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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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DevelopmentIllinoisMidwestMultifamily

Related Midwest Breaks Ground on 43-Story Apartment Tower in Chicago

by Kristin Harlow

CHICAGO — Related Midwest has broken ground on 900 Randolph, a 43-story apartment tower in Chicago’s Fulton Market. LR Contracting Co., the contracting division of Related Midwest, and BOWA Construction are the general contractors. Designed by Morris Adjmi Architects, the project will feature 300 apartment units, 60 of which will be designated as affordable housing. Further details of the project were not provided.

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DevelopmentIllinoisMidwestMultifamilyRetail

AECOM-Canyon, Tucker Underway on Multifamily, Retail Project in Lincolnwood, Illinois

by Kristin Harlow

LINCOLNWOOD, ILL. — AECOM-Canyon Partners and Tucker Development are underway on the development of District 1860, a multifamily and retail project in the Chicago suburb of Lincolnwood. Plans call for 299 multifamily units, an Amazon Fresh grocery store and more than 40,000 square feet of additional retail and restaurant space. Pacific Western Bank provided a senior construction loan. Completion is slated for 2023.

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IndustrialLoansMidwestOhio

Ready Capital Closes $8M Acquisition Loan for Industrial Property in Dayton, Ohio

by Kristin Harlow

DAYTON, OHIO — Ready Capital has closed an $8 million loan for the acquisition and stabilization of a 196,000-square-foot industrial property in the Miamisburg submarket of Dayton. The buyer plans to address deferred maintenance and increase rents as tenants’ leases expire. The nonrecourse loan features interest-only payments, a floating rate and a four-year term.

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AcquisitionsIllinoisMidwestMultifamily

Becovic Acquires Chicago Apartment Building for $7.2M

by Kristin Harlow

CHICAGO — Becovic has acquired The Juneway Gardens in Chicago’s Rogers Park neighborhood for $7.2 million. Located on Juneway Terrace, the 61-unit apartment building was constructed in 1922. The seller, a local apartment owner, had owned the three-story property for more than 30 years. Becovic Realty, the brokerage arm of Becovic, brokered the sale.

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