Midwest

PEF Advisors Acquires 198-Unit Affordable Seniors Housing Community in Homewood, Illinois

by Kristin Harlow February 15, 2023

HOMEWOOD, ILL. — Preservation Equity Fund Advisors LLC (PEF Advisors) has acquired Freedom Village, a 198-unit affordable seniors housing community in Homewood, a southern suburb of Chicago. The purchase price and seller were undisclosed. Originally built in 1998 with tax credits from the Illinois Housing Development Authority, the property rises three stories. All of the units are reserved for residents who earn up to 60 percent of the area median income. As of November 2022, the community was 98.5 percent leased. Amenities include a community kitchen, outdoor patio, fitness center, game room, library and laundry facilities.

February 15, 2023

Acquisitions Kansas Midwest Retail

Marcus & Millichap Brokers $5.1M Sale of Walgreens-Occupied Property in Wichita

by Kristin Harlow February 15, 2023

WICHITA, KAN. — Marcus & Millichap has brokered the sale of a 14,820-square-foot retail property occupied by Walgreens in Wichita for $5.1 million. The net-leased building is located at 13534 W. Maple St. Christopher Pappas and Michael Cardone of Marcus & Millichap represented the seller, a limited liability company. Michael Fusco, Michael Kook, Seth Glasser and Steven Siegel of Marcus & Millichap represented the buyer, a New York-based corporation completing a 1031 exchange.

February 15, 2023

Illinois Industrial Loans Midwest

Red Oak Provides $3.2M Loan for Refinancing of Industrial Property in North Chicago

by Kristin Harlow February 15, 2023

NORTH CHICAGO, ILL. — Red Oak Capital Holdings has provided a $3.2 million loan for the refinancing and renovation of a multi-tenant industrial property in North Chicago. The 92,511-square-foot building is located at 4850 W. Bloomingdale Ave. Built in 1972 and renovated in 2019, the property features four dock-high doors, two drive-in doors and clear heights ranging from 10 to 18 feet. The borrower, Chicago Property Investors LLC, purchased the asset in 2018 and intends to make about $350,000 in capital improvements to the property. The 12-month bridge loan features a 10.5 percent interest rate with two six-month renewal options. The borrower plans to refinance the bridge loan with permanent financing or sell the asset once it is stabilized.

February 15, 2023

Acquisitions Illinois Industrial Midwest

Venture One Acquires 15,359 SF Industrial Building in Chicago

by Kristin Harlow February 15, 2023

CHICAGO — Venture One Real Estate, through its acquisition fund VK Industrial VI LP, has acquired a 15,359-square-foot industrial building in Chicago for an undisclosed price. The property at 2526 Federal Drive is 51 percent leased. The building features two drive-in doors and a clear height of 14.5 feet. Venture One will renovate the vacant space. Alex Kritt of Colliers represented the undisclosed seller and will be retained to market the property for lease. VK Industrial VI LP is a partnership between Venture One and Kovitz Investment Group.

February 15, 2023

Illinois Leasing Activity Midwest Retail

Martial Arts School Signs 3,678 SF Retail Lease in Carol Stream, Illinois

by Kristin Harlow February 15, 2023

CAROL STREAM, ILL. — Roma Tang Soo Do, a traditional martial arts school, has signed a 3,678-square-foot retail lease in the Chicago suburb of Carol Stream. The property at 330 W. Army Trail Road is now fully leased. Rick Scardino of Lee & Associates represented the landlord, American Sale. Bruce Heller of Coldwell Banker Commercial represented the tenant.

February 15, 2023

Development Indiana Midwest Multifamily

Scannell Properties, Pittman Investors Begin Phase I of Pittman Farms Project in Zionsville, Indiana

by Kristin Harlow February 14, 2023

ZIONSVILLE, IND. — Scannell Properties and Pittman Investors are beginning Phase I development of a project situated on the Pittman Farms site in Zionsville, a northern suburb of Indianapolis. The project site’s red barn has long served as an unofficial entry into Zionsville at US-421 and Sycamore Street. The first phase of construction includes land preparation and infrastructure for the entire development, as well as a three-building, 400-unit apartment complex. Amenities will include a golf simulator, saltwater pool, fitness lab, work-from-home space, pet spa, dog park and an outdoor pavilion reminiscent of the Pittman Farms barn. Phase I is expected to open in the second quarter of 2025. The design team includes Indianapolis-based Delv architects, American Structurepoint, Lynch Harrison Brumleve, Circle Design Group, Context Design, Infinysis and BKV. Indianapolis-based Shiel Sexton Co. will serve as construction manager. Project lenders include Merchants Capital, through its parent company Merchants Bank of Indiana, as well as Lake City Bank and the National Bank of Indianapolis.

February 14, 2023

Civic Development Midwest Minnesota

Kraus-Anderson Completes Construction of $26M Middle School in Lakefield, Minnesota

by Kristin Harlow February 14, 2023

LAKEFIELD, MINN. — Kraus-Anderson (KA) has completed construction of Jackson County Central Middle School in Lakefield, a city in southern Minnesota. JLG Architects designed the $26 million, 84,000-square-foot project. The school features multiple classrooms, including career and tech education learning spaces, as well as a gymnasium, kitchen and band and choir areas. Voters passed a $35.4 million district bond referendum in late 2019. The referendum addressed the district’s needs for facility replacement and improvements. KA renovated the district’s Pleasantview Elementary School in April 2021.

February 14, 2023

Industrial Loans Michigan Midwest

Schelin Uldricks & Co. Arranges $11.8M Acquisition Loan for Industrial Building in Lansing

by Kristin Harlow February 14, 2023

LANSING, MICH. — Schelin Uldricks & Co. has arranged an $11.8 million senior loan to finance the acquisition of a 147,258-square-foot industrial building in Lansing. The property is leased to a national credit tenant. Schelin Uldricks & Co. arranged the CMBS loan on behalf of the borrower, a national real estate investment manager. Loan terms were not provided.

February 14, 2023

Leasing Activity Michigan Midwest Retail

Big Discount Lot Signs 8,000 SF Retail Lease in Warren, Michigan

by Kristin Harlow February 14, 2023

WARREN, MICH. — Liquidation sales retailer Big Discount Lot has signed an 8,000-square-foot retail lease at Pickwick Plaza in Warren, a northern suburb of Detroit. The shopping center is located at the southeast corner of 12 Mile and Schoenherr roads. Michael Murphy of Gerdom Realty & Investment represented the undisclosed landlord.

February 14, 2023

Acquisitions Midwest Minnesota Multifamily

Marcus & Millichap Brokers $2.2M Sale of Multifamily Portfolio in St. Paul

by Kristin Harlow February 14, 2023

ST. PAUL, MINN. — Marcus & Millichap has brokered the sale of a multifamily portfolio in St. Paul for $2.2 million. The portfolio consists of twin 10-unit properties, both of which rise two stories and were constructed in 1949. Abe Roberts, Evan Miller and Chris Collins of Marcus & Millichap represented the seller and procured the buyer, neither of which were disclosed.

February 14, 2023

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