KANSAS CITY, MO. — Newmark Zimmer has negotiated the sale of 4001 N. Norfleet Road in Kansas City for an undisclosed price. The 700,000-square-foot distribution center was built in 2007 as a build-to-suit for Musician’s Friend, which continues to occupy the property today. The facility sits on 68 acres near I-435. Mark Long, John Hassler, Jim Linn and Bret Hardy of Newmark Zimmer brokered the transaction. Buyer and seller information was not provided.
VALPARAISO, IND. — Evergreen Real Estate Group has secured financing to build Green Oaks of Valparaiso, a 120-unit assisted living community for low-income seniors in Valparaiso. Evergreen Construction Co., a division of Evergreen Real Estate Group, will serve as general contractor and plans to begin preliminary site work this month. Completion is slated for early 2023. The $30 million project will offer 48 studio and 72 one-bedroom units, all of which will be reserved for seniors age 62 or older whose incomes are at or below 60 percent of the area median income. Amenities will include a community room, media room, computer room, fitness center, beauty salon, library, garden and outdoor area. Gardant Management Solutions will manage the property. The Indiana Housing and Community Development Authority authorized 4 percent low-income housing tax credits (LIHTC) in support of the project. Additionally, the City of Valparaiso issued tax-exempt bonds, which were sold by PiperSandler. PNC Bank provided LIHTC equity.
CHICAGO — Chicago-based developer Sterling Bay has formed a joint venture with Ascentris, a Denver-based real estate private equity firm, for the development of 160 N Morgan, a 29-story apartment tower in Chicago’s Fulton Market. The project received approval from city council in October. The development will house 254 market-rate units, 28 affordable units, 89 parking spaces and 2,600 square feet of ground-floor retail space. Amenities will include an outdoor deck, fitness center and rooftop pool. The architecture firm is bKL Architecture. Construction is expected to begin this quarter, with completion slated for the fourth quarter of 2023. The project is Sterling Bay’s first-ever residential development in Fulton Market.
RICHFIELD, MINN. — Colliers Mortgage has arranged a $53 million HUD 223(f) loan for the refinancing of Chamberlain Apartments in Richfield, a southern suburb of Minneapolis. Of the apartment community’s 316 units, 20 percent are designated as affordable and are rented to residents who earn up to 50 percent of the area median income. The remaining units are rented at market rates. Amenities include a clubhouse, game room, fitness center, outdoor pool, playground and dog run. The 35-year loan is fully amortized. Chamberlain Apartments LLC was the borrower.
MUNCIE, IND. — The December jobs report “again disappointed,” says Dr. Michael Hicks, director of the Center for Business and Economic Research at Ball State University in Muncie. The U.S. Bureau of Labor Statistics reported non-farm payroll employment grew by 199,000 in December, but Hicks says the consensus estimate by economists was 447,000 new jobs. The December report followed on the heels of somewhat tepid job growth figures in November as well. Average hourly earnings were up 4.7 percent from December 2020, according to the Bureau of Labor Statistics. According to Hicks, wages accelerated in December 2021 growing at an annualized 7.3 percent, suggesting continued strong demand for workers. But labor markets continue to be volatile with significant turnover. “This job report signals higher wage costs that are not matched by large employment gains,” says Hicks. “This complicates discussion about raising interest rates to reduce inflationary risks.”
ROYAL OAK, MICH. — The Boulder Group has negotiated the $2.8 million sale of a single-tenant retail property net leased to Chipotle in Royal Oak, a northern suburb of Detroit. Newly constructed in 2021, the 2,400-square-foot building is located at 305 W. 11 Mile Road. Chipotle has a 12-year lease at the property. Randy Blankstein and Jimmy Goodman of Boulder Group represented the buyer, a West Coast-based private individual. A Midwest-based real estate investment firm was the seller.
CLEVELAND — Legion Capital has sold an 11,185-square-foot retail property leased to Family Dollar in Cleveland. The buyer and sales price were undisclosed. The building is located at 650 Northfield Road. Cale Powers of Trinity Real Estate Investment Services represented Legion, which purchased a different Family Dollar property in New Orleans. Family Dollar operates more than 8,000 stores across the U.S.
TERRE HAUTE, IND. — Stan Johnson Co. has negotiated the $22.3 million sale of Honey Creek Marketplace in Terre Haute, about 80 miles southwest of Indianapolis. The 107,733-square-foot shopping center is located at 4428 S. U.S. Highway 41. The property, built in 2015, is fully leased to seven tenants. The anchor tenants are Fresh Thyme Farmers Market and Academy Sports + Outdoors. Mark Lovering of Stan Johnson represented the seller, a Texas-based developer. Christian Tremblay of Stan Johnson represented the buyer, a Wisconsin-based institutional investor.
BLOOMINGTON, MINN. — JLL Capital Markets has arranged the sale of a two-building light industrial portfolio totaling 121,572 square feet in the Minneapolis-area community of Bloomington. The portfolio comprises the 58,976-square-foot Victoria Pond Center and the 62,596-square-foot Cedar Business Center, both of which were developed in the mid-1980s. Victoria Pond Center is fully leased to 11 tenants. Cedar Business Center is 91 percent leased to four tenants. David Berglund and Colin Ryan of JLL represented the seller, Hoyt Properties Inc. The sales price and buyer were undisclosed.
NEWPORT, MINN. — Colliers Minneapolis-St. Paul has brokered the sale of Raceway Business Center I in Newport, just southeast of St. Paul. The sales price was undisclosed. The 83,000-square-foot warehouse is located at 710 Hastings Ave. Developed by Scannell Properties in 2018, the property features a clear height of 28 feet, 10 dock-high doors, three drive-in doors, 122 parking stalls and a 120-foot truck court. Mark Kolsrud, John McCarthy, Pete Carbonneau, Kyle Delarosby, Tom Sullivan, Peter Fooshe, Tanner Theis and Lydia Turczyn of Colliers represented the seller, Starline Properties LLC. STAG Industrial Holdings LLC was the buyer.
