BURNSVILLE, MINN. — The Connor Group has acquired RiZE on Grand in the Minneapolis suburb of Burnsville for an undisclosed price. The 275-unit apartment complex opened in 2021. Amenities include an outdoor pool, fitness center, game room, fire pits, rooftop deck and dog park. Keith Collins, Abe Appert and Ted Abramson of CBRE represented the seller, LeCesse Development Corp.
COLUMBIA, MO. — JLL Capital Markets has brokered the sale of The Wylder, a 656-bed student housing community located near the University of Missouri in Columbia. Built in 1989 and renovated in 2000, The Wylder features a pool, study room, computer room, fitness center and sport courts. Teddy Leatherman, Stewart Hayes, Scott Clifton and Henry Voges of JLL represented the seller, Trimont Real Estate Advisors. Tailwind Group acquired the asset for an undisclosed price.
MOUNT PROSPECT, ILL. — RPT Realty has sold Mount Prospect Plaza, a 227,690-square-foot shopping center in the Chicago suburb of Mount Prospect. LBX Investments LLC purchased the grocery-anchored asset for an undisclosed price. Tenants include Aldi, Marshalls, Burlington, Ross Dress for Less and LA Fitness. Walmart shadow anchors the property. George Good and Christian Williams led a CBRE team that represented RPT Realty.
CHICAGO — Marcus & Millichap has negotiated the sale of a 6,000-square-foot retail property net leased to Just Tires in Chicago for $4.2 million. The asset is located at 4809 N. Broadway St. in the Uptown neighborhood. Nicholas Kanich of Marcus & Millichap brokered the transaction between the Chicago-based seller and Delaware-based buyer.
LOGANSPORT, IND. — Chicago-based Park Development has unveiled plans to redevelop the vacant Logansport Mall in central Indiana into an open-air retail center named The Junction. Built in 1968, the mall has sat largely vacant for the past decade. Design plans by GEA Architects call for nearly 160,000 square feet of retail space along with three outlots. The Junction is shadow anchored by a Walmart Supercenter and Home Depot. Existing tenants Dollar Tree and Dunham’s Sports will also remain. Planet Fitness opened a new location last spring, Harbor Freight Tools is slated to open in January and a Home2 Suites hotel is scheduled to open this fall. Randall, Miller & Associates will serve as project engineer, and Lee & Associates will market the property for lease. A timeline for completion was not provided. Park Development also plans to build a single-family housing project less than a mile from The Junction. Dubbed Lexington Village, the community will consist of 52 homes ranging in size from 900 to 3,000 square feet.
CHICAGO — A joint venture between Evergreen Real Estate Group and Imagine Group has broken ground on Auburn Gresham Apartments, a $43 million affordable housing project in Chicago. Plans call for 58 units across two buildings. The project represents the first of more than 10 major construction projects to move forward through the city’s INVEST South/West initiative. This urban revitalization strategy being implemented by Mayor Lori Lightfoot is guiding $1.4 billion in public and private investment within 10 West and South Side community areas. Designed by Nia Architects and Ross Barney Architects, Auburn Gresham Apartments will include a three-story building at 838 W. 79th St. that will feature 28 units, 28 parking spaces and 5,200 square feet of retail space to be occupied by West African food purveyor AYO Foods. A five-story building at 757 W. 79th St. will feature 30 units, 14 parking spaces and 3,300 square feet of commercial space occupied by KLEO Community Center and The Park Supper Club. All the units will be priced at affordable levels, with monthly rates ranging from approximately $925 to $1,250. The Department of Planning and Development and the Chicago Department of Housing are supporting the project with $18 million in …
EVANSVILLE, IND. — Colliers Mortgage has secured a $9.9 million Fannie Mae loan for the acquisition of City Pointe Apartments and Townhomes in Evansville, a city in southern Indiana. Constructed in 1999, the property features 112 units spread across 23 buildings. The 10-year loan was arranged through a partnership with Old Capital Lending. The borrower was an entity doing business as CPE202 LLC.
MIAMISBURG, OHIO — Northmarq has arranged a $6.3 million loan for the refinancing of Miamisburg Estates in suburban Dayton. The apartment complex consists of 142 units across 13 buildings. Amenities include a media center, laundry facilities and trash pickup. Noah Juran of Northmarq arranged the seven-year loan, which features a 30-year amortization schedule. An agency lender provided the loan. The undisclosed borrower purchased the property in two phases in 2019 and 2021.
INDIANAPOLIS — BridgeCore Capital has provided a $2.5 million bridge loan for the acquisition of a vacant grocery store property in Indianapolis. The loan features a fixed interest rate of 8.5 percent and a 70 percent loan-to-purchase price. BridgeCore says that the loan’s 12-month term provides the borrower with breathing room to pursue a number of potential exit strategies. The options include refinancing the asset upon stabilization with new tenancy or selling the property. The borrower was undisclosed.
LAWRENCE, KAN. — Northmarq has arranged the sale of a two-property multifamily portfolio in Lawrence for $46.6 million. The properties, Aberdeen and Alvadora, total 404 units. Jeff Lamott and Gabe Tovar of Northmarq represented the seller, a partnership between CAPREIT and Dome Equities. David Link of Northmarq arranged acquisition financing on behalf of the buyer, Griffis/Blessing Inc.
