Midwest

Sansome Pacific Buys Value-Add Retail, Hotel Portfolio for $20.6M

by Amy Works February 3, 2022

SAN FRANCISCO — San Francisco-based Sansome Pacific has acquired a value-add portfolio of 10 retail and hospitality properties in California, Oregon, Connecticut, Illinois, Maine and New Hampshire for $20.6 million. The portfolio offers a total of 204,000 square feet. A majority of the properties feature below-market rents and short-term leases. The properties were acquired from a debt fund that buys loans encumbering underperforming mall properties. The two hotel assets, located in California, are 60-key properties. The retail assets include both single-tenant and multi-tenant buildings with lease terms ranging from one to six years along with freestanding pad buildings located near shopping malls. The larger mall assets are in various phase of renovation and will be upgraded in the coming years. Skyline Pacific Properties provided financing for the portfolio.

February 3, 2022

Acquisitions Illinois Indiana Industrial Midwest Ohio

Taurus Purchases 1.5 MSF Industrial Portfolio Across Three Midwest Markets for $145.3M

by Kristin Harlow February 3, 2022

CHICAGO, CINCINNATI AND INDIANAPOLIS — Taurus Investment Holdings LLC has purchased an 18-building industrial portfolio totaling 1.5 million square feet across metro Chicago, Cincinnati and Indianapolis. Prologis sold the portfolio for $145.3 million, according to Crain’s Chicago Business. The buildings are 94 percent leased to 40 national, regional and local tenants. Boston-based Taurus currently owns more than 15 million square feet of industrial product nationwide.

February 3, 2022

Acquisitions Midwest Minnesota Multifamily

JLL Arranges $61.6M Sale of Apartment Complex in Minneapolis

by Kristin Harlow February 3, 2022

MINNEAPOLIS — JLL Capital Markets has arranged the $61.6 million sale of Marquee, a 231-unit apartment complex in the Loring Park neighborhood of Minneapolis. The mid-rise property features amenities such as a private conference room, dog wash station, clubroom, rooftop pool, fitness center, resident lounge and bike storage. The community also includes 8,865 square feet of retail space. Mox Gunderson and Dan Linnell of JLL represented the seller, Reuter Walton Development. KC Venture Group LLC was the buyer.

February 3, 2022

Acquisitions Industrial Midwest Minnesota

Colliers Brokers Sale of Three-Property Industrial Portfolio in Minnetonka, Minnesota

by Kristin Harlow February 3, 2022

MINNETONKA, MINN. — Colliers Minneapolis-St. Paul has brokered the sale of a three-property industrial portfolio in Minnetonka for an undisclosed price. The portfolio totals 168,315 square feet and was 99 percent occupied at the time of sale. The buildings, constructed in the 1970s and 1980s, range in size from 37,094 square feet to 68,721 square feet. Mark Kolsrud, John McCarthy, Peter Loehrer, Pete Carbonneau, Kyle Delarosby and Lydia Turczyn of Colliers represented the undisclosed seller. Ryan Cos. US Inc. was the buyer.

February 3, 2022

Loans Midwest Multifamily Ohio

Ready Capital Closes $9M Acquisition Loan for Manufactured Housing Community in Toledo, Ohio

by Kristin Harlow February 3, 2022

TOLEDO, OHIO — Ready Capital has closed a $9 million loan for the acquisition, renovation and stabilization of a 233-pad manufactured housing community in the Ottawa Hills submarket of Toledo. The borrower plans to implement a capital improvement program to renovate lots, dispose of park-owned homes and lease up the vacant pads. The nonrecourse loan features a three-year term, floating rate and interest-only payments.

February 3, 2022

Acquisitions Illinois Industrial Midwest

Clear Height Properties, Harbert Acquire 83,745 SF Industrial Portfolio in Addison, Illinois

by Kristin Harlow February 3, 2022

ADDISON, ILL. — A joint venture between Illinois-based real estate investor Clear Height Properties and Harbert US Real Estate, an investment strategy sponsored by Harbert Management Corp., has acquired an 83,745-square-foot industrial portfolio in Addison, a western suburb of Chicago. The purchase price was not provided. The four buildings are situated along Cortland Court. The portfolio is just over 90 percent leased to a variety of tenants. Erik Foster, Mike Wilson, Adam Haefner, Zeke Rowan and Martin Mikaitis of Avison Young represented the undisclosed seller.

February 3, 2022

Meghan Czechowski quote Apprise Multifamily Valuation

Content Partner Features Finance Insight Midwest Multifamily Northeast Southeast Texas Walker & Dunlop Western

Web-Based Multifamily Valuation Enhances Speed, Builds Better Predictions

by Sarah Daniels February 3, 2022

The future of multifamily valuation requires flexibility and the use of technology to process data faster and more reliably. Meghan Czechowski, managing director and valuation lead for Apprise by Walker & Dunlop, spoke to Finance Insight about why multifamily valuations in particular are well suited to a web-based machine learning approach, resulting in faster appraisals with increased reliability. Finance Insight: How does the Walker & Dunlop Apprise program differ from traditional residential valuation programs? Czechowski: We’re focused on multifamily with our tech-enabled process. Most appraisal reports on the commercial side (multifamily included, that is, five units and up) are completed using a web-based database, and those databases are typically blank slates. When you’re entering sale comparables, rent comparables or other data, most people are starting from scratch and usually using an analyst to record that comparable information that then feeds into a database. The Apprise team of appraisal experts uses our Apprise application, which is a proprietary web-based system. It uses the property record database; therefore, it is not a blank slate. It has over 2.5 million multifamily records flowing into it from a public record aggregator and various industry resources like REIS, RCA and Yardi, using direct integration and …

February 3, 2022

Development Illinois Industrial Leasing Activity Midwest

Eaton Preleases 370,973 SF Industrial Development in Woodridge, Illinois

by Kristin Harlow February 2, 2022

WOODRIDGE, ILL. — Eaton, a provider of power management technologies and services, has preleased a 370,973-square-foot industrial development in Woodridge, a southwest suburb of Chicago. The developer, Duke Realty Corp., began construction of the speculative project in August. Completion is slated for this July. The 21-acre site at 10000 Woodward Ave. was previously home to a vacant movie theater. The project will feature a clear height of 36 feet, 37 dock doors, four drive-in doors, 44 trailer spaces and 343 parking spaces. Jason Lev of CBRE represented Eaton, while Jason West and Sean Henrick of Cushman & Wakefield represented Duke.

February 2, 2022

Loans Midwest Ohio Retail

KeyBank Provides $51.6M in Acquisition Financing for Three Retail Centers

by Kristin Harlow February 2, 2022

CLEVELAND — Cleveland-based KeyBank Real Estate Capital (KBREC) has provided $51.6 million in acquisition financing for three retail centers in Ohio, Oklahoma and Pennsylvania. First National Realty Partners LLC is acquiring the assets. Southland Crossings is a 245,678-square-foot center in the eastern Ohio city of Boardman. Anchor tenants include Giant Eagle, Michaels, Ross Dress for Less and PetSmart. Summit Square is a 166,552-square-foot property in Tulsa that is anchored by Reasor’s Foods, American Freight and Tuesday Morning. The Village at Pittsburgh Mills is a 161,079-square-foot center in Tarentum, Pa., that is anchored by Ross Dress for Less, Michaels, PetSmart and Aldi. Jon Scott of KBREC structured the financing with a five-year term and interest-only payments.

February 2, 2022

Acquisitions Healthcare Indiana Midwest

Cushman & Wakefield Arranges $8.9M Sale of Medical Office Property in Indianapolis

by Kristin Harlow February 2, 2022

INDIANAPOLIS — Cushman & Wakefield has arranged the sale of North Meridian Professional Center in Indianapolis for $8.9 million. The medical office property consists of three buildings totaling 72,309 square feet. Two of the buildings were constructed in the 1980s while the third was built in 2002. The property is 80 percent leased to a variety of medical and dental tenants. Gino Lollio, Travis Ives, Jon Owens and Joshua Graham of Cushman & Wakefield represented the seller, Florida-based Cantor Partners. Stablegate Investment Management was the buyer.

February 2, 2022

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