DAKOTA DUNES, S.D. — Cushman & Wakefield has negotiated the $7.6 million sale of Tower Medical Plaza in eastern Nebraska’s Dakota Dunes. The property totals 35,130 square feet and is fully leased by seven tenants, including Beth Bruening PC, Dunes Family Pharmacy, ENT Consultants, Fyzical, Kevin L. Preston DO, Dunes Pain Specialists and MercyOne. The building is attached to the Dunes Surgical Hospital. Gino Lollio and Travis Ives of Cushman & Wakefield’s healthcare capital markets team partnered with James Hain and Richard Secor of Cushman & Wakefield/The Lund Co. on the transaction. Florida-based Catalyst Healthcare Real Estate purchased the asset from SSC MOB1.
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Project Destined: Training a New and Diverse Generation for Real Estate Careers
For the better part of the last two decades, billions of dollars have poured into underserved neighborhoods across the U.S. as corporations, millennials and real estate investors rediscovered downtowns and other urban districts. But to former Carlyle Group executive Cedric Bobo and real estate entrepreneur Fred Greene, young people who grew up in the neighborhoods were often excluded from playing a role in the transitions. To remedy that problem, in 2016 they began training 15 Detroit high school students in real estate fundamentals and invested $150,000 to buy two properties with the idea of using the cash flow to fund scholarships. Soon after, Bobo and Greene officially launched Project Destined, an endeavor to effect social change in the commercial real estate industry by providing college students with financial literacy, entrepreneurship and real estate training. “Cedric found that there was a real need for diverse talent in commercial real estate but that it was hard for companies to find it,” reports Cristina Ciacciarelli, a junior at Burach College in New York City who completed the program in 2021 and now heads up corporate partnerships for Project Destined. “It was also hard for the companies to sell themselves to diverse talent even …
PLAINFIELD, ILL. — Wingspan Development Group has opened Sixteen30, a 284-unit luxury apartment complex in Plainfield, about 40 miles southwest of Chicago. Featuring eight garden-style buildings surrounding a 7,500-square-foot clubhouse and pool, Sixteen30 is currently 80 percent leased. The clubhouse includes a great room, coffee bar, fitness center, demonstration kitchen, pet spa and office suites. The property also includes a 24-hour package room. Outdoor amenities include a bocce ball court, two dog parks, a fire pit and grills. Units range from 600 to 1,500 square feet. Wingspan’s sister company, Nicholas & Associates, performed the construction. Lincoln Property Co. is overseeing leasing and property management. Monthly rents start at $1,600. The name Sixteen30 comes from the property’s address near the intersection of Lincoln Highway and U.S. Route 30. Lincoln was the 16th president of the United States.
INDIANAPOLIS — Co-developers HVAF of Indiana Inc. and Woda Cooper Cos. Inc. have completed Proctor Place, a $12.6 million affordable housing community in Indianapolis. The 61-unit property is located at 240 N. Warman Ave. and is available for residents who earn 30 to 80 percent of the area median income. The Indiana Housing & Community Development Authority provided housing tax credits for the project, and the City of Indianapolis Department of Metropolitan Development provided a Payment in Lieu of Taxes (PILOT) to support the development. Indianapolis Housing Agency provided project-based vouchers for 15 units to be set aside for homeless veterans. Other financial partners include Fallbrook Opportunity Zone Fund II LLC, Fifth Third Bank and Cedar Rapids Bank & Trust. HVAF will oversee supportive services at the property. Woda Construction Inc. was the general contractor and Woda Cooper’s management arm will oversee day-to-day operations.
SOUTH ELGIN, ILL. — Marcus & Millichap has brokered the $11.6 million sale of an AAA Storage property in South Elgin. Constructed in 1995 and located at 300 Sundown Road, the facility consists of 388 units within eight non-climate-controlled buildings, 13,000 square feet of flex industrial space and 28 outdoor parking spaces. At the time of sale, 96 percent of the units were occupied. Sean Delaney of Marcus & Millichap represented the seller, Shanahan Enterprises LLC, and procured the buyer, Trojan Storage. The transaction also includes an adjacent two-acre parcel where the new owner plans to build a three-story, climate-controlled building.
CHICAGO — Matthews Real Estate Investment Services has negotiated the $6.2 million sale of a five-property multifamily portfolio totaling 95 units in Chicago. The assets are located on the city’s West Side on North Waller, North Lotus, West Augusta, West Washington and North Central avenues. Finley Askin of Matthews represented both the seller, a local private investor, and the Brooklyn, N.Y.-based buyer.
GAHANNA, OHIO — The Cooper Commercial Investment Group has arranged the $1.7 million sale of a restaurant building occupied by Taco Bell in Gahanna, a northwest suburb of Columbus. The property serves as an outparcel to the Hunter’s Ridge shopping center. Dan Cooper of Cooper Group represented the seller, a private investment group based in Florida. Cooper also procured the undisclosed buyer. The sales price represents a cap rate of 4.5 percent and $694 per square foot. Taco Bell signed a 20-year lease extension at the property in 2020.
DETROIT — Real estate owner and developer Bedrock has partnered with Raeden, a digital infrastructure platform provider, to open the first carrier hotel in downtown Detroit later this month. Carrier hotels are buildings that house networks and cloud services in the center of a downtown area. Raeden specializes in enabling technology deployments across real estate portfolios. The carrier hotel, which will be located within Bedrock’s 615 West Lafayette property, will centralize internet connectivity and technology services while making efficient use of existing fiber assets. Instead of each building within Bedrock’s portfolio requiring individual internet and technology installations, centralization at 615 West Lafayette decrease deployment timelines and lower costs, according to Bedrock. The result will enable Bedrock tenants the ability to access faster services, while enabling expanded internet access throughout Detroit. Over the next 12 months, Bedrock and Raeden will continue to collaborate on additional technological investments, including activating existing data center assets.
LANSING, ILL. — Skender, in conjunction with joint venture partner Ashlaur Construction, has completed construction of Torrence Place in Lansing, a southern suburb of Chicago. Developed by Full Circle Communities, the three-story affordable housing project features 48 accessible and adaptable units mainly intended for veterans and people with disabilities. The building also includes a 3,600-square-foot health clinic and pharmacy that will be operated by Christian Community Health Center. Resident amenities include a community lounge, library, computer lab, onsite laundry, storage lockers, a fitness center and onsite supportive services. The project team also included architect Cordogan Clark & Associates and CAGE Civil Engineering.
TIFFIN, IOWA — Fridley Theatres, a movie theater company headquartered in Des Moines, has unveiled plans to open an 80,000-square-foot theater and entertainment center at the Park Place mixed-use development in Tiffin, about 20 miles south of Cedar Rapids. The project will be named The Palms Theatres, IMAX & Family Entertainment Center. Construction is expected to begin next year. Ders Group is the developer of Park Place.