CHICAGO — Interra Realty has arranged the sale of a pair of adjacent multifamily buildings totaling 42 units in Chicago’s Budlong Woods neighborhood for $6.7 million. All the units feature two bedrooms and one bath. Craig Martin of Interra represented the seller, Chicago-based Realty Resources, and the buyer, Chicago-based The Manderly Group. The new owner plans to upgrade units with new kitchens and baths to bring rents in line with the market.
MADISON, WIS. — Lee & Associates has brokered the sale of a 30,000-square-foot industrial building in Madison for $2.7 million. The property is located at 5601 Manufacturers Drive. Blake George of Lee & Associates represented the seller, an entity doing business as Pony Express LLC. The buyer was IA Manufacturers LLC.
BLOOMFIELD HILLS, MICH. — Monarch Behavioral Health PLLC has signed a 3,707-square-foot lease to open a new office in Bloomfield Hills. James Mitchell of Dominion Real Estate Advisors and Michele Rosenbloom of Lee & Associates represented the undisclosed landlord in the 63-month lease. Angela Thomas of Signature Associates represented the tenant. The property is located at 74 W. Long Lake Road.
CHICAGO — NAI Hiffman has brokered the sale of the Chicago Strategic Logistics Portfolio for an undisclosed price. The seven-building portfolio totals 1.4 million square feet. The assets are located throughout metro Chicago and are fully leased by 12 tenants. Patrick Sullivan and Ryan Chambers of NAI Hiffman represented the undisclosed seller. The buyer was Ascendas Real Estate Investment Trust, a member of CapitaLand Investments, which is headquartered in Singapore.
LAKEVILLE, MINN. — Minneapolis-based developer Davis, along with MNGI Digestive Health and Allina Health, have broken ground on Lakeville Specialty Center in suburban Minneapolis. The 100,500-square-foot clinic and surgery center is slated to open in fall 2023. Allina signed a lease for 60,000 square feet in the specialty center and 18,500 square feet in the surgery center. The clinic will offer 20 Allina specialties, including orthopedics, oncology, women’s health and cardiology. In addition, MNGI Digestive Health has signed a lease for 22,000 square feet to house a new clinic and endoscopy center. Minneapolis-based Synergy Architectural Studio is the project architect and Plymouth, Minn.-based Timco Construction Inc. is the general contractor.
BRANSON, MO. — Drever Partners has opened The Penleigh – Branson Row, a 324-unit workforce housing property in Branson. The project consisted of the conversion of the former Angel Inn – by the Strip hotel, which Drever Partners acquired. The property offers micro apartment units along with a resident lounge, fitness center, onsite laundry facilities, playground and pool. Monthly rents start at $700. Residents can receive a $25 discount each month for early payment.
CAROL STREAM, ILL. — Partners Supply Chain Solutions (PSCS) has signed a 50,007-square-foot industrial lease at 189 Easy St. in the Chicago suburb of Carol Stream. The lease represents a 25 percent increase in space from the company’s current location at 171 Gary St. in Carol Stream. PSCS expects to take occupancy of its new space in August. Built in 1996, the property spans 75,538 square feet and features 10 docks. Jay Cook of Cresa represented PSCS, which operates bulk and rail operations in more than 1 million square feet in Elmwood. The Carol Stream facility will serve as its specialized operations center, housing food and pharmaceuticals and high-value inventory. Philadelphia-based EQT Exeter owns the building.
STREAMWOOD, ILL. — Baum Realty Group LLC has arranged the sale of the Emerald Hills Shopping Center in the Chicago suburb of Streamwood for $3.8 million. The 20,604-square-foot property, located on South Sutton Road, is fully leased to local and national retailers. Patrick Forkin of Baum represented the seller, a family office. The center was encumbered by a CMBS loan, which the undisclosed buyer assumed at closing.
COLUMBUS, OHIO — KeyBank Community Development Lending and Investment has provided $74.3 million in construction financing for Darby Crossing, an affordable housing property in Columbus. Indianapolis-based Kittle Property Group is the developer. The 11-building property will include 60 one-bedroom units, 92 two-bedroom units, 84 three-bedroom residences, 24 four-bedroom apartments and two cottages. All units will be restricted to residents who earn up to 60 percent of the area median income. Amenities will include a clubhouse, pool house and 48 garage parking spaces. Construction has begun and is slated for completion by August 2025. David Lacki and Greg Deeks of KeyBank structured the financing, which includes a $43.3 million construction loan to be followed by a $31 million private placement loan. Additionally, the Columbus-Franklin County Finance Authority issued $42.2 million in tax-exempt bonds and the Ohio Housing Finance Agency provided $21.3 million in low-income housing tax credits. The development also benefits from a tax abatement based on its location in a Community Reinvestment Area.
LINCOLN, NEB. — The Annex Group has broken ground on Union at Middle Creek, a $34.4 million affordable housing community in Lincoln. The property’s 192 units will be designated for residents earning up to 60 percent of the area median income. Amenities will include a clubhouse, fitness center and nature trail. The development, slated for completion in early 2024, marks Annex Group’s first in Nebraska. Project partners include R4 Capital Funding as lending partner and R4 Capital as equity partner. The project team includes Summit LIHTC Consulting, REGA Engineering Group, Wallace Architects and NP Dodge Management Co.
