NEW PHILADELPHIA, OHIO — The Cooper Commercial Investment Group has negotiated the $5.6 million sale of Monroe Centre in New Philadelphia, about 85 miles south of Cleveland. The 78,743-square-foot complex is home to office, medical and General Services Administration (GSA) tenants. The New Philadelphia VA Clinic, which recently renewed its lease for five years, anchors the property. Additional tenants include the Social Security Administration, Ohio BMV, OhioMeansJobs and Fresenius Medical Care. Bob Havasi and Dan Cooper of Cooper Group represented the seller, an Ohio-based private investment group. An Ohio-based private investor was the buyer. The property sold at about 96 percent of the list price.
Midwest
MISHAWAKA, IND. — Marcus & Millichap has arranged the $3.9 million sale of a 6,677-square-foot retail building in Mishawaka, a city in northern Indiana. Located at 5230 N. Main St., the property is home to Mission BBQ and Crumbl Cookies. Brennan Clegg, Chris Lind and Mark Ruble of Marcus & Millichap represented the seller, a limited liability company. Buyer information was not provided.
SOUTH HOLLAND, ILL. — Entre Commercial Realty has negotiated the sale of a 44,000-square-foot cold storage facility in South Holland, a southern suburb of Chicago. The sales price was undisclosed. Located at 143 W. 154th St., the building features cooler and freezer space, dry storage space, three interior docks and a clear height of 18 feet. Chris Wilbur and Jeff Locascio of Entre represented the seller, Martin Produce Inc. Jordan Schnoll of Jameson Commercial represented the buyer, another wholesale food distributor.
DIAMOND, ILL. — SRS Real Estate Partners has brokered the $2.1 million sale of a 12,324-square-foot retail property occupied by Dollar General in Diamond, about 60 miles southwest of Chicago. Constructed in 2000, the building is located at 1185 E. Division St. Steven Roberts, Michael Carter and Frank Rogers of SRS represented the seller, an Illinois-based private investor. A California-based REIT was the buyer.
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Multifamily Developers Must Find Balance Between Density, Amenities
Finding a balance between density and amenities has never been simple for residential developers, but rising interest rates, density restrictions and an increased desire to solidify multifamily projects within the community mean that there is much to be gained from creative approaches to this old problem. Starting the process of planning early, using zoning to the developer’s advantage and creating an adaptable, sustainable and welcoming place for tenants can allow for a successful project with a lower overall price tag. This method can solve some of the trickier problems faced by multifamily developers, including density, parking and zoning considerations. Starting Off Right — Creating a Master Site Plan Success in multifamily is easier to achieve if the project starts with a shared team vision from the outset, says Bill Rearden, principal at Bohler, a land development design and consulting firm. Rearden explains that Bohler has its own planning, landscape architecture and survey teams and works with many industry partners for environmental and geotechnical due diligence. “We work with these teams in the very early stages to understand what the configuration of a property is and what its constraints are. We know upfront any underlying zoning a property might have, so …
OVERLAND PARK, KAN. — Midloch Investment Partners and Artisan Capital Group have sold Villa Medici Apartments and Townhomes in Overland Park for $43.6 million. The partnership acquired the asset in August 2020 for $25 million. The 166-unit multifamily property is located at 9550 Ash St. The developer for the property was J.C. Nichols Co., which was also the developer of Kansas City’s Country Club Plaza. Jeff Stingley and Max Helgeson of CBRE represented the sellers. The buyer was undisclosed.
MONEE, ILL. — PREMIER Design + Build Group has broken ground on Monee Logistics Center, a 621,246-square-foot speculative industrial project in Monee, a southern suburb of Chicago. The facility will feature a clear height of 40 feet, 52 dock positions, four drive-in doors, parking for 148 trailers and 410 car parking spaces. Seefried Industrial Properties Inc. is the developer, Harris Architects Inc. is the architect and SpaceCo Inc. is the civil engineer. Completion is slated for July 2023.
MADISON, WIS. — JLL Capital Markets has brokered the sale of Stonewood Village in Madison for $40.8 million. The 272-unit, garden-style multifamily property features one- and two-bedroom units with an average size of 1,004 square feet. Amenities include a playground, pool and tennis courts. The value-add property was built in 1982. Wick Kirby, Amanda Friant and Jamie Fink of JLL represented the seller, Stonewood UI LLC, an affiliate of Banner Real Estate Group. Axiom Properties was the buyer. Matthew Schoenfeldt and Medina Spiodic of JLL originated a $29.8 million Fannie Mae acquisition loan on behalf of the buyer. The 10-year loan features a fixed interest rate.
ELGIN, ILL. — PANCOR has begun construction of the new $20 million headquarters for Maybach International Group in Elgin. The 62,000-square-foot project will be situated on 12 acres at 1384 Madeline Lane. Completion is slated for 2023. Plans call for roughly 47,000 square feet of warehouse and repair space and 15,000 square feet of office space. The building will feature a clear height of 24 feet, 28 docks, 10 drive-in door docks, 57 car parking spaces and 206 trailer parking spaces. Maybach is a logistics company currently based in Alsip. Kelly Disser and Mike Freitag of NAI Hiffman assisted Maybach in the site selection process. The duo consulted on the facility’s design, construction timeline and budget alongside Peter Kenny, director of project services with Hiffman National.
MARYLAND HEIGHTS, MO. — White Co. has acquired three multi-tenant industrial buildings totaling 133,015 square feet in Meadows Corporate Center in Maryland Heights, a western suburb of St. Louis. The purchase price was undisclosed. White Co. has negotiated two new leases for the properties, bringing the overall occupancy to 87 percent. Tom Schenk represented White Co. on an internal basis, while Will Mura of CBRE represented the undisclosed seller.