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Midwest

AcquisitionsIndianaIndustrialMidwest

MAG Capital Partners Acquires Indiana Industrial Facility in Sale-Leaseback Transaction

by Kristin Harlow

CAMPELLSBURG, IND. — MAG Capital Partners LLC has acquired the global headquarters building of Metal Powder Products (MPP) in Indiana. The purchase price of the sale-leaseback transaction was not disclosed. The nearly 16-acre property is located at 596 W. Oak St. in Campbellsburg, about 47 miles northwest of Louisville. MAG Capital Partners also purchased four of MPP’s industrial properties in Pennsylvania for a total portfolio consideration of 500,000 square feet. Newmark’s JC Asensio, Andrew Sandquist and Briggs Goldberg represented MPP in the sale. MAG Capital Partners, a private investment firm led by Dax Mitchell and Andrew Gi, is based in Fort Worth, Texas.

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AcquisitionsIndustrialMidwestOhio

Marcus & Millichap Arranges $17M Sale of Industrial Building in Carey, Ohio

by Kristin Harlow

CAREY, OHIO — Marcus & Millichap has arranged the $17 million sale of a 237,155-square-foot industrial building in Carey, about 60 miles south of Toledo. Hanon Systems, a South Korean-based manufacturer of automotive HVAC and cooling systems, fully occupies the facility, which is located at 581 Arrowhead Drive. Joshua Baker, Erin Patton, Craig Fuller and Scott Wiles of Marcus & Millichap’s Patton Wiles Fuller Group represented the seller. The buyer and seller were not provided.

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AcquisitionsHealthcareMidwestMinnesota

MedCraft Investment Partners Buys Medical Office Building in St. Paul for $8.6M

by Kristin Harlow

ST. PAUL, MINN. — MedCraft Investment Partners, which focuses exclusively on healthcare real estate, has acquired a 22,721-square-foot medical office building in St. Paul for $8.6 million. MHealth Fairview’s Midway Clinic, which offers primary and specialty care services, fully occupies the property, which is located at 1390 University Ave. A bookstore formerly occupied the building before it was converted into healthcare use. The seller was not provided.

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IllinoisLeasing ActivityMidwestRetail

DD’s Discounts to Open at Market Square Shopping Center in Bolingbrook, Illinois

by Kristin Harlow

BOLINGBROOK, ILL. — DD’s Discounts, owned by Ross Stores Inc., has signed a lease to open and operate an 18,000-square-foot store at Market Square Shopping Center in the Chicago suburb of Bolingbrook. Other tenants at the property, located near I-55, include Walmart, Dollar Tree, Wintrust Bank and T-Mobile. Michael Horne of Newcastle Properties represented ownership on an internal basis. Andy Bulson of Mid-America Real Estate represented the tenant. Newcastle owns and operates 82 properties in 23 states.

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DevelopmentIllinoisMidwestMultifamily

Draper and Kramer Opens 120-Unit Wrigleyville Lofts Apartment Complex in Chicago

by Kristin Harlow

CHICAGO — Draper and Kramer Inc. has opened Wrigleyville Lofts, a 120-unit apartment complex located at 949 W. Dakin St. in Chicago’s Wrigleyville neighborhood. Additionally, Lakeview Ace Hardware, which occupied the single-story structure that previously stood on the development site, has reopened in the building’s first-floor retail space. The store’s owner, Joe Lomanto, is also a minority owner in the development.   Sullivan, Goulette & Wilson Architects designed the seven-story project, which is situated near Wrigley Field. There are 108 one-bedroom units and 12 two-bedroom units. Monthly rents start at $1,700. Amenities include a rooftop deck, coffee area, private clubroom, fitness center, bike storage, parking garage and meeting spaces. Leopardo Construction was the general contractor. Gershman Mortgage arranged project financing.  

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AcquisitionsIowaMidwestMultifamilyStudent Housing

Centurion Property Group Acquires 422-Bed Student Housing Community Near Iowa State for $25M

by Kristin Harlow

AMES, IOWA — Centurion Property Group has acquired Aspen Ames, a 422-bed student housing community located near the Iowa State University campus in Ames, for $25 million. Built in 2017, the property offers a mix of two-, three- and four-bedroom floorplans with bed-to-bath parity across four buildings. Shared amenities include a fitness center, game room, computer lab and study room. Centurion plans to begin renovations on the community and add a pet park and basketball court.  Asset Living has been tapped to manage the property, which will be renamed The ONE at Ames. Scott Clifton and Stewart Hayes of JLL represented the undisclosed seller in the transaction. Aspen Ames marks the company’s third student housing acquisition in the past 18 months. 

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AcquisitionsMidwestRetailWisconsin

Matthews Brokers $10.7M Sale of Home Depot-Occupied Property in Racine, Wisconsin

by Kristin Harlow

RACINE, WIS. — Matthews Real Estate Investment Services has brokered the $10.7 million sale of a Home Depot-occupied retail property in Racine. The asset is located at 2429 S. Green Bay Road near the High Ridge Shopping Center. Rob Goldberg and Ben Snyder of Matthews represented the seller, a national private investor. An unnamed REIT was the buyer. 

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LoansMidwestMultifamilyNebraska

Colliers Mortgage Provides $3.7M Loan for Refinancing of Apartment Community in Kearney, Nebraska

by Kristin Harlow

KEARNEY, NEB. — Colliers Mortgage has provided a $3.7 million Fannie Mae loan for the refinancing of Park Meadow Apartments in central Nebraska’s Kearney. The 84-unit apartment community is situated near local parks, dining, shopping and entertainment spots. Units feature walk-in closets and balconies. The 12-year loan features a 30-year amortization schedule. Park Meadow Partners LLC was the borrower.  

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AcquisitionsMidwestNebraskaRestaurantRetail

Quantum Arranges $2.5M Sale of Restaurant Property in Lincoln, Nebraska

by Kristin Harlow

LINCOLN, NEB. — Quantum Real Estate Advisors Inc. has arranged the sale of a single-tenant property occupied by Perkins Restaurant & Bakery in Lincoln for $2.5 million. The building is located at 7301 Husker Circle. Zack Hilgendorf of Quantum represented the buyer, an Iowa-based private investor. A local developer was the seller.

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Dermody-Allstate
AcquisitionsDevelopmentIllinoisIndustrialMidwestOfficeTop Stories

Dermody Agrees to Buy Allstate Headquarters Campus in Metro Chicago for $232M, Plans Industrial Redevelopment

by Taylor Williams

NORTHBROOK, ILL. — Dermody Properties has agreed to buy the metro Chicago headquarters campus of insurance company Allstate Corp. (NYSE: ALL) for $232 million. The purchase agreement is expected to close in 2022. The buyer, a Nevada-based industrial development and investment firm, plans to redevelop the 186-acre campus, which is located north of Chicago in Northbrook, into a Class A logistics and distribution hub. Doug Kiersey, president of Dermody Properties, said in an interview with REBusinessOnline that the preliminary redevelopment plan, which is subject to change based on tenant demands, currently calls for the delivery of approximately 3.2 million square feet of industrial space and a total capital investment of more than $500 million. Kiersey also discussed at length the aspects of the site that his firm found most appealing, including its location within a major population zone, its scale and its existing onsite and offsite infrastructure. “This particular site fits geographically into an area that can serve a lot of customers in a very short period of time,” he said. “Within a 10-mile radius, there are a lot of rooftops for companies to serve their customers. The site also represents an unusual combination of infill location and scale — …

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