Midwest

Interra Negotiates $4.1M Condo Deconversion Sale in Arlington Heights, Illinois

by Kristin Harlow November 8, 2022

ARLINGTON HEIGHTS, ILL. — Interra Realty has negotiated the $4.1 million condo deconversion sale of a 34-unit property in Arlington Heights. Built in 1970, the property on North Salem Avenue comprises 30 one-bedroom units and four two-bedroom units. Patrick Kennelly and Paul Waterloo of Interra represented the seller, the Salem Lane Condominium Association. The duo also represented the undisclosed buyer. The condo owners were interested in selling the property to avoid a potential special assessment due to deferred maintenance, according to Interra. The new owner plans to make repairs to the balconies and upgrade units as they turn over. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a property if 75 percent or more are in agreement. The threshold is 85 percent for the City of Chicago. Sellers then have the option to either move out of their units or lease them back from the new owner.

November 8, 2022

Acquisitions Industrial Midwest Wisconsin

Founders 3 Brokers Sale of Two Industrial Buildings in Menomonee Falls, Wisconsin

by Kristin Harlow November 8, 2022

MENOMONEE FALLS, WIS. — Founders 3 Real Estate Services has brokered the sale of two industrial buildings totaling 75,163 square feet in Menomonee Falls, a northwest suburb of Milwaukee. The sales price was undisclosed. Bob Flood of Founders 3 represented the seller, Kohl’s Inc. Flood will market the properties for lease or sale on behalf of the buyer, Luther Group.

November 8, 2022

Acquisitions Illinois Midwest Multifamily Northmarq

Northmarq Arranges $27M Sale of Multifamily Portfolio in Yorkville, Illinois

by Kristin Harlow November 7, 2022

YORKVILLE, ILL. — Northmarq has arranged the $27 million sale of a multifamily portfolio in Yorkville, about 50 miles southwest of Chicago. The two-property portfolio totals 164 units. Parker Stewart and Alex Malzone of Northmarq represented the seller, a long-term owner and operator. York Meadow, built in 2003, contains 92 units. The seller was the original developer of the community. Yorkville Apartments, built in 1977, features 72 units. The seller renovated about 20 percent of the units. An East Coast-based buyer purchased the portfolio.

November 7, 2022

Acquisitions Illinois Midwest Retail

JRW Realty Brokers Sale of Mariano’s-Occupied Property in Suburban Chicago

by Kristin Harlow November 7, 2022

NORTHBROOK, ILL. — JRW Realty has brokered the sale of a 90,408-square-foot retail property occupied by Mariano’s grocery store in the Chicago suburb of Northbrook. The sales price was undisclosed. Christopher Thompson of JRW brokered the sale on behalf of one of the company’s institutional buyers. Cushman & Wakefield represented the undisclosed seller. Mariano’s is a subsidiary of Kroger and operates 45 stores in Illinois.

November 7, 2022

Acquisitions Hospitality Illinois Midwest

Mumford Co. Negotiates Sale of 59-Room Fairgrounds Inn Hotel in Du Quoin, Illinois

by Kristin Harlow November 7, 2022

DU QUOIN, ILL. — Mumford Co. has negotiated the sale of the Fairgrounds Inn hotel in Du Quoin, a city in southern Illinois. The sales price was undisclosed. The property rises two stories with 59 rooms and a swimming pool. The asset is situated adjacent to the Du Quoin County Fairgrounds. George Arvanitis of Mumford represented the seller, Sunrise Hotels LLC. Maakrupa Hospitality Inc. was the buyer.

November 7, 2022

Acquisitions Midwest Retail Wisconsin

Bowlero Corp. Acquires Sabre Lanes in Menasha, Wisconsin

by Kristin Harlow November 7, 2022

MENASHA, WIS. — Bowlero Corp. (NYSE: BOWL) has acquired the Sabre Lanes bowling alley in Menasha, about 37 miles southwest of Green Bay. The purchase price and seller were undisclosed. The transaction represents Bowlero’s third acquisition in Wisconsin this year. Sabre Lanes is home to 48 lanes, event spaces, a full kitchen and multiple bars. Bowlero assumed management and operation of the property beginning Saturday, Nov. 5.

November 7, 2022

Leasing Activity Michigan Midwest Retail

Throwbacks Home to Open 1,500 SF Furniture Showroom in Downtown Detroit

by Kristin Harlow November 7, 2022

DETROIT — Throwbacks Home, a subsidiary of Detroit-based furniture manufacturer Woodward Throwbacks, will open a 1,500-square-foot furniture showroom in downtown Detroit. With a focus on sustainable design, the showroom will feature furniture made in Detroit from reclaimed and recycled materials. The store will also carry a selection of designer homewares and furnishings. Throwbacks Home expects to open this month in its space at 35 W. Grand River Ave., which is owned by Bedrock. The location will be the only furniture showroom in downtown Detroit, according to Bedrock. Woodward Throwbacks maintains a warehouse in Hamtramck.

November 7, 2022

Content Partner Features Industrial Leasing Activity Loans Midwest Multifamily NAI Northeast Office Retail Southeast Texas Western

Experts Turn to Opportunistic Moves, Lending During Uncertainty of Economic Downturn

by Sarah Daniels November 7, 2022

As we shift through economic uncertainty and changes in the market, commercial real estate businesses are planning for a range of scenarios — and looking to historical trends to make predictions. REBusinessOnline sat down with two industry experts to talk about how this period of uncertainty compares to previous eras and where there may be benefits and opportunities in the current landscape. Jay Olshonsky, president and CEO, and Cliff Moskowitz, executive vice president, at NAI Global spoke about the commercial real estate outlook and the challenges it is likely to face in the immediate future. REBusiness: Looking at the current environment, how does it compare to previous periods of uncertainty? What might be the impacts on commercial real estate? Olshonsky: To start with, we are in a recession. We’ve already had two quarters of negative GDP growth. I think the most fundamental difference between this cycle and a lot of other cycles is that we have extremely low unemployment, differentiating this moment from others, for example, 2009. Even though the most recent job numbers were lower, they were still fairly strong. Jobs create the demand for commercial real estate at all levels, but especially at the services level. We do …

November 7, 2022

Acquisitions Midwest Office Wisconsin

Colliers Brokers Sale of Historic Office Building in Milwaukee

by Kristin Harlow November 4, 2022

MILWAUKEE — Colliers has brokered the sale of the Global Water Center in Milwaukee for an undisclosed price. The historic office building totals 86,156 square feet and is 87 percent leased to 14 tenants. The property was originally constructed in 1904 for the Molitor Paper Box Co. After Molitor relocated, machinery manufacturer The Murphy Specialty Co. occupied the building until 1938. In 2013, the building was redeveloped in partnership with the Milwaukee Water Council, a nonprofit organization. Since the summer of 2020, the property has welcomed new tenants such as Xylem Water Solutions, Beckhoff Automation, OpenGov and Diverge Translational Science Laboratory. Tom Shepherd and Jennifer Huber-Bullock of Colliers represented the seller, Water Accelerator LLC. The buyer was 247 Freshwater LLC, an affiliate of SixSibs Capital Corp.

November 4, 2022

Loans Michigan Midwest Multifamily

Greystone Provides $22.6M HUD-Insured Loan for Refinancing of Michigan Multifamily Property

by Kristin Harlow November 4, 2022

SHELBY TOWNSHIP, MICH. — Greystone has provided a $22.6 million HUD-insured 223(f) loan for the refinancing of Aria of Shelby in Michigan. The 96-unit multifamily property is located in Shelby Township, a northern suburb of Detroit. The newly built townhome community features two- and three-bedroom floor units across 18 buildings. Lisa Fischman of Greystone originated the loan on behalf of the borrower, an entity doing business as Aria of Shelby LLC. The fixed-rate loan features a 35-year term and a 35-year amortization. The borrower was also able to secure green certification through the National Green Building Standard, leading to a heavily reduced mortgage insurance premium. In addition to refinancing, loan proceeds enable the borrower to monetize a portion of the equity in the property.

November 4, 2022

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