KANSAS, MISSOURI AND MICHIGAN — Maverick Commercial Mortgage has arranged a $6.9 million loan for the refinancing of three mobile home parks in the Midwest. The properties include Green Acres in Emporia, Kan.; Maplewoods in Odessa, Mo.; and Milwood MHC in Kalamazoo, Mich. Park Place Communities owns and manages the portfolio. All three properties are slated to undergo major capital improvement projects. A Midwest debt fund provided the loan.
ST. PETERS, MO. — GBT Realty Corp. has sold The Shoppes of Mid Rivers in the St. Louis suburb of St. Peters for $40.7 million. The 270,000-square-foot shopping center, located at the intersection of I-70 and Mid Rivers Mall Drive, was completed in 2018. Amy Sands, Clinton Mitchell and Michael Nieder of JLL represented GBT in the sale to Jenel Real Estate. With a recent lease signing by Old Navy for 15,000 square feet, The Shoppes at Mid Rivers is 99 percent leased. Additional tenants include Burlington, Academy Sports, HomeGoods, Marshalls, Ross Dress for Less, Ulta Beauty and Five Below. Restaurant tenants include Cooper’s Hawk Winery & Restaurant, Outback Steakhouse, Pappy’s Smokehouse and Gulf Shores Restaurant & Grill.
BRISTOL, WIS. — Peak Construction Corp. is underway on Building 4 within Bristol Business Park in Bristol, a city in Southeast Wisconsin. Janko Group is the developer. Peak completed construction of Buildings 2 and 3 in 2022. The industrial business park totals 225 acres and is fully entitled for up to 3 million square feet of development. So far, 2.4 million square feet is completed or under construction, of which 1.7 million square feet is leased. Constructed on a speculative basis, Building 4 will total 157,043 square feet and feature a clear height of 32 feet, 24 docks, two drive-in doors, 212 car parking spaces and a build-to-suit office space. Kelly P. Harris is the architect, Manhard Consulting is the civil engineer and Cushman & Wakefield is the leasing agent. Completion is slated for the third quarter of this year.
CHICAGO — Bellwether Enterprise Real Estate Capital (BWE) has arranged a $28.8 million loan for the refinancing of an assisted living and memory care community in metro Chicago. The borrowers were affiliates of a seniors housing-focused private equity firm. Ryan Stoll and Taylor Mokris of BWE arranged the loan through a regional bank with a national focus on seniors housing. The four-year loan features a 30-year amortization schedule.
DETROIT — Lument has provided a $7.7 million Fannie Mae loan for the acquisition of Central Park Apartments in Detroit. The garden-style apartment community includes 92 units. James Kelly of Lument originated the loan on behalf of the borrower, Greatwater Opportunity Capital, which owns nearly 2,000 apartment units across 40 properties. The seven-year loan features 12 months of interest-only payments, a 30-year amortization schedule and a fixed interest rate. In addition to funding the acquisition, the loan provides proceeds for improvements to common areas and amenities, parking repairs and several unit renovations.
GRAND HAVEN, MICH. — Northmarq has brokered the $3.1 million sale of a newly constructed, build-to-suit property occupied by Popeyes in Grand Haven, which is situated along Lake Michigan. The building at 320 N. Beacon Blvd. is located near Walgreens, Dollar Tree, Starbucks and The Home Depot. Isaiah Harf of Northmarq represented the Illinois-based seller. A New York-based private investor acquired the asset in a 1031 exchange. Nationally, there are more than 3,700 Popeyes locations.
By Andy Gutman, Farbman Group It’s no secret that the last few years have been a turbulent time for the office market nationally. While Detroit has fared somewhat better than some other cities across the Midwest, the same pandemic (and now post-pandemic) pressures have led to a higher-than-usual degree of uncertainty and volatility. Here in the early part of 2023, it’s a good time to take a step back and look at how the Detroit office landscape is changing, how it’s not changing and what might be in store throughout the rest of the year — and beyond. This is a unique time because there’s still a tremendous amount of uncertainty to factor into the commercial real estate market in general, and into office specifically. There are a lot of brands and businesses who either have not made up their mind about their office structure and needs going forward, or are still in an experimental post-pandemic period where they are trying to figure out the balance that works for them in terms of remote or hybrid work options and brick-and-mortar configurations. Until more of that uncertainty is resolved, a clear picture of the medium- and long-term prospects for the office …
VIRGINIA, MINN. — Kraus-Anderson has completed construction of Rock Ridge Career Academy High School, which utilizes a new model of education for students to explore different occupations and identify potential careers. The $122 million project, which is part of Rock Ridge Public Schools’ plans for more than $190 million in construction and demolition projects, totals 280,000 square feet and is located in Virginia, a city in Northwest Minnesota. The school offers career tracks within three different categories, including: (1) business management, administration, arts, communications and information systems; (2) health and human services; and (3) agriculture, food, manufacturing, construction, engineering and science. Designed by Cuningham Group Architecture alongside local firm DSGW Architects, the school features a variety of lab spaces as well as a pool, gymnasium, stadium, performing arts center and turf fields.
MADISON AND SHEBOYGAN, WIS. — Midloch Investment Partners and its joint-venture partners have acquired three apartment properties in Wisconsin for $71 million. Country Meadows is a 466-unit garden-style community in Madison. Mendocino Village and The Estates are both located in Sheboygan and total 186 units. Michloch plans to make energy-efficiency improvements to the properties. The seller was undisclosed.
ROCKFORD, ILL. — Affordable Housing Investment Brokerage Inc. (AHIB) has brokered the sale of Valkommen Plaza in Rockford for $21.1 million. The 171-unit affordable seniors housing property is fully covered by a Housing Assistance Payments (HAP) contract. The nine-story building features commercial spaces on the first floor and is situated near the site of a new casino development. The property recently received a number of upgrades, including a roof replacement, new elevator machines and central air handles. Some of the unit kitchens and baths have also been upgraded. Kyle Shoemaker of AHIB represented the seller, a private investor, and the buyer, Envolve Communities.