CHESTERTON, IND. — Marcus & Millichap has arranged the $1.8 million sale of a 3,412-square-foot retail center in Chesterton, a city in Northwest Indiana. Jimmy John’s and Little Caesars anchor the property. Mitchell Kiven and Nicholas Kanich of Marcus & Millichap represented the Indiana-based seller, which was the original developer of the property. The asset sold to an Iowa-based buyer completing a 1031 exchange.
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Walker & Dunlop: Affordable Housing Crisis Calls For New Solutions, Effective Programs
By John Ducey, chief production officer of Walker & Dunlop’s affordable lending group Private industry and the federal government are rallying to recover ground lost to a housing affordability crisis that has been decades in the making. Nearly half of the nation’s renters, 46 percent, are housing cost-burdened, which the Census Bureau defines as those families paying 30 percent or more of their income on rent and utilities. The burden is higher for some, with nearly one in four families (23 percent of Americans) paying half or more of their income for housing. The situation calls for a change in tactics, a recognition of recent policy failures and a shared commitment to double down on programs with proven efficacy. As a nation we must ask, what can we do differently to put more homes within reach for the growing ranks of Americans who struggle to meet basic housing costs? A Building Problem The gap between housing costs and strained household budgets has widened due to both insufficient supply and wage stagnation that has fueled demand for affordable housing. The larger of the two issues — a lack of supply — traces chiefly to the 2008 financial crisis, which put a …
KALAMAZOO, MICH. — Pfizer Inc. (NYSE: PFE) has unveiled plans to invest $750 million in its sterile injectable facility in Kalamazoo. This investment builds upon a $465 million Phase I investment in the facility in 2018 and is expected to create 300 additional jobs at the location. One of Pfizer’s largest plants, the Kalamazoo property is a global supplier of sterile injectable, liquid and semi-solid medicines as well as active pharmaceutical ingredients. Currently, the multi-story, 400,000-square-foot facility employs 3,000 employees and contractors. The plant has been in operation since 1948. Pfizer’s stock price opened at $49.76 per share Wednesday, Dec. 7, down slightly from $51.72 per share one year ago.
MADISON, WIS. — Northmarq has brokered the sale of a four-property multifamily portfolio totaling 1,288 units in Madison for an undisclosed price. The properties include Carolina Apartments, The Monticello, Monona Lakeview and Country Meadows. They were built from 1956 to 1992. Parker Stewart and Dominic Martinez of Northmarq represented the seller, who was the original developer of The Monticello and Carolina Apartments as well as the long-term owner of the other two communities. A Wisconsin-based investor purchased The Monticello, Carolina Apartments and Monona Lakeview. A Chicago-based investor purchased Country Meadows, which totals 466 units.
FREEPORT, ILL. — Coldwell Banker Commercial McGuire Mears & Associates has negotiated the sale of a 488,000-square-foot industrial facility in Freeport, a city in Northwest Illinois. The sales price was undisclosed, but the list price was $7 million. The building is roughly 70 years old and features a clear height of 26 feet, 30 exterior docks and 10 drive-in doors. Adam Shultz of Coldwell Banker Commercial McGuire Mears & Associates represented the seller, an affiliate of Janesville, Wis.-based Badger Property Investments LLC. The buyer was an affiliate of Milwaukee-based Phoenix Investors LLC.
GRAFTON, WIS. — McShane is building Woodside Prairie, a 32-unit supportive living community for adults with autism in Grafton, about 20 miles north of Milwaukee. Impact Seven is the developer. The project incorporates four supportive living buildings as well as two townhomes. Additionally, a 3,700-square-foot activity building will contain a community kitchen, craft space, computer center and fitness area. Completion is scheduled for October 2023. New Horizon Ventures is the architect.
FORT WAYNE, IND. — Quantum Real Estate Advisors Inc. has arranged the sale of a single-tenant retail building occupied by Sherwin-Williams in Fort Wayne for an undisclosed price. Constructed in 2022, the building spans 3,500 square feet. Chad Firsel and Seth Gilford of Quantum represented the seller, Chicago-based Core Acquisitions LLC. The asset sold to an out-of-state buyer.
ARLINGTON HEIGHTS, ILL. — Interra Realty has brokered a condo deconversion sale in the Chicago suburb of Arlington Heights for $9.7 million. Built in 1971, the 40-unit property is located at 1 N. Chestnut Ave. Patrick Kennelly and Paul Waterloo of Interra represented the seller, the Chestnut Street Condominium Association. The duo also represented the undisclosed buyer, which plans to improve the units as they turn over. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a property if 75 percent or more are in agreement. The threshold is 85 percent for the City of Chicago. Sellers then have the option to either move out of their units or lease them back from the new owner.
WAUKEGAN HARBOR, ILL. — TopSide Marinas has acquired Larsen Marine, a 16-acre boatyard and full-service marine facility in Waukegan Harbor, a city along Lake Michigan. The purchase price was undisclosed. Larsen Marine services 850 boats annually and features a service center. TopSide Marinas is the first company to acquire the family-owned marine facility since the Larsen family opened its business in 1933. TopSide Marinas, launched in 2021, has acquired three other marinas in Oklahoma and Texas.
HAMMOND, IND. — Marcus & Millichap has arranged the sale of the Alpha Storage facility in Hammond for an undisclosed price. The multi-story self-storage property, located at 252 Wildwood Road, spans 68,277 rentable square feet and features 595 units along with parking for recreational vehicles and boats. Jeffrey Herrmann and Sean Delaney of Marcus & Millichap represented the seller, a local limited liability company. The duo also secured and represented the buyer, a Chicago-based limited liability company.