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Midwest

AcquisitionsMidwestMinnesotaMultifamily

JLL Brokers $43.5M Sale of Vincent Woods Apartments in Rogers, Minnesota

by Kristin Harlow

ROGERS, MINN. — JLL Capital Markets has brokered the $43.5 million sale of Vincent Woods Apartments in the Twin Cities suburb of Rogers. Completed in 2020, the Class A apartment community is comprised of 168 units that average 862 square feet. Amenities include a community room, patio terrace, fitness center, dog park, parcel storage system, heated underground parking and access to walking trails. Dan Linnell, Mox Gunderson, Josh Talberg and Adam Haydon of JLL represented the seller, Trident Development. Brock Yaffe, Pat McMullen and Ken Dayton of JLL arranged a Fannie Mae acquisition loan on behalf of the buyer, Timberland Partners. The loan will be serviced by JLL Real Estate Capital LLC, a Fannie Mae DUS lender.

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AcquisitionsMidwestOhioRetail

Hanley Investment Group Arranges Sale of Two-Tenant Retail Property in Columbus

by Kristin Harlow

COLUMBUS, OHIO — Hanley Investment Group Real Estate Advisors has arranged the sale of a two-tenant retail property spanning 118,161 square feet in Columbus for an undisclosed price. The property, located within the Mill Run Square shopping center, is home to Floor & Décor and Arhaus. Eric Wohl and CJ Kiehler of Hanley, in association with ParaSell Inc., represented the seller, an affiliate of Atlanta-based RCG Ventures. Mark Luttner of Luttner Passov Investment Group represented the buyer, an Ohio-based private investor.

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DevelopmentIllinoisIndustrialMidwest

Principle Construction Breaks Ground on 100,463 SF Spec Industrial Building in Franklin Park, Illinois

by Kristin Harlow

FRANKLIN PARK, ILL. — Principle Construction Corp. has broken ground on a 100,463-square-foot speculative industrial building at 3500 Wolf Road in Franklin Park, a western suburb of Chicago. IDI Logistics is developing the project, which will feature a clear height of up to 32 feet, 24 docks, two drive-in doors and a 130-foot truck court. The nearly seven-acre site features convenient access to I-294. Harris Architects provided design services for the project. A timeline for completion was not provided.

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IndustrialLeasing ActivityMichiganMidwest

Cox Automotive Mobility Solutions Signs 75,751 SF Industrial Lease in Belleville, Michigan

by Kristin Harlow

BELLEVILLE, MICH. — Cox Automotive Mobility Solutions has signed a 75,751-square-foot industrial lease at 39635 S. I-94 Service Drive in Belleville, a western suburb of Detroit. The tenant will use the 20-acre property to develop and launch its new global electric vehicle battery service network. Jim Chaconas and Jim Roberts of Colliers International Detroit represented the landlord, Service Drive Investments LLC.

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AcquisitionsIllinoisIndustrialMidwest

ML Realty Partners Acquires 65,003 SF Industrial Property in Addison, Illinois

by Kristin Harlow

ADDISON, ILL. — ML Realty Partners has acquired a fully leased industrial building located at 2105 Corporate Drive in Addison, about 20 miles west of Chicago. The purchase price was undisclosed. Occupied by Huskie Tools LLC and Shape LLC, the 65,003-square-foot building is located near I-355. Huskie Tools provides hydraulic cutting and compression tools for utility linemen and professional electrical contractors. Shape is a global provider of custom transformers, magnetic assemblies and voltage regulators. Steve Disse, Jeff Devine and Tyler Ziebel of Colliers International brokered the transaction.

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DevelopmentLoansMidwestMinnesotaMultifamily

JLL Arranges $85.1M in Financing for Development of Apartment Complex in Suburban Minneapolis

by Kristin Harlow

EDEN PRAIRIE, MINN. — JLL Capital Markets has arranged $85.1 million in joint venture equity and construction financing for Paravel, a 246-unit apartment complex in the Minneapolis suburb of Eden Prairie. JLL secured a $59.5 million construction-to-permanent, fixed-rate loan through a life insurance company, and sourced $25.6 million in joint venture equity from a high-net-worth family office. Located at 8300 Commonwealth Drive, Paravel will be part of the Castle Ridge mixed-use development. The complex will include 358 underground parking stalls and 67 surface parking spaces. Josh Talberg, Brock Yaffe, Dan Linnell, Mox Gunderson, Pat McMullen, Adam Haydon, William Haass and Ken Dayton of JLL represented the borrower, Timberland Partners.

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LoansMidwestMultifamilyOhio

Natixis Provides $53M Loan for Refinancing of River Haus Apartments Near Cincinnati

by Kristin Harlow

COVINGTON, OHIO — Natixis has provided a $53 million loan for the refinancing of River Haus Apartments in Covington, about two miles from downtown Cincinnati. The borrower, Flaherty & Collins, completed development of the 192-unit, Class A multifamily community in 2019. Daniel Geuther and Michael Slovitt of Berkadia arranged the five-year, floating-rate loan, which replaced the initial construction financing.

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AcquisitionsIllinoisIndustrialMidwest

Provender Partners Acquires 570,028 SF Industrial Facility in Metro Chicago for $30M

by Kristin Harlow

MANTENO, ILL. — Provender Partners has acquired a 570,028-square-foot industrial facility in Manteno, about 55 miles south of downtown Chicago. The purchase price was $30 million. Located at 1125 Sycamore Road and built in 1999, the property is fully temperature-controlled. It features 84 docks, 132 trailer stalls and rail service. The facility serves as the Midwest distribution center for McKesson’s pharmaceutical supply chain. The acquisition also includes 50 acres of excess land, which is fully entitled for the development of an additional 620,000 square feet of industrial space. Provender is considering several options for the land, including future expansion of the existing building, speculative or build-to-suit development. This is the fourth and largest food-related industrial building that Provender has acquired in the Chicago area over the past 18 months. Will Mura and Ted Gates of CBRE brokered the sale, the seller in which was undisclosed.

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AcquisitionsIllinoisMidwestMultifamily

Becovic Purchases Chicago Apartment Building for $7.2M

by Kristin Harlow

CHICAGO — Becovic, a Chicago-based multifamily owner and operator, has acquired The Fleetwood in Chicago’s Edgewater Beach neighborhood for $7.2 million. The 59-unit apartment building is located at 6026 N. Winthrop Ave. Originally built in 1929, The Fleetwood rises eight stories with 21 studios, 37 one-bedroom units and one two-bedroom unit. The seller, an owner and operator of several apartments in the area, owned the property for almost 40 years.

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DevelopmentIndustrialIowaMidwest

Construction Underway on Edgewood Logistics Park in Cedar Rapids, Iowa

by Kristin Harlow

CEDAR RAPIDS, IOWA — Construction is underway on Edgewood Logistics Park, a 204,000-square-foot speculative industrial building in Cedar Rapids. The 21-acre project will feature a clear height of 36 feet, 48 docks, 200 vehicle parking stalls and 130 semi-trailer parking spaces. Completion is slated for spring 2022. Dave Drown of GLD Commercial is marketing the project for lease. The development group is privately held and locally owned. Garling Construction is the general contractor.

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