Midwest

MINNEAPOLIS — CBRE has brokered the sale of a four-property, value-add multifamily portfolio in Minneapolis for an undisclosed price. Grannes Properties LLC sold the portfolio to two separate buyers. Webdigs LLC purchased a 14-unit building at 3710 Minnehaha Ave. Millennial Properties LLC acquired a 12-unit property at 315 University Ave. SE, a six-unit building at 3505 22nd Ave. and an 11-unit property at 420 73rd St. The assets were built in the 1960s and were fully occupied at the time of sale. Drew Rafshol of CBRE Minneapolis Multifamily represented the seller.

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OAK LAWN, ILL. — Greenstone Partners has arranged the $2.6 million sale of a retail development site in the Chicago suburb of Oak Lawn. The site comprises a vacant restaurant that was formerly home to Texas Corral. The buyer plans to demolish the restaurant and build a new retail development. Located at 6616 W. 95th St., the property is situated across the street from Chicago Ridge Mall. Brewster Hague and AJ Patel of Greenstone brokered the transaction. Buyer and seller information was not provided. The deal marks the highest land price per acre in Oak Lawn, according to Greenstone.

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By Denny Sciscoe, The Lund Co. The Omaha industrial market is experiencing increased leasing velocity, positive rent growth and record-breaking development. The market consists of 18 submarkets, totaling 103 million square feet of inventory.  Omaha has traditionally been a risk-averse market with steady, slow-paced growth. Since 2016, Omaha has seen increased speculative development, which is absorbed as fast as it is built. In 2020, we began to see hyper-development, fueled by increased demand and developer confidence.  The increased demand was a result of COVID-19, where we experienced five years of growth in a 12-month period as occupiers scrambled to find space for inventories and e-commerce, which was exasperated by the demand to store “just in case” inventories. The supply and demand dynamics of our market have been almost perfectly balanced. The average deliveries are around 1.3 million square feet annually, and our average absorption has been around 1.4 million square feet.  Since the beginning of 2022, we are tracking about 5 million square feet of demand and another 2.2 million square feet of space that is currently in the construction pipeline. Overall vacancy currently sits at 2.6 percent, which is 100 basis points below our average of 3.6 percent.   …

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Fiber networks built with multifamily properties in mind offer network resilience while maximizing ROI for owners and operators. Well-constructed fiber networks are at the heart of meeting and exceeding residents’ growing Internet needs, especially when work-from-home culture and the constant need for online connection have made Internet slowdowns and downtime unacceptable for end users. Fiber can also strengthen connectivity across multifamily properties, shoring up the Wi-Fi services residents have come to know and on which they’ve come to depend. How does a national fiber network integrate with multifamily properties? By focusing just on the needs of the multi-dwelling unit (MDU). “Instead of building out 200-mile routes of duct and fiber, we build out ‘miracle miles’ in densely populated MDU areas. From that point, we’re able to easily grow or expand out from that area,” says Michael O’Linc, president of fiber services & campus communications at Pavlov Media. O’Linc stresses the importance of a more planned, methodical approach for MDUs. A network that serves multifamily buildings must be a network focused on backups and fail safes. The “miracle mile” method creates a main line with laterals — creating a ring shape as it expands. This approach to fiber makes networks easier to …

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KANSAS CITY, MO. — Avanti Residential has purchased Artistry Apartments in Kansas City’s Crossroads Arts District for $94 million. The 341-unit, Class A apartment complex marks Avanti’s seventh investment in the Kansas City market. Constructed in 2021, Artistry Apartments features 11,675 square feet of street-level retail space that is 70 percent leased to Sola Salon. Jeff Stingley and Max Helgeson of CBRE represented the seller, a joint venture between Milhaus Development and CrossHarbor Capital Partners. Brady O’Donnell, Jill Haug, Alexandra Scott and Kyle Tucker of CBRE arranged acquisition financing on behalf of Avanti. The property was 95 percent leased at the time of sale.

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NOBLESVILLE, IND. — MDH Partners has acquired Washington Business Park 1, a 162,228-square-foot industrial building in the Indianapolis suburb of Noblesville. The purchase price was undisclosed. The property, which is 85 percent leased to four tenants, is situated within the 142-acre Washington Business Park. The building was constructed earlier this year. Houston Hawley served as the acquisition lead for Atlanta-based MDH. Bryan Poynter of Cushman & Wakefield represented MDH, while Ryan Baker of Cushman & Wakefield represented the undisclosed seller. The purchase of Washington Business Park 1 increases MDH’s Indiana footprint to more than 1.1 million square feet.

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MILWAUKEE — The U.S. Department of the Interior’s Bureau of Land Management (BLM) has signed a 15-year lease for 8,797 square feet on the 11th floor of Two-Fifty, an office tower in Milwaukee. The property rises 20 stories and spans 200,000 square feet at 250 E. Wisconsin Ave. within the city’s central business district. The BLM is responsible for sustaining the health, diversity and productivity of public lands. Ned Purtell and John Davis of Founders 3 Real Estate Services represented the landlord, Buffalo Grove, Ill.-based Millbrook Real Estate Co. Since purchasing Two-Fifty in 2015, Millbrook has invested more than $8.5 million in improvements, including a new tenant lounge, conference center and lobby renovation. The building is currently home to tenants such as HNTB, Associated Bank and the Milwaukee Bar Association.

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CHICAGO — Interra Realty has brokered the sale of a 51-unit multifamily property in Chicago’s Lincoln Park neighborhood for $8.2 million. Located at 2718 N. Hampden Court, the building consists of one-bedroom units. Craig Martin of Interra represented the seller, the Manilow family. Martin also represented the buyers, investors Gabe Horstick and Edwin Vdovets, who plan to renovate the property.

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STERLING HEIGHTS, MICH. — Millennial Collection, a trading card and gaming store, has signed a lease for 1,600 square feet at Brookside Shopping Center in Sterling Heights. The tenant will occupy space formerly home to an arcade. Michael Murphy and Tjader Gerdom of Gerdom Realty & Investment represented the undisclosed landlord in the lease.

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ELKHART AND JEFFERSONVILLE, IND. — Revitate Cherry Tree (RevCT) has acquired two workforce housing communities in Indiana for $44.5 million. Built in 1970, Walnut Trails is a 210-unit, garden-style community in Elkhart. Constructed in 1972, Beech Grove is a 182-unit community in Jeffersonville. RevCT says the acquisition of these two properties advances the firm’s overall strategy of preserving and enhancing workforce housing opportunities for families across the Midwest. Both of these properties cater to working-class residents such as those employed by local governments or in industries like healthcare, manufacturing, logistics and education. Workforce housing is defined as housing affordable to households earning between 60 and 120 percent of area median income.

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