FRANKLIN, WIS. — Berkadia has brokered the $43.5 million sale of Statesman Apartments in Franklin, about 10 miles south of downtown Milwaukee. The 180-unit apartment community is located at 2950 W. Statesman Way near I-94. Built in 2019, the property features six buildings as well as underground parking, a clubhouse, fitness center and outdoor pool.Ralph DePasquale and Pete Evans of Berkadia represented the seller, Milwaukee-based Zilber Residential Group. The buyer was an affiliate of Chicago-based Banner Real Estate Group.
INDIANAPOLIS — Adidas has signed a 599,000-square-foot industrial lease renewal at 8677 Logo Athletic Court in Indianapolis. Adidas utilizes the property as a finishing facility and produces screen-printed team sport apparel for both professional and amateur teams around the world. Jason Speckman of Colliers represented the landlord, Link Logistics Real Estate. Jimmy Cohoat, Andrea Hopper and Billy Powers of Colliers represented Adidas.
CHICAGO — Sterling Bay has topped out construction of 225 N Elizabeth, a 350-unit luxury apartment tower in Chicago’s Fulton Market district. The 28-story project is being developed in partnership with Ascentris, a Denver-based real estate private equity firm. McHugh Construction and Hartshorne Plunkard Architecture make up the project team. Amenities will include two rooftop spaces, an indoor/outdoor fitness center, pool, lounge area, pet grooming suite and outdoor dog turf. Project financing comes from Citizens Bank and Old National Bank. Of the total units, 70 will be designated as affordable housing for those who earn up to 60 percent of the area median income. Pre-leasing is scheduled to begin in early 2024, with the first units expected to deliver in March 2024.
KEARNEY, NEB. — McCarthy Building Cos. has broken ground on Nebraska Medicine’s Kearney Cancer Center, a $33 million project in Kearney, a city in central Nebraska that is home to the University of Nebraska-Kearney. The 53,000-square-foot project encompasses a two-story outpatient medical facility specializing in cancer care. Nebraska Medicine will offer the services of medical and radiation oncology, infusion, laboratory and pharmacy, survivorship programs, genetics counseling and a healing garden. The cancer center will be part of the mixed-use University Village project. Completion is slated for December 2024. PACT Studios is the architect.
ADDISON, ILL. — UPS has inked a lease for a 34,700-square-foot industrial service facility located at 1404 W. Fullerton Ave. in Addison. The owner, Clear Height Properties, purchased the vacant property in September 2022 and executed a series of capital improvements, including a new roof, mechanical systems, drive-in doors, exterior painting and parking lot replacement. Dominic Carbonari of JLL negotiated the lease. Mary Kay McCreery of Strategic Leasing Law Group served as the attorney on behalf of Clear Height.
By Anthony Armbruster, Colliers Although converting former office buildings to multifamily properties is by no means a new practice, conversions have been on the rise in recent years due to the changing work environment and office landscape. While the COVID-19 pandemic has started to fade away in many peoples’ minds, several of the changes in the work environment during that time have not. Many formerly in-office employees continue to work from home or have hybrid schedules post-pandemic. Additionally, tenants who are moving into new office spaces have shown a preference for smaller, more efficiently laid out, amenity-rich and suburban Class A office spaces. These changing consumer preferences have resulted in higher vacancies and fewer new tenants for older downtown office buildings than before the pandemic. Consequently, many of these older buildings are being converted into residential spaces, exemplifying the trend. An office building may be considered for a residential conversion when it is no longer economically feasible to continue running the building as such. However, not every office building at the end of its economically useful life is a suitable candidate for a residential conversion. Factors such as a building’s layout, location, age and cost of conversion play the most …
Cordish Begins Conversion of Office Building into Apartments in Kansas City’s Power & Light District
KANSAS CITY, MO. — The Cordish Cos. has begun construction on the conversion of the historic Midland Office Building into Midland Lofts, a 135-unit apartment building in Kansas City’s Power & Light District. The project is directly connected to the Midland Theatre. In 2008, Cordish and AMC completed a two-year, multi-million-dollar renovation of the theater, which first opened its doors in 1927. The office building has been vacant for more than 20 years. Midland Lofts will feature studios and one-bedroom units. Amenities will include a coffee bar, entertainment kitchen, fitness center, coworking spaces, billiards room, club lounge, meditation room, business center, conference rooms and package system. Local Kansas City architecture and design firm Helix is the project architect, and RD Jones + Associates is the interior designer for the amenity spaces. Completion is slated for May 2024.
O’FALLON, MO. — Tarlton has topped out construction of a new SSM outpatient center in the St. Louis suburb of O’Fallon. Tarlton broke ground on the two-story, 66,000-square-foot project in December. Completion is slated for mid-2024. SSM Health is partnering with SSM Health Medical Group, SLUCare Physician Group and Cardinal Glennon Children’s Hospital to provide primary, specialty and pediatric services at the facility, which is situated near the Streets of Caledonia mixed-use project. ACI Boland Architects is the project architect.
CHICAGO — Walker & Dunlop has structured a $30.9 million HUD 232/223(f) loan for the refinancing of Clark Manor, a nursing home in Chicago. Clark Manor provides services such as short-term, post-hospital physical rehabilitation, full-time physical, occupational and speech therapists, and a secure dementia and Alzheimer’s floor. Joshua Rosen and Brad Annis of Walker & Dunlop originated the loan. The borrower was undisclosed.
TOPEKA, KAN. — Marcus & Millichap has arranged the $2 million sale of Englewood Apartments, a 27-unit apartment building in Topeka. The property at 5210 SW 10th Ave. has historically been fully occupied. Jacob Carroll and Aaron Kuroiwa of Marcus & Millichap represented the seller, a limited liability company. The duo also secured and represented the buyer, an individual trust. The sale closed at the full list price.