Midwest

Hanley Investment Group Negotiates $17.2M Sale of Shopping Center in Omaha

by Kristin Harlow January 4, 2023

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.

January 4, 2023

Acquisitions Illinois Midwest Multifamily

Kiser Group Arranges $9.2M Sale of Multifamily Property in Chicago

by Kristin Harlow January 4, 2023

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.

January 4, 2023

Acquisitions Midwest Missouri

Copaken Brooks, CBC Real Estate Group Complete Merger in Kansas City

by Kristin Harlow January 4, 2023

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.

January 4, 2023

Acquisitions Industrial Kansas Midwest

MAG Capital Partners Acquires 216,000 SF Kansas Industrial Property in Sale-Leaseback

by Kristin Harlow January 4, 2023

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.

January 4, 2023

Acquisitions Illinois Midwest Retail

SVN | Chicago Commercial Brokers $3.5M Sale of Retail Center in Suburban Chicago

by Kristin Harlow January 4, 2023

CHICAGO HEIGHTS, ILL. — SVN | Chicago Commercial has brokered the $3.5 million sale of American Plaza, a 63,148-square-foot retail center in Chicago Heights, a southern suburb of Chicago. The property sits on over four acres on Chicago Road and is home to both national and local tenants. Karen Kulczycki of SVN brokered the sale and assisted in leasing the property to 94 percent occupancy. The asset sold to an out-of-state buyer.

January 4, 2023

Affordable Housing Development Indiana Midwest Missouri Multifamily Top Stories

Flaherty & Collins Unveils Plans for Four Affordable Housing Construction Projects in Indiana, Missouri

by Kristin Harlow January 4, 2023

INDIANA AND MISSOURI — Flaherty & Collins Properties has unveiled plans for four affordable housing construction projects in Indiana and Missouri. Representing a total of $80 million in costs, the projects all involve renovations or adaptive reuse. Jazz Hill is a $35 million project that will preserve 11 buildings along The Paseo, a historic boulevard in Kansas City. The 197-unit affordable housing community will feature new appliances, HVAC, roofs, flooring, bathrooms, cabinets, lighting and elevators. A partnership with Twelfth Street Heritage Development Corp., the project was financed with 4 percent tax credits from the Missouri Housing Development Commission (MHDC) as well as federal and state historic tax credits and tax-exempt bonds from the Planned Industrial Expansion Authority (PIEA). Merchants Capital is the Low-Income Housing Tax Credits (LIHTC) investor, federal historic tax credit investor and construction lender, and provided Freddie Mac permanent financing. Monarch Capital is the state historic tax credit investor. The city provided $4.2 million in Central City Economic Development (CCED) funds. Parkside at Tarkington is a $16.2 million affordable seniors housing project in downtown Indianapolis. The 60-unit development is an adaptive reuse of the former United Way headquarters building. Flaherty & Collins is partnering with Midtown Indianapolis on …

January 4, 2023

Acquisitions Affordable Housing Illinois Midwest Multifamily

Emerald Empire Acquires Chicago Affordable Housing Portfolio from Pangea Properties

by Kristin Harlow January 3, 2023

CHICAGO — Emerald Empire has acquired Pangea Properties’ Chicago portfolio for an undisclosed price. The portfolio spans several hundred multifamily properties and thousands of units, 97 percent of which are designated as affordable for residents who earn up to 60 percent of the area median income. Arbor Realty Trust and NewPoint Real Estate Capital provided acquisition financing through Fannie Mae. Pangea’s Chicago-area employees will continue to manage the properties on behalf of Emerald Empire. Chestnut Ridge, N.Y.-based Emerald Empire maintains $2 billion of assets and roughly 17,000 units under management.

January 3, 2023

Loans Midwest Minnesota Multifamily

Grandbridge Arranges $14.7M Loan for Refinancing of Minnesota Multifamily Property

by Kristin Harlow January 3, 2023

ST. LOUIS PARK, MINN. — Grandbridge Real Estate Capital has arranged a $14.7 million loan for the refinancing of a 152-unit multifamily property in the Minneapolis suburb of St. Louis Park. The unnamed property features two outdoor pools and is located on a bus line with an express bus to downtown. Tony Carlson and Will Perry of Grandbridge arranged the fixed-rate loan through a bank.

January 3, 2023

Acquisitions Illinois Midwest Restaurant Retail

FCPT Purchases Buffalo Wild Wings Portfolio in Illinois for $14.3M

by Kristin Harlow January 3, 2023

ILLINOIS — Four Corners Property Trust (FCPT) has purchased a portfolio of four retail properties occupied by Buffalo Wild Wings in Illinois for $14.3 million. The restaurant has roughly nine years remaining on the leases. The sales price represents a cap rate of 7.3 percent. The seller and specific locations of the properties were not provided. Mill Valley, Calif.-based FCPT is a retail and restaurant REIT with a portfolio of 982 properties across 47 states.

January 3, 2023

Acquisitions Midwest Retail Wisconsin

Marcus & Millichap Brokers $3.2M Sale of Retail Center in Glendale, Wisconsin

by Kristin Harlow January 3, 2023

GLENDALE, WIS. — Marcus & Millichap has brokered the $3.2 million sale of Bayshore Area Retail Plaza in Glendale, a northern suburb of Milwaukee. The 13,763-square-foot retail center was 89 percent leased at the time of sale to tenants such as Fast Signs, Gyro Palace and WingStop. Jared Shapiro, Craig Fuller, Erin Patton and Scott Wiles of Marcus & Millichap represented the seller, a limited liability company. The buyer was undisclosed.

January 3, 2023

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