FARGO, N.D. — JLL Capital Markets has negotiated the sale of Woodrow Apartments in Fargo for $19 million. The 97-unit apartment complex is located at 1222 4th Ave. and is the adaptive reuse of the 100-year-old Woodrow Wilson School. Amenities include a gym, community lounge, outdoor patio and heated underground parking. Adam Haydon, Mox Gunderson, Dan Linnell and Josh Talberg of JLL represented the seller, Fargo-based Kilbourne Group. Idaho-based Graystoke Capital Partners purchased the asset.
SHILOH, ILL. — Barber Murphy has brokered the sale of a 7,392-square-foot medical office building in Shiloh, about 20 miles east of St. Louis. The sales price was undisclosed. Barber Murphy represented the seller, Chouteau Ventures II LLC. R&R Real Properties Inc. purchased the building, which is located at 1116 Hartman Lane.
LANSING, MICH. — Ultium Cells, a joint venture between General Motors Co. (NYSE: GM) and LG Energy Solution, has unveiled plans for a $2.6 billion investment to build its third battery cell manufacturing plant in the United States. The facility, which will be located in Lansing, the state capital, is part of a larger $7 billion investment in four Michigan manufacturing sites to increase battery cell and electric truck manufacturing capacity. Detroit-based GM says this is the single largest investment announcement in its history. The Michigan Strategic Fund Board approved $824.1 million in incentives for the projects, according to local media reports. Ultium Cells will build the new plant in Lansing on land leased from GM. The facility is expected to create 1,700 new jobs when fully operational. Site preparation on the roughly 2.8 million-square-foot property is scheduled to begin this summer, and the plant is expected to open in late 2024. The facility will supply battery cells to Orion Assembly in Michigan and other GM electric vehicle (EV) assembly plants. “This significant investment demonstrates our commitment to strengthen our Michigan and U.S. manufacturing presence and grow good-paying jobs,” says Mary Barra, GM chair and CEO. “We will have the …
Fueled by a trifecta of favorable cap rates, an underserved apartment market and sharp increases in market demand, St. Louis is starting to gain momentum with the potential to become a new multifamily hotspot. As investors and developers take note, capital that typically has been focused in higher growth markets on the coast and cities like Chicago and Nashville is starting to flow into the Gateway City. The fruit of these investments is now coming to market. Despite 20-plus percent increases in construction costs, 24 percent more units — 2,057 total — were built in 2021 compared with St. Louis’ five-year annual average. Nearly 4,000 additional units are under construction in the St. Louis region. Population, personal income and job growth are the key economic drivers of multifamily unit demand. In 2020 and 2021, all three of those markers are finishing on the upside in St. Louis after pandemic dips. Employment growth is particularly promising. After slight employment declines over the last five years, St. Louis employment has grown at an average annual rate of 2.7 percent for the last four quarters. CBRE forecasts positive growth of 2 percent for the next two years and 0.8 percent for the next …
The small balance multifamily lending industry is antiquated, leaving thousands of prospective borrowers behind in a booming market. Multifamily property owners need access to fast, reliable quotes and a streamlined approach to financing. The current industry practice of quoting from rate sheets does not present a holistic or dynamic picture for borrowers or lenders. Walker & Dunlop is offering an alternative approach with a new digital lending platform that utilizes machine learning to quickly provide customized quotes for small balance multifamily acquisition and refinance loans. The rapid pace of lending means that borrowers need strategic partnerships with small balance loan experts that provide personalized customer experience backed by the data science capabilities to pull comparables, as well as online tools that can both streamline and inform processes. Sponsored: As the #1 multifamily lender in the U.S., Walker & Dunlop is launching a digital lending platform that will deliver tailored quotes in minutes for acquisitions and refinances. The platform uses machine learning powered by millions of data points from Walker & Dunlop’s proprietary property database to offer clients accuracy, transparency and confidence from kickoff to closing. The State of Small Balance Lending Small multifamily properties account for roughly 85 percent of …
BOLINGBROOK, ILL. — Chicagoland Quad Cities Express has signed an 89,000-square-foot lease expansion at 3-9 Timber Court in the Chicago suburb of Bolingbrook. The transportation and warehousing tenant already occupies 90,000 square feet at the 320,722-square-foot property, which was built in 1993. The company will now lease 590,000 square feet in the Chicago market between its Bolingbrook and Bridgeview locations. George Cibula of Darwin Realty/CORFAC International represented the tenant in the new lease, which begins in February. Sean Henrick, Jason West and Ryan Klink of Cushman & Wakefield represented ownership, The Realty Associates Fund Portfolio LP.
INDIANAPOLIS — Raytheon Intelligence & Space has leased Lakefront 6, an 86,965-square-foot office building located at 3939 Priority Way in Indianapolis. Rubenstein Partners LP owns the building, which is part of Lakefront at Keystone, a 1 million-square-foot office park surrounding a 38-acre lake. Raytheon is an aerospace and defense company that provides advanced systems and services for commercial, military and government customers worldwide. Employees at the Lakefront 6 building will work on the development of advanced sensors, cyber and software solutions. Rubenstein and Strategic Capital Partners acquired Lakefront at Keystone in 2017 and embarked on a multimillion-dollar capital improvement plan to include both indoor and outdoor amenity spaces. Tammy Faulk and John Robinson of JLL represented the landlord in the lease. Mike Semler and Brendan O’Shaughnessy of Cushman & Wakefield represented the tenant. Jim Postweiler of Newmark is currently marketing Lakefront 6 for sale.
COON RAPIDS, MINN. — Hanley Investment Group Real Estate Advisors has arranged the $11.4 million sale of Riverdale Village in the Minneapolis suburb of Coon Rapids. Constructed in 2021, the property consists of a 4,150-square-foot building with a drive-thru occupied by Bank of America and a two-tenant, 6,700-square-foot building occupied by Famous Dave’s and Banfield Hospital. The asset serves as an outparcel to Menards. Jeff Lefko and Bill Asher of Hanley, along with Robert Wise of CBRE, represented the seller, Florida-based OneCorp Global. Boston Weir of Henry Group Real Estate represented the buyer, a Colorado-based private investor completing a 1031 exchange.
ST. LOUIS — Marcus & Millichap has negotiated the sale of a Life Storage self-storage facility in St. Louis for an undisclosed price. The 71,015-square-foot property is located at 4935 Fyler Ave. The facility initially opened in December 2019 with 426 climate-controlled units. In July 2021, the property was expanded to include an additional 172 non-climate-controlled units and 137 parking spaces. Sean Delaney of Marcus & Millichap represented the seller, a limited liability company, and the buyer, a Texas-based limited liability company.
ANDERSON, IND. — Quantum Real Estate Advisors Inc. has brokered the sale of a 14,418-square-foot property occupied by Walgreens in Anderson, about 40 miles northeast of Indianapolis. The sales price was undisclosed. Constructed in 2004, the building is located at 320 S. Scatterfield Road. At the time of sale, Walgreens had roughly eight years remaining on its 25-year lease term. Dan Waszak of Quantum represented the buyer, a New York City-based 1031 investor. The seller was also based in New York.
