NEW ALBANY, IND. — Highgates has sold High Park Apartments, a 96-unit multifamily community in New Albany near Louisville, for $9.5 million. Highgates acquired the property in July 2019 for $6.7 million utilizing a 10-year, fixed-rate Fredie Mac loan at a rate of 4.4 percent. During the hold period, the firm invested roughly $500,000 in capital improvements, including roofing, HVAC systems and unit interiors.
ANN ARBOR, MICH. — Oxford Cos. and Crawford Hoying have received final state approval from the Michigan Strategic Fund Board for Arbor South, a 20-acre mixed-use development planned for Ann Arbor’s south side. Located at 2845 S. State St. near Eisenhower Parkway, Arbor South will include more than 1,000 apartments and condominiums, including over 200 affordable housing units in partnership with the Ann Arbor Housing Commission. Plans also call for 100,000 square feet of ground-floor commercial space, an upscale hotel, parks, green spaces and gathering areas. Arbor South was approved via the largest brownfield tax recapture plan in city and county history, according to a release. It is moving forward under Ann Arbor’s new TC-1 zoning ordinance, designed to increase transit-corridor density outside downtown. The approval follows two years of planning, refinement and coordination with city officials, state leaders and project partners. Detroit-based Sachse Construction is the general contractor. The project team also includes Detroit-based architecture and design firm Lord Aeck Sargent and Ann Arbor-based civil engineering firm Midwestern Consulting. Pre-construction work is expected to begin this winter.
CROWN POINT, IND. — Venture One Real Estate has broken ground on a 1.2 million-square-foot build-to-suit distribution facility for Amazon at VenturePark 65 in Crown Point. The new facility will support Amazon’s distribution network across the Chicagoland and Northwest Indiana markets and is expected to create approximately 500 jobs. The project marks Chicago-based Venture One’s second development in Indiana. The project team includes Venture One as developer, Premier Design + Build Group as general contractor, Ware Malcomb as architect and Jacob & Hefner as civil engineer. Ryan O’Leary of KBC Advisors assisted Amazon in its site selection, and Brian Vanosky and Michael O’Leary of Lee & Associates represented Venture One.
MOUNT PROSPECT, ILL. — Newmark has arranged the $95 million sale of Randhurst Village, a 931,798-square-foot power center in Mount Prospect. Conor Lalor and Keely Polczynski of Newmark represented the seller, DLC, with support from colleague Brian Schneiderman. The buyer was Rhino Investment Group. The transaction follows DLC’s execution of a comprehensive business plan to enhance the asset’s value, drive leasing activity and strengthen the property’s tenant mix. Situated on more than 94 acres at the intersection of Rand and Elmhurst roads, Randhurst Village is home to anchor tenants Costco, Jewel-Osco and The Home Depot. Additional tenants include TJ Maxx, HomeGoods, AMC Theatres, Skechers, Orangetheory Fitness and PetSmart. The property was originally redeveloped from the former Randhurst Mall. 3650 Capital and Aquarian Real Estate Partners (AREP) originated $72.3 million in financing for the acquisition. The financing included a $45.6 million senior loan arranged by AREP and a $26.7 million mezzanine loan from 3650 Capital. In addition to the acquisition, the financing includes future funding for the buyer to execute its value-add plan, including leasing up vacant spaces and pursuing outparcel sales. Anthony Longo of Alpha Capital CRE served as the capital advisor on the whole loan financing.
JOLIET, ILL. — Opus has begun construction on Opus Intermodal at Joliet, a 314,684-square-foot speculative industrial building on 39 acres in Joliet. The project site is at the northeast corner of Patterson and West Laraway roads, directly across the street from Union Pacific’s Global IV intermodal terminal. Plans call for a clear height of 36 feet, 31 dock doors, two drive-in doors, 209 trailer stalls and 214 car parking spaces. The building can accommodate up to two users. Opus is the developer and design-builder, working with Ware Malcomb as architect. Matthew Stauber and Steve Ostrowski of Colliers are marketing the buildings for lease. A groundbreaking ceremony is scheduled for Thursday, Oct. 1. The building is slated for completion in June 2027.
MILWAUKEE — CBRE has arranged the sale of St. James Place and Arbor Ridge Apartments, a 374-unit multifamily portfolio in Milwaukee, for $60 million. CBRE’s Sean Beuche, Matson Holbrook and Gretchen Richards represented the seller, Weidner Apartment Homes. Jim Flinn of CBRE arranged financing on behalf of the undisclosed buyer. Both properties are located in the city’s Calumet Farms neighborhood. St. James Place consists of 236 units ranging from 675 to 1,060 square feet. Arbor Ridge features 138 units ranging from 788 to 1,125 square feet.
MOORESVILLE, IND. — JLL Capital Markets has arranged the sale of Westpoint Business Park, Building IV, a 500,406-square-foot sustainable food packaging building in Mooresville near Indianapolis. Completed in 2022, the cross-dock facility is fully leased to a packaging and manufacturing company. It features a clear height of 40 feet, 52 dock-high doors, three drive-in doors, a 140-foot truck court, 319 automobile parking spaces and 60 trailer parking positions. The property also includes 12,417 square feet of office space. John Huguenard, Ed Halaburt, Will McCormack and Cameron Chandra of JLL represented the seller, Ambrose. SkyREM acquired the asset.
MINNEAPOLIS — Minneapolis-based Northmarq has acquired Thirdline Capital Management LLC, a registered investment advisor that manages the Thirdline Real Estate Income Fund (TREIX). Northmarq Fund Management (NFM), founded in 2002, invests and manages debt and equity capital nationwide, and specializes in small-balance and mid-market commercial real estate investments. Adding Thirdline broadens Northmarq’s presence in income-oriented investments and provides a registered fund available to a variety of institutional and individual investors. Northmarq says the transaction represents a significant milestone in its continued evolution as a diversified capital markets firm and investment manager. By combining Northmarq’s existing private fund management business with TREIX’s publicly registered fund platform, the acquisition broadens the firm’s ability to efficiently connect investors with commercial real estate opportunities across the capital stack. The addition of TREIX enables NFM to expand its capabilities and market presence in income-oriented investments such as mezzanine loans, B-notes and real estate securities. For TREIX, the move seeks to grow and further diversify the portfolio across geography, product types and investment types.
FRANKLIN PARK, ILL. — Lee & Associates of Illinois has brokered the $4.5 million sale of 4 acres at 11330 W. Melrose Ave. in Franklin Park. Jeff Provenza of Lee & Associates represented the buyer, Seefried Industrial Properties, which plans to develop an 81,670-square-foot building. Slated for completion in June 2027, the property will feature 32-foot ceilings, 14 exterior loading docks and visibility from I-294. Provenza and his team have also been retained for leasing. O’Brien Investment Group was the seller.
DETROIT — The Detroit Tigers and Fifth Third Bancorp (NYSE: FITB) have announced that Comerica Park will become Fifth Third Park. The naming rights transition follows Fifth Third’s acquisition of Comerica in February. After the merger, Fifth Third became the largest retail deposit holder in both Michigan and Detroit, established its Michigan regional headquarters at One Campus Martius in downtown Detroit and maintained the Great Lakes Campus in Farmington Hills. Since opening in 2000, the ballpark has anchored Detroit’s sports and entertainment district. Signage updates will roll out during the offseason, and the marquee signage will be installed ahead of the 2027 season. Comerica Park has been the name of the stadium since it opened.
