OMAHA, NEB. — Investors Realty has brokered the sale of a 123,664-square-foot retail property in Omaha for $21.4 million. Located at the intersection of 72nd and Pacific streets, the asset is home to Aldi, Cavender’s and Kohl’s. Ember Grummons of Investors Realty represented the seller, NewStreet Properties. Jason Taylor of Equity Management Group represented the buyer, Caller Properties.
MINOT, N.D. — Kraus-Anderson has completed construction of a 110,000-square-foot Scheels store at Dakota Square Mall in Minot. Designed by R.L. Engrebretson Architecture, the $20.6 million project involved the remodeling of an 85,000-square-foot former Sears store combined with a 25,000-square-foot space for a conference room, classroom and offices. The store offers a selection of sports gear, clothing and shoes. Shoppers can also enjoy Ginna’s Café, which serves soups, sandwiches and coffee, and Fuzziwig’s Candy Factory, which sells homemade fudge.
NAPERVILLE, ILL. — Physician Real Estate Capital Advisors (PRECAP) has arranged the sale of a 19,900-square-foot building in Naperville for $15.2 million. Constructed in 2008 and located at 1243 Rickert Drive, the property is home to Suburban Gastroenterology and Midwest Endoscopy Center. In 2020, the endoscopy center underwent a 6,800-square-foot expansion and renovation. Scott Niedergang of PRECAP represented the seller, a physician partnership, and procured the buyer, a privately held company specializing in healthcare real estate acquisitions.
NEW BRIGHTON, MINN. — Clear Height Properties has acquired Rush Lake Business Park in New Brighton, a northern suburb of Minneapolis. The purchase price was undisclosed. The industrial property consists of two buildings totaling 79,028 square feet that are 87 percent leased. Harrison Wagenseil and Erik Coglianese of Transwestern represented the undisclosed seller. Transwestern will also handle leasing on behalf of Clear Height. The transaction marks the first acquisition in Minnesota for Oak Brook, Ill.-based Clear Height.
By Melissa Jahnke, associate director of operations, Walker & Dunlop The Federal Reserve raised interest rates by 75 basis points in June and then another 75 basis points in July, sending shockwaves across the commercial real estate industry. Fortunately, there are opportunities and solutions to bypass these potential roadblocks. Specifically, investors in a segment of multifamily housing known as small balance lending (SBL), encompassing five- to 150-unit properties, have several options to realize their aspirations for financing multifamily portfolios. View a higher resolution version of the timeline above here. During a recent webcast “Financing Amid Rising Rates: Best Approaches for $1M-$15M Multifamily Loans,” Walker & Dunlop’s market experts spoke about navigating today’s financing landscape. The expert panel included Allison Williams, senior vice president and chief production officer; Allison Herrera, senior director of SBL; and Tim Cotter, director of capital markets. These experienced professionals have found ways to make deals happen in a wide variety of financing environments and have shared their perspectives and guidance. If you are an owner of five- to 150-unit properties that require loans between $1 million to $15 million, the following will help you navigate today’s financial environment and build your momentum. Step 1: Consider the …
INDIANAPOLIS — Eastern Union has arranged $54 million in acquisition financing for a three-property multifamily portfolio totaling 628 units in Indianapolis. Built in 1980, Lake Marina features 348 units across 28 buildings. Lake Marina Realty LLC was the seller. Country Lake Townhomes is a 184-unit property that was built in 1974. Country Lake Apartments LLC was the seller. Zidan Realty Investments sold the 96-unit Fountainview, which was constructed in 1965. Michael Muller of Eastern Union arranged the 10-year, floating-rate loan with interest-only payments for the first five years. Arbor provided the Fannie Mae loan. The borrower was undisclosed.
CLAWSON, MICH. — Mid-America Real Estate Corp. has brokered the sale of Clawson Center in the northern Detroit suburb of Clawson for an undisclosed price. The fully leased shopping center spans 91,266 square feet. Tenants include Staples, Dollar Tree, Billings Lawn Equipment, Burn Fitness, Cosmoprof, H&R Block, Joe’s Army/Navy, Play It Again Sports and Salon Suites. Ben Wineman and Daniel Stern of Mid-America represented the seller, a Dallas-based family office. Kevin Jappaya, David Jappaya and Preston Rabban of KJ Commercial Real Estate Advisors represented the buyer, a metro Detroit-based private investment group.
INDIANAPOLIS — Industrious, a flexible workspace provider, is opening a new location at 71060 N. Capitol Ave. in the former Stutz Motor Car Co. factory in Indianapolis. SomeraRoad is repositioning the property as retail, office, arts and event space. The new location marks the third for Industrious in the Indianapolis market and is slated to open in December. The workspace will feature 350 seats across 28,000 square feet and include a mix of private offices, shared workspaces, conference rooms and lounge areas.
KALAMAZOO AND OKEMOS, MICH. — Northmarq has arranged a $12.2 million loan for the refinancing of two Staybridge Suites hotels in Michigan. The Kalamazoo property, located at 2001 Seneca Lane, was built in 2006. The Okemos hotel, located at 3553 Meridian Crossing Drive, was built in 2008. Each hotel features 95 rooms and rises three stories. Jeff Dietz of Northmarq arranged the fixed-rate loan, which features a five-year term and a 25-year amortization schedule. A life insurance company provided the loan to the borrower, Hotel Development Services LLC, which will use the loan proceeds to take out maturing CMBS loans. The Staybridge Suites brand targets extended-stay and corporate travelers.
CHICAGO — Wellington Management has signed a 24,000-square-foot office lease at 345 N. Morgan in Chicago’s Fulton Market. Sterling Bay broke ground on the office and retail development in August 2021 and expects to wrap up construction this September. Amenities include private outdoor terraces, a 5,000-square-foot roof deck, lounge, fitness center, coworking library and conference spaces. Eckenhoff Saunders Architects was the project architect. Russ Cora and Austin Lusson negotiated the lease transaction on an internal basis for Sterling Bay. Brendan Callahan, Gabrielle Harvey, Eddie Viliunas and Matt Carolan of JLL represented Wellington Management, which currently houses its Chicago operations in a 6,000-square-foot space in the Loop. The company is a private investment management firm.
