WAUSAU, WIS. — Marcus & Millichap has arranged the $17.5 million sale of a 500,000-square-foot industrial property in the central Wisconsin city of Wausau. Located at 500 N. 72nd Ave., the building has served as a Midwest distribution center for Footlocker since its construction in 2001. Christian Hlavinka and Jon Rauh of Marcus & Millichap represented the seller, a partnership. The duo also secured the buyer, a private investor.
AUBURN HILLS, MICH. — Signature Associates has brokered the sale of a 443,340-square-foot industrial building in Auburn Hills for an undisclosed price. Located at 3600 Giddings Road, the property features a clear height of 30 feet and 375 car parking spaces. Joe Hamway and Greg Hudas of Signature Associates represented the buyer, a partnership between Foundation Capital Partners LLC and Wheelock Street Capital LLC. The duo is now marketing the property for lease. Occupancy will be available in May.
O’FALLON, MO. — Holland Construction Services has completed The Jewel Apartments, a $41.2 million apartment complex in O’Fallon, a western suburb of St. Louis. Tennessee-based Vita Residential was the developer. Located at 9200 Veterans Memorial Parkway, the 240-unit property consists of 10 buildings. Amenities include a clubhouse, pool, family room, fitness area and dog park. The property is currently 95 percent occupied. Vita is now finalizing development plans with Holland on a similar 240-unit project called The Jewel at Whispering Oaks in Swansea, Ill. Construction is expected to begin in May.
MINNEAPOLIS — JLL Capital Markets has negotiated the sale of a multifamily development site on Oak Grove Street in the Loring Park neighborhood of Minneapolis. The sales price was undisclosed. The buyer is an affiliate of Linden Street Investments, which also has developments in downtown east and the southwest suburbs of Minneapolis. Josh Talberg, Mox Gunderson, Dan Linnell and Adam Haydon of JLL represented the seller, The Woman’s Club of Minneapolis. The site is home to the club’s former parking lot. The buyer’s development plans were not released.
NEW BERLIN AND MENOMONEE FALLS, WIS. — Stan Johnson Co. has brokered the sale of two childcare centers net leased to The Learning Experience in suburban Milwaukee for $9.8 million. Both locations were built in 2020 and are situated in New Berlin and Menomonee Falls. Brandon Duff and Matt Spangenberg of Stan Johnson represented the sellers, two private entities based in Atlanta and Chicago. Milo Spector of Stan Johnson represented the San Francisco-based buyer, which completed a 1031 exchange.
ST. CHARLES AND BATAVIA, ILL. — Lee & Associates has arranged the sales of two industrial buildings totaling 168,636 square feet in central Kane County, which is located west of Chicago. In the first transaction, a 102,000-square-foot building in St. Charles sold to a publicly traded REIT. Michael Androwich Jr. of Lee & Associates represented the buyer, while Jeff Holmes of Regional Realty represented the seller, Wise Plastics. In the second transaction, Androwich represented buyer WP Industries in its purchase of a 66,636-square-foot building at 1260 Kingsland Drive in Batavia. Ellerman Commercial represented the undisclosed seller.
DETROIT — Ready Capital has closed a $3.5 million loan for the acquisition and lease-up of a roughly 75,000-square-foot industrial property in the Southern I-275 Corridor of Detroit. The undisclosed borrower plans to address deferred maintenance and lease up the vacant building. The nonrecourse loan features a two-year term, floating rate and interest-only payments.
2021 was an exciting year in the multifamily financing market, and for Berkadia mortgage banking — we originated over $40 billion in volume for our clients across our various lender programs, an increase of 50 percent over our 2020 volumes. Every lender in the market demonstrated a strong appetite for originating loans and increased their holdings of mortgages, which was crucial given that the Federal Housing Finance Agency (FHFA) lowered the caps for Fannie Mae and Freddie Mac to $70 billion each. While the final numbers haven’t been released yet, the Mortgage Bankers Association (MBA) projected the market would originate $578 billion of loans backed by commercial real estate in 2021, a 31 percent increase from 2020 ($442 billion) and just below 2019’s record volume of $601 billion. The fundamentals of the multifamily sector drove unbelievable rent growth, which in turn drove increased investor interest. In 2021, we advised on 762 investment sales transactions, totaling close to $27 billion in volume, a truly record-breaking year for us! This tremendous investor appetite brought about an enhanced need for financing, and often more creative financing. With the government-sponsored enterprises (GSEs) more limited, life companies and commercial banks answered the call, but the …
A lot has changed in the world since the beginning days of the COVID-19 pandemic in early 2020. Fast forward to November 2021 and the world is a very different place. Over 46 million people have been infected in the United States alone with over 750,000 deaths officially attributed to the virus. Most businesses have been forced to shut down in-person work for some period of time and many have instituted remote work programs until the beginning of 2022. The real question on everyone’s mind is when will we return to normal and more specifically, what will the new normal look like? Although we will most certainly have to deal with the aftereffects of COVID-19 and any variants that surface, there is light at the end of the tunnel. To date, approximately 427 million doses of the vaccine have been administered with over 192 million people fully vaccinated. Recently, Pfizer announced that it has developed an easy-to-administer COVID-19 pill, which when used in combination with a widely used HIV drug, can cut the risk of hospitalizations or death by 89 percent in high-risk adults who have been exposed to the virus. Given the combination of vaccinations, natural immunity for those …
ITASCA, ILL. — Sovereign Partners LLC has acquired Two Pierce Place, a 25-story office tower in Itasca. Piedmont Office Realty Trust sold the asset for approximately $24 million, according to Crain’s Chicago Business. The 489,876-square-foot property is situated within the 300-acre Hamilton Lakes Business Park. Two Pierce Place was built in 1991 and formerly served as the headquarters of Gallagher Insurance. Crain’s reports that the building is now more than 60 percent vacant. Amenities include a deli, sundry shop, fitness center, tenant lounge, covered parking and access to lakes and walking trails. Matthew Schoenfeldt of JLL arranged acquisition financing through an insurance company.