Midwest

Provender Partners Acquires Midwest Food Distribution Portfolio for $24M

by Kristin Harlow January 27, 2022

CARROLL, IOWA — Provender Partners, a real estate investor in food-related industrial buildings, has acquired a 469,673-square-foot distribution portfolio that serves as the Midwest supply chain for Core-Mark for roughly $24 million. The portfolio comprises a 435,968-square-foot warehouse and distribution center in the central Iowa city of Carroll as well as six support facilities ranging in size from 2,500 to 4,000 square feet in Iowa, South Dakota and Minnesota. Core-Mark, a wholesale distributor to the convenience retail industry, occupies all of the facilities. Dick Powell of CBRE represented the undisclosed seller. Matt Bear of Bear Real Estate Advisors represented Provender.

January 27, 2022

Acquisitions Indiana Midwest Multifamily

Rosewood Realty Group Arranges $22.2M Sale of Apartment Community in New Albany, Indiana

by Kristin Harlow January 27, 2022

NEW ALBANY, IND. — Rosewood Realty Group has arranged the $22.2 million sale of Stonecrest Apartments in New Albany, about five miles northwest of Louisville, Ky. The six-building, garden-style apartment community is located at 4719 Grant Line Road along the Ohio River and includes 144 units. The first building was completed in 2017 and the sixth building was constructed in 2021. Aaron Jungreis and David Wildes of Rosewood represented the seller, a local developer. The duo also represented the metro New York City-based buyer, which plans to add a new pool and clubhouse to the property.

January 27, 2022

Acquisitions Industrial Midwest Ohio

Matthews Real Estate Brokers $14.5M Sale of Industrial Property in Fostoria, Ohio

by Kristin Harlow January 27, 2022

FOSTORIA, OHIO — Matthews Real Estate Investment Services has brokered the $14.5 million sale of a 488,000-square-foot industrial property in Fostoria, about 40 miles south of Toledo. Global consumer brand Arm & Hammer occupies the building, which is located at 110 E. Jones Road. Alexander Harrold of Matthews represented the institutional seller. The transaction closed above the final list price.

January 27, 2022

Illinois Leasing Activity Midwest Restaurant Retail

Star Cinema Grill to Open at Arboretum of South Barrington in Suburban Chicago

by Kristin Harlow January 27, 2022

SOUTH BARRINGTON, ILL. — Star Cinema Grill has signed a 15-year lease to open a 38,000-square-foot location at The Arboretum of South Barrington in the northwest Chicago suburb of South Barrington. Star Cinema Grill is opening in space previously occupied by IPIC Theaters. Slated to open this spring, the movie theater will offer an extensive menu and full-service bar. Mike Zucker, managing partner of Peak Properties LLC, was named receiver of the 480,000-square-foot shopping center in late 2020. Madeline Wheeler of JLL represented Peak, while Kristen Barker of Wulfe & Co. represented Star Cinema Grill. Cory Born of JLL serves as the general manager of the shopping center.

January 27, 2022

Acquisitions Midwest Retail Wisconsin

Mid-America Negotiates $9.3M Sale of Retail Center in Greenfield, Wisconsin

by Kristin Harlow January 27, 2022

GREENFIELD, WIS. — Mid-America Real Estate Group has negotiated the $9.3 million sale of 84South Small Shops in Greenfield, a southern suburb of Milwaukee. Built in 2018, the 17,805-square-foot retail center is located along Layton Avenue. Tenants include Men’s Hair House, Hand & Stone Massage and Facial Spa, MOD Pizza, FedEx Office and Café Zupas. Dan Rosenfeld of Mid-America Real Estate Wisconsin LLC represented the seller, Cobalt Partners. E&K Land LLC was the buyer.

January 27, 2022

Multifamily Investment NAI Arthur Milston

Content Partner Features Loans Midwest Multifamily NAI Northeast Southeast Texas Western

Multifamily Investment Attracts Varied Capital as Fundamentals Drive Demand

by Sarah Daniels January 27, 2022

The multifamily investment sales sector had well-documented success in 2021 with a record volume of over $220 billion in transaction activity. Factors driving competition for transactions within the sector included: increasing home prices, widespread interest in renting and the easing of COVID-19 restrictions bringing renters back into the nation’s cities, all of which drove the average, nationwide multifamily occupancy rate above 97 percent. With firmly rooted fundamentals, investor interest across the spectrum of multifamily has been intense. Traditionally popular core investment products (stabilized and value-add assets located in primary and secondary markets) were the clear winners with investors. Some multifamily REIT stocks increased by 75 to 100 percent in 2021, explains Arthur Milston, senior managing director with NAI Global and co-head of the company’s Capital Markets Group. Milston sat down with REBusinessOnline to explain where NAI Global sees growth and opportunities in 2022. REBusiness: Who are the primary investor groups acquiring multifamily? What types/locations are they attracted to? Milston: Historically, multifamily has always had very fragmented ownership compared to other asset classes. Currently, the dominant players are the large aggregators of product, whether it be REITs or institutional investors that are buying, typically in conjunction with an operating partner. Pension …

January 27, 2022

Georgia Midwest Missouri Mixed-Use Retail Southeast Top Stories

Two Class B Mall Redevelopment Projects Near Atlanta, St. Louis Unveiled

by Katie Sloan January 27, 2022

NORTH DECATUR, GA. AND CRESTWOOD, MO. — Real estate developer EDENS and the City of Crestwood have separately announced two massive mall redevelopment projects in the Atlanta and St. Louis metropolitan areas, respectively. The redevelopment of Class B malls into mixed-use, open-air centers has continued to grow in popularity as shopping center owners and operators look to compete with e-commerce through the delivery of thoughtful spaces that provide an experience for visitors. North Dekalb Mall EDENS purchased North Dekalb Mall last year with plans to redevelop the property into a mixed-use project. This week, a Development of Regional Impact (DRI) application was filed with the Georgia Department of Community Affairs detailing plans for the project. Located roughly seven miles outside in Atlanta in North Decatur, the development is set to include 300,000 square feet of office space, 200,000 square feet of hospitality, 150 multifamily units and 1,700 townhomes, in addition to retail and restaurant space. A timeline for the project and further information was not disclosed. The property’s previous owner, Sterling Organization, teamed up with developer Hendon Properties and Lennar Commercial Investors in 2014 with plans to turn the 622,297-square-foot enclosed mall into an open-air shopping center, which ultimately did …

January 27, 2022

Indiana Loans Lument Midwest Multifamily

Lument Provides $43.2M Loan for Refinancing of Indianapolis Apartment Community

by Kristin Harlow January 26, 2022

INDIANAPOLIS — Lument has provided a $43.2 million Fannie Mae loan for the refinancing of Gardens of Canal Court in Indianapolis. The 421-unit, garden-style apartment community consists of 18 buildings with three pools and 654 parking spaces. The property is 97 percent occupied. James Kress and Jim Croft of Lument originated the loan, which features a 12-year term with one year of interest-only payments and a 30-year amortization schedule. The undisclosed borrower currently owns about 5,000 multifamily units, most of which are located in the Indianapolis area.

January 26, 2022

Illinois Loans Midwest Multifamily

Associated Bank Arranges $36.8M Acquisition Loan for Manufactured Housing Community in Crystal Lake, Illinois

by Kristin Harlow January 26, 2022

CRYSTAL LAKE, ILL. — Associated Bank has arranged a $36.8 million loan for the acquisition and expansion of Oakbrook Estates in Crystal Lake, about 45 miles northwest of Chicago. The age-restricted manufactured housing community includes 300 homes. The sale includes excess land on which another 114 homes will be built. Associated Bank served as lead arranger and administrative agent, working with Great Southern Bank. Edward Notz of Associated Bank handled the loan arrangements and closing. The borrower was a partnership between Marc Realty and Ravinia Communities.

January 26, 2022

Acquisitions Illinois Midwest Retail

Joint Venture Acquires 160,301 SF Grocery-Anchored Shopping Center in Suburban Chicago

by Kristin Harlow January 26, 2022

SCHAUMBURG, ILL. — A joint venture between PCCP and KPR Centers has acquired Schaumburg Corners, a 160,301-square-foot shopping center in the Chicago suburb of Schaumburg. The purchase price was undisclosed. Anchored by Amazon Fresh, the fully leased property is also home to Bob’s Furniture, Office Depot, Petco and H Mart. Kensington Development Partners was the seller.

January 26, 2022

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