Midwest

Newmark Arranges Sale of 23,789 SF Self-Storage Facility in Shelby, Ohio

by Kristin Harlow March 6, 2024

SHELBY, OHIO — Newmark has arranged the sale of Wall Street Storage Unit Rentals, a 23,789-square-foot self-storage facility in Shelby, a city in northern Ohio. The sales price was undisclosed. The six-building property is located at 82 Wall St. The property’s zoning can accommodate the development of up to four additional buildings. Longtime owner Marjorie Roush sold the asset to locally based builder Soggy Dollar Properties LLC, marking the first transfer of ownership since Roush’s family acquired the land a century ago. Kris Parker and Jim Clark of Newmark represented the seller. The buyer plans to convert the two existing buildings with warehouse spaces into climate-controlled self-storage units.

March 6, 2024

Acquisitions Indiana Midwest Multifamily Student Housing

Champion Real Estate Purchases 290-Bed Student Housing Community Near Purdue University

by Kristin Harlow March 5, 2024

WEST LAFAYETTE, IND. — Champion Real Estate Co. has acquired Salisbury Campus Apartments in West Lafayette near Purdue University for an undisclosed price. The student housing community, which totals 85 units and 290 beds, will be rebranded as Victory on Salisbury. Champion now owns and operates 15 student housing communities totaling more than 4,300 beds at eight universities. Champion Salisbury LLC, a subsidiary of Champion, will begin renovations to the property once the current master lease with Purdue University expires in 2025. The community will receive new paint, vinyl plank flooring, cabinetry, quartz countertops, stainless steel appliances and modern fixtures. The asset will be leased by the bedroom and all bedrooms will be fully furnished. Scott Clifton, Teddy Leatherman, Kevin Kazlow, Jack Goldberger and Grace Picchiotti of JLL represented both Champion and the seller, Muinzer. Jeff Sause, Brian Halpern, Josh Blank and Ellie Conway of JLL arranged acquisition financing through a nonrecourse bridge lender on behalf of Champion.

March 5, 2024

Loans Michigan Midwest Multifamily Seniors Housing

Colliers Mortgage Provides $21.6M Loan for Construction of Seniors Housing Complex in Michigan

by Kristin Harlow March 5, 2024

MICHIGAN — Colliers Mortgage has provided a $21.6 million construction loan for an independent living, assisted living and skilled nursing property in Michigan. The project will feature 105 units in a variety of studio, one- and two-bedroom units. Amenities will include a main dining room, bistro, lounge and large community spaces. The loan features a 48-month term with one 12-month extension option. Christopher Fenton and Catherine Eby of Colliers Mortgage, along with Nick Skarich and Kevin McMahon of Colliers Funding, originated the loan on behalf of the undisclosed borrower.

March 5, 2024

Acquisitions Midwest Minnesota Multifamily

JLL Brokers Sale of Two Multifamily Properties in Metro Minneapolis

by Kristin Harlow March 5, 2024

RICHFIELD AND NEW HOPE, MINN. — JLL Capital Markets has brokered the sale of Southdale Parc Apartments and Wingate Apartments in metro Minneapolis for an undisclosed price. Both properties are located in inner-ring suburbs of Minneapolis. Built in 1962 and totaling 69 units, Southdale Parc Apartments is located in Richfield. The community features one-bedroom units with onsite laundry facilities, a Luxor package system, green spaces and onsite parking. Built in 1967 and totaling 136 units, Wingate Apartments is located in New Hope. The property features one- and two-bedroom units with amenities such as a pool, patio, basketball court, playground and clubroom. Dan Linnell, Mox Gunderson, Josh Talberg, Adam Haydon and Devon Dvorak of JLL represented the seller, Centerspace, and procured the buyers, both local private investors.

March 5, 2024

Acquisitions Midwest Nebraska Retail

Hanley Investment Group Arranges $7.7M Sale of Topgolf-Occupied Property in Omaha

by Kristin Harlow March 5, 2024

OMAHA, NEB. — Hanley Investment Group Real Estate Advisors has arranged the sale of a Topgolf-occupied property in Omaha for $7.7 million. The property marks the first and only location for Topgolf in Nebraska. Located at 908 N. 102nd St., the asset neighbors a Chipotle Mexican Grill, X-Golf and a future nine-acre mixed-use development. The 24,496-square-foot Topgolf building was constructed in 2020. The Omaha Topgolf facility features 72 climate-controlled hitting bays, a full-service restaurant, bars, private event space, a rooftop terrace and more than 200 HDTVs. Jeff Lefko and Bill Asher of Hanley represented the seller and developer, a private investor based in Omaha. Ashish Wadhwani of Wadhwani Holdings represented the buyer, a private investor based in metro Houston.

March 5, 2024

Acquisitions Illinois Industrial Midwest

Clear Height, ICP Funds Acquire Two Industrial Buildings in Northbrook, Illinois

by Kristin Harlow March 5, 2024

NORTHBROOK, ILL. — A joint venture partnership between Clear Height Properties and ICP Funds has acquired two light industrial buildings in Sky Harbor Industrial Park in Northbrook, a northern suburb of Chicago. The purchase price was undisclosed. The multi-tenant buildings total 93,059 square feet and are fully leased. The properties are located on Landwehr Road and Era Drive. Sean Devaney, Kurt Sarbaugh and John Huguenard of JLL brokered the transaction.

March 5, 2024

Development Leasing Activity Midwest Office Top Stories Wisconsin

Fiserv Opens 170,000 SF Global Headquarters in Downtown Milwaukee

by John Nelson March 5, 2024

MILWAUKEE — Fiserv Inc. (NYSE: FI), a global payment and financial tech solutions firm, has unveiled its new corporate headquarters in downtown Milwaukee. The 170,000-square-foot office space serves as the new global base for the company, which is relocating from nearby Brookfield, Wis., about 13 miles west of Milwaukee. The new Fiserv offices are part of HUB640, a mixed-use campus that also includes a small-format Kohl’s department store that opened in November. Other tenants include Eight Eleven Group, Abacus Architects and North Shore Healthcare, according to Founders 3 Real Estate Services, which is handling office leasing at HUB640. Chicago-based North Wells Capital LLC owns and operates HUB640. As part of the move, Fiserv was awarded $7 million in TIF (tax increment financing) funding from the City of Milwaukee, under the condition that the company retain 93 percent of its employee base at its new office space. “City of Milwaukee elected officials unanimously chose to partner with Fiserv on this project, and we are confident the decision will be applauded for many years to come,” says Milwaukee Mayor Cavalier Johnson. The new office building is located at 600 Vel R. Phillips Ave., a site that formerly housed the Boston Store, a local …

March 5, 2024

Acquisitions Illinois Midwest Multifamily

Berkadia Brokers $38M Sale of 662-Unit Multifamily Property in Urbana, Illinois

by Kristin Harlow March 4, 2024

URBANA, ILL. — Berkadia has brokered the $38 million sale of Town & Country, a 662-unit multifamily property in Urbana. Located at 1032 E. Kerr Ave., the garden-style community offers convenient access to the University of Illinois. Town & Country was built in phases between 1970 and 2007, and was 98 percent occupied at the time of sale. Ralph DePasquale of Berkadia represented the seller, Colorado-based Monarch Investment and Management Group. The buyer was Michigan-based MF Capital. The transaction also included an adjacent 52-unit self-storage facility.

March 4, 2024

Loans Midwest Minnesota Multifamily Seniors Housing

JLL Arranges $18.7M HUD-Insured Loan for Refinancing of Minnesota Senior Living Community

by Kristin Harlow March 4, 2024

ELK RIVER, MINN. — JLL Capital Markets has arranged an $18.7 million HUD 232/223(f) loan for the refinancing of Elk River Senior Living. The 108-unit senior living community offers independent living, assisted living and memory care services in Elk River, about 34 miles northwest of Minneapolis. Built in 2018, the property offers amenities such as lounges, activity rooms, dining areas and outdoor courtyards. Jeff Lepley and Alex Sheaffer of JLL arranged the financing, which consolidated five different debt obligations that were associated with the construction of the project. The borrower was undisclosed.

March 4, 2024

Development Midwest Multifamily Wisconsin

31-Story Luxury Apartment Tower to Open This Summer in Milwaukee’s Historic Third Ward

by Kristin Harlow March 4, 2024

MILWAUKEE — Hines has launched leasing for 333 North Water Street in Milwaukee’s Historic Third Ward. The 31-story, 333-unit luxury apartment tower is slated to open in June. The project will feature ground-level retail space and 22,700 square feet of indoor and outdoor amenity spaces. Floor plans will come in a variety of options, including studio, convertible, one-, two-, three-bedroom and penthouse units. Monthly rents will start at $2,200. The property will feature direct access to Milwaukee’s Riverwalk System and proximity to public transportation.

March 4, 2024

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