Midwest

Marcus & Millichap Brokers Sale of 130,000 SF Retail Property Near Dayton, Ohio

by Jeff Shaw January 11, 2023

EATON, OHIO — Marcus & Millichap has brokered the sale of Eaton Center, a 130,483-square-foot retail property located about 25 miles west of Dayton in Eaton. Kroger has anchored the property for 30 years. Additional tenants include retailers such as Tactor Supply and Autozone, both of which have occupied space at the center for 25 years, and several restaurants. The property was approximately 70 percent occupied at the time of sale. The sale was brokered by investment sales team Patton-Wiles-Fuller Group of Marcus & Millichap’s Columbus office, including First Vice President CJ Jackson and Senior Managing Director Erin Patton. Senior Managing Directors Scott Wiles and Craig Fuller of Marcus & Millichap’s Cleveland office marketed the property on behalf of the seller, a Cincinnati-based private ownership group. Patton-Wiles-Fuller Group also procured the out-of-state fund that purchased the property.

January 11, 2023

Acquisitions Industrial Midwest Ohio Self-Storage

Versal Arranges Sale of 561-Unit Self-Storage Facility in Dayton, Ohio

by Jeff Shaw January 11, 2023

DAYTON, OHIO — Versal has arranged the sale of Storage Sense, a 561-unit self-storage property located in Dayton. Originally built as a single-tenant retail center, the facility comprises 65,495 square feet. Bill Bellomy, Michael Johnson, Logan Foster and Hugh Horne of Versal represented the seller, Delaware-based Cobblestone Capital. The team also procured the buyer, Nevada-based Amerco Real Estate Co. The sales price was not disclosed.

January 11, 2023

Illinois Loans Midwest Multifamily

Berkadia Arranges $10.6M PACE Construction Loan for Multifamily Project in Suburban Chicago

by Kristin Harlow January 10, 2023

TINLEY PARK, ILL. — Berkadia has arranged a $10.6 million PACE construction loan for The Magnuson, a 144-unit, ground-up multifamily project in the Chicago suburb of Tinley Park. Jason Bond of Berkadia arranged the loan through PACE Loan Group on behalf of the borrower, Illinois-based One Magnuson Lane LLC. Matthew McCormack represented PACE Loan Group on an internal basis. The Illinois Energy Conservation Authority NFP assisted in closing the financing. The property is currently under construction, but a timeline for completion was not provided. The project will consist of four four-story buildings and a clubhouse. Introduced in Illinois in 2019, C-PACE provides long-term, fixed-rate funding to private building owners for energy efficiency, renewable energy, water conservation, electric vehicle charging and resiliency projects to be installed in both existing and new commercial properties. The C-PACE efforts at The Magnuson are expected to provide roughly $311,000 in savings over the 30-year financing term, while also saving more than 2.3 million gallons of water per year.

January 10, 2023

Development Industrial Midwest Wisconsin

Greywolf Partners Completes Development, Lease-up of 122,038 SF Industrial Building in Madison

by Kristin Harlow January 10, 2023

MADISON, WIS. — Greywolf Partners Inc. has completed the development and lease-up of a 122,038-square-foot industrial building in Madison. The tenant is Uniek Inc., a designer, manufacturer and supplier of home décor products. The property is located at 6305 Ronald Reagan Ave. within the Center for Industry and Commerce business park. The building features a clear height of 32 feet, 20 exterior loading docks, four drive-in doors and LED lighting. Corporate Contractors Inc. served as the general contractor for the building, which was built on a speculative basis. JSD Professional Services provided civil and landscaping engineering, while JAKnetter Architects provided architectural services. Steve Turner of Greywolf Brokerage, a division of Greywolf Partners, represented the landlord in the lease with Uniek.

January 10, 2023

Acquisitions Midwest Retail Wisconsin

Colliers Brokers $3.2M Sale of Retail Center in Plover, Wisconsin

by Kristin Harlow January 10, 2023

PLOVER, WIS. — Colliers has brokered the $3.2 million sale of a retail center in Plover, a city in central Wisconsin. The 23,000-square-foot property was 95 percent leased at the time of sale. Adam Connor and Heather Dorfler of Colliers represented the seller, a subsidiary of MLG Capital’s Legacy Fund. The duo also procured the out-of-state buyer, which used a California-based bank for acquisition financing.

January 10, 2023

Acquisitions Industrial Midwest Missouri Self-Storage

Marcus & Millichap Negotiates Sale of 489-Unit Self-Storage Facility in Hazelwood, Missouri

by Kristin Harlow January 10, 2023

HAZELWOOD, MO. — Marcus & Millichap has negotiated the sale of a Bill’s U-Store self-storage facility in Hazelwood, a northern suburb of St. Louis. The sales price was undisclosed. The property features 489 non-climate-controlled units and totals 64,440 net rentable square feet. George Kondracke, Brian Kelly, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller, a limited liability company. The asset sold to a private out-of-state buyer.

January 10, 2023

Leasing Activity Michigan Midwest Retail

Non-Alcoholic Bottle Shop Opens in Grand Rapids, Michigan

by Kristin Harlow January 10, 2023

GRAND RAPIDS, MICH. — Alt City NA Bottles & Beer, a non-alcoholic bottle shop, has opened an 846-square-foot store at 434 Leonard St. NW in the West Grand neighborhood of Grand Rapids. Alt City offers a wide selection of zero-proof mixers, spirits, beer and wines. Brothers Paul and Chad Clark started the company in 2019 after realizing that there weren’t many non-alcoholic options in Grand Rapids. CityWide Real Estate Services owns the building, which is also home to Trinity Chiropractic, FURN on Leonard and Captain Bizzaro’s Treasure World. Alt City also maintains a location in the Grand Rapids Downtown Market that serves non-alcoholic beverages in addition to coffees, teas and smoothies.

January 10, 2023

Acquisitions Florida Kansas Midwest Multifamily Southeast Top Stories

JRK Property Holdings Initiates Newly Closed $1B Multifamily Fund with $168.5M in Acquisitions

by Jeff Shaw January 10, 2023

LEAWOOD, KAN. AND SARASOTA, FLA. – JRK Property Holdings has acquired Residences at Park Place, a 258-unit mid-rise apartment and townhome community in the Kansas City suburb of Leawood, from VanTrust Real Estate. JRK is also under contract to purchase a luxury high-rise community located in downtown Sarasota from a separate seller. The total acquisition price for both properties $168.5 million. Los Angeles-based JRK is acquiring the properties through its newest multifamily value-add fund: the $1 billion JRK Platform V, which targets multifamily investments built after 1990. JRK presently owns and operates $7 billion in multifamily assets through its predecessor funds. Built in phases between 2014 and 2019 by the seller, Residences at Park Place is the residential component of Park Place Village, a mixed-use development offering retail, restaurants and nearly 500,000 square feet of office space. The property comprises three mid-rise apartment buildings offering one-, two- and three-bedroom apartment homes and a separate four-story residential building offering one- and two-bedroom loft units. Community amenities include a saltwater pool with grilling area, media and game rooms, coworking space, two 24-hour fitness facilities and customized concierge services. The property was 98 percent leased at closing. “The dramatic rise in interest rates …

January 10, 2023

Development Illinois Industrial Midwest

Phoenix Investors Completes 1 MSF Industrial Redevelopment Project in Normal, Illinois

by Kristin Harlow January 9, 2023

NORMAL, ILL. — An affiliate of Phoenix Investors has completed a two-phase redevelopment project totaling 1 million square feet in North Normal Industrial Park in Normal, about 38 miles southeast of Peoria. Phoenix acquired the 92-acre property in June 2020 from Wildwood Industries Inc. The original 500,000-square-foot industrial facility served as Phase I of the project and now features 84 exterior docks and cross-dock capabilities. Phase II included a 500,000-square-foot addition with 50 exterior docks and cross-dock capabilities. Rivian will occupy both facilities. PJ Hoerr served as general contractor.

January 9, 2023

Loans Midwest Multifamily Wisconsin

Berkadia Provides $29M Acquisition Loan for Multifamily Property in Madison

by Kristin Harlow January 9, 2023

MADISON, WIS. — Berkadia has provided a $29 million Freddie Mac loan for the acquisition of Country Meadows, a 466-unit multifamily property in Madison. Located at 6840 Schroeder Road and built in 1972, the garden-style community features amenities such as a pool, sun deck and two tennis courts. Jason Bond and Joel Kirstein of Berkadia structured the 10-year loan on behalf of the borrower, Illinois-based Bender Cos.

January 9, 2023

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