Midwest

Alison Williams Walker Dunlop Small Balance Lending

Small Balance Lending Evolves with Technology

by Sarah Daniels January 25, 2022

The small balance multifamily lending industry is antiquated, leaving thousands of prospective borrowers behind in a booming market. Multifamily property owners need access to fast, reliable quotes and a streamlined approach to financing. The current industry practice of quoting from rate sheets does not present a holistic or dynamic picture for borrowers or lenders. Walker & Dunlop is offering an alternative approach with a new digital lending platform that utilizes machine learning to quickly provide customized quotes for small balance multifamily acquisition and refinance loans. The rapid pace of lending means that borrowers need strategic partnerships with small balance loan experts that provide personalized customer experience backed by the data science capabilities to pull comparables, as well as online tools that can both streamline and inform processes. Sponsored: As the #1 multifamily lender in the U.S., Walker & Dunlop is launching a digital lending platform that will deliver tailored quotes in minutes for acquisitions and refinances. The platform uses machine learning powered by millions of data points from Walker & Dunlop’s proprietary property database to offer clients accuracy, transparency and confidence from kickoff to closing. The State of Small Balance Lending Small multifamily properties account for roughly 85 percent of …

January 25, 2022

Illinois Industrial Leasing Activity Midwest

Chicagoland Quad Cities Express Signs 89,000 SF Industrial Lease Expansion in Bolingbrook, Illinois

by Kristin Harlow January 25, 2022

BOLINGBROOK, ILL. — Chicagoland Quad Cities Express has signed an 89,000-square-foot lease expansion at 3-9 Timber Court in the Chicago suburb of Bolingbrook. The transportation and warehousing tenant already occupies 90,000 square feet at the 320,722-square-foot property, which was built in 1993. The company will now lease 590,000 square feet in the Chicago market between its Bolingbrook and Bridgeview locations. George Cibula of Darwin Realty/CORFAC International represented the tenant in the new lease, which begins in February. Sean Henrick, Jason West and Ryan Klink of Cushman & Wakefield represented ownership, The Realty Associates Fund Portfolio LP.

January 25, 2022

Indiana Leasing Activity Midwest Office

Raytheon Intelligence & Space Leases 86,965 SF Office Building in Indianapolis

by Kristin Harlow January 25, 2022

INDIANAPOLIS — Raytheon Intelligence & Space has leased Lakefront 6, an 86,965-square-foot office building located at 3939 Priority Way in Indianapolis. Rubenstein Partners LP owns the building, which is part of Lakefront at Keystone, a 1 million-square-foot office park surrounding a 38-acre lake. Raytheon is an aerospace and defense company that provides advanced systems and services for commercial, military and government customers worldwide. Employees at the Lakefront 6 building will work on the development of advanced sensors, cyber and software solutions. Rubenstein and Strategic Capital Partners acquired Lakefront at Keystone in 2017 and embarked on a multimillion-dollar capital improvement plan to include both indoor and outdoor amenity spaces. Tammy Faulk and John Robinson of JLL represented the landlord in the lease. Mike Semler and Brendan O’Shaughnessy of Cushman & Wakefield represented the tenant. Jim Postweiler of Newmark is currently marketing Lakefront 6 for sale.

January 25, 2022

Acquisitions Midwest Minnesota Retail

Hanley Investment Group Arranges $11.4M Sale of Three-Tenant Retail Property in Metro Minneapolis

by Kristin Harlow January 25, 2022

COON RAPIDS, MINN. — Hanley Investment Group Real Estate Advisors has arranged the $11.4 million sale of Riverdale Village in the Minneapolis suburb of Coon Rapids. Constructed in 2021, the property consists of a 4,150-square-foot building with a drive-thru occupied by Bank of America and a two-tenant, 6,700-square-foot building occupied by Famous Dave’s and Banfield Hospital. The asset serves as an outparcel to Menards. Jeff Lefko and Bill Asher of Hanley, along with Robert Wise of CBRE, represented the seller, Florida-based OneCorp Global. Boston Weir of Henry Group Real Estate represented the buyer, a Colorado-based private investor completing a 1031 exchange.

January 25, 2022

Acquisitions Industrial Midwest Missouri Self-Storage

Marcus & Millichap Negotiates Sale of 71,015 SF Self-Storage Facility in St. Louis

by Kristin Harlow January 25, 2022

ST. LOUIS — Marcus & Millichap has negotiated the sale of a Life Storage self-storage facility in St. Louis for an undisclosed price. The 71,015-square-foot property is located at 4935 Fyler Ave. The facility initially opened in December 2019 with 426 climate-controlled units. In July 2021, the property was expanded to include an additional 172 non-climate-controlled units and 137 parking spaces. Sean Delaney of Marcus & Millichap represented the seller, a limited liability company, and the buyer, a Texas-based limited liability company.

January 25, 2022

Acquisitions Indiana Midwest Retail

Quantum Brokers Sale of Walgreens-Occupied Property in Anderson, Indiana

by Kristin Harlow January 25, 2022

ANDERSON, IND. — Quantum Real Estate Advisors Inc. has brokered the sale of a 14,418-square-foot property occupied by Walgreens in Anderson, about 40 miles northeast of Indianapolis. The sales price was undisclosed. Constructed in 2004, the building is located at 320 S. Scatterfield Road. At the time of sale, Walgreens had roughly eight years remaining on its 25-year lease term. Dan Waszak of Quantum represented the buyer, a New York City-based 1031 investor. The seller was also based in New York.

January 25, 2022

Development Illinois Midwest Multifamily Top Stories

Developers to Begin Vertical Construction of 73-Story Apartment High-Rise in Chicago

by John Nelson January 25, 2022

CHICAGO — Co-developers Time Equities Inc., JK Equities and Oak Capitals plan to soon begin vertical construction for 1000M, a 73-story apartment high-rise in Chicago’s South Loop district. Named for its address (1000 S. Michigan Ave.), 1000M will stand 788 feet tall upon completion in 2025, making it one of the tallest apartment towers in Chicago. 1000M was originally conceived as a for-sale condominium tower but during a pause in construction during the COVID-19 pandemic, the co-developers decided to reposition the asset as a rental residential tower. Construction recommenced following a $304.5 million loan from Goldman Sachs and Deutsche Bank Wealth Management, according to various media outlets. The 738-unit apartment tower will offer residences ranging from studios to three-bedroom penthouse units. The development will also feature a golf simulator room, outdoor swimming pool with cabanas, a cookout area and a full-service 73rd floor bar and lounge offering views of the Chicago skyline. In addition, a 325-car parking garage will be concealed behind the apartments. Nearby attractions and venues include Grant Park, Lake Michigan, Soldier Field & Museum, Humboldt Park Formal Gardens, Columbia College Chicago, Hilton Chicago and Trader Joe’s. Helmut Jahn, a world-renowned German architect who was killed last year …

January 25, 2022

Build-to-Rent Development Indiana Midwest

Onyx+East, Pretium Form Joint Venture to Invest $600M for Development of Single-Family Rental Homes

by Kristin Harlow January 24, 2022

INDIANAPOLIS — Indianapolis-based homebuilder Onyx+East has formed a joint venture with investment management firm Pretium to invest approximately $600 million to develop, build and operate new single-family build-to-rent communities. The joint venture plans to build over 2,000 homes across the Midwest and Florida’s West Coast. In 2022, the partnership intends to develop six communities totaling more than 700 homes in Indiana, Ohio and Florida. Progress Residential, Pretium’s single-family rental platform, will operate and manage the communities.

January 24, 2022

Acquisitions Illinois Industrial Midwest

ML Realty Partners Acquires 1 MSF Industrial Portfolio Across Greater Chicago Area

by Kristin Harlow January 24, 2022

CHICAGO — ML Realty Partners has acquired a 1 million-square-foot industrial portfolio in metro Chicago for an undisclosed price. The portfolio consists of 15 buildings within the I-55 corridor, Central DuPage, Lake County and O’Hare submarkets. The transaction also includes five shovel-ready land sites totaling 40 acres in the I-55 corridor and an additional five acres in Lake County. Jeff Devine, Steve Disse and Mike Senner of Colliers represented the undisclosed seller.

January 24, 2022

Development Illinois Midwest Multifamily

Optima Begins Pre-Leasing 198-Unit Luxury Apartment Development in Chicago

by Kristin Harlow January 24, 2022

CHICAGO — Development firm Optima Inc. has begun pre-leasing Optima Lakeview, a 198-unit luxury apartment community in Chicago’s Lakeview neighborhood. Located at 3478 N. Broadway St., the project includes 14,000 square feet of street-level retail space. First move-ins are scheduled for April. David Hovey Sr., Optima’s CEO and founder, designed the project, while Optima’s in-house construction team served as general contractor. Units average 1,053 square feet, and monthly rents start at $2,400. Optima Lakeview features 40,000 square feet of amenities, including a rooftop sky deck, heated pool, grilling stations, basketball court, sports lounge, golf simulator, fitness center, yoga room, sauna, dog park, children’s play area, game room and chef’s kitchen. Work-from-home amenities include two conference spaces, a business center and several indoor and outdoor seating areas. Each residence comes with smart home technology, including keyless unit entry and smart thermostats.

January 24, 2022

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