renovation of Northland Center.
OMAHA, NEB. — Green Courte Partners LLC, a private equity firm currently investing through its Green Courte Real Estate Partners V investment fund, has acquired Bloomfield, a 95-unit active adult community in Omaha. The purchase price was undisclosed. True Connection Communities, the buyer’s wholly owned operating platform, will manage the community. The company’s operating portfolio now totals 18 communities with roughly 2,700 units. Green Courte plans to renovate units and upgrade the outdoor amenities.
FRANKLIN, OHIO — Marcus & Millichap has brokered the sale of a two-property self-storage portfolio in Franklin, which is located about midway between Dayton and Cincinnati. The sales price was undisclosed. The facilities, which are located within a mile of each other, feature a combined 273 non-climate-controlled units, 61 rentable parking spaces and two rentable office spaces. The portfolio is 78 percent occupied. Gabriel Coe, Brett Hatcher and Nathan Coe of Marcus & Millichap represented the seller, a limited liability company. The portfolio sold to an out-of-state buyer as part of a multi-state portfolio sale.
GLEN CARBON, ILL. — Strieker Law Firm LLC has signed a 1,582-square-foot office lease at 100 Magnolia Drive in Glen Carbon, about 14 miles northeast of St. Louis. Shiloh, Ill.-based brokerage Barber Murphy represented both the tenant and the landlord, SZO Properties LLC.
INDIANAPOLIS — Locally based developer Keystone Group and the Indy Eleven professional soccer club have announced plans to break ground this May on Eleven Park, a mixed-use development in Indianapolis. Anchored by a 20,000-seat multipurpose stadium that will host Indy Eleven’s home games, the project will transform the southwest quadrant of downtown Indianapolis. The Indianapolis Star reports the project has a price tag of $1 billion. In addition to the stadium, Eleven Park will feature 600 apartment units; 205,000 square feet of office space; nearly 200,000 square feet of shops and restaurants; a hotel; public plazas with green space housing a dog park, water features and kid’s play areas; and public parking garages. The co-developers also plan for the project to have an indoor, 4,000-seat music and entertainment venue, rooftop bars, walkways along the White River and direct access to The Cultural Trail, an urban trail spanning eight miles. “Eleven Park will not only change the skyline of Indianapolis, but will add over 1,000 jobs, have a huge economic impact, create quality-of-life benefits and attract talent and opportunities to our city and state,” says Ersal Ozdemir, chairman and founder of Keystone Group. Ozdemir also owns the Indy Eleven franchise. “Our …
MILWAUKEE — Crow Holdings has unveiled plans for the South Cargo Logistics Hub at Milwaukee Mitchell International Airport. The proposed, on-tarmac air cargo facility will total 288,000 square feet and feature 74 docks and 99 trailer stalls. Crow will develop the facility on behalf of the airport. David Prell and Scott Furmanski of CBRE will market the project for lease. The project, which is undergoing the approval process, is slated for completion in the second half of 2024. According to a news release, the proposed project would serve as an option for cargo tenants looking to avoid the much higher congestion and costs associated with centering operations out of the Chicago O’Hare International Airport. The project site was home to the 440th Air Reserve Base from the 1950s until July 2010 when it was formally deeded back to the county upon the closure of the base by the Department of Defense. The site has remained physically unchanged since then. The airport has been marketing the site to real estate developers for several years. Crow has led and financed all efforts to date and will continue to do so after the project progresses through permits and any potential remediation.
INDIANAPOLIS — Merchants Affordable Housing Corp. has rebranded as RDOOR Housing Corp. The affordable housing developer was founded in connection with Merchants Bank of Indiana in 1981. RDOOR comes from the word “ardor,” meaning passion. “RDOOR embodies our team’s unyielding passion for improving people’s lives by increasing access to quality rental housing opportunities while building or renovating affordable and safe homes,” says Bruce Baird, president and CEO. The current portfolio of RDOOR and its closely aligned affiliates includes more than 3,000 units throughout Marion County and Indiana. As part of the rebrand, RDOOR renovated the former Girls Inc. office at 441 W. Michigan St. as its new headquarters. RDOOR says the downtown Indianapolis location will enable the team to be closer to its clients and co-locate with Partners in Housing.
