BRANSON, MO. — Drever Partners has opened The Penleigh – Branson Row, a 324-unit workforce housing property in Branson. The project consisted of the conversion of the former Angel Inn – by the Strip hotel, which Drever Partners acquired. The property offers micro apartment units along with a resident lounge, fitness center, onsite laundry facilities, playground and pool. Monthly rents start at $700. Residents can receive a $25 discount each month for early payment.
CAROL STREAM, ILL. — Partners Supply Chain Solutions (PSCS) has signed a 50,007-square-foot industrial lease at 189 Easy St. in the Chicago suburb of Carol Stream. The lease represents a 25 percent increase in space from the company’s current location at 171 Gary St. in Carol Stream. PSCS expects to take occupancy of its new space in August. Built in 1996, the property spans 75,538 square feet and features 10 docks. Jay Cook of Cresa represented PSCS, which operates bulk and rail operations in more than 1 million square feet in Elmwood. The Carol Stream facility will serve as its specialized operations center, housing food and pharmaceuticals and high-value inventory. Philadelphia-based EQT Exeter owns the building.
STREAMWOOD, ILL. — Baum Realty Group LLC has arranged the sale of the Emerald Hills Shopping Center in the Chicago suburb of Streamwood for $3.8 million. The 20,604-square-foot property, located on South Sutton Road, is fully leased to local and national retailers. Patrick Forkin of Baum represented the seller, a family office. The center was encumbered by a CMBS loan, which the undisclosed buyer assumed at closing.
COLUMBUS, OHIO — KeyBank Community Development Lending and Investment has provided $74.3 million in construction financing for Darby Crossing, an affordable housing property in Columbus. Indianapolis-based Kittle Property Group is the developer. The 11-building property will include 60 one-bedroom units, 92 two-bedroom units, 84 three-bedroom residences, 24 four-bedroom apartments and two cottages. All units will be restricted to residents who earn up to 60 percent of the area median income. Amenities will include a clubhouse, pool house and 48 garage parking spaces. Construction has begun and is slated for completion by August 2025. David Lacki and Greg Deeks of KeyBank structured the financing, which includes a $43.3 million construction loan to be followed by a $31 million private placement loan. Additionally, the Columbus-Franklin County Finance Authority issued $42.2 million in tax-exempt bonds and the Ohio Housing Finance Agency provided $21.3 million in low-income housing tax credits. The development also benefits from a tax abatement based on its location in a Community Reinvestment Area.
LINCOLN, NEB. — The Annex Group has broken ground on Union at Middle Creek, a $34.4 million affordable housing community in Lincoln. The property’s 192 units will be designated for residents earning up to 60 percent of the area median income. Amenities will include a clubhouse, fitness center and nature trail. The development, slated for completion in early 2024, marks Annex Group’s first in Nebraska. Project partners include R4 Capital Funding as lending partner and R4 Capital as equity partner. The project team includes Summit LIHTC Consulting, REGA Engineering Group, Wallace Architects and NP Dodge Management Co.
MUSSEY TOWNSHIP, MICH. — Axiom Engineered Systems has signed a lease for a 123,000-square-foot flex industrial building at 14898 Koehn Road in Mussey Township, about 55 miles north of Detroit. The location will serve as the company’s first in the U.S. The automotive company was founded in Canada in 1987. Matthew Buslepp, Jacob Zammit and Jim Becker of Avison Young represented the tenant. Lee & Associates represented the landlord, an entity doing business as 14898 Koehler Capac LLC.
CHICAGO — Timber Hill Group has sold a 3.5-acre outdoor storage and fleet parking property at 4626 W. 42nd St. in Chicago for an undisclosed price. Zenith IOS purchased the property, which is zoned for truck parking and is located near the Cicero Avenue and I-55 interchange. Timber Hill acquired the site in 2017 and added a perimeter fence, gate system and lighting. Brian Vanosky and Tim McCahill of Lee & Associates represented the buyer. Timber Hill is a Chicago-based private equity firm specializing in the acquisition and development of logistics real estate.
MISHAWAKA, WIS. — Social Cantina will open a 4,800-square-foot restaurant at The Mill at Ironworks Plaza, an apartment complex in downtown Mishawaka. The Mexican restaurant serves tequilas, fresh margaritas, craft beer and classic Mexican dishes. Finney Hospitality Group owns the restaurant brand. The Mill at Ironworks Plaza, completed in 2019, features 232 luxury apartment units with 13,000 square feet of retail space. Earlier this year, Sun King unveiled plans to open a 6,700-square-foot tap room at the property. Flaherty & Collins Properties, the property owner, is finalizing plans on a second phase that will bring an additional 230 luxury apartment units and riverfront retail space. Construction on Phase II is expected to begin in spring 2023.
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MDH Partners Sells 58-Property Sunbelt Logistics Portfolio Located Across 10 States for $1.3B
ATLANTA — MDH Partners has sold its 58-property Sunbelt Logistics Portfolio to an undisclosed global institutional investor for $1.3 billion. MDH will retain an ownership stake in the portfolio and will continue to operate the properties. The portfolio spans 9.7 million square feet of industrial space across 10 states, including 11 properties in Georgia; 10 properties in Florida; eight properties in Texas; seven properties each in Arizona and Missouri; four properties each in Tennessee and North Carolina; two properties each in South Carolina and Virginia; and one property in Kentucky. The final two properties include nearly 675,000 square feet of newly constructed buildings in Nashville and Charlotte that were constructed with CarbonCure, a technology for the concrete industry that introduces recycled carbon dioxide into fresh concrete to reduce its carbon footprint. The portfolio consists of modern, state-of-the-art industrial and bulk distribution properties with an average size of 169,000 square feet. The properties feature average clear heights of 30 feet with 130-foot truck courts. The portfolio was 97 percent occupied at the time of sale by more than 100 regional, national and international tenants with an average remaining lease term of 5.7 years. “This diversified portfolio provides immediate scale and operating …
By Chris Curran and Alexa Strickler, R&R Realty Group It’s no secret that the past couple of years have been dramatically different for us all. We’ve had to adjust to new routines, new practices and new ways of getting work done. Some of these new things will be here to stay while others have already receded into memory. No matter the amount of change though, one thing remains the same. That’s the need for human connections and relationships. And, ultimately, that’s what physical office space provides. It seems many organizations are starting to understand just how valuable this connection truly is. Across various submarkets within the Des Moines metro area, companies large and small are returning to in-person work. And it’s not just existing customers returning to their spaces. There has been a marked uptick in office leasing activity in locations ranging from downtown to the western suburbs. From advertising agencies to accounting firms and more, the vacancy rate across the entirety of central Iowa is beginning to be chipped away. Why are so many companies across a wide variety of industries heading back to the office? Well, like we mentioned earlier, there’s a sense of connection and an ability …