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IllinoisLoansMidwestMultifamily

American Street Capital Arranges $11.4M Loan for Refinancing of Multifamily Property in Alsip, Illinois

by Kristin Harlow

ALSIP, ILL. — American Street Capital (ASC) has arranged an $11.4 million loan for the refinancing of a 144-unit multifamily property in Alsip, a southwest suburb of Chicago. Built in 1974, the property consists of 12 buildings across nearly six acres. The complex was 94 percent leased at the time of the loan closing. Igor Zhizhin of ASC arranged the five-year loan, which features a fixed interest rate and a 30-year amortization schedule. A bank provided the loan. The borrower acquired the asset in the first quarter of 2020 and immediately began implementing a value-add strategy. The property received new roofs, common areas, siding, unit flooring and kitchens.

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AcquisitionsIndustrialMidwestOhio

Aurora Industrial Acquires 2.9 MSF Industrial Portfolio in Metro Cleveland

by Kristin Harlow

CLEVELAND — Aurora Industrial LLC has acquired a 15-property industrial portfolio spanning approximately 2.9 million square feet in metro Cleveland for an undisclosed price. CBRE represented the seller, Premier Development Partners, which acquired or developed the portfolio over the past 15 years. A key property is 51 East Hines Hills Road in Boston Heights. The building serves as the global headquarters and largest distribution and warehousing hub for home furnishings retailer Arhaus Inc. BTG Pactual Strategic Capital, Morning Calm Management LLC and Grupo Patio launched Aurora Industrial, which targets acquisitions of Midwest industrial real estate. The company owns 25 properties totaling more than 4.5 million square feet.

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DevelopmentIllinoisIndustrialMidwest

Venture One to Build Two Industrial Facilities Totaling 1.8 MSF in Huntley, Illinois

by Kristin Harlow

HUNTLEY, ILL. — Venture One Real Estate has acquired 264 acres in Huntley, a far northwest suburb of Chicago. The developer is building two industrial facilities totaling 1.8 million square feet. Phase I is a 629,186-square-foot building for an unnamed user at 11500 Freeman Road. The project will feature 132 loading docks and parking for 1,046 cars and 720 trailers. Completion is slated for the second quarter of 2022. Phase II is a nearly 1.2 million-square-foot facility for an undisclosed user at 11400 Venture Court. The building will feature 156 truck doors and parking for 643 cars and 358 trailers. It is scheduled for completion in the third quarter of 2022. Brian Kling of Colliers represented Venture One. Ryan Cos. will serve as general contractor.

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DevelopmentMidwestMixed-UseWisconsin

Irgens to Redevelop Former United Healthcare Property Near Milwaukee

by Kristin Harlow

WAUWATOSA, WIS. — Irgens has received approval from the Milwaukee Regional Innovation Center Inc. for its redevelopment of the former United Healthcare office building located at 10701 Research Drive in Wauwatosa near Milwaukee. Irgens will transform the nearly 14-acre site into a mixed-use development fronting Mayfair Road at the entrance to the Milwaukee County Research Park. In addition to significant renovations to the current office building on the site, the revitalization will include new retail, medical office and residential components. The United Healthcare office building was the inaugural project at the Milwaukee County Research Park in 1995, according to Irgens. Construction inside the five-story, 130,000-square-foot building is scheduled to commence in January. Interior improvements will include a new lobby, renovated restrooms, new building amenities and updated finishes. Exterior improvements will start in late spring and will include new and reconfigured parking areas as well as extensive landscape upgrades. Irgens plans to subdivide the remaining land. The retail component will consist of an 8,000-square-foot, single-story building. A planned medical office building will rise two stories and span 43,000 square feet. Lastly, the multifamily component will include 185 apartment units. Municipal approval is still required and a timeframe for that is yet …

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AcquisitionsIllinoisMidwestOffice

JLL Brokers $21.7M Sale of Oakmont Point Office Building in Westmont, Illinois

by Kristin Harlow

WESTMONT, ILL. — JLL Capital Markets has brokered the sale of Oakmont Point in the western Chicago suburb of Westmont for $21.7 million. The Class A office building spans 92,553 square feet and rises three stories. Completed in 2019, Oakmont Point is 91 percent leased to two tenants, JLL and Ryan Cos. US Inc. Sam DiFrancesca, Patrick Shields, Jaime Fink, Jeffrey Bramson and Bruce Miller of JLL represented the seller, Ryan Cos. Sidra Capital, which previously owned the property in a joint venture partnership with Ryan Cos., was the buyer. Lucas Borges, Claudio Sgobba and Christopher Carroll of JLL arranged a 10-year, fixed-rate acquisition loan through a multinational investment bank.

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IllinoisLeasing ActivityMidwestOffice

One Six Solutions Inks Lease as First Tenant at Mural Park Redevelopment in Chicago

by Kristin Harlow

CHICAGO — One Six Solutions, a full-service IT consulting firm, has signed a lease for 4,647 square feet on the second floor of Mural Park, a creative office and commercial redevelopment at 924 W. 19th Place in Chicago’s Pilsen neighborhood. One Six Solutions is the first tenant at the two-building, 100,000-square-foot project. Konstantine Sepsis, Danny Nikitas, Matt Ward and Melissa Hemberger of Avison Young represented the tenant.

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Steve Theobald Multifamily 2021
Content PartnerDevelopmentFeaturesLeasing ActivityMidwestMultifamilyNortheastSoutheastTexasWalker & DunlopWestern

2021 Multifamily Housing Market Outlook Shaped by Growth Trends, Housing Prices

by Sarah Daniels

COVID Disrupts Markets Again The country began breathing a sigh of relief in the second quarter of 2021 as U.S. GDP returned to pre-pandemic levels. With a substantial part of the U.S. population vaccinated, the unemployment rate plummeted, schools began preparing for in-person instruction and restaurants were back in business, again surpassing grocery sales in volume. But just as things seemed to be returning to “normal,” the delta variant of COVID began to spread. New COVID cases turned into rising COVID deaths by August,[1] disrupting supply and demand chains. Consumer confidence, which had been rising since hitting a low in April 2020, dipped to a new low point in August; consumer spending stalled[2], and fewer people traveled by plane[3] or returned to the office[4] that month. While economic growth remains positive, the delta variant, now accounting for almost all new COVID cases[5], again introduced market uncertainty, resulting in a 4 percent drop in stock market pricing in September. However, as COVID cases began declining in mid-September, stock prices began to rise, erasing the September drop in October, and resulting in a 22.6 percent gain for the year. Overall, economists maintain strong economic growth expectations of 6.1 percent GDP growth for …

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DevelopmentIndustrialKansasMidwest

Block Real Estate Services Breaks Ground on 200,000 SF Industrial Build-to-Suit for MSI in Lenexa, Kansas

by Kristin Harlow

LENEXA, KAN. — Block Real Estate Services LLC has broken ground on a roughly 200,000-square-foot industrial build-to-suit for MS International Inc. (MSI), a supplier of flooring, countertops, tile and hardscaping products, in Lenexa. The property will be located within Lenexa Logistics Centre, a Class A industrial park. The facility will feature nearly 195,000 square feet of warehouse space, 5,800 square feet of office space, 13 dock positions, 132 car parking spaces, 13 trailer parking spaces and a clear height of 32 feet. Future additions to the space will include a crane production area and a showroom. ARCO National Construction is serving as design-builder. John Stafford of Colliers represented MSI. Kenneth Block, Michael Block, Zach Hubbard, Andrew Block and William Block represented the developer on an internal basis.

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AcquisitionsMidwestMinnesotaOffice

Noteworthy Purchase: Schmitt Music Acquires 92,000 SF Office Building in Bloomington, Minnesota

by Kristin Harlow

BLOOMINGTON, MINN. — Schmitt Music has acquired a 92,000-square-foot office building in Bloomington for its new headquarters. The purchase price was undisclosed. Located at 7800 Picture Drive, about 12 miles south of Minneapolis, the property offers office, showroom and training space as well as an area for a repair center. Schmitt Music was formerly headquartered in Brooklyn Center. Dan Larew and Chris Hickok of JLL represented the seller, Shutterfly/Lifetouch.

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AcquisitionsIllinoisMidwestRetail

Cooper Group Brokers $8.1M Sale of Centennial Plaza Retail Center in Lemont, Illinois

by Kristin Harlow

LEMONT, ILL. — The Cooper Commercial Investment Group has brokered the sale of Centennial Plaza in the Chicago suburb of Lemont for $8.1 million. Jewel-Osco shadow-anchors the 38,500-square-foot retail center, which was 97 percent leased at the time of sale. Bob Havasi and Dan Cooper of Cooper Group represented the seller, a New Jersey-based private investment group. A California-based private group was the buyer. The asset traded at a cap rate of 7.4 percent.

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