Midwest

WICHITA, KAN. — Blue West Capital has negotiated the sale of Killarney Center, a 22,800-square-foot retail property in Wichita. Located at 3101 N. Rock Road, the center is home to Golftec, T-Mobile, Oh Yeah China Bistro, Oreck Clean Home and The Health Connection. The sale also included a Scooters Coffee ground lease. Shawn Dickmann and Carly Kelly of Blue West Capital represented the buyer, an out-of-state, private real estate investment company. The seller and sales price were not released.

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PIQUA, OHIO — The Cooper Commercial Investment Group has brokered the $2.8 million sale of a newly built retail property occupied by Starbucks in Piqua, about 27 miles north of Dayton. The net leased building is situated near the Miami Valley Crossing shopping center. Starbucks has a 10-year lease with 10 percent rental increases every five years. Dan Cooper of Cooper Group represented the seller, a Midwest-based developer. The Missouri-based buyer purchased the property at the full ask price, representing a cap rate of 4.7 percent.

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CHICAGO — Standard Communities led a public-private partnership that acquired Lake Park Crescent Apartments in Chicago’s Oakland neighborhood for roughly $54 million. Built in 2004 and located at 1061 E. 41st Place, the mixed-income apartment community is comprised of 148 units across 13 buildings. Of the 148 units, 112 are designated as affordable for renters who earn 40 to 80 percent of the area median income. As part of the transaction, 60 Chicago Housing Authority (CHA) public housing units were converted to project-based vouchers under the Rental Assistance Demonstration (RAD) program. The federal RAD program enables public housing authorities to protect the long-term affordability of public housing units in need of rehabilitation and financial support. Affordability will be extended for at least 30 years. Standard completed the transaction in partnership with HUD, the Illinois Housing Development Authority, CHA and the City of Chicago Department of Housing. Financing came from Low-Income Housing Tax Credits arranged in partnership with Boston Financial Investment Management. Citibank provided additional financing. Standard will oversee a renovation of Lake Park Crescent at a cost of approximately $72,000 per unit. Common areas and exterior grounds will also be improved.

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HAZELWOOD, MO. — CBRE has pre-leased a total of 382,105 square feet of industrial space to four tenants at Aviator Business Park in Hazelwood, a suburb of St. Louis. The pre-leased space is part of the latest expansion to the 155-acre industrial park. Three new buildings are slated to open later this month and are now 60 percent pre-leased. The new tenants include Pretium Packaging, which leased 178,128 square feet in Aviator 6; Federal Moving and Storage, which leased 97,734 square feet in Aviator 6, Community Wholesale Tire, which will occupy 76,058 square feet in Aviator 2; and Rivian, which inked a lease for 30,185 square feet in Aviator 5. Katie Haywood and John Frith of CBRE handled lease negotiations on behalf of the landlord and developer, California-based Panattoni Development Co. Inc. Kadean Construction is the general contractor. Panattoni purchased the Hazelwood Ford property in 2008 with plans to build Aviator Business Park. To date, the developer has completed six buildings that are fully occupied by tenants such as Graybar, International Foods and Weekends Only. Once the three new buildings are completed, the park will total more than 2.7 million square feet.

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CHICAGO — Interra Realty has brokered the sale of a three-building multifamily portfolio in Chicago’s Hyde Park neighborhood for $17 million. The properties, which total 79 units, include 1310 E. Hyde Park Blvd., 1318 E. Hyde Park Blvd. and 1334 E. Hyde Park Blvd. They are situated about a mile north of the University of Chicago. Joe Smazal of Interra represented the private seller, an East Coast-based investor that renovated 90 percent of the units. Ted Stratman of Interra represented the buyer, also an East Coast-based investor. The buyer plans to add energy-efficient boilers, replace all roofs, update the units that have yet to be renovated and add new amenities such as bike rooms.

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EVANSVILLE, IND. — The Investment Properties Group of SRS Real Estate Partners has arranged the sale of an 81,619-square-foot shopping center in Evansville, a city in Southwest Indiana. The sales price was $4.7 million. The fully leased property is home to Big Lots, Ruler Foods and Barton’s Home Outlet. Kyle Stonis and Pierce Mayson of SRS represented the seller, Bodin Properties 6 LLC. The buyer was Anchor Investments LLC.

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COLUMBUS, OHIO — Lacrosse Unlimited has opened a new store in the Worthington area of Columbus. Located at 2245 W. Dublin Granville Road, the store marks the 46th location nationwide and the first in Ohio for the lacrosse equipment supplier. Lacrosse Unlimited was founded in 1990 by the DeSimone family, avid lacrosse players, and is headquartered in Edgewood, N.Y.

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By Mary Lamie, Bi-State Development Modern bulk distribution buildings under construction in the St. Louis region hit a historic high earlier this year, approaching 8 million square feet. The record level of construction illustrates the industrial real estate market in the southwestern Illinois and eastern Missouri region continues to expand to meet ever-increasing demand as world and domestic markets strive to move beyond the disruption that has defined the past two years.  The need for reliable freight logistics and flexible supply chains is proving more essential than ever to keep economies moving, and regions that can meet those needs while delivering the modern bulk and manufacturing space distributors and developers demand will have the greatest potential for continued growth. In mid-2022, nearly 7.4 million square feet remained under construction in the St. Louis region, a level of construction 78 percent higher than 2021 and 47 percent higher than the most recent five-year average.  Also noteworthy is the fact that 100 percent of the modern bulk construction projects underway is speculative. That represents more speculative activity in the region today than in 2019, 2020 and 2021 combined, a clear indication that developers believe the St. Louis market is a solid place …

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COLUMBUS, OHIO — United Way of Central Ohio has selected the AspireCOLUMBUS proposal from the Columbus Metropolitan Housing Authority (CMHA) and national nonprofit The Community Builders (TCB) for the redevelopment of its headquarters building at 360 S. Third St. The CMHA-TCB proposal is a $70 million project slated for completion in late 2025 or early 2026. Plans call for a 12-story building with 30,000 square feet of commercial space and 135 mixed-income units. Moody Nolan will lead the design. The CMHA-TCB partnership has a purchase sale agreement of $4 million to take ownership of the building. Battelle Memorial Institute Foundation donated the one-acre site to United Way of Central Ohio in 1978 for use as its headquarters. When the nonprofit decided to sell the property, it enlisted the help of a real estate task force consisting of United Way employees, board members, community volunteers and outside advisors. Funding for the redevelopment project will come from New Markets Tax Credit equity, traditional debt, CMHA funding, Low-Income Housing Tax Credit equity and potential gap funding from state and local partners.

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COLUMBUS, OHIO — Lucky’s Market will join the tenant lineup at Thurber Village, a shopping center in Columbus undergoing redevelopment to include both retail and residential space. Lucky’s, a family-owned independent grocery store, will offer a mix of natural foods, fruits and vegetables. CASTO has owned Thurber Village since 2005. Redevelopment plans call for a 13,000-square-foot CVS store, a 21,000-square-foot Lucky’s store and 225 apartment units. The new CVS store will replace an existing CVS location. Construction is expected to begin this fall.

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