KANSAS CITY, MO. — JLL Income Property Trust has acquired a medical office portfolio in metro Kansas City for $22.2 million. The portfolio comprises three properties spanning more than 50,000 square feet. Roeland Park is a nearly 30,000-square-foot building constructed in 2021. Its largest tenant is AdventHealth Shawnee Mission, a subsidiary of AdventHealth. Northland Women’s Healthcare is a 10,000-square-foot property constructed in 2021 that is fully leased to the women’s healthcare provider. Blue Springs Pediatrics is a 10,500-square-foot building that was redeveloped in 2021. It is leased to a physician group that is a subsidiary of Children’s Mercy. JLL Income Property Trust now owns 12 healthcare properties totaling more than 1.1 million square feet that are valued in excess of $450 million and represent approximately 8 percent of its overall portfolio.
MELROSE PARK, ILL. — NewMark Merrill Cos. Inc. has sold a 90,000-square-foot building at Winston Plaza, a 400,000-square-foot shopping center in the Chicago suburb of Melrose Park. Cermak Fresh Market acquired the building for an undisclosed price and plans to open a new grocery store by the end of this year. Sandy Sigal and Brad Pearl represented NewMark Merrill on an internal basis alongside Joe Parrott and Sean McCourt of CBRE. Dino Geroulis and John Roberson of Axis Realty represented Cermak. Kostas Kavayiotidis of Pacific Southwest Realty structured financing. Anchor tenants at Winston Plaza include Best Buy, Ross Dress for Less, Marshalls, Dollar Tree, Five Below and Office Max.
CHICAGO — Interra Realty has brokered the sale of a 30-unit multifamily property in the Buena Park section of Chicago’s Uptown neighborhood for $4.7 million. Built in 1912, the property is located at 755 W. Buena Ave. In addition to five studios, 24 one-bedroom units and one two-bedroom units, the building features onsite laundry facilities and bike storage. Joe Smazal of Interra represented the seller, a local private owner and operator that made select updates to the property. Smazal also represented the local private buyer.
DES PLAINES, ILL. — Marcus & Millichap has negotiated the sale of Bainbridge Plaza in the Chicago suburb of Des Plaines for $2.1 million. The 15,042-square-foot retail center is located at 611 W. Golf Road and is fully leased. Anchor tenants include Domino’s Pizza and Suburban Family Dental, which has operated at the property for over 30 years. Mitchell Kiven of Marcus & Millichap represented the seller, a local private investor. Craig Fuller, Erin Patton and Scott Wiles of Marcus & Millichap represented the buyer, an Ohio-based limited liability company.
By Steve Firestone, Crown Bay Group Why would anyone choose investing in an aging workforce housing property over razing it to make room for Class A apartments? Are these challenging properties worth the risk? Making this choice may not be right for everyone, but the returns can be unbelievably rewarding. The secret recipe for transforming Class B and C properties to benefit the community, local residents and your bottom line isn’t complicated. The key is entering into each deal with a genuine interest and desire to do what is right and what matters to the residents who call this property home. The age-old saying — by doing good, you will do well — still holds true today. There is an overwhelming demand for Class B and C assets. While a large portion of new development over the past decade has been Class A luxury, the Class A market makes up only 20 percent of the total rental market. New construction of affordable, market-rate units is just not financially feasible today. Consequently, meaningful workforce supply has rarely been added this past decade. Despite the pervasive need for workforce housing, the supply has decreased with older units being demolished to make room …
MINNEAPOLIS — CEDARst Cos. is completing the adaptive reuse of five historic warehouses in the North Loop neighborhood of Minneapolis into two apartment developments. The first project, named The Duffey, is slated to open in April. The $71.1 million project features 188 units along with 24,000 square feet of retail space. Amenities include a fitness center, resident coworking space and rooftop deck. The second project, which is yet to be named, is set to begin construction in the coming months. Development costs are estimated at $160 million for the 358-unit project, which will feature 38,500 square feet of retail space. Amenities will include a rooftop lounge, coworking suite, 8,000-square-foot fitness center, game room with bowling lanes and 293 parking spaces. Construction is scheduled to last 18 months.
COLUMBUS, OHIO — Duke Realty will build a 574,670-square-foot medical distribution center for Cardinal Health in Columbus. The new building will replace Cardinal Health’s current 235,000-square-foot facility in nearby Obetz. Duke is building the project with joint venture partners Columbus Regional Airport Authority and Capitol Square. Completion is slated for late 2022 or early 2023. Cardinal Health is a distributor of pharmaceuticals, a global manufacturer and distributor of medical and laboratory products, and a provider of performance and data solutions for healthcare facilities. The organization has a multi-year strategy to increase U.S. warehouse space capacity, according to James Sembrot, senior vice president of Cardinal Health’s U.S. supply chain.
MATTESON, ILL. — Reich Brothers has acquired a 392,740-square-foot industrial property and adjacent 53 acres in Matteson, about 30 miles south of Chicago. The purchase price was undisclosed. Al Caruana and Britt Casey of Cushman & Wakefield represented Reich in the acquisition. The duo will provide leasing services for the property along with colleagues Sally Macoicz and Matthew Saddler. The cross-dock building is located at 21800 S. Cicero Ave. near I-50 and I-80.
CHICAGO — CIT, a division of First Citizens Bank, has provided a $29.9 million loan for the acquisition of a portfolio of three industrial buildings in metro Chicago. Aminim Group, a privately held commercial real estate investment company based in Houston, was the borrower. The buildings, which are situated in close proximity to I-294, are fully leased by six tenants.
MARQUETTE, MICH. — Greystone has originated a $12.3 million Fannie Mae loan for the refinancing of One Marquette Place in Marquette, a city in Michigan’s Upper Peninsula along Lake Superior. The 68-unit apartment community was constructed in 2019. The six-story property features a rooftop terrace, community room and exercise room. The community was built on former brownfield land that was utilized as industrial docks. Reuben Dolny and John Marr of Greystone originated the 10-year loan, which features a fixed interest rate and a 30-year amortization schedule.