SPRINGFIELD, ILL. — Colliers International has brokered the sale of Woodland Acres Mobile Home Community in Springfield for $16.3 million. Totaling 231 units on more than 50 acres, the property is located at 3500 N. Dirksen Parkway. The community is 94 percent occupied with average rents of $373 per month. Michael Nissley of Colliers represented the seller, Ronald Coleman. Flagship Communities REIT was the buyer. The purchase marks Flagship’s entrance into the Illinois market.
CHICAGO — Interra Realty has negotiated the sale of 2827-47 N. Clybourn Ave. in Chicago’s Lakeview neighborhood for $14.8 million. Constructed in 2020, the building includes 30 apartment units and six commercial spaces on the ground floor. The apartment units were fully occupied at the time of sale. Of the six commercial spaces, two are rented as offices, two are occupied by resident gyms and two are vacant. Brad Feldman of Interra represented the buyer, a local private investor who plans to rent out the vacant space and increase rents. The seller was 2829 N. Clybourn LLC.
INDIANAPOLIS — Prodigy Burger Bar and Big Bear Biscuits have signed long-term leases to share 10,000 square feet in the former Scotty’s Brewhouse space at 3905 E. 96th St. within Lakefront at Keystone, a Class A office park in Indianapolis. Both restaurants anticipate opening in early 2022. Prodigy Burger Bar, currently owned by O’Reilly’s Holdings LLC, opened its first location in 2017 and now maintains six eateries in Carmel, Geist, Greenwood, Indianapolis, Kokomo and West Carmel. Big Bear Biscuits, a partnership between Indianapolis restaurateur Keith Reilly and Indianapolis chef Dean Sample, is a new venture offering breakfast and lunch options with biscuits and a local coffee program. Both restaurants will offer indoor and outdoor dining, catering, delivery and carryout service. Scott Wise and Steve Delaney of CBRE represented ownership, Rubenstein Partners LP and Strategic Capital Partners LLC. Gary Perel of ALO Property Group represented the tenants.
FARGO, N.D. — Amazon has opened its first fulfillment center in the state of North Dakota. The more than 1 million-square-foot facility opened on Sunday, Sept. 19 in Fargo and is expected to create more than 1,000 full-time jobs. Associates pick, pack and ship bulky or large-sized items such as patio furniture, outdoor equipment and rugs. Amazon also operates a delivery station in West Fargo.
MICHIGAN AND OHIO — SpareBox Storage has acquired 28 self-storage properties in Michigan and Ohio for an undisclosed price. The acquisition marks the addition of 1.9 million net rentable square feet to SpareBox’s portfolio and is the largest purchase for the company to date. SpareBox’s portfolio now includes 91 facilities and 5.6 million square feet of rentable space. Launched in 2020, SpareBox is sponsored by Rizk Ventures, an investment platform with a focus on real estate, technology and healthcare. Aaron Swerdlin and Kenneth Cox of Newmark’s self-storage group represented the undisclosed seller in the transaction.
JANESVILLE, WIS. — Zilber Property Group has purchased an industrial portfolio spanning four buildings and 525,000 square feet in southern Wisconsin’s Janesville. The purchase price and seller were not disclosed. Ranging in size from 45,000 square feet to 250,000 square feet, the buildings are fully occupied by Cummins Inc., Pepsi, National Food Distributors and Panoramic. The properties are located at 101 W. Venture Drive, 505 S. Wuthering Hills Drive, 1700 E. Delavan Drive and 525 E. Conde St.
OAK BROOK, ILL. — Architect Antunovich Associates and developer Hines have revealed the amenity renderings for One Oak Brook Commons, a 17-story luxury apartment building in Oak Brook. Amenities will include a pool deck, fitness center, library, rooftop, social lounge and sports simulator. The 250 units will range in size from studios to three-bedroom penthouses. Pre-leasing is slated to begin later this year with first move-ins anticipated in January 2022. Monthly rents for one-bedrooms will start at $2,395. Luxury Living Chicago Realty is completing marketing and leasing for the property, which is part of the larger Oak Brook Commons, a mixed-use development with restaurants, retail, creative office space and a new park entitled The Pitch.
ELK GROVE VILLAGE, ILL. — JC Watson Packing Co. has signed a 68,021-square-foot industrial lease in suburban Chicago’s Elk Grove Village. Headquartered in southwest Idaho, the tenant focuses on packing, selling and distributing onions. The rail-served facility will enable the company to expand its footprint in the Midwest as well as its distribution channels to the East Coast. Sam Deihs of Entre Commercial Realty represented JC Watson in the lease transaction. Hamilton Partners represented the undisclosed landlord.
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Manufactured Housing Communities Garner Investor Interest
Interest in affordable paths to homeownership and the growing popularity of lower density living are raising the profile of the manufactured housing option among American households and investors. At the same time, the government sponsored enterprises (GSEs) Fannie Mae and Freddie Mac are making concerted efforts to better serve this historically underfinanced market at both the individual homeowner and community levels. The combination of robust cash flow growth (particularly in Sunbelt and Western markets), cap rate compression, and liquidity provided by the GSEs makes a compelling case for manufactured housing community (MHC) acquisitions and refinances. As increased competition has left market participants looking for an edge amidst compressing cap rates, the importance of working with an experienced MHC lender with access to short- and long-term loan programs has become more apparent. The following provides an in-depth analysis of the recent performance of rental MHCs, sales volume and pricing trends, and loan and underwriting trends in the MHC space. The Performance of the Site Rental Market The COVID-19 pandemic affected American housing preferences in profound ways. Increasingly, households are seeking lower density options with larger floor plans, home offices, and dedicated space for entertaining or distanced learning. This phenomenon …
CHICAGO — Lendlease has broken ground on The Reed, a 41-story residential tower at 234 W. Polk St. in Chicago’s Printers Row neighborhood. Designed by Perkins + Will, The Reed will feature 216 condominium units on floors 23 through 41 and 224 apartment units on floors nine through 22. Completion is slated for 2023. The project represents the second residential tower and the first for-sale offering within Lendlease’s Southbank development, which encompasses seven acres along the south branch of the Chicago River. Condos will range in size from 630 to 1,670 square feet and will be priced from the low $400,000s up to $1.4 million. Residents will have access to two amenity suites and a private garage parking. The eighth floor will feature a 12,000-square-foot outdoor deck with a pool, cabanas, grilling stations, dining areas and fire pits. Indoor amenities on this floor will include a lounge room, pool table, virtual sports simulation room, salon and massage room, screening room and fitness centers. The Southbank master plan includes Southbank Park, a two-acre green space designed by Hoerr Schaudt. Both Southbank Park and the Riverwalk, which will provide a pedestrian connection between Harrison and Polk streets upon completion of The Reed, …