SPRINGDALE, OHIO — Milhaus has broken ground on Array, a $43 million apartment development in the Cincinnati suburb of Springdale. The 216-unit project, situated at 11911 Sheraton Lane, will include amenities such as a dog park, resident lounge, communal kitchen, pool, fitness center, conference rooms, coworking spaces and rentable office space. The project team includes architect M+A Architects, interior designer Studio 5 and engineer Bayer Becker. Completion is slated for March 2023.
DULUTH, MINN. — CBRE has brokered the sale of ENDI Apartments in Duluth, a city in eastern Minnesota. The sales price was undisclosed. The 142-unit luxury multifamily property includes 13,876 square feet of retail space that is fully leased. The development is located at 2120 London Road along Lake Superior. Ted Abramson, Keith Collins and Abe Appert of CBRE represented the seller, Lift Bridge Partners LLC. Endi Plaza LLC was the buyer.
ORLAND PARK, ILL. — Quantum Real Estate Advisors Inc. has arranged the sale of a single-tenant retail building occupied by REI in Orland Park, a southern suburb of Chicago. The sales price was undisclosed. The property was fully renovated in 2021 and leased to REI on a new, long-term net lease. Chad Firsel of Quantum represented the seller, a Chicago-based development group. George Pino of Commercial Brokers International represented the buyer, a California-based private investor.
OVERLAND PARK, KAN. — IHOP and Paris Baguette will open new locations at a pad development site fronting Oak Park Mall in Overland Park. Currently, a 34,371-square-foot office building is undergoing demolition to make way for the construction of the new pad development. IHOP will occupy 4,500 square feet and Paris Baguette will lease 1,500 square feet of the 6,000-square-foot building. Additionally, negotiations are underway with a national bank to occupy the corner pad. Alex Block of Block & Co. Inc. Realtors represented the tenants, while colleagues Daniel Brocato and David Block represented ownership. Paris Baguette is a rapidly expanding bakery café concept with dozens of locations nationwide. This will be the first location in metro Kansas City for the brand.
If there were one phrase to summarize the attitude of seniors housing investors and lenders in 2022, it would be “cautiously optimistic.” How quickly can the seniors housing industry hope to recover in the face of continued difficulties? What is likely to drive the financing and investment market? While difficulties due to COVID and labor shortages continue to create challenges in terms of immediate occupancy, strong demand fundamentals and a healthy appetite for seniors housing investments indicate a return to normality is possible in 2022, according to Brandon Taseff, senior vice president, and Lee Delaveris, vice president on KeyBank Real Estate Capital’s team. Headwinds, Tailwinds in Seniors Housing The headwinds for seniors housing investment and development should not be dismissed, Taseff indicates. Staffing issues, the Omicron variant, slow occupancy growth and sluggish absorption of senior living units have made for slow going in the market with acquisition, development and financing activity remaining below normal levels. 2021 saw many positive factors to counter these impediments: widespread vaccination, a rebound in occupancy and a strengthened capital market interest in seniors housing. 2022 may be able to continue this momentum, explains Delaveris. “There are a lot of good reasons to think the industry will …
FARMINGTON, MO. — Berkadia has arranged the sale of The Avery in Farmington, about 75 miles south of St. Louis. The sales price was undisclosed. The 408-unit multifamily property offers convenient access to Parkland Health Center and Farmington Regional Airport. Andrea Kendrick, Ken Aston and Bobby Mills of Berkadia St. Louis represented the seller, Montana-based Braxton Development. Minnesota-based Timberland Partners was the buyer.
ST. PETERS, MO. — Mia Rose Holdings has received zoning and site plan approval to build The Station at St. Peters Luxury Living, a 180-unit multifamily development in St. Peters, a northwest suburb of St. Louis. Construction is scheduled to begin in the second quarter, with completion slated for the first quarter of 2023. The development’s 60 two-bedroom units and 120 one-bedroom units will be spread across five buildings. There will also be a 3,800-square-foot clubhouse. Amenities will include a conference center, package concierge, kitchen, public workspace and fitness center. The project team includes general contractor Midas Construction, architect Rosemann & Associates PC, civil engineer Premier Design Group and mechanical, electrical and plumbing engineer Engenuity. The property manager will be 2B Residential. Mia Rose is a Chesterfield, Mo.-based developer.
BROOKLYN PARK, MINN. — Monument Capital Management, an A-Rod Corp. company, has acquired Ridgebrook Apartments in Brooklyn Park, a northern suburb of Minneapolis. The purchase price was $19.7 million. The 144-unit apartment community is located at 5840 73rd Ave. Built in 1969, the property features amenities such as a clubhouse, fitness center, pool, playground and barbecue area. Monument plans to upgrade the common areas and units. Ted Brickel of Colliers represented the seller, North Shore Development Partners. Monument, which purchased the community in a joint venture with unnamed private investors, now owns and manages five multifamily assets in Minnesota totaling 747 units. Baseball star Alex Rodriguez and Ramon Corona founded Monument Capital Management in 2012.
SHARONVILLE, OHIO — Workhorse Group, an electric vehicle manufacturer, has signed a 58,720-square-foot lease for both industrial and office space at Park 42 in Sharonville, a northern suburb of Cincinnati. The company is relocating its headquarters from nearby Loveland. Situated on nearly 30 acres, the 286,000-square-foot building is located near I-275, I-75 and I-71. Workhorse Group is expected to move into the new space no later than April of this year. Todd Pease and Tom Fairhurst of JLL represented the building owner, Experimental Holdings. John Schenk Jr. and Chris Vollmer Sr. represented the tenant.
WHEATON, ILL. — Marcus & Millichap has brokered the sale of Shops of Wheaton for $7.3 million. The 79,151-square-foot retail center is located at 1101 Butterfield Road in Wheaton, about 25 miles west of Chicago. The property is 91 percent occupied, and anchor tenants include Anytime Fitness and Fox Bowl. Adrian Mendoza, Austin Weisenbeck and Sean Sharko of Marcus & Millichap represented the seller, a local private investor. Weisenbeck, Sharko and colleague Kevin Wiersema secured and represented the buyer, a New Jersey-based limited liability company.
