Midwest

M & J Wilkow Purchases 350,000 SF Office Campus in Fishers, Indiana

by Kristin Harlow July 26, 2022

FISHERS, IND. — In a joint venture with a fund managed by DRA Advisors LLC, M & J Wilkow has purchased a 350,000-square-foot office campus in the Indianapolis suburb of Fishers. Known as 11100 USA Parkway, the property is situated near The Yard at Fishers District, a new mixed-use development. The nearly 40-acre office campus, developed in 1990 and 1995, features a cafeteria, auditorium, fitness center and conference space. Tenants include Navient Solutions, First Data Resource and Pendrick Capital Partners. John Robinson, Abby Zito and Kevin Gillihan of JLL represented the seller, Navient, which will remain a tenant in the building. JLL will also oversee leasing efforts on behalf of new ownership.

July 26, 2022

Loans Michigan Midwest Multifamily Ohio Seniors Housing Wisconsin

Lument Provides $87M in HUD-Insured Loans for Refinancing of Midwest Skilled Nursing Portfolio

by Kristin Harlow July 26, 2022

OHIO, MICHIGAN AND WISCONSIN — Lument has provided $87 million in HUD 232/223(f) loans for the refinancing of a portfolio of nine skilled nursing facilities located in Ohio, Michigan and Wisconsin. The properties total 691 beds. The operator, Atrium Centers Inc., provides short-term, post-acute rehabilitation and long-term nursing care. Each of the nine loans features a fixed interest rate. HUD 232/223(f) loans allow for the purchase or refinancing of nursing homes and assisted living facilities.

July 26, 2022

Acquisitions Midwest Missouri

Shive-Hattery Acquires KdG Architects in St. Louis

by Kristin Harlow July 26, 2022

ST. LOUIS — Shive-Hattery has acquired KdG Architects, a 20-person architecture, engineering and interior design firm based in St. Louis. KdG’s national portfolio of hospitality and gaming projects was attractive to Shive-Hattery, which is currently serving these industries regionally, according to President Jennifer Bennett. KdG will operate as a division of Shive-Hattery, which is a 450-person architecture and engineering firm headquartered in Iowa with 14 design offices in Arizona, Illinois, Indiana, Iowa, Missouri, Nebraska, Ohio and Wisconsin.

July 26, 2022

Acquisitions Kansas Midwest Retail

Marcus & Millichap Brokers $10.5M Sale of Retail Center in Lawrence, Kansas

by Kristin Harlow July 26, 2022

LAWRENCE, KAN. — Marcus & Millichap has brokered the sale of Lawrence Marketplace in Lawrence for $10.5 million. The 90,982-square-foot retail center is located at 2525 Iowa St. Anchor tenants at the fully occupied property include Planet Fitness and Office Depot. Zach Turner, Scott Wiles, Mark Ruble, Erin Patton, Craig Fuller and Chris Lind of Marcus & Millichap represented the seller, a Kansas-based limited liability company. The team also secured the buyer, a New York-based limited liability company.

July 26, 2022

Acquisitions Midwest Minnesota Retail

Upland Arranges $4.5M Sale of KinderCare-Occupied Property in Lakeville, Minnesota

by Kristin Harlow July 26, 2022

LAKEVILLE, MINN. — Upland Real Estate Group has arranged the $4.5 million sale of a retail property occupied by KinderCare Learning Center in the Minneapolis suburb of Lakeville. The building is part of Crossroads of Lakeville, a 127,070-square-foot shopping center anchored by Cub Foods. Deborah Vannelli, Keith Sturm and Amanda Leathers of Upland brokered the sale. A local buyer purchased the asset while completing a 1031 exchange. KinderCare operates more than 1,500 early childcare centers in 40 states.

July 26, 2022

Development Midwest Missouri Multifamily

Midas Construction Nears Completion of $65M Luxury Multifamily Development in Missouri

by Kristin Harlow July 25, 2022

DARDENNE PRAIRIE, MO. — Midas Construction is nearing completion of a $65 million multifamily development known as Dardenne Luxury Apartments on the Prairie in Dardenne Prairie, about 37 miles northwest of St. Louis. The five-building property will include 180 units. Amenities will include a pool, outdoor lounge, clubhouse, business room, coffee bar, fitness center and dog park. Additionally, Benton Homebuilders is constructing villas at the property. Mia Rose Holdings is the developer, Rosemann & Associates PC is the architect and Premier Design Group is the civil engineer. 2B Residential is underway on the lease-up process and will manage the property, which is slated to open later this summer. Monthly rents start at $1,250.

July 25, 2022

Acquisitions Illinois Midwest Retail

Mid-America Brokers Sale of 112,622 SF Shopping Center in Bolingbrook, Illinois

by Kristin Harlow July 25, 2022

BOLINGBROOK, ILL. — Mid-America Real Estate Corp. has brokered the sale of The Landings, a 112,622-square-foot shopping center in the Chicago suburb of Bolingbrook. The sales price was undisclosed. Anchor tenants at the property, which is 91 percent leased, include PetSmart, OfficeMax, Planet Fitness and Modern Furniture. Ben Wineman of Mid-America represented the seller, an affiliate of Atlanta-based RCG Ventures. Irvine, Calif.-based Sperry Equities was the buyer.

July 25, 2022

Affordable Housing Development Midwest Multifamily Ohio

Woda Cooper Opens $15.4M Affordable Housing Community in Columbus, Ohio

by Kristin Harlow July 25, 2022

COLUMBUS, OHIO — Columbus-based developer Woda Cooper Cos. has opened Wendler Commons, a $15.4 million affordable housing development located at 4860 Wendler Blvd. in Columbus. Wendler Commons comprises 62 units that are affordable for households that earn 30 to 80 percent of area median income, including 14 one-bedroom apartments, 40 two-bedroom apartments and eight three-bedroom apartments. Four units are designed for those with mobility challenges, and two additional units are specifically equipped for those with sight and/or hearing impairments. Rental rates are $330 to $1,060 per month, depending on unit size and income restriction. Units come with cable, telephone and internet access. Community amenities include an onsite management office, a multipurpose space with a kitchenette, a playroom, a fitness center and laundry with off-street parking. The Ohio Housing Finance Agency allocated federal low-income housing tax credits to support equity financing as well as provided an equity bridge mortgage. Ohio Capital Corp. for Housing purchased the tax credits, which enabled equity financing invested by Cincinnati-based Fifth Third Bank, which also provided a construction loan. Merchants Capital provided a first permanent mortgage. The City of Columbus originated $750,000, and the Affordable Housing Trust for Columbus and Franklin County provided a primary equity bridge loan. …

July 25, 2022

Indiana Leasing Activity Midwest Office

JLL Completes Lease-Up of 100,000 SF Office Building in Carmel, Indiana

by Kristin Harlow July 25, 2022

CARMEL, IND. — JLL has completed the lease-up of The Agora at the Proscenium in the Indianapolis suburb of Carmel. The 100,000-square-foot office building is now home to Valeo, Schwarz Partners, Lauth, Gallagher, Lambda Chi Alpha, Cityscape Residential, Indy Knitwear and Renaissance Specialty Insurance. Lauth completed development of the property in the fall of 2020. The development also features luxury apartments and condos along with 40,000 square feet of retail space. John Vandenbark of JLL was the leasing agent for the office space.

July 25, 2022

Affordable Housing Loans Midwest Multifamily Nebraska

KeyBank Provides $14.3M Construction Loan for Conversion of Former School into Affordable Housing in Nebraska

by Kristin Harlow July 25, 2022

PLATTSMOUTH, NEB. — KeyBank Community Development Lending and Investment has provided a $14.3 million construction loan for the conversion of a former high school building into affordable housing in Plattsmouth, a southern suburb of Omaha. Named Lofts on Main, the project consists of the adaptive reuse of the school as well as a ground-up building. The development will include 41 units, 32 of which will be restricted to residents who earn up to 60 percent of the area median income. Ted Witt and Samantha Yates of KeyBank structured the financing. Additionally, WNC provided $7.5 million in federal low-income housing tax credit (LIHTC) and historic tax credit funding. Advantage Capital provided $3.6 million in state LIHTC and historic tax credit funding. The Nebraska Investment Finance Authority and the City of Plattsmouth also provided funds.

July 25, 2022

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