FORSYTH, ILL. — Marcus & Millichap has brokered the $4.8 million sale of Forsyth Center in Forsyth, about 45 miles east of Springfield, the state capital. The 30,087-square-foot retail center is located at 1460 Koester Road. The property is home to PetSmart and Dollar Tree, both of which have been tenants since the center was constructed in 2006. Tammy Saia and Tami Andrew of Marcus & Millichap represented the seller, a local developer. Buyer information was not provided.
BLOOMINGTON, ILL. — The Boulder Group has negotiated the sale of a single-tenant, net-leased retail property occupied by JOANN Fabrics in Bloomington for $4.1 million. The 21,828-square-foot building is located at 1701 E. Empire St. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Midwest-based real estate firm, as well as the buyer, a national real estate company.
CLEVELAND — The NRP Group, a Cleveland-based multifamily developer and operator, plans to break ground on approximately 6,000 apartment units spread across 23 construction projects in 2022. The properties will be a mix of affordable, market-rate and mixed-income communities. The total investment for the projects is estimated at $1.9 billion. The 23 communities are made up of 11 market-rate developments totaling 3,762 units; 10 affordable developments totaling 1,865 units for residents at or below 60 percent of the area median income (AMI); and two projects with 658 apartment homes in which half of the units are priced at market levels and half are priced for residents earning 80 percent of the AMI. Planned construction starts are distributed across the NRP footprint in Texas, the Washington, D.C., metro area, New York, New Jersey, Florida, North Carolina and Ohio.
CORALVILLE, IOWA — Artisan Capital Group and MJW Investments have purchased Latitude at River Landing in Coralville, which is located just north of Iowa City. The purchase price was undisclosed. The buyers plan to rebrand the 663-bed student housing property as The Banks-Student Living. Completed in 2019, the community features an outdoor pool, fitness center, lounge, game room, basketball court, study rooms and campus shuttle service. Located near the University of Iowa, the property is situated within Iowa River Landing, a master-planned development featuring retail, restaurant, entertainment and hospitality space. JLL arranged debt financing through Pacific Life.
WENTZVILLE, MO. — Houston-based developer Vault Partners has broken ground on Corporate Parkway Business Center in Wentzville, a western suburb of St. Louis. The 75,000-square-foot industrial flex building will feature a clear height of 24 feet and a rear truck court. Completion of the speculative property is slated for the fourth quarter of this year. Dial Architects designed the project. Joe Schneider and Keith Schneider of Cushman & Wakefield will market the property for lease. The project marks Vault’s first development in the St. Louis market.
GARY, IND. — Colliers Mortgage has provided a $14.5 million Fannie Mae loan for the refinancing of Gary NSA I & II Apartments in Gary, a city in Northwest Indiana. Constructed between 1914 and 1928, the affordable housing property features 249 units across 14 buildings. The community is covered entirely by a HUD rental Housing Assistance Payments (HAP) contract throughout the loan term. The 10-year loan features a 30-year amortization schedule. An entity doing business as Gary NSA I & II Housing LLC was the borrower.
KANSAS CITY, KAN. — In a sale-leaseback transaction, MAG Capital Partners LLC has acquired a 30,000-square-foot retail building occupied by Frontier Justice in Kansas City. The purchase price was undisclosed. Frontier Justice a retail destination founded in 2015 by Mike and Bren Brown, offers firing ranges, a café and an exclusive fashion boutique that sells a variety of men’s and women’s apparel, jewelry and home décor. Judd Dunning of DWG Capital Group arranged debt financing for MAG Capital Partners, which is a Texas-based private investment firm founded by Dax Mitchell and Andrew Gi. The transaction marks the second sale-leaseback that MAG Capital Partners has completed in the Kansas City market.
CLEVELAND — An affiliate of Phoenix Investors has reached a definitive agreement to acquire Nela Park in Cleveland for an undisclosed price. Nela Park is home to GE Lighting, a Savant company. The acquisition will add more than 1 million square feet of industrial space to Phoenix’s portfolio. Built in 1913, Nela Park is considered the first industrial park in the world, according to Phoenix. The 138-acre property consists of industrial space, office space, a cafeteria, fitness center and outdoor recreation facilities. Savant acquired GE Lighting in July 2020. GE Lighting plans to maintain partial tenancy at Nela Park after Phoenix’s acquisition.
KANSAS CITY, MO. — Northmarq has arranged the sale of Centropolis on Grand, a 56-unit apartment building in Kansas City’s River Market neighborhood. The sales price was undisclosed. Gabe Tovar and Jeff Lamott of Northmarq represented the seller, KC Commercial Realty Group, which developed the property in 2016. Tovar and Lamott are also arranging permanent financing on behalf of the buyer, Minneapolis-based Oaks Properties. The transaction marks the buyer’s first investment in the Kansas City market.
COLUMBUS, OHIO — MDH Partners has purchased Green Pointe Landing, a 100,000-square-foot warehouse in Columbus. The purchase price was undisclosed. Completed this January, the property sits on nearly nine acres at 5740 N. Green Pointe Drive. The building features 20 dock doors, 135 car parking spaces and clear heights that range from 28 to 32 feet. Cushman & Wakefield represented the seller, Oakridge Development Co. Houston Hawley served as the acquisition lead for MDH, which now owns more than 680,000 square feet of industrial space in Ohio.