TINLEY PARK, ILL. — Artisan Capital Group has purchased Edenbridge Apartments in the Chicago suburb of Tinley Park for an undisclosed price. The 309-unit, midrise apartment complex features studio, one-, two- and three-bedroom floor plans. Amenities include a sundeck, clubhouse, playground and pool. John Schorgl of Berkadia arranged acquisition financing through Cohen & Co.
ROCHESTER, MINN. — Northland has acquired SoRoc on Maine, a 186-unit multifamily community in Rochester, for an undisclosed price. The garden-style property consists of three buildings. Amenities include a pool, bocce ball court and clubhouse. Residents of SoRoc on Maine have shuttle access to the Mayo Clinic headquarters in downtown Rochester. Northland is a real estate private equity firm with $7 billion of assets under management, including more than 26,000 units.
FORT WAYNE, IND. — Swiss Re, a provider of reinsurance and insurance, has signed a 24,772-square-foot lease to occupy the second and third floors of The Riverfront at Promenade Park in Fort Wayne. The office property is still under development but is slated for completion by the end of the year. Swiss Re will relocate its regional office, which employs nearly 200 people, from 1670 Magnavox Way in Fort Wayne. Brad Sturges, Neal Bowman and Philip Hagee of Sturges Property Group represented the undisclosed developer.
NAPERVILLE, ILL. — Caton Commercial Real Estate Group has completed the retail lease-up of Central Park Place in downtown Naperville. Pizza chain Gia Mia has leased the historic Old Nichols Library that anchors the four-story residential and retail development. The 4,433-square-foot space features a restored fireplace and a 1,412-square-foot patio. Christina Caton Kitchel and Steve Caton of Caton Commercial negotiated the lease. Beyond the first-floor retail space, Central Park Place is comprised of 17 luxury condos. Other retail tenants at the property include Sweetwaters Coffee & Tea, The NOW Massage and James & Sons Fine Jewelers. Barbara Montes of Caton Commercial oversees the property’s management.
In 2021, supply chain issues, increased costs, wage inflation and the logistical challenges of completing projects compounded to negatively impact the affordable housing pipeline. According to Gregg Gerken, head of U.S. Commercial Real Estate with TD Bank, 2022 looks fantastic for the affordable housing sector as those issues are beginning to resolve. However, he notes that the affordable housing sector is still challenged by delays related to financing challenges, among other factors. Demand for affordable housing, federal level commitments to the sector and the continued involvement of Fannie Mae and Freddie Mac are all positive factors for the outlook of affordable housing. However, Gerken notes, “Financing is somewhat challenged by gaps in funding. With pricing and costs going up, there’s a gap between how much a project might support from a loan side versus how much in tax credits are allocated to that project during the last round of allocations. Some of that gap between overall costs and the funding sources is being made up as local agencies put in additional money in order to get affordable housing done.” Hear what Gerken has to say about the development of workforce and affordable housing and the involvement of government-sponsored …
ILLINOIS — A joint venture between Clear Height Properties and Buligo Capital Partners has acquired a five-building industrial portfolio spanning 265,000 square feet in metro Chicago for an undisclosed price. The properties, built between 1982 and 2009, are located in Hoffman Estates, Schaumburg, Aurora and Bloomingdale. The portfolio is fully leased to Honda, Novaspect, BERNINA of America and Abrasive Form. The buyers plan to implement a capital improvement program to upgrade the HVAC and other interior systems, lighting, the roof and the general building envelope. Kurt Sarbaugh and John Huguenard of JLL represented the seller, Chicago-based Green Door Capital Investments LLC. Christopher Carroll and Lucas Borges of JLL arranged a five-year, fixed-rate acquisition loan through Bank Leumi USA.
BEDFORD HEIGHTS, OHIO — Industrial Commercial Properties (ICP), in a joint venture with Jade-Sterling Steel Co. Inc., has purchased a 200,000-square-foot manufacturing facility in Bedford Heights, a southeast suburb of Cleveland. The purchase price was undisclosed. Jade-Sterling plans to consolidate several locations into a new corporate headquarters at the property, which is located at 26400 Richmond Road. The company employs approximately 100 people, with 50 moving from Twinsburg to Bedford Heights. The facility will undergo an interior and exterior renovation to improve crane capacity and truck access and add office space. Jeffrey Calig and David Hexter of NAI Pleasant Valley represented Jade-Sterling and the seller. Denise Hahn of Weber Wood Medinger represented ICP.
AURORA, ILL. — Multifamily real estate investment firm Pensam has purchased Butterfield Oaks, a 336-unit multifamily community in Aurora. Built in 2001, the property consists of 21 two-story buildings. Penam plans to upgrade unit interiors and common areas and utilize rent optimization software to help increase revenue. Amenities include a clubhouse, fitness center, outdoor pool, outdoor lounge and dog park. The seller and sales price were not provided.
GRAND RAPIDS, MICH. — NAI Wisinski of West Michigan has brokered the sale of a 19,972-square-foot industrial building in Grand Rapids for an undisclosed price. The property is situated at 2882 Northridge Drive NW. Andrew Kapanowski and Doug Taatjes of NAI Wisinski represented the seller, Unisource Office Furniture Parts. Max Grover of Moxie represented the buyer, Lumber2Love, a manufacturer of high-quality wood furniture.
WHEELING, ILL. — MedTec Healthcare & Private Duty LLC has signed a 12,994-square-foot office lease at WiFi Corporate Center in Wheeling, a suburb of Chicago. The single-story, 51,305-square-foot property is located at 1400 S. Wolf Road. WiFi Wheeling Dealing LLC owns the building, which was constructed in 1970 and renovated in 2001. Juliette Lane of Cresa represented MedTec, which provides in-home care and adult day care to support independent living for seniors in their homes. The space will serve as the company’s second location in Wheeling.