Midwest

JLL Brokers Sale of 150,163 SF Shopping Center in Fort Wayne, Indiana

by Kristin Harlow January 12, 2022

FORT WAYNE, IND. — JLL Capital Markets has brokered the sale of Apple Glen Crossing in Fort Wayne for an undisclosed price. The 150,163-square-foot property is an open-air power center anchored by Best Buy and Dick’s Sporting Goods. Apple Glen Crossing is 94 percent leased. Additional tenants include Shoe Carnival, PetSmart, Ulta Beauty, Cali Nails and Sports Clips. Built in 2000, the property sits on 17 acres along Apple Glen Boulevard. Amy Sands, Clinton Mitchell, Michael Nieder and Tim Murry of JLL represented the seller, Brixmor Property Group. Berengaria Development, the real estate arm of Marcus Investments LLC, was the buyer.

January 12, 2022

Acquisitions Illinois Midwest Multifamily

Interra Realty Negotiates $19.3M Sale of Apartment Building in Clarendon Hills, Illinois

by Kristin Harlow January 12, 2022

CLARENDON HILLS, ILL. — Interra Realty has negotiated the $19.3 million sale of 229 Park in Clarendon Hills, a southwest suburb of Chicago. The apartment building rises four stories with 43 units. Built in 2018, 229 Park is located at 229 Park Ave. and is fully leased. The property features one retail space that is occupied by Moda Eyecare. Craig Martin and Lucas Fryman of Interra represented the sellers, Hubbard Street Group, Centrum Realty & Development and Pine Grove Partners. The duo also represented the buyer, Chicago-based HP Ventures Group.

January 12, 2022

Acquisitions Midwest Multifamily Wisconsin

Next Realty Buys 64-Unit Multifamily Property in Suburban Milwaukee

by Kristin Harlow January 12, 2022

WAUWATOSA, WIS. — An affiliate of Next Realty has purchased Dolphin Square Apartments in Wauwatosa, a suburb of Milwaukee. The purchase price was undisclosed. Located at 10300 W. Bluemound Road, the multifamily property includes 64 units and 88 parking spaces. Next Realty plans to complete a renovation program that was started by the previous owner. Founders 3 Real Estate brokered the sale. Landmark Credit Union provided acquisition financing.

January 12, 2022

Acquisitions Industrial Midwest NAI Ohio

NAI Pleasant Valley Arranges $8.4M Sale of Industrial Building in Streetsboro, Ohio

by Kristin Harlow January 12, 2022

STREETSBORO, OHIO — NAI Pleasant Valley has arranged the $8.4 million sale of a 130,257-square-foot industrial building in Streetsboro, a southern suburb of Cleveland. The property sits on 8.5 acres at 675 Mondial Parkway. David Hexter and Jeffrey Calig of NAI Pleasant Valley represented the undisclosed seller. Exeter 675 Mondial LLC was the buyer. The transaction marks the first acquisition in the Northeast Ohio market for the buyer.

January 12, 2022

Build-to-Rent Illinois Midwest

Core Spaces, Harrison Street Launch $1.5B Build-to-Rent Joint Venture

by Kristin Harlow January 11, 2022

CHICAGO — Chicago-based Core Spaces and Chicago-based Harrison Street have formed a joint venture that will invest up to $1.5 billion for the development and acquisition of single-family build-to-rent (BTR) communities in major metro areas across the U.S. Core Spaces formed its existing BTR platform in 2020. The joint venture’s BTR pipeline represents approximately $2.5 billion in total capital and more than 6,500 units in markets such as Austin, Denver, Dallas, Orlando and Nashville. To date, Core Spaces and Harrison Street have nine committed BTR projects in various stages of development. The two companies have an established track record partnering on student housing transactions.

January 11, 2022

Acquisitions Life Sciences Midwest Missouri

Cushman & Wakefield Arranges $92M Sale of Life Sciences Building in St. Louis

by Kristin Harlow January 11, 2022

ST. LOUIS — Cushman & Wakefield has arranged the sale of EDGE@BRDG in St. Louis for $92 million. The 151,829-square-foot life sciences building is fully leased and serves as the headquarters of Benson Hill Biosystems, a food technology company. Completed in 2020, the property features office and lab space as well as a test kitchen, sterilization station and walk-in refrigeration units. The building is located at 1001 N. Warson Road within 39 North, a 600-acre district anchored by the Donald Danforth Plant Science Center. Michael Hanrahan, Josh McGee and Josh King of Cushman & Wakefield represented the seller, Larson Capital Management. Chicago-based Harrison Street Real Estate Capital was the buyer.

January 11, 2022

Acquisitions Illinois Midwest Multifamily

JLL Brokers Sale of 403-Unit Apartment Community in Lombard, Illinois

by Kristin Harlow January 11, 2022

LOMBARD, ILL. — JLL Capital Markets has brokered the sale of City View at the Highlands in Lombard, a western suburb of Chicago. The apartment community rises seven stories with 403 units. Recently upgraded amenities include a pool, fitness center, community kitchen, business center, conference room and outdoor lounge areas. The property sits on five acres at 2720 S. Highland Ave. Units average 902 square feet. Kevin Girard, Marty O’Connell and Matthew Lawton of JLL represented the sellers, a joint venture between Marquette Cos. and an institutional partner. Torchlight Investors LLC was the buyer. The Hayman Co. will provide leasing and property management services. Jimmy Conley and Carter Wroblewski of JLL arranged $73.5 million in acquisition financing through Freddie Mac. JLL Real Estate Capital LLC will service the 10-year, floating-rate loan.

January 11, 2022

Acquisitions Industrial Midwest Missouri

Newmark Zimmer Negotiates Sale of 700,000 SF Distribution Center in Kansas City

by Kristin Harlow January 11, 2022

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.

January 11, 2022

Affordable Housing Development Indiana Midwest Multifamily Seniors Housing

Evergreen Real Estate Group to Develop Income-Restricted Assisted Living Community in Indiana

by Kristin Harlow January 11, 2022

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.

January 11, 2022

Development Illinois Midwest Multifamily

Sterling Bay, Ascentris to Develop 29-Story Apartment Tower in Chicago’s Fulton Market

by Kristin Harlow January 10, 2022

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.

January 10, 2022

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