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AcquisitionsIowaMidwestMissouriRestaurantRetail

Hanley Investment Group Brokers $7.4M Sale of Three Taco Bell-Occupied Properties in Missouri, Iowa

by Kristin Harlow

MISSOURI AND IOWA — Hanley Investment Group Real Estate Advisors has brokered the sale of three single-tenant, net-lease properties occupied by Taco Bell in Missouri and Iowa for $7.4 million. The assets sold to three separate buyers. The seller for the two Missouri properties was a San Francisco Bay area-based private investment company. Jeff Lefko, Bill Asher and Beau Velten of Hanley and Jeff Christian of First Street Brokerage, in association with ParaSell Inc. represented the seller. In Kansas City, a 2,053-square-foot building located at 5700 E. Bannister Road sold to a Springfield, Mo.-based private investor. Brad Thessing of Thessing Commercial Properties represented the buyer. In Bethany, Mo., a 3,200-square-foot restaurant located at 4132 Miller St. sold to a California-based family trust. James Bitter of Fortune Associates represented the buyer. In West Des Moines, a Taco Bell ground lease sold to a Wyoming-based private investor. David Borinstein of Colliers International represented the buyer. Hanley’s Lefko and Asher, in association with Scott Reid and ParaSell Inc., represented the seller, a Kansas City-based private investor. The 2,989-square-foot restaurant is located at 1570 22nd St.

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AcquisitionsIllinoisMidwestRetailTop Stories

Chicago Bears to Acquire Arlington International Racecourse for $197.2M

by Kristin Harlow

ARLINGTON HEIGHTS, ILL. — The Chicago Bears have signed an agreement to acquire the Arlington International Racecourse property in Arlington Heights, a northwest suburb of Chicago. The purchase price was $197.2 million, according to the Chicago Tribune. The agreement raises the potential that the Bears could relocate to the 326-acre property and build a new stadium in the suburbs. The football team’s lease at Soldier Field in Chicago expires in 2033. “Finalizing the agreement was the critical next step in continuing our exploration of the property and its potential,” says Ted Phillips, Bears president and CEO. “Much work remains to be completed, including working closely with the Village of Arlington Heights and surrounding communities.” However, Chicago Mayor Lori Lightfoot tweeted late last night that her administrative team remains committed to keeping the team in the city. Arlington International held its last horserace on Saturday, Sept. 25. Owner Churchill Downs announced earlier this year that it was listing the site for sale, and expected any potential buyer to pursue redevelopment opportunities. The property provides direct access to transit, with a Metra commuter rail stop and convenient highway access at Route 53. “This has been an extraordinarily competitive bid process,” says Bill …

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CaliforniaGeorgiaIllinoisIndustrialLoansSoutheastTennessee

PGIM Real Estate Provides $250M Acquisition Financing for Five-State Core Logistics Portfolio

by Julia Sanders

SANTA MONICA, CALIF. — PGIM Real Estate has provided $250 million in fixed-rate debt to Santa Monica-based GLP Capital Partners LP. The funds will be used to acquire a five-property core logistics portfolio located across Atlanta, Dallas-Fort Worth, Chicago, Memphis and California’s Central Valley. All five of the properties were acquired on behalf of GLP Capital Partners IV, a closed-end, discretionary private equity fund. The portfolio is fully leased to four nationally recognized companies, all of which are investment grade credit tenants, according to PGIM. The seller and price were not disclosed. The five properties total 3.2 million square feet and are located within an average of one mile from each region’s primary transportation arteries.

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DevelopmentIllinoisIndustrialMidwest

The Atkins Group to Develop 635,400 SF Industrial Facility in Decatur, Illinois

by Kristin Harlow

DECATUR, ILL. — The Atkins Group will develop a 635,400-square-foot industrial build-to-suit in the central Illinois town of Decatur. ARCO National Construction will serve as general contractor for the project, which is estimated to cost in excess of $41 million to build. AJ Thoma III of Coldwell Banker Commercial Devonshire Realty and Mike Dean of Cushman & Wakefield represented the undisclosed tenant in the build-to-suit lease, which spans seven years. Completion of the 43-acre project is slated for July 2022.

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DevelopmentIndianaMidwestMultifamilySeniors Housing

Capitol Seniors Housing Breaks Ground on 164-Unit Active Adult Community Near Indianapolis

by Kristin Harlow

NOBLESVILLE, IND. — Capitol Seniors Housing has broken ground on The Outlook at Hamilton Town Center, a 164-unit active adult community in Noblesville near Indianapolis. The 145,000-square-foot, four-story community will serve residents aged 55 and older. The property will be situated adjacent to Hamilton Town Center, an outdoor shopping, dining and entertainment destination. Amenities will include a pool, clubhouse, library, theater and fitness studio. Element Architects and Core Construction make up the project team. Completion is slated for early 2023.

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AcquisitionsMidwestMinnesotaMultifamily

JLL Arranges $34M Sale of Apartment Property in Rochester, Minnesota

by Kristin Harlow

ROCHESTER, MINN. — JLL Capital Markets has arranged the $34 million sale of Red44, a 159-unit apartment property in Rochester. Built in 2017, Red44 comprises studio, one- and two-bedroom units averaging 850 square feet. Amenities include a pool, rooftop lounge, patio area with grills, clubhouse, fitness center, dog run and heated underground parking. Mox Gunderson, Adam Haydon, Dan Linnell and Josh Talberg of JLL represented the sellers, Roers Investments, Reuter Walton Development and North Bay Cos. Champaign, Illinois-based Regency Multi-Family was the buyer.

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LoansMidwestMultifamilyWisconsin

Dwight Capital Provides $22.7M HUD-Insured Loan for Refinancing of Wisconsin Apartment Complex

by Kristin Harlow

FITCHBURG, WIS. — Dwight Capital has provided a $22.7 million HUD-insured loan for the refinancing of The Fairways Apartments in Fitchburg, a southern suburb of Madison. The 369-unit apartment complex is comprised of 14 buildings and is situated on Nine Springs Golf Course. Amenities include a pool, common areas and two tennis courts. Brandon Baksh of Dwight originated the loan, which benefited from a Green Mortgage Insurance Premium reduction set at 25 basis points because the property is Energy Star-certified. The borrower was undisclosed.

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AcquisitionsIllinoisIndustrialMidwest

Cushman & Wakefield Brokers $15M Sale of Redevelopment Site in Chicago’s Lincoln Park

by Kristin Harlow

CHICAGO — Cushman & Wakefield has brokered the sale of 2032 N. Clybourn Ave. in Chicago’s Lincoln Park for $15 million. The site includes a 150,000-square-foot brick warehouse and adjacent land near the Lincoln Yards development. Eric Sorensen, Larry Goldwasser and Kathleen Nelson of Cushman & Wakefield represented the seller, Anixter Center, a nonprofit that serves the deaf and people with developmental disabilities or behavioral health needs. The buyer, an affiliate of Interra Realty, intends to redevelop the property.

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Build-to-RentIllinoisLoansMidwestMultifamilyWalker & Dunlop

Walker & Dunlop Arranges $30.4M Construction Loan for Build-for-Rent Community in Antioch, Illinois

by Kristin Harlow

ANTIOCH, ILL. — Walker & Dunlop Inc. has arranged a $30.4 million loan for the construction of The Clublands of Antioch by Moda Homes, a 110-unit, single-family build-for-rent community in the northern Illinois town of Antioch. Moda Homes is the developer and Ryan Homes is the builder. The project will sit within The Clublands of Antioch, a 1,000-unit master-planned community with roughly 450 existing homes. The one- and two-story homes will average 1,719 square feet and will include two-car garages. Eric McGlynn of Walker & Dunlop arranged the floating-rate loan. CoreVest Finance, a division of Redwood Trust, provided the loan.

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AcquisitionsMidwestMissouriRetail

JLL Brokers Sale of Adam’s Dairy Landing Shopping Center in Metro Kansas City

by Kristin Harlow

BLUE SPRING, MO. — JLL Capital Markets has brokered the sale of Adam’s Dairy Landing, a 279,843-square-foot open-air shopping center in the Kansas City suburb of Blue Spring. The property is 96 percent leased to tenants such as TJ Maxx, HomeGoods, Dollar Tree, Ross Dress for Less, Petco, Michaels, Old Navy, Ulta Beauty and Five Below. Built in 2010, the shopping center sits on more than 33 acres at 800 NE Coronado Drive. Clinton Mitchell, Amy Sands, Michael Nieder and Jim Gates of JLL represented the seller, a private investment fund. Albanese Cormier was the buyer.

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