Midwest

McHugh Construction Breaks Ground on FanDuel Sportsbook at Chicago’s United Center

by Kristin Harlow April 6, 2022

CHICAGO — Chicago-based McHugh Construction has broken ground on FanDuel Sportsbook, a new 13,000-square-foot sports betting venue being developed by online gaming company FanDuel Group at the United Center in Chicago. The United Center is the home of the Chicago Bulls and Chicago Blackhawks. Completion is slated for August. The two-story lounge is being constructed in areas that formerly housed offices for the United Center and Blackhawks staff as well as two lower-level suites. HOK is the architect for the project, which will feature state-of-the-art viewing and sports wagering technology. The facility will also include a large commercial kitchen and multiple bars.

April 6, 2022

Acquisitions Indiana Midwest Office Top Stories

KennMar Acquires The Pyramids Office Park in Indianapolis, Plans Renovations

by Kristin Harlow April 6, 2022

INDIANAPOLIS — KennMar has acquired The Pyramids office park in Indianapolis for an undisclosed price. New York City-based Sterling American Property Inc. was the seller, according to the Indianapolis Business Journal. Located at 3500 Depauw Blvd., The Pyramids consists of three 11-story office buildings totaling 366,704 square feet. KennMar acquired the landmark, pyramid-shaped property with assistance from INVST LLC, an SEC-registered investment advisor based in Indianapolis, and lender Teachers Credit Union. Indianapolis-based KennMar plans to renovate the property by upgrading the façade, enhancing interior common areas and adding some new external amenities. “While the pandemic has created uncertainty around the office market, we are bullish on the sector and anticipate that businesses will eventually return to an in-person work setting over the next several years,” says Brent Benge, president and CEO of KennMar. “We want to create an office environment that gets people excited about returning to work.” KennMar says the acquisition fits in well with its strategy to redevelop the site formerly occupied by Caribbean Cove, an indoor water park and hotel located on the same road as The Pyramids that closed in late 2017. KennMar currently has several projects underway on that site, including a freestanding Starbucks and …

April 6, 2022

Acquisitions Development Industrial Lee & Associates Midwest Wisconsin

Lee & Associates Negotiates 132-Acre Land Sale for Planned Spec Industrial Development in Wisconsin

by Kristin Harlow April 5, 2022

SOMERS, WIS. — Lee & Associates has negotiated the sale of 132 acres of land located at 1735 120th Ave. in Somers, about 30 miles south of Milwaukee. The sales price was undisclosed. The buyer, Becknell Industrial, plans to build Somers Logistics Center. The development will consist of a 795,471-square-foot speculative industrial building with a clear height of 40 feet, 148 loading docks and 184 trailer parking spaces. Completion is slated for the fourth quarter. Tom Boyle of Lee & Associates represented Becknell in its purchase from a private owner. Lee & Associates will also market the project for lease.

April 5, 2022

Acquisitions Iowa Midwest Multifamily Student Housing

Pierce Education Properties Buys 540-Bed Student Housing Property Near Iowa State University

by Kristin Harlow April 5, 2022

AMES, IOWA — Pierce Education Properties has acquired The Madison, a 540-bed student housing property serving Iowa State University in Ames. The community was built in 2001 and offers 144 units in a mix of three- and four-bedroom configurations. Shared amenities include a 24-hour fitness center, clubhouse, resort-style swimming pool and hot tub, a sand volleyball court, dog park, lighted basketball courts, a computer lab, coffee bar, tanning bed and a picnic and grilling area. The seller and terms of the transaction were undisclosed. Regions Bank provided acquisition financing.

April 5, 2022

Acquisitions Midwest Minnesota Multifamily

Redwood Capital Group Acquires 375-Unit Apartment Complex in Eden Prairie, Minnesota

by Kristin Harlow April 5, 2022

EDEN PRAIRIE, MINN. — Redwood Capital Group, in a joint venture with an affiliate of Heitman LLC, has acquired ReNew Eden Prairie, a 375-unit apartment complex located at 13905 Chestnut Drive in suburban Minneapolis. The purchase price was undisclosed. Keith Collins, Abe Appert and Ted Abramson of CBRE represented the seller, FPA Multifamily, which completed some unit upgrades and amenity enhancements. The property was built in 1986. Amenities include three pools, basketball courts, a clubhouse, fitness center and playground.

April 5, 2022

Loans Michigan Midwest Multifamily Seniors Housing

Grandbridge Arranges $30M Recapitalization for Senior Living Campus in Jackson, Michigan

by Kristin Harlow April 5, 2022

JACKSON, MICH. — Grandbridge Real Estate Capital has arranged the recapitalization of Vista Grande Villa, a 318-unit senior living campus in Jackson, about 35 miles west of Ann Arbor. Vista Grande Villa is an approximately 20-acre campus comprising 32 cottage homes, 181 independent living apartments, 46 assisted living units, 23 memory care units and 36 skilled nursing units. The recapitalization plan consisted of restructuring approximately $22 million of prior debt, together with new committed funding of roughly $8 million to put toward capital investment and stabilizing the community. Jay Jordan and Dave Kliewer of Grandbridge arranged the financing through Lapis Advisers. Kauhale Health is managing operations.

April 5, 2022

Acquisitions Indiana Midwest Retail

Marcus & Millichap Brokers $3.9M Sale of Indianapolis Retail Property

by Kristin Harlow April 5, 2022

INDIANAPOLIS — Marcus & Millichap has brokered the sale of Thompson Commons in Indianapolis for $3.9 million. The 21,125-square-foot retail property, located at 5202 E. Thompson Road, is home to a five-tenant building as well as a freestanding urgent care building. Joel Dumes and Kyle Teets of Marcus & Millichap represented the seller, a limited liability company. The duo also secured and represented the buyer, an out-of-state limited liability company.

April 5, 2022

Acquisitions Midwest Missouri Multifamily

CBRE Arranges Sale of 126-Unit Luxury Apartment Community in Downtown Kansas City

by Kristin Harlow April 4, 2022

KANSAS CITY, MO. — CBRE has arranged the sale of Arterra, a 126-unit luxury apartment community in Kansas City’s Crossroads Arts District. An affiliate of a Florida-based sovereign wealth fund purchased the property from Arterra LLC, a joint venture between St. Louis-based Altus Properties and Kansas City-based Copaken Brooks. The sales price was undisclosed. Jeff Stingley and Max Helgeson of CBRE represented the seller. Arterra features amenities such as a sun terrace deck, infinity pool, Luxor package system, fitness center and attached parking structure.

April 4, 2022

Acquisitions Healthcare Midwest Missouri

JLL Income Property Trust Acquires Kansas City Medical Office Portfolio for $22.2M

by Kristin Harlow April 4, 2022

KANSAS CITY, MO. — JLL Income Property Trust has acquired a medical office portfolio in metro Kansas City for $22.2 million. The portfolio comprises three properties spanning more than 50,000 square feet. Roeland Park is a nearly 30,000-square-foot building constructed in 2021. Its largest tenant is AdventHealth Shawnee Mission, a subsidiary of AdventHealth. Northland Women’s Healthcare is a 10,000-square-foot property constructed in 2021 that is fully leased to the women’s healthcare provider. Blue Springs Pediatrics is a 10,500-square-foot building that was redeveloped in 2021. It is leased to a physician group that is a subsidiary of Children’s Mercy. JLL Income Property Trust now owns 12 healthcare properties totaling more than 1.1 million square feet that are valued in excess of $450 million and represent approximately 8 percent of its overall portfolio.

April 4, 2022

Acquisitions Illinois Midwest Retail

NewMark Merrill Sells 90,000 SF Building to be Occupied by Cermak Fresh Market in Suburban Chicago

by Kristin Harlow April 4, 2022

MELROSE PARK, ILL. — NewMark Merrill Cos. Inc. has sold a 90,000-square-foot building at Winston Plaza, a 400,000-square-foot shopping center in the Chicago suburb of Melrose Park. Cermak Fresh Market acquired the building for an undisclosed price and plans to open a new grocery store by the end of this year. Sandy Sigal and Brad Pearl represented NewMark Merrill on an internal basis alongside Joe Parrott and Sean McCourt of CBRE. Dino Geroulis and John Roberson of Axis Realty represented Cermak. Kostas Kavayiotidis of Pacific Southwest Realty structured financing. Anchor tenants at Winston Plaza include Best Buy, Ross Dress for Less, Marshalls, Dollar Tree, Five Below and Office Max.

April 4, 2022

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