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.
INDIANAPOLIS — Greystone has provided a $15.7 million Freddie Mac loan for the acquisition of Trails at Lakeside in Indianapolis. Constructed in 1989, the 208-unit multifamily property is a garden-style community with six buildings. Miryan Reinitz-Kops of Greystone originated the fixed-rate loan, which features a 12-year term, 30-year amortization schedule and three years of interest-only payments. Loan proceeds enable the borrower to make improvements in addition to the acquisition. Capodagli Property Co. was the borrower.
INDIANAPOLIS — Argus Self Storage Advisors has arranged the sale of a Keystone Self Storage property in Indianapolis for $9.5 million. Located at 5000 N. Keystone Ave., the self-storage facility totals 541 units and 69,700 square feet. Rob Schick of Argus represented the undisclosed seller. Public Storage was the buyer. The asset was 94 percent leased at the time of sale.
WOONSOCKET, R.I., AND CHICAGO — CVS Health (NYSE: CVS) has agreed to acquire Oak Street Health (NYSE: OSH) in an all-cash transaction at $39 per share, representing a total purchase price of roughly $10.6 billion. The price represents a premium of approximately 11.9 percent over Oak Street’s opening price per share this morning. Chicago-based Oak Street Health is a network of primary care centers for adults on Medicare. The company employs approximately 600 primary care providers and maintains 169 medical centers across 21 states. By 2026, Oak Street Health plans to grow to more than 300 centers. Oak Street Health’s technology solution, Canopy, is fully integrated with its operations and utilized when determining the appropriate type and level of care for each patient. That care will be enhanced by CVS Health’s community, home and digital offerings, according to the companies. Bringing CVS Health and Oak Street Health together can significantly benefit patients’ long-term health by reducing care costs and improving outcomes, particularly for those in underserved communities, according to a news release. Oak Street Health centers are located where healthcare services are needed most; more than 50 percent of Oak Street Health’s patients have a housing, food or isolation risk …
CHICAGO — Skender has topped out construction of 741 N Wells, a 21-story apartment tower in Chicago’s River North neighborhood. Designed by Antunovich Associates and developed by VISTA Property, the project will include 168 units. Amenities will include a rooftop terrace with pool, meeting facilities, exercise area, bicycle storage and parking for roughly 50 vehicles. VISTA Property financed the project with a first mortgage loan from Huntington Bank. Luxury Living Chicago Realty is handling marketing and leasing. A timeline for completion was not provided.
MINNEAPOLIS — Wiegmann Associates has begun work on a new six-story, 308-unit multifamily project in the Dinkytown neighborhood of Minneapolis. As the engineer of record and mechanical contractor, Wiegmann is responsible for designing, coordinating and managing the installation of the mechanical systems for the 487,000-square-foot building. The developer is targeting LEED Silver or MN B3 certification, which requires that the HVAC systems meet strict energy-efficiency standards. The B3 guidelines, which can be applied to new buildings or renovations to meet sustainability goals, are required on all projects that receive general obligation bond funding from the State of Minnesota. Completion is slated for this June. The project site is a combination of six different parcels that previously housed surface parking lots and a number of one- and two-story commercial buildings home to businesses such as Subway, Dinkytown Liquors and McDonald’s. The new development will include commercial spaces and affordable student housing units for the adjacent University of Minnesota’s Twin Cities campus. The project team includes general contractor Catalyst Construction, architect BKV Group and developer CA Ventures.
