ADDISON, ILL. — Marcus & Millichap has brokered the $1.1 million sale of a 12-unit apartment building in Addison, a western suburb of Chicago. The property at 41 E. Blecke Ave. features two studios and 10 one-bedroom units. Christopher Malay and Eric Bell of Marcus & Millichap represented the seller, a limited liability company. Ryan Engle and Andrean Angelov of Marcus & Millichap secured and represented the buyer, a private investor completing a 1031 exchange.
WARREN, IND. — Parkview Hospital Inc. has renewed its 3,523-square-foot office lease on Bennett Drive in Warren, about 35 miles southwest of Fort Wayne. The lease term is three years. Chad Voglewede and Bill Drinkall of Bradley Co. represented the landlord, Jackson Asset Group 1 LLC.
By Scott Olson, Skogman Commercial Despite a derecho, a pandemic, inflation, supply chain issues and a possible recession, Cedar Rapids continues its rapid growth as evidenced by the ranking by “American Growth Project 2023” as a top 15 fastest-growing mid-size U.S. city. But, its other national rankings are just as impressive: • 23rd-Best Run City in U.S. (wallethub.com, 2023) • Top 100 Best Places to Live in America (Livability, 2023) • 23rd-Best Place to Raise a Family (wallethub.com, 2023) • 13th-Best City to Buy a House (niche.com, 2023) • Ranked No. 21 of Cities with Lowest Cost of Living (Business Insider, 2023) • A Cleanest U.S. City by Short-Term Particle Pollution (American Lung Association, 2023) • Two Nationally Ranked Medical Centers: St. Luke’s Hospital and Mercy Medical Center (PINC Al/Fortune and Newsweek, 2023) • Top 50 Best City for Jobs in America (wallethub.com, 2023) • No. 22 Safest City in America (wallethub.com, 2022) • Best Tasting Drinking Water in Iowa (Iowa Section, American Water Works 2022) In addition to these rankings, Cedar Rapids is also continuing to make major progress on recovery from previous national disasters: • 2008/2016 historic floods are resulting in the $750 million flood control system making …
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Low-Income Housing Tax Credit Industry Adjusts to HUD Curveball on Income Limits
New income limits for low-income and very-low-income housing in 2023 represent a mixed blessing for the industry’s providers, who gain more potential renters but face ubiquitous caps that restrain their ability to adjust rents. The U.S. Department of Housing and Urban Development (HUD) publishes the income limits annually based on changes in each housing area’s median income, and typically places caps on outlier markets to prevent wide year-to-year swings. From 2010 through 2021, about 10 percent of areas were capped each year. Also in that period, the caps predictably checked the increase in an area’s qualifying income levels to no more than double the annual percent change in national median income. HUD published national median income based on three-year-trailing American Community Survey (ACS) data that HUD adjusted forward using the Consumer Price Index (CPI). In 2022, however, HUD omitted the CPI factor and based limits on historical survey data alone, producing lower results for median incomes and a smaller percentage change to be doubled into a cap. Even so, calculated incomes rose significantly, spurring HUD to cap increases in 57 percent of areas. Industry experts had predicted HUD would add the CPI adjustment back into its calculations in 2023, resulting …
DECATUR, MARION AND DANVILLE, ILL. — Meridian Design Build has completed construction of three industrial build-to-suit projects in Illinois. A global shipping and information services provider will occupy all three buildings. The first project is a 317,518-square-foot facility in Decatur. Scannell Properties developed the building, which features 10,920 square feet of office space, 174 interior van loading positions, 78 loading docks and a 607-car employee parking lot. Cornerstone Architects and civil engineer Spaceco made up the project team. SunCap Property Group served as the developer of a similar 251,000-square-foot building in Marion. The property features 11,411 square feet of office space, 147 interior van loading positions, 68 loading docks and a 537-car employee parking lot. Architect Ware Malcomb and civil engineer Manhard Consulting made up the project team. The third facility totals 217,323 square feet in Danville. Jones Development was the developer on the project, which features 10,500 square feet of office space, 119 interior van loading positions, 56 loading docks and a 390-car employee parking lot. The project team included Ware Malcomb and civil engineer Farnsworth Group.
ST. PETERS, MO. — Brinkmann Constructors has broken ground on Old Hickory Village, a 316-unit apartment complex in St. Peters, a northwest suburb of St. Louis. The project will consist of two buildings and a parking garage. Amenities will include a pool, fitness center, pickleball courts and three courtyards. Completion is slated for May 2025. Tegethoff Development is the developer.
DOWNERS GROVE, ILL. — Lifespace has completed renovations to the independent living building at Oak Trace, a continuing care retirement community in Downers Grove, about 20 miles west of Chicago. The renovations were part of a $112 million full-campus redevelopment. The first phase of the project occurred in 2019 with the opening of Oak Trace’s Health and Wellness Center offering assisted living, memory care rehabilitation and skilled nursing. The latest phase, completed last week, features renovated shared spaces of the independent living building. Highlights include the Oak Room, a formal restaurant-style dining room; the Lounge, a casual gathering space offering cocktails and small-plate items; a newly furnished library; an outfitted art studio; and a lobby. Oak Trace’s full redevelopment is scheduled for completion in spring 2024 with its independent living expansion. The final phase will add 140 new independent living apartments, a fitness center and aquatic center, multiple dining venues, a spa and performing arts center.
MUNDELEIN, ILL. — Marcus & Millichap has arranged the $1.4 million sale of an 1,800-square-foot retail property occupied by Grease Monkey in Mundelein, a far north suburb of Chicago. The building is located at 1079 W. Maple Ave. across from Mundelein High School. Brian Bailey and Drew Isaac of Marcus & Millichap represented the seller, a limited liability company. Mitchell Kiven and Nicholas Kanich of Marcus & Millichap secured and represented the buyer, a boutique real estate investment firm based in California. Grease Monkey provides services such as oil changes.
MOUNT PLEASANT AND STURTEVANT, WIS. — Quality Logistics Solutions has signed two new industrial leases in Wisconsin. The firm will occupy 9,840 square feet at 7900 Durand Ave. in Mount Pleasant, about 30 miles south of Milwaukee, and 4,472 square feet at the Renaissance Business Center in Sturtevant, just south of Mount Pleasant. Bob Flood and Brian Flood of Founders 3 Real Estate Services represented the tenant. The landlords were not disclosed.
MERRILLVILLE, IND. — KeyBank Real Estate Capital (KBREC) has arranged a $74.6 million Freddie Mac loan for the acquisition of Lakes at 8201 in Merrillville, a city in Northwest Indiana. Built between 1992 and 1993, the 628-unit garden-style multifamily property consists of 20 buildings as well as an office and clubhouse. John Ward and Joseph Tinti of KBREC arranged the nonrecourse loan on behalf of the borrower, The Beitel Group. Loan terms were not provided.