Midwest

Joint Venture Underway on Pickleball Sporting, Entertainment Center in Suburban Chicago

by Kristin Harlow June 14, 2023

ALGONQUIN, ILL. — A joint venture between Chicago-based real estate developer Hubbard Street Group and athletic club owner and operator College Park Athletic Clubs is building Pickle Haus, a pickleball-themed sports and entertainment center in the Chicago suburb of Algonquin. The project will breathe new life into a vacant retail property. Pickleball has been the fastest-growing sport in the U.S. each of the last three years, according to the developers. Construction is currently underway on the 41,000-square-foot project, and completion is slated for November. Pickle Haus will feature 12 indoor pickleball courts, three golf simulators, a bar and event space and an outdoor patio. Sheamus Feeley of Family Is Food designed the restaurant and bar portion, including a custom menu. Hubbard Street Group has owned the vacant building since 2018. It was originally developed in 2008 for Dania Furniture. Prior to the pandemic, the building was leased to a national fitness center chain. However, the chain filed for bankruptcy and never occupied the building. The project team also includes Harken Interior Design, Hirsch MPG, William A. Randolph Construction, Greenberg Traurig and Phlox Partners.

June 14, 2023

Affordable Housing Development Midwest Minnesota Multifamily

Lupe Development Partners, Wall Cos. to Develop 90-Unit Affordable Housing Community in Minneapolis

by Kristin Harlow June 14, 2023

MINNEAPOLIS — Lupe Development Partners and Wall Cos. are moving forward with the development of Snelling Yards, a campus of both senior living and affordable housing. The latest plans call for a 90-unit affordable housing community with mostly three- and four-bedroom units. The project is a joint venture with Ecumen, whose adjacent affordable seniors housing development, The Hillock, is now fully leased. Once the affordable housing building is completed, the two properties will be joined by a green common space and outdoor playground. Lupe and Wall received $900,000 in funding through Hennepin County’s Affordable Housing Incentive Fund. The project site is a former City of Minneapolis Public Works storage area. Construction is expected to begin next year.

June 14, 2023

Loans Midwest Missouri Multifamily

Drever Partners Receives $15.7M Loan for Refinancing of Micro Apartment Property in Branson, Missouri

by Kristin Harlow June 14, 2023

BRANSON, MO. — Drever Partners has received a $15.7 million loan for the refinancing of The Penleigh-Branson Row in Branson. The property was formerly a hotel and was converted into 325 micro apartment units. The community leased up in nine months. Franklin Templeton provided the CMBS loan, which features a 10-year term and a 60 percent loan-to-value ratio. CoreVest Finance, a real estate investment lender and division of Redwood Trust Inc., provided the original financing and construction loan for the multifamily renovation. Drever Partners is now raising capital for The Penleigh-Live Oak, a project that will convert the former 143-room Hall of Fame Motel into 138 micro apartments. The property will adjoin The Penleigh-Branson Row.

June 14, 2023

Illinois Loans Midwest Multifamily

American Street Capital Arranges $3.9M Loan for Refinancing of Multifamily Property in Mahomet, Illinois

by Kristin Harlow June 14, 2023

MAHOMET, ILL. — American Street Capital (ASC) has arranged a $3.9 million loan for the refinancing of a 160-unit multifamily property in Mahomet, about 10 miles northwest of Champaign. The community was built in 1972 and recently renovated. There are eight buildings consisting of a mix of one-, two- and three-bedroom units. The asset was more than 95 percent leased at the time of the loan closing. Igor Zhizhin of ASC arranged the agency loan, which features a 10-year term, fixed interest rate and five years of interest-only payments.

June 14, 2023

Acquisitions Midwest Ohio Retail

Marcus & Millichap Brokers $2.2M Sale of Two-Tenant Retail Building in Toledo, Ohio

by Kristin Harlow June 14, 2023

TOLEDO, OHIO — Marcus & Millichap has brokered the sale of a 3,720-square-foot retail building in Toledo for $2.2 million. The property is home to Starbucks and Verizon. Both tenants have occupied the building since it was constructed in 2007. Suzanne Sharbek, Christopher Jackson, Erin Patton, Craig Fuller and Scott Wiles of Marcus & Millichap represented the seller, a limited liability company. The all-cash buyer was a 1031 exchange investor based in California.

June 14, 2023

Content Partner Features Industrial Leasing Activity Midwest NAI Northeast Southeast Texas Western

Rewards, Risk Mitigation Fuel Cell Tower Lease Sales

by Sarah Daniels June 14, 2023

A rapidly evolving connectivity frontier is shaping the future of cell tower lease sales and encouraging many commercial property owners who rent space to tower companies to sell their leases at values at the top of the market. Telecom carriers have considerably slowed their buildouts for 5G networks and are already preparing for 6G mobile networks, expected to roll out around 2024. Brokers are seeking to amend and renegotiate old cell tower leases in the face of predicted wireless infrastructure obsolescence and connectivity innovations, which may negate some physical infrastructure needs entirely. The key to maximizing sale proceeds in this landscape is to secure landlord-friendly terms and ensure clarity in a new lease or renewal. Among other elements, building owners must insist on strong insurance indemnities and well-defined subordination, non-disturbance and attornment (SDNA) in the amended agreements. But no landlord demand may be more important to future value than denying the tenant a right of first refusal to purchase the lease, says David Moore, CEO and principal of NAI Global Wireless, a Redlands, California-based national wireless real estate brokerage that represents landlords. Cell tower leases in which tenants don’t have right of first refusal are more appealing to buyers, a …

June 14, 2023

Affordable Housing Development Midwest Minnesota Multifamily

Kraus-Anderson Completes 180-Unit Bryk on Broadway Affordable Housing Community in Rochester, Minnesota

by Kristin Harlow June 13, 2023

ROCHESTER, MINN. — Kraus-Anderson has completed construction of Bryk on Broadway, a 180-unit affordable housing community in Rochester’s Destination Medical Center (DMC) district. Local developers, led by Dirk Erickson, own the property. Designed by ISG architects, the project features 7,500 square feet of commercial and retail space on the ground floor as well as 140 climate-controlled parking stalls. Of the 180 units, 54 are restricted to those who earn up to 50 percent of the area median income (AMI), 18 are restricted at 60 percent of AMI and 108 are reserved for 80 percent of AMI. The top floor features a speakeasy-inspired lounge with views of the city. Amenities include a fitness center, storage units, bike storage and landscaped areas. In 2021, the Rochester City Council approved $2.2 million in tax-increment financing to help with project costs. The developers also received $2.2 million in DMC infrastructure funds in the form of a forgivable loan.

June 13, 2023

Acquisitions Healthcare Midwest Ohio

SRS Negotiates $10.6M Sale of Optima Dermatology-Occupied Property in Macedonia, Ohio

by Kristin Harlow June 13, 2023

MACEDONIA, OHIO — SRS Real Estate Partners has negotiated the $10.6 million sale of a newly developed medical property occupied by Optima Dermatology in Macedonia, a southern suburb of Cleveland. The 15,500-square-foot building is located at 8183 Golden Link Blvd. within The Crossings at Golden Link, a 400,000-square-foot shopping center anchored by Lowe’s. Michael Carter and Frank Rogers of SRS, along with Greg Guyuron of Anchor Cleveland, represented the seller, a private developer. The buyer was a New Jersey-based private investor completing a 1031 exchange. The sales price represented a cap rate of 6.5 percent.

June 13, 2023

Acquisitions Indiana Midwest Retail

Marcus & Millichap Arranges Sale of 41,645 SF Retail Strip Center in Indianapolis

by Kristin Harlow June 13, 2023

INDIANAPOLIS — Marcus & Millichap has arranged the sale of Meridian Marketplace in Indianapolis for an undisclosed price. Located at 8923 S. Meridian St., the 41,645-square-foot retail strip center was fully occupied at the time of sale. Dollar Tree is the anchor tenant. Additional tenants include Play It Again Sports, Pizza Hut, a dentist, nail salon, Asian grocery store, barbershop, escape room, indoor golf concept and e-sports gaming lounge. Scott Wiles, Erin Patton and Craig Fuller of Marcus & Millichap represented the seller, a New York-based private investment firm. The team also procured the buyer, a Washington-based investor. The buyer received an acquisition loan with a 60 percent loan-to-value ratio.

June 13, 2023

Illinois Leasing Activity Midwest Restaurant Retail

Fairgrounds World’s Fair Opens at Bell Works Chicagoland in Hoffman Estates

by Kristin Harlow June 13, 2023

HOFFMAN ESTATES, ILL. — Fairgrounds World’s Fair, a café and food concept from Fairgrounds Craft Coffee and Tea, has opened at Bell Works Chicagoland in Hoffman Estates. The café features 137 seats as well as an outdoor patio with an additional 45 seats. The 5,743-square-foot space is equipped with a full-service kitchen, food and bakery program, cocktail bar and grab-and-go offerings. Fairgrounds offers a selection of craft coffee, tea varieties, cold brews, lattes and sparkling beverages. Designed by Barker/Nestor Architecture and Design with input from Wight & Co. Architects and npz studio+, the space also features a foosball table and other games. Fairgrounds, which maintains 10 locations across the country, is operated and managed by Infuse Hospitality. Bell Works Chicagoland is the redevelopment of the former AT&T corporate campus undertaken by Inspired by Somerset Development.

June 13, 2023

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