CHICAGO — Newcastle Properties has acquired Forest View shopping center in Chicago for an undisclosed price. Jewel-Osco anchors the 68,727-square-foot property, which is located at the corner of Cumberland and Lawrence avenues. The sale marks the first time the property has sold since it was built in the mid-1960s. Len Blackman of Leklen Realty Group and Michael Horne of Newcastle sourced the off-market acquisition. Drew Trammell of Newcastle managed the due diligence process and closing. Seller information was not provided.
CHICAGO — Maverick Commercial Mortgage Inc. has arranged a $3.5 million loan for the acquisition of two industrial buildings leased to SCR Medical Transportation in Chicago. The building at 8801 S. Greenwood Ave. spans 47,000 square feet, while the property at 8835 S. Greenwood Ave. totals 16,125 square feet. The properties serve as the Chicago headquarters of Beacon Mobility, which acquired SCR Medical Transportation. Benjamin Kadish arranged the five-year loan, which features a fixed interest rate of 4.15 percent. A Midwest-based financial institution provided the loan to the borrower, a Maryland-based national real estate investment firm specializing in single-tenant, net leased industrial properties.
TROY, ILL. — Contegra Construction is building a 35,000-square-foot fabrication facility for Nu Way Cos. in Troy, about 20 miles northeast of St. Louis. Nu Way, a construction material and equipment supplier, says it is expanding due to the robust demand for reinforcing steel, which is widely known as rebar. Nu Way FAB, a newly formed division, will occupy the new facility, which will feature three overhead cranes and 4,000 square feet of office space. The new facility will more than quadruple Nu Way’s rebar production tonnage. Completion is slated for spring 2023. Joining Contegra on the project are J.F. Electric, Vee-Jay Cement Contracting, Illinois Electric Works and Affton Fabricating and Welding Co.
GOSHEN, IND. — Evergreen Real Estate Group has topped out construction of Green Oaks of Goshen. The four-story, 120-unit assisted living community for low-income seniors is located at 282 Johnston St. in Goshen, a city in northern Indiana. Evergreen Construction Co., a division of Evergreen Real Estate Group, is the general contractor. Completion is slated for early 2023. The $30 million project is being built on a vacant three-acre lot near an existing Salvation Army building. Gardant Management Solutions will manage the property. Green Oaks of Goshen will offer 49 studios and 71 one-bedroom units, all of which will be reserved for seniors age 62 and older with incomes at or below 80 percent of the area median income. Amenities will include a community room, media room, computer room, fitness center, salon, library, community garden and outdoor area. The Indiana Housing and Community Development Authority authorized 4 percent low-income housing tax credits (LIHTC) in support of the project. The City of Goshen issued tax-exempt bonds that were sold by PiperSandler, providing debt financing. Affordable Housing Partners invested in the project, providing LIHTC equity.
NEW PHILADELPHIA, OHIO — The Cooper Commercial Investment Group has negotiated the $5.6 million sale of Monroe Centre in New Philadelphia, about 85 miles south of Cleveland. The 78,743-square-foot complex is home to office, medical and General Services Administration (GSA) tenants. The New Philadelphia VA Clinic, which recently renewed its lease for five years, anchors the property. Additional tenants include the Social Security Administration, Ohio BMV, OhioMeansJobs and Fresenius Medical Care. Bob Havasi and Dan Cooper of Cooper Group represented the seller, an Ohio-based private investment group. An Ohio-based private investor was the buyer. The property sold at about 96 percent of the list price.
MISHAWAKA, IND. — Marcus & Millichap has arranged the $3.9 million sale of a 6,677-square-foot retail building in Mishawaka, a city in northern Indiana. Located at 5230 N. Main St., the property is home to Mission BBQ and Crumbl Cookies. Brennan Clegg, Chris Lind and Mark Ruble of Marcus & Millichap represented the seller, a limited liability company. Buyer information was not provided.
SOUTH HOLLAND, ILL. — Entre Commercial Realty has negotiated the sale of a 44,000-square-foot cold storage facility in South Holland, a southern suburb of Chicago. The sales price was undisclosed. Located at 143 W. 154th St., the building features cooler and freezer space, dry storage space, three interior docks and a clear height of 18 feet. Chris Wilbur and Jeff Locascio of Entre represented the seller, Martin Produce Inc. Jordan Schnoll of Jameson Commercial represented the buyer, another wholesale food distributor.
DIAMOND, ILL. — SRS Real Estate Partners has brokered the $2.1 million sale of a 12,324-square-foot retail property occupied by Dollar General in Diamond, about 60 miles southwest of Chicago. Constructed in 2000, the building is located at 1185 E. Division St. Steven Roberts, Michael Carter and Frank Rogers of SRS represented the seller, an Illinois-based private investor. A California-based REIT was the buyer.
BohlerContent PartnerDevelopmentFeaturesLeasing ActivityMidwestMultifamilyNortheastSoutheastTexasWestern
Multifamily Developers Must Find Balance Between Density, Amenities
Finding a balance between density and amenities has never been simple for residential developers, but rising interest rates, density restrictions and an increased desire to solidify multifamily projects within the community mean that there is much to be gained from creative approaches to this old problem. Starting the process of planning early, using zoning to the developer’s advantage and creating an adaptable, sustainable and welcoming place for tenants can allow for a successful project with a lower overall price tag. This method can solve some of the trickier problems faced by multifamily developers, including density, parking and zoning considerations. Starting Off Right — Creating a Master Site Plan Success in multifamily is easier to achieve if the project starts with a shared team vision from the outset, says Bill Rearden, principal at Bohler, a land development design and consulting firm. Rearden explains that Bohler has its own planning, landscape architecture and survey teams and works with many industry partners for environmental and geotechnical due diligence. “We work with these teams in the very early stages to understand what the configuration of a property is and what its constraints are. We know upfront any underlying zoning a property might have, so …
OVERLAND PARK, KAN. — Midloch Investment Partners and Artisan Capital Group have sold Villa Medici Apartments and Townhomes in Overland Park for $43.6 million. The partnership acquired the asset in August 2020 for $25 million. The 166-unit multifamily property is located at 9550 Ash St. The developer for the property was J.C. Nichols Co., which was also the developer of Kansas City’s Country Club Plaza. Jeff Stingley and Max Helgeson of CBRE represented the sellers. The buyer was undisclosed.