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AcquisitionsMidwestMultifamilyNorthmarqWisconsin

Northmarq Brokers Sale of 1,288-Unit Multifamily Property in Madison, Wisconsin

by Kristin Harlow

MADISON, WIS. — Northmarq has brokered the sale of a four-property multifamily portfolio totaling 1,288 units in Madison for an undisclosed price. The properties include Carolina Apartments, The Monticello, Monona Lakeview and Country Meadows. They were built from 1956 to 1992. Parker Stewart and Dominic Martinez of Northmarq represented the seller, who was the original developer of The Monticello and Carolina Apartments as well as the long-term owner of the other two communities. A Wisconsin-based investor purchased The Monticello, Carolina Apartments and Monona Lakeview. A Chicago-based investor purchased Country Meadows, which totals 466 units.

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AcquisitionsIllinoisIndustrialMidwest

Coldwell Banker Commercial Affiliate Negotiates Sale of 488,000 SF Industrial Facility in Freeport, Illinois

by Kristin Harlow

FREEPORT, ILL. — Coldwell Banker Commercial McGuire Mears & Associates has negotiated the sale of a 488,000-square-foot industrial facility in Freeport, a city in Northwest Illinois. The sales price was undisclosed, but the list price was $7 million. The building is roughly 70 years old and features a clear height of 26 feet, 30 exterior docks and 10 drive-in doors. Adam Shultz of Coldwell Banker Commercial McGuire Mears & Associates represented the seller, an affiliate of Janesville, Wis.-based Badger Property Investments LLC. The buyer was an affiliate of Milwaukee-based Phoenix Investors LLC.

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DevelopmentIllinoisMidwestMultifamily

McShane to Build 32-Unit Supportive Living Community for Adults with Autism in Grafton, Wisconsin

by Kristin Harlow

GRAFTON, WIS. — McShane is building Woodside Prairie, a 32-unit supportive living community for adults with autism in Grafton, about 20 miles north of Milwaukee. Impact Seven is the developer. The project incorporates four supportive living buildings as well as two townhomes. Additionally, a 3,700-square-foot activity building will contain a community kitchen, craft space, computer center and fitness area. Completion is scheduled for October 2023. New Horizon Ventures is the architect.

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AcquisitionsIndianaMidwestRetail

Quantum Arranges Sale of 3,500 SF Retail Building Occupied by Sherwin-Williams in Fort Wayne

by Kristin Harlow

FORT WAYNE, IND. — Quantum Real Estate Advisors Inc. has arranged the sale of a single-tenant retail building occupied by Sherwin-Williams in Fort Wayne for an undisclosed price. Constructed in 2022, the building spans 3,500 square feet. Chad Firsel and Seth Gilford of Quantum represented the seller, Chicago-based Core Acquisitions LLC. The asset sold to an out-of-state buyer.

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AcquisitionsIllinoisMidwestMultifamily

Interra Realty Brokers $9.7M Condo Deconversion Sale in Arlington Heights, Illinois

by Kristin Harlow

ARLINGTON HEIGHTS, ILL. — Interra Realty has brokered a condo deconversion sale in the Chicago suburb of Arlington Heights for $9.7 million. Built in 1971, the 40-unit property is located at 1 N. Chestnut Ave. Patrick Kennelly and Paul Waterloo of Interra represented the seller, the Chestnut Street Condominium Association. The duo also represented the undisclosed buyer, which plans to improve the units as they turn over. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a property if 75 percent or more are in agreement. The threshold is 85 percent for the City of Chicago. Sellers then have the option to either move out of their units or lease them back from the new owner.

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AcquisitionsIllinoisMidwest

TopSide Marinas Acquires 16-Acre Boatyard, Marine Facility in Waukegan Harbor, Illinois

by Kristin Harlow

WAUKEGAN HARBOR, ILL. — TopSide Marinas has acquired Larsen Marine, a 16-acre boatyard and full-service marine facility in Waukegan Harbor, a city along Lake Michigan. The purchase price was undisclosed. Larsen Marine services 850 boats annually and features a service center. TopSide Marinas is the first company to acquire the family-owned marine facility since the Larsen family opened its business in 1933. TopSide Marinas, launched in 2021, has acquired three other marinas in Oklahoma and Texas.

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AcquisitionsIndianaIndustrialMidwestSelf-Storage

Marcus & Millichap Arranges Sale of 595-Unit Self-Storage Facility in Hammond, Indiana

by Kristin Harlow

HAMMOND, IND. — Marcus & Millichap has arranged the sale of the Alpha Storage facility in Hammond for an undisclosed price. The multi-story self-storage property, located at 252 Wildwood Road, spans 68,277 rentable square feet and features 595 units along with parking for recreational vehicles and boats. Jeffrey Herrmann and Sean Delaney of Marcus & Millichap represented the seller, a local limited liability company. The duo also secured and represented the buyer, a Chicago-based limited liability company.

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DevelopmentIllinoisMidwestOffice

DeJames Builders Breaks Ground on 15,000 SF Office for Baird & Warner in Naperville, Illinois

by Kristin Harlow

NAPERVILLE, ILL. — DeJames Builders has broken ground on a 15,000-square-foot office for real estate services company Baird & Warner in Naperville. The office, located at 1528 Aurora Ave., is designed to house up to 500 Baird & Warner agents when it opens in 2023. The new office will accommodate all three of Baird & Warner’s business lines — brokerage, mortgage lending and title insurance — under one roof. The project team includes developer RX Health & Science Trust and architect OKW Architects. Baird & Warner’s current Naperville office is located at 836 W. 75th St. The firm maintains several offices throughout Chicagoland.

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KansasLeasing ActivityMidwestOffice

Vytelle Relocates Headquarters to Lenexa City Center in Kansas

by Kristin Harlow

LENEXA, KAN. — Vytelle is relocating its headquarters from Oregon to The District at Lenexa City Center in Kansas. Lenexa is about 15 southwest of Kansas City. The livestock company helps cattle producers optimize their herds worldwide. Vytelle chose Kansas for its new headquarters due to the central location within the United States and proximity to a large and growing community of animal health and agriculture technology companies in the region. Vytelle will occupy 2,477 square feet on the second floor of the Penn II building at 8789 Penrose Lane. Ellen Fisher of AREA Real Estate Advisors represented the tenant. Ryan Biery of Copaken Brooks represented the landlord on an internal basis. When fully developed, Lenexa City Center will consist of more than 2 million square feet, including civic components for the City of Lenexa, nearly 1 million square feet of office and retail space, and 375 apartment units.

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AcquisitionsHospitalityMichiganMidwest

Bedrock Acquires 108-Room Roberts Riverwalk Hotel in Detroit’s East Riverfront Neighborhood

by Kristin Harlow

DETROIT — Bedrock has acquired the Roberts Riverwalk Hotel located at 1000 River Place in Detroit’s East Riverfront neighborhood. The purchase price was undisclosed. The seller was Michael Roberts, a St. Louis-based business mogul, according to Crain’s Detroit Business. The 108-room hotel features 5,500 square feet of banquet and event space as well as 126 parking spaces. Bedrock says this acquisition aligns with its mission to further position the riverfront as an ideal site for sustainable urban development. In the East Riverfront area, Bedrock has previously purchased the former UAW-GM Center for Human Resources and a portfolio of properties previously owned by the Stroh family. Bedrock plans to make additional updates regarding the riverfront in 2023. Bedrock, the real estate arm of Rocket Mortgage founder Dan Gilbert, maintains a portfolio of more than 19 million square feet of office, retail and residential space.

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