CENTRAL MICHIGAN — Capital Real Estate Group (CREG), through its U.S. Healthcare Investment Sales practice, has brokered the sale of a two-property seniors housing portfolio in Central Michigan. The properties total 139 units across 126,000 square feet. The two communities are located adjacent to one another and are spread over 13.5 acres. The portfolio’s unit mix comprises 88 assisted living units, 33 independent living units and 18 memory care units. The portfolio is over 80 percent leased and has maintained that occupancy on average for the past two years. A publicly traded healthcare REIT acquired the assets for $32.5 million. Andrew Larwood and Allen Inman, CREG’s managing partners, acted as the undisclosed seller’s exclusive advisor.
MILWAUKEE — Colliers has negotiated the sale of Fair Park Business Center in Milwaukee for $14.6 million. Located at 620 S. 76th St., the 119,971-square-foot property is fully leased to six office and flex industrial tenants. The building was originally constructed in 1948 with additions and renovations occurring between 2006 and 2014. Some of the tenants include Children’s Hospital of Wisconsin, Lesaffre Yeast Corp. and Upper Iowa University. Tom Shepherd and Jennifer Huber-Bullock of Colliers represented the seller, SARA Investment Real Estate. A New York-based 1031 exchange investor was the buyer.
CHICAGO — Kiser Group has arranged the sale of a 44-unit multifamily property in Chicago’s Ravenswood neighborhood for $9.7 million. Located at 5017 N. Wolcott Ave., the building comprises studio and one-bedroom units. About 25 percent of the units have been renovated. Residents have access to 10 parking spaces, a fitness room and laundry facilities. Lee Kiser, Andy Friedman and Jake Parker of Kiser brokered the transaction. Buyer and seller information was not released. The asset sold for $220,000 above the listed price.
OAKWOOD VILLAGE, OHIO — The Palomar Group has brokered the $3.3 million sale of Hawthorne Shops in Oakwood Village, a southern suburb of Cleveland. The 50,957-square-foot retail center, built in 1991, is shadow anchored by Sam’s Club. Palomar Group represented the seller, Dallas-based Tabani Group. New York-based Z.E.A. Capital Realty Holdings was the buyer.
TROY, MICH. — International franchise chain Jazzercise Fitness Co. has signed a five-year lease to open an 1,800-square-foot location at Troy Sports Center in Troy. The property is located at 1819 E. Big Beaver Road. Barry Landau of Dominion Real Estate Advisors represented both the tenant and the undisclosed landlord. Jazzercise, founded in 1969, operates 5,800 locations in 25 countries.
WESTFIELD, IND. — TWG is underway on construction of Grand Park Village, a $57 million apartment development in Westfield, a northern suburb of Indianapolis. The project will consist of several buildings located directly south of Grand Park, a 400-acre youth and recreational sports complex. The 240-unit apartment community will feature amenities such as a dog park, fitness center, clubhouse, pool and grilling stations. Centier Bank provided project financing. Completion is slated for summer 2024.
BURNSVILLE, MINN. — The Connor Group has acquired RiZE on Grand in the Minneapolis suburb of Burnsville for an undisclosed price. The 275-unit apartment complex opened in 2021. Amenities include an outdoor pool, fitness center, game room, fire pits, rooftop deck and dog park. Keith Collins, Abe Appert and Ted Abramson of CBRE represented the seller, LeCesse Development Corp.
COLUMBIA, MO. — JLL Capital Markets has brokered the sale of The Wylder, a 656-bed student housing community located near the University of Missouri in Columbia. Built in 1989 and renovated in 2000, The Wylder features a pool, study room, computer room, fitness center and sport courts. Teddy Leatherman, Stewart Hayes, Scott Clifton and Henry Voges of JLL represented the seller, Trimont Real Estate Advisors. Tailwind Group acquired the asset for an undisclosed price.
MOUNT PROSPECT, ILL. — RPT Realty has sold Mount Prospect Plaza, a 227,690-square-foot shopping center in the Chicago suburb of Mount Prospect. LBX Investments LLC purchased the grocery-anchored asset for an undisclosed price. Tenants include Aldi, Marshalls, Burlington, Ross Dress for Less and LA Fitness. Walmart shadow anchors the property. George Good and Christian Williams led a CBRE team that represented RPT Realty.
CHICAGO — Marcus & Millichap has negotiated the sale of a 6,000-square-foot retail property net leased to Just Tires in Chicago for $4.2 million. The asset is located at 4809 N. Broadway St. in the Uptown neighborhood. Nicholas Kanich of Marcus & Millichap brokered the transaction between the Chicago-based seller and Delaware-based buyer.