KENOSHA, WIS. — MLG Capital has purchased Market Square, a 330-unit apartment community in Kenosha. The purchase price and seller were undisclosed. Located at 3100 Market Lane, the property was built in 2017 and 2019. The acquisition marks MLG’s first in Kenosha and brings the firm’s total number of units owned in Wisconsin to more than 3,300. This is the 64th property acquired as part of MLG’s Legacy Fund, which offers a tax-deferred exit strategy for private real estate owners.
GARFIELD HEIGHTS, OHIO — Ziegler has negotiated the sale of The Village at Marymount, a 246-unit senior living and skilled nursing retirement community in Garfield Heights, a suburb of Cleveland. The sales price was undisclosed. Built in 1952, the property is a faith-based, nonprofit continuing care retirement community established by the Sisters of St. Joseph of the Third Order of St. Francis. Ziegler represented the undisclosed seller. The buyer, a privately held owner and operator based in Lakewood, N.J., assumed approximately $16 million of HUD debt as part of the transaction.
LENEXA, KAN. — Copaken Brooks is set to begin development of Restaurant Row at Lenexa City Center. Located on the corner of 87th Street and Renner Boulevard, the project is adjacent to AdventHealth’s 13-building campus that is currently under construction. The first phase of Restaurant Row will include two restaurant concepts set to open in fall 2024, with two remaining spaces available for lease. Cactus Grill TexMex & Tequila, a local Kansas City restaurant that has operated for more than 30 years, will occupy 5,000 square feet. Restaurant Row will be Cactus Grill’s third location, following its original restaurant in Leawood and its newest in BluHawk. North Carolina-based Tupelo Honey will occupy 5,700 square feet. The Southern food chain currently operates 21 locations across the United States with six additional planned to open in the next 18 to 24 months. John Nolan of Crossroads Real Estate Group represented Cactus Grill, while Howard Zoldessy of Hatcher-Hill Brokerage LLC represented Tupelo Honey.
ZEELAND, MICH. — Marcus & Millichap has brokered the sale of Access Mini Storage, a self-storage facility totaling 96,715 rentable square feet in Zeeland, a city in western Michigan. The property at 3440 88th Ave. features 496 non-climate-controlled units and 38 outdoor parking spaces. Sean Delaney of Marcus & Millichap represented the buyer and seller, both of which were limited liability companies.
Shopping center owners and property managers throughout the United States are exploring opportunities to increase foot traffic by transforming excess parking into restaurants, entertainment venues, neighborhood amenities and even multifamily uses. “In our experience, nearly every shopping center that’s not grocery-anchored is going through a process to reassess the amount of parking they have, the amount of parking they need and alternative ways to develop those parking areas to add value,” says Cornelius Brown, a principal in the Pennsylvania offices of Bohler, a land development consulting and site design firm. With more than 30 offices across the Eastern and Central United States, Bohler has helped many of its clients with parking conversions ranging from single pad site creation to comprehensive, property-wide redevelopment. Municipalities Onboard Landlords have been carving out parcels for standalone retailers, restaurants and other uses for years, but the trend is accelerating as more and more municipalities ease minimum parking requirements. Parking-reduction advocates have argued that offering fewer spaces reduces environmental impacts associated with heat islands and stormwater runoff. Others contend it promotes the use of mass transit and ridesharing, which can reduce vehicle emissions and, in the case of bars and restaurants, may reduce incidents of impaired …
ST. CHARLES, MO. — CRG has opened Chapter at The Streets, a 245-unit luxury apartment community in the St. Louis suburb of St. Charles. The five-story property is located at 333 Mulholland Drive. Chapter at The Streets offers studio, one- and two-bedroom floor plans ranging in size from 504 to 1,141 square feet. Monthly rents range from $1,475 to $2,390. Amenities include a fitness center, resident lounge, coworking space, pet grooming station, pool, sun deck and grilling stations. The community offers AT&T wireless connectivity in all common areas. Aligning with CRG’s mission to incorporate neighborhood-inspired artwork into its developments, Chapter at The Streets features a mural along the building’s parking garage co-designed by Media-Objectives and artist Wylie Caudill. The mural references the history and location of St. Charles. The project is situated within The Streets of St. Charles mixed-use development, which spans 27 acres and features numerous retail, restaurant and entertainment offerings, including an eight-screen AMC movie theater. The Streets also houses office space, two hotels and public spaces. Residents of Chapter at The Streets also enjoy direct access to the 240-mile Katy Trail. The project team included Chicago-based Humphreys & Partners Architects and Chesterfield, Mo.-based Brinkmann Constructors. St. Louis-based …
WEST ST. PAUL, MINN. — JLL Capital Markets has provided a $34.6 million Fannie Mae loan for the refinancing of Savor Apartments in West St. Paul. The 200-unit, mid-rise apartment complex was built in 2022. Amenities include an entertainment suite, community room, game room, coffee bar, rooftop lounge and sky deck, fitness center and work-from-home suites. Scott Streiff and Scott Loving of JLL originated the 10-year, fixed-rate loan on behalf of the borrower, Roers Cos.
HUNTLEY, ILL. — Kuriyama of America, an industrial hose supplier, has signed a 329,210-square-foot lease at Huntley Commercial Center in the Chicago suburb of Huntley. The tenant will occupy 60 percent of the 540,960-square-foot development, which is slated for completion in the fourth quarter. Adam Marshall and Mark Deady of Newmark represented ownership, Huntley Investment Partners, which is a partnership between Craig Realty Group Inc., The Prime Group Inc. and The Capital Cos.
GURNEE, ILL. — Bullfrog International, a designer and manufacturer of high-end hot tubs, has inked a new lease for 10,840 square feet at Gurnee Town Center in Gurnee, a far north suburb of Chicago. Rick Scardino, Michael Petrik and Sean Bishop of Lee & Associates represented the tenant. Branden Reedy and Jimmy Danaher of CBRE represented the landlord, Kite Realty. Lee & Associates also assisted Bullfrog International with a lease in Vernon Hills earlier this year.
ALBANY, WIS. — Marcus & Millichap has brokered the $1.1 million sale of a 9,100-square-foot retail property occupied by Dollar General in Albany, a city in southern Wisconsin. The net-leased building is located at 614 N. Cincinnati St. Dollar General remains on its original 15-year lease for the location. Mitch Grant and Nicholas Kanich of Marcus & Millichap represented the seller, a limited liability company. The buyer was a private investor based in Arizona.
