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Midwest

AcquisitionsIllinoisMidwestMultifamily

33 Realty Brokers $21.7M Sale of 152-Unit Condo Deconversion in Naperville, Illinois

by Kristin Harlow

NAPERVILLE, ILL. — 33 Realty has brokered the $21.7 million sale of Quail Ridge of Naperville Condominiums in the Chicago suburb of Naperville. The buyer, Bear Peak Capital, will convert the units from condominiums into apartments and also make upgrades. The property was originally built in 1977. Matt Petersen and Sean Connelly of 33 Realty represented the buyer. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a property if 75 percent or more are in agreement. Sellers then have the option to either move out of their units or lease them back from the new owner.

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IndustrialLoansMidwestMinnesota

Northmarq Arranges $15.1M Acquisition Loan for Industrial Portfolio in Suburban Minneapolis

by Kristin Harlow

EAGAN AND EDEN PRAIRIE, MINN. — Northmarq has arranged a $15.1 million loan for the acquisition of the South by Southwest Technology Portfolio in suburban Minneapolis. The five-building industrial portfolio is located in the Golden Triangle district of both Eden Prairie and Eagan. Four of the buildings are located in Eden Prairie and were constructed in 1985. The asset in Eagan was built in 1989. Bill Mork of Northmarq arranged the loan on behalf of the buyer, Edina-based Capital Partners. A local bank provided the loan, which features a fixed interest rate of 3.9 percent.

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AcquisitionsIllinoisMidwestRetail

Quantum Negotiates $2.4M Sale of Retail Building in Orland Park, Illinois

by Kristin Harlow

ORLAND PARK, ILL. — Quantum Real Estate Advisors Inc. has negotiated the sale of a 17,342-square-foot retail building in the Chicago suburb of Orland Park for $2.4 million. The property, located at 16124 S. La Grange Road, is fully leased to Children of America and Bear Paddle. Chad Firsel of Quantum brokered the sale. A Chicago-based private real estate investor group purchased the asset from a San Diego-based development company.

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DevelopmentMidwestOhioRetail

Oberer Realty to Build 10,000 SF Retail Project in Centerville, Ohio

by Kristin Harlow

CENTERVILLE, OHIO — Oberer Realty Services Ltd. has unveiled plans to build the final retail portion of The Cornerstone of Centerville North in Centerville, a suburb of Dayton. The 10,000-square-foot development will be known as Shoppes at the Village of Cornerstone and will be situated adjacent to a Costco location as well as Cooper’s Hawk Restaurant & Winery. Oberer plans to break ground this fall and wrap up construction in the second quarter of 2023. The desired tenant mix will include restaurant and specialty retailers either not yet in the market or looking for expansion opportunities, according to Oberer.

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AcquisitionsIndianaMidwestOffice

M & J Wilkow Purchases 350,000 SF Office Campus in Fishers, Indiana

by Kristin Harlow

FISHERS, IND. — In a joint venture with a fund managed by DRA Advisors LLC, M & J Wilkow has purchased a 350,000-square-foot office campus in the Indianapolis suburb of Fishers. Known as 11100 USA Parkway, the property is situated near The Yard at Fishers District, a new mixed-use development. The nearly 40-acre office campus, developed in 1990 and 1995, features a cafeteria, auditorium, fitness center and conference space. Tenants include Navient Solutions, First Data Resource and Pendrick Capital Partners. John Robinson, Abby Zito and Kevin Gillihan of JLL represented the seller, Navient, which will remain a tenant in the building. JLL will also oversee leasing efforts on behalf of new ownership.

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LoansMichiganMidwestMultifamilyOhioSeniors HousingWisconsin

Lument Provides $87M in HUD-Insured Loans for Refinancing of Midwest Skilled Nursing Portfolio

by Kristin Harlow

OHIO, MICHIGAN AND WISCONSIN — Lument has provided $87 million in HUD 232/223(f) loans for the refinancing of a portfolio of nine skilled nursing facilities located in Ohio, Michigan and Wisconsin. The properties total 691 beds. The operator, Atrium Centers Inc., provides short-term, post-acute rehabilitation and long-term nursing care. Each of the nine loans features a fixed interest rate. HUD 232/223(f) loans allow for the purchase or refinancing of nursing homes and assisted living facilities.

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AcquisitionsMidwestMissouri

Shive-Hattery Acquires KdG Architects in St. Louis

by Kristin Harlow

ST. LOUIS — Shive-Hattery has acquired KdG Architects, a 20-person architecture, engineering and interior design firm based in St. Louis. KdG’s national portfolio of hospitality and gaming projects was attractive to Shive-Hattery, which is currently serving these industries regionally, according to President Jennifer Bennett. KdG will operate as a division of Shive-Hattery, which is a 450-person architecture and engineering firm headquartered in Iowa with 14 design offices in Arizona, Illinois, Indiana, Iowa, Missouri, Nebraska, Ohio and Wisconsin.

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AcquisitionsKansasMidwestRetail

Marcus & Millichap Brokers $10.5M Sale of Retail Center in Lawrence, Kansas

by Kristin Harlow

LAWRENCE, KAN. — Marcus & Millichap has brokered the sale of Lawrence Marketplace in Lawrence for $10.5 million. The 90,982-square-foot retail center is located at 2525 Iowa St. Anchor tenants at the fully occupied property include Planet Fitness and Office Depot. Zach Turner, Scott Wiles, Mark Ruble, Erin Patton, Craig Fuller and Chris Lind of Marcus & Millichap represented the seller, a Kansas-based limited liability company. The team also secured the buyer, a New York-based limited liability company.

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AcquisitionsMidwestMinnesotaRetail

Upland Arranges $4.5M Sale of KinderCare-Occupied Property in Lakeville, Minnesota

by Kristin Harlow

LAKEVILLE, MINN. — Upland Real Estate Group has arranged the $4.5 million sale of a retail property occupied by KinderCare Learning Center in the Minneapolis suburb of Lakeville. The building is part of Crossroads of Lakeville, a 127,070-square-foot shopping center anchored by Cub Foods. Deborah Vannelli, Keith Sturm and Amanda Leathers of Upland brokered the sale. A local buyer purchased the asset while completing a 1031 exchange. KinderCare operates more than 1,500 early childcare centers in 40 states.

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DevelopmentMidwestMissouriMultifamily

Midas Construction Nears Completion of $65M Luxury Multifamily Development in Missouri

by Kristin Harlow

DARDENNE PRAIRIE, MO. — Midas Construction is nearing completion of a $65 million multifamily development known as Dardenne Luxury Apartments on the Prairie in Dardenne Prairie, about 37 miles northwest of St. Louis. The five-building property will include 180 units. Amenities will include a pool, outdoor lounge, clubhouse, business room, coffee bar, fitness center and dog park. Additionally, Benton Homebuilders is constructing villas at the property. Mia Rose Holdings is the developer, Rosemann & Associates PC is the architect and Premier Design Group is the civil engineer. 2B Residential is underway on the lease-up process and will manage the property, which is slated to open later this summer. Monthly rents start at $1,250.

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