INDIANAPOLIS — BAM Capital has acquired Gateway Crossing, a 160-unit multifamily community located in Indianapolis. Built in 2004, the property features garden-style apartments. The seller and purchase price were undisclosed. The property offers a diverse array of floorplans and is consistent with BAM’s focus on acquisitions that provide stable cash flow, appreciation potential and capital preservation, according to the company. The property is the latest addition to the BAM Multifamily Growth & Income Fund III. Other recent Indianapolis multifamily acquisitions include Hamilton Station and The Bristol. The fund, which is currently accepting capital from accredited investors, acquires Class B+ to A- assets built after 2000.
WOODBURY, MINN. — Davis, a Minneapolis-based firm, has purchased Woodlake Medical Building, a 42,467-square-foot property located on 4.7 acres at 2080 Woodwinds Drive in Woodbury, a southeast suburb of St. Paul. The $18 million acquisition marks the latest addition to the Davis Medical Investors Fund, which now comprises 13 buildings in five states and a total of 567,356 square feet. The property is fully leased by Woodlake Surgery Center, St. Paul Eye Clinic and Midwest ENT, all of which signed new 15-year leases. Bridgewater Bank provided financing for the deal. The seller was not disclosed.
RACINE, WIS. — Inland Private Capital Corp. (IPC), with joint venture partner Devon Self Storage Holdings (US) LLC, has completed the development of a 765-unit self-storage property located in Racine, roughly 25 miles south of Milwaukee. The property is one of 10 self-storage projects being developed on behalf of the IPC-sponsored Self-Storage Qualified Opportunity Fund LLC. Comprising 80,655 square feet upon completion, the building previously housed a moving company and was acquired for redevelopment in November 2021. The redevelopment was completed in under 12 months.
ST. LOUIS — Lawyers Realty Co. has arranged the sale of Kohn’s Kosher Meat, Grocer and Deli in St. Louis for an undisclosed price. Lawyers Realty brokers David Wright and Zach Williams represented the sellers, the Kohn family, in their sale of the business and real estate. The site, located at 10405 Old Olive Street, measures 10,450 square feet and has been home to Kohn’s since 1997. The Kosher market began operating in 1963 when Holocaust survivors Simon and Bobbie Kohn started the business, which was most recently run by their children, Lenny Kohn and Rosemary Kohn Cooper. The next generation was not interested in taking over the business. Lawyers Realty implemented a nationwide strategy in marketing both the business and the real estate. The business and property were jointly acquired by a local investor and a group of investors from the East Coast. As a result, the business will continue to operate and serve the St. Louis community.
PLYMOUTH, MICH. — Domino’s Pizza has signed a lease to occupy 1,667 square feet near the southwest quadrant of Ann Arbor Road and Main Street in Plymouth. The new Domino’s location will partially replace a former AT&T store, which has been vacant for 150 days and is currently being redeveloped into a two-tenant retail building. The store is slated to open in approximately six months. Michael Murphy and Tjader Gerdom of Gerdom Realty and Investment, a commercial real estate agency based in Northville, Mich., represented Domino’s in the transaction. Gregory Mallory of Armada Real Estate, based in West Bloomfield, Mich., represented the landlord.
LANCASTER, OHIO — Marcus & Millichap has arranged the $10.6 million sale of Plaza Shopping Center in Lancaster, about 33 miles southeast of Columbus. The 210,522-square-foot property was 87 percent leased at the time of sale to tenants such as Ollie’s Bargain Outlet, Planet Fitness, AutoZone, Family Dollar, UPS Store, Rent-A-Center and Buffalo Wild Wings. Scott Wiles, CJ Jackson, Erin Patton and Craig Fuller of Marcus & Millichap represented the seller, an Ohio-based REIT. The team also procured the buyer, Americas Realty LLC.
CARMEL, IND. — Euson Lindsay Health LLC has acquired The Green House Cottages of Carmel, a 72-bed skilled nursing facility in Carmel, a suburb of Indianapolis. The Green House Cottages of Carmel opened in 2016 and offers short-term rehabilitation, memory care and long-term care. The beds are spread across six buildings. The buyer will rebrand the facility under its Restoracy brand. The seller and sales price were not disclosed.
MCHENRY, ILL. — Northmarq has brokered the $4.7 million sale of a 7,000-square-foot healthcare property in McHenry, about 50 miles northwest of Chicago. The newly constructed building, located at 1830 N. Richmond Road, is fully occupied by Aspen Dental and WellNow Urgent Care. Isaiah Harf of Northmarq represented the seller, a Chicago-based developer. The asset sold to a Missouri-based private buyer completing a 1031 exchange.
ROCHELLE, ILL. — Cawley Chicago has negotiated the sale of a 110,000-square-foot lumber yard in Rochelle, about 25 miles south of Rockford. The sales price was undisclosed. The property at 147 Second Ave. features a one-story manufacturing and warehouse facility, which was built in 2003. Jon Chamlin of Cawley Chicago represented the seller, Monty Enoch, proprietor of Cedar Siding Inc. The buyer, Wisconsin-based Dumke Associates, has retained Chamlin as the leasing agent. Dumke plans to renovate the property and begin lease-up in the first quarter of 2023.
MELROSE PARK, ILL. — Interra Realty has negotiated the sale of a 29-unit multifamily property located at 1123 N. 33rd Ave. in the Chicago suburb of Melrose Park for $2 million. Built in 1970, the building comprises three studio, 22 one-bedroom and four two-bedroom units. Patrick Kennelly and Paul Waterloo of Interra represented the buyer, a local private investor completing a 1031 exchange. The buyer plans to make improvements to apartments as needed and address deferred maintenance. The seller was undisclosed.