CORALVILLE, IOWA — Artisan Capital Group and MJW Investments have purchased Latitude at River Landing in Coralville, which is located just north of Iowa City. The purchase price was undisclosed. The buyers plan to rebrand the 663-bed student housing property as The Banks-Student Living. Completed in 2019, the community features an outdoor pool, fitness center, lounge, game room, basketball court, study rooms and campus shuttle service. Located near the University of Iowa, the property is situated within Iowa River Landing, a master-planned development featuring retail, restaurant, entertainment and hospitality space. JLL arranged debt financing through Pacific Life.
WENTZVILLE, MO. — Houston-based developer Vault Partners has broken ground on Corporate Parkway Business Center in Wentzville, a western suburb of St. Louis. The 75,000-square-foot industrial flex building will feature a clear height of 24 feet and a rear truck court. Completion of the speculative property is slated for the fourth quarter of this year. Dial Architects designed the project. Joe Schneider and Keith Schneider of Cushman & Wakefield will market the property for lease. The project marks Vault’s first development in the St. Louis market.
GARY, IND. — Colliers Mortgage has provided a $14.5 million Fannie Mae loan for the refinancing of Gary NSA I & II Apartments in Gary, a city in Northwest Indiana. Constructed between 1914 and 1928, the affordable housing property features 249 units across 14 buildings. The community is covered entirely by a HUD rental Housing Assistance Payments (HAP) contract throughout the loan term. The 10-year loan features a 30-year amortization schedule. An entity doing business as Gary NSA I & II Housing LLC was the borrower.
KANSAS CITY, KAN. — In a sale-leaseback transaction, MAG Capital Partners LLC has acquired a 30,000-square-foot retail building occupied by Frontier Justice in Kansas City. The purchase price was undisclosed. Frontier Justice a retail destination founded in 2015 by Mike and Bren Brown, offers firing ranges, a café and an exclusive fashion boutique that sells a variety of men’s and women’s apparel, jewelry and home décor. Judd Dunning of DWG Capital Group arranged debt financing for MAG Capital Partners, which is a Texas-based private investment firm founded by Dax Mitchell and Andrew Gi. The transaction marks the second sale-leaseback that MAG Capital Partners has completed in the Kansas City market.
CLEVELAND — An affiliate of Phoenix Investors has reached a definitive agreement to acquire Nela Park in Cleveland for an undisclosed price. Nela Park is home to GE Lighting, a Savant company. The acquisition will add more than 1 million square feet of industrial space to Phoenix’s portfolio. Built in 1913, Nela Park is considered the first industrial park in the world, according to Phoenix. The 138-acre property consists of industrial space, office space, a cafeteria, fitness center and outdoor recreation facilities. Savant acquired GE Lighting in July 2020. GE Lighting plans to maintain partial tenancy at Nela Park after Phoenix’s acquisition.
KANSAS CITY, MO. — Northmarq has arranged the sale of Centropolis on Grand, a 56-unit apartment building in Kansas City’s River Market neighborhood. The sales price was undisclosed. Gabe Tovar and Jeff Lamott of Northmarq represented the seller, KC Commercial Realty Group, which developed the property in 2016. Tovar and Lamott are also arranging permanent financing on behalf of the buyer, Minneapolis-based Oaks Properties. The transaction marks the buyer’s first investment in the Kansas City market.
COLUMBUS, OHIO — MDH Partners has purchased Green Pointe Landing, a 100,000-square-foot warehouse in Columbus. The purchase price was undisclosed. Completed this January, the property sits on nearly nine acres at 5740 N. Green Pointe Drive. The building features 20 dock doors, 135 car parking spaces and clear heights that range from 28 to 32 feet. Cushman & Wakefield represented the seller, Oakridge Development Co. Houston Hawley served as the acquisition lead for MDH, which now owns more than 680,000 square feet of industrial space in Ohio.
CHICAGO — Two new tenants have signed leases at The Concourse Chicago office property, which is owned and managed by Berger Asset Management. The Ministry of Foreign Affairs of El Salvador leased 5,965 square feet and expects to take occupancy this summer. The tenant is relocating and expanding its Chicago office from a Michigan Avenue location. GEI Consultants, a national engineering and environmental consulting firm, leased 8,006 square feet. The firm is relocating from Vernon Hills, Ill. Concourse Chicago, which spans 165,000 square feet across 12 single-story buildings, is now 90 percent occupied. Steve Chrastka and Jason Wurtz of NAI Hiffman are the leasing agents for the property. Tom Hanson of Hanson Commercial Real Estate represented the Ministry of Foreign Affairs of El Salvador, while Jordan Rovito and Jonathan Metzl of Cushman & Wakefield represented GEI Consultants.
LAKE ORION, MICH. — The Boulder Group has arranged the $4.1 million sale of a single-tenant retail property occupied by tire company Firestone in Lake Orion, about 38 miles north of Detroit. The net-leased, 6,116-square-foot building is located at 25 Indianwood Road. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Midwest-based real estate developer. A Southeast-based private real estate investor was the buyer.
SANTA ANA, CALIF., AND WARSAW, MO. — BridgeCore has funded a $3.6 million bridge loan to finance the purchase of a to-be-built retail building that 7-Eleven will occupy in Santa Ana. The loan was cross-collateralized with a Taco Bell-occupied asset in Warsaw. The name of the borrower was not released. The loan features a 12-month term with six months of yield maintenance, which will allow the seller of the 7-Eleven property to complete its construction of the build-to-suit on behalf of the borrower and meet its delivery obligations to 7-Eleven.