Midwest

Interra Realty Brokers $2.5M Sale of Two Multifamily Buildings in Chicago

by Kristin Harlow September 20, 2022

CHICAGO — Interra Realty has brokered the sale of a pair of multifamily buildings located at 906-908 N. Damen Ave. in Chicago’s Ukrainian Village neighborhood for $2.5 million. Originally built in 1905, the buildings comprise two one-bedroom units, eight two-bedroom units and two three-bedroom floor plans. The apartments were fully occupied at the time of sale. Brad Feldman of Interra represented the seller, a local real estate partnership. Feldman also represented the group when it bought the properties in 2017 for $1.7 million. Jeremy Morton of Interra represented the local buyer, which plans to increase electric capacity and make minor upgrades to units, hallways and facades.

September 20, 2022

Acquisitions Indiana Industrial Midwest

Bradley Co. Negotiates Sale of 53,000 SF Industrial Building in New Haven, Indiana

by Kristin Harlow September 20, 2022

NEW HAVEN, IND. — Bradley Co. has negotiated the sale of a 53,000-square-foot industrial building located along Hartzell Street in New Haven, just east of Fort Wayne. The sales price was undisclosed. Bill Drinkall and Dave Horacek of Bradley represented the seller, an entity doing business as Debray LLC. Marquardt Property Management LLC was the buyer.

September 20, 2022

Development Illinois Midwest Mixed-Use Office

CEDARst, WeWork to Open Flexible Workspace at Bridgeview Bank Redevelopment in Chicago

by Kristin Harlow September 19, 2022

CHICAGO — CEDARst Cos. and WeWork have unveiled plans to open the first WeWork location on Chicago’s North Side as part of the adaptive reuse project of the Bridgeview Bank building. The WeWork location will offer nearly 25,000 square feet of flexible workspace and is slated to open this fall. CEDARst is redeveloping the historic property into a $58 million mixed-use project. Plans call for 176 apartment units, 13,500 square feet of retail space and 19,000 square feet of office space in addition to the WeWork space. CEDARst’s property management company, FLATS, will manage the asset. The Bridgeview Bank building dates back to 1925.

September 19, 2022

Development Illinois Midwest Multifamily

McShane Breaks Ground on 40-Unit Affordable Housing Community in Elgin, Illinois

by Kristin Harlow September 19, 2022

ELGIN, ILL. — McShane Construction Co. has broken ground on Hanover Landing, a 40-unit affordable housing community that will serve vulnerable populations and individuals with disabilities in Elgin. UPholdings is the developer. Located at 711 E. Chicago St., the three-story property will feature amenities such as a community lounge, computer room, fitness center, laundry facilities and outdoor space. Residents will also have access to services such as case management, life skill training and employment assistance. Hanover Township partnered with UPholdings and the Housing Opportunity Development Corp. on the project. Ecker Center for Behavioral Health will serve as the lead service provider and operate an onsite clinic. Hooker DeJong is the architect. Completion is slated for September 2023.

September 19, 2022

Illinois Loans Midwest Multifamily

Inland Green Capital Originates $21.1M in C-PACE Financing for Multifamily Property in New Lenox, Illinois

by Kristin Harlow September 19, 2022

NEW LENOX, ILL. — Inland Green Capital LLC, an environmental finance and investment company, has originated $21.1 million in Commercial Property Assessed Clean Energy (C-PACE) financing for environmental improvements in the construction of a 220-unit multifamily property located at 232 N. Prairie Road in New Lenox. The C-PACE capital will help fund HVAC, LED lighting, roof, building envelope, air sealing, windows, water conservation and hot water system improvements. The improvements are expected to reduce the property’s annual electricity and water consumption by 834,000 kilowatt-hours and 378,000 gallons, respectively, when compared with a standard baseline building performance model. PACE is a financing tool that provides long-term, fixed-rate funding to private building owners for energy efficiency, renewable energy, water conservation, electric vehicle charging and resiliency projects to be installed in both existing and new commercial properties.

September 19, 2022

Acquisitions Kansas Midwest Retail

Blue West Capital Arranges $9M Sale of Grocery-Anchored Shopping Center in Salina, Kansas

by Kristin Harlow September 19, 2022

SALINA, KAN. — Blue West Capital has arranged the $9 million sale of Sunset Plaza in Salina, a city in central Kansas. Dillons, a division of Kroger, anchors the 126,606-square-foot shopping center. The Dillons store was remodeled in 2019 and a fuel center was added in 2020. Originally constructed in 1960, Sunset Plaza was nearly fully leased at the time of sale. Robert Edwards, Zach Wright and Shawn Dickmann of Blue West Capital represented the seller, a Kansas-based private equity real estate company. The property sold at 97 percent of the asking price to a Denver-based buyer completing a 1031 exchange.

September 19, 2022

Acquisitions Midwest Ohio Retail

Marcus & Millichap Brokers $3.7M Sale of Retail Property in Suburban Columbus

by Kristin Harlow September 19, 2022

GAHANNA, OHIO — Marcus & Millichap has brokered the sale of an 8,464-square-foot retail property in the Columbus suburb of Gahanna for $3.7 million. The property, which was 85 percent leased at the time of sale, is home to City BBQ and WesBanco Bank. CJ Jackson, Erin Patton, Scott Wiles and Craig Fuller of Marcus & Millichap brokered the transaction. Both the buyer and seller were private, out-of-state investors. The asset sold at 96 percent of the list price, which equates to a cap rate of 6.5 percent.

September 19, 2022

Acquisitions Illinois Indiana Industrial Midwest Ohio Self-Storage

Extra Space Storage Acquires Storage Express for $590M

by Kristin Harlow September 16, 2022

INDIANA, OHIO, ILLINOIS AND KENTUCKY — Extra Space Storage Inc. and its subsidiaries (NYSE: EXR) have completed the acquisition of multiple entities doing business as Storage Express, which owns 107 storage properties across Indiana, Ohio, Illinois and Kentucky. The sales price was approximately $590 million. The acquisition includes all Storage Express assets, including trademarks, contracts, licenses, intellectual property and 14 future development sites. The transaction was funded in part by the issuance of $125 million in operating partnership units, with the balance in cash drawn from its credit facilities. Latham & Watkins LLP served as outside legal counsel to Extra Space.

September 16, 2022

Acquisitions Iowa Midwest Retail

JLL Arranges $27.5M Sale of Lakeport Commons Shopping Center in Sioux City, Iowa

by Kristin Harlow September 16, 2022

SIOUX CITY, IOWA — JLL Capital Markets has arranged the $27.5 million sale of Lakeport Commons in Sioux City, a city in Northwest Iowa. The 202,880-square-foot shopping center is 95 percent leased. Aldi and Ross Dress for Less recently signed 10-year leases to open at the property. Additional tenants include Five Below, Old Navy, PetSmart, Michaels, Boot Barn, Shoe Carnival, Staples and a separately owned Kohl’s. Amy Sands, Clinton Mitchell, Michael Nieder and Marcus Pitts of JLL represented the seller, The RH Johnson Co. A Midwest-based private investor purchased the asset.

September 16, 2022

Acquisitions Industrial Midwest Minnesota

Colliers Brokers Sale of 325,947 SF Industrial Portfolio in Eagan, Minnesota

by Kristin Harlow September 16, 2022

EAGAN, MINN. — Colliers Minneapolis-St. Paul has brokered the sale of The Waters Business Center, a six-property industrial portfolio totaling 325,947 square feet in the Twin Cities suburb of Eagan. The sales price was undisclosed. Constructed between 1999 and 2007, the buildings feature both office and warehouse space. Mark Kolsrud, John McCarthy, Peter Loehrer, Kyle Delarosby, Pia Robertson and Lydia Turczyn of Colliers represented the seller, B9 Polar Waters LLC. Hyde Development was the buyer.

September 16, 2022

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