CHICAGO — Transwestern Real Estate Services has acquired Chicago-based MB Real Estate (MBRE), a full-service commercial real estate firm. The transaction adds 120 team members and a regional property management portfolio exceeding 12 million square feet. Founded in 1982, MBRE provides expertise in asset and facilities management, leasing services, project management, tenant representation and investment services. Its leasing and management portfolio includes high-profile properties such as Michigan Plaza, 181 W. Madison, Millennium Park and the Richard J. Daley Center. Celebrating its 45th anniversary in 2023, Transwestern is a diversified commercial real estate firm with more than 2,100 team members nationwide. MBRE began operating as Transwestern on Jan. 1. Financial terms of the transaction were not provided.
DOWNERS GROVE, ILL. — Skender has completed a comprehensive renovation of 3500 Lacey, a 622,600-square-foot office building in the Chicago suburb of Downers Grove. Built in 1992, the property formerly served as the headquarters of bread company Sara Lee. KORE Investments purchased the building in 2019. Skender worked with OKW Architects on the renovation project, which upgraded the building’s lower lobby, main lobby and fitness center. The property is also home to Esplanade Lakes Ballroom, a wedding venue operated by DoubleTree.
ROSEVILLE, OAKDALE AND WOODBURY, MINN. — JLL Capital Markets has arranged the sale of a seven-building industrial portfolio totaling 376,218 square feet in suburban Twin Cities for an undisclosed price. Five of the buildings are located in Oakdale, while one is in Woodbury and one is in Roseville. The portfolio is 96 percent leased to 18 tenants. Colin Ryan, David Berglund and Erin Fitzgerald of JLL represented the seller, Link Logistics, and procured the buyer, Minneapolis-based Biynah Industrial Partners. Matthew Schoenfeldt, Scott Loving and Lucas Borges of JLL arranged acquisition financing.
TROY, MICH. — Bernard Financial Group (BFG) has arranged a $29.2 million loan for the construction of a 200-unit multifamily project in Troy. Dennis Bernard and Joshua Bernard of BFG arranged the loan through Old National Bank. The loan terms and name of the borrower were not provided.
PAINESVILLE, OHIO — In a sale-leaseback transaction, DWG Capital Partners Inc. has acquired a 68,650-square-foot industrial facility in the Cleveland suburb of Painesville. The purchase price was undisclosed. T&T Machine Inc., a specialized manufacturer of machine parts for the healthcare, engineering, automotive, food & beverage and military sectors, was the seller. Built in 1999, the property is located at 892 Callendar Blvd. within the Blackbrook Road Industrial Park. Mitchell Hoffman of Raven Oak represented the seller. Dugan Kelley of Kelley Clarke PC and Mark Atkins of Reafco represented DWG Capital Partners, which is led by Judd Dunning.
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Investors Drawn to Single-Family Rentals During Tough Economic Times
By John Tarantino, Arbor Realty Trust The ongoing expansion of the single-family rental (SFR) market is capturing investors’ interest like never before. Construction starts in the sector topped a record 69,000 units over the past year, while the rate of rent growth remained positive for new leases and accelerated in renewals. That’s according to the third-quarter Single-Family Investment Trends Report Q3 2022, which Arbor Realty Trust recently published in partnership with Chandan Economics. SFR investors want to know what this latest market data reveals about how the sector is weathering economic changes and what it suggests about how their properties are likely to perform in the months ahead. In December, I was privileged to weigh in on these weighty questions as a panelist at Information Management Network’s 10th Annual Single-Family Rental Forum (West) in Scottsdale, Ariz. One of the messages I sought to convey to the audience that day is that single-family rentals have maintained their momentum as well as any corner of the housing market, as our third-quarter report bears out. And while rising interest rates and elevated risk have placed the housing market on shaky ground, SFR is on a secure foundation moving into 2023. With the average age …
OMAHA, NEB. — Hanley Investment Group Real Estate Advisors has negotiated the sale of Applewood Centre, a 112,005-square-foot shopping center in Omaha, for $17.2 million. Anchored by Hy-Vee, the property is nearly 99 percent leased and was built in 1989. Hy-Vee has occupied space at the center ever since it was built and has expanded and renovated its store over the last 10 years, including a drive-thru for the pharmacy, an interior Starbucks and Wahlburgers, and a full wine and spirits section. Additional tenants at the property include Edward Jones, Great Clips, H&R Block, Papa John’s, Pet Supplies Plus and Sun Tan City. Jeff Lefko and Bill Asher of Hanley represented the seller, Omaha-based Woodsonia Real Estate Inc. The all-cash buyer was a family office based in Oregon.
CHICAGO — Kiser Group has arranged the sale of a 52-unit multifamily property in Chicago’s Edgewater neighborhood for $9.2 million. Named Mabel Exchange, the building was originally constructed in 1928 to serve as the corporate headquarters of makeup company Maybelline. The property features 35 studios, 15 one-bedroom units, two two-bedroom units and 20,000 square feet of commercial space. Andy Friedman, Jake Parker and Lee Kiser of Kiser Group represented both the seller and the buyer, Envoi Partners. The buyer plans to add amenities and improve the commercial space. The seller purchased the building in 2019 and upgraded units, replaced plumbing and installed new electric service.
KANSAS CITY, MO. — Two Kansas City-based firms, Copaken Brooks and CBC Real Estate Group, have formally merged their organizations as of Jan. 1. CBC’s Bill Crandall will become a principal alongside Jon Copaken, Keith Copaken and Bucky Brooks. In December 2021, Crandall assumed sole ownership of CBC after buying out his former partners. Copaken Brooks and CBC have worked together on projects for nearly 15 years. According to the principals, the merger is a strategic alliance that will increase expertise for development projects and landlord representation.
CHANUTE, KAN. — In a sale-leaseback transaction, MAG Capital Partners LLC has acquired a nearly 216,000-square-foot industrial property in Chanute, a city in eastern Kansas. The sales price was undisclosed. Located at 1700 S. Washington Ave., the 47-acre property features rail access with roughly 7,600 feet of track. Gary Glatter of Cresa represented the seller, Babcock & Wilcox Enterprises Inc. Founded by Dax Mitchell and Andrew Gi, Dallas-based MAG Capital Partners is focused on industrial real estate.