KANSAS CITY, MO. — Alchemy Ventures, in partnership with Rockcrest Holdings, has acquired more than 1,000 multifamily units in Kansas City’s urban core for $125 million. The acquisition includes Pickwick Apartments as well as four individual sites at 200 Walnut St., 318 W. 7th St., 200 W. 5th St. and 930 Broadway Blvd. that will be branded as Unity Lofts in the Rivermarket and downtown neighborhoods. Alchemy plans to renovate the properties with technology-driven features and new finishes. Seller information was not provided. Formed in 2014, Alchemy invests in properties within Kansas City and New York City.
CLEVELAND — The Kroger Co. (NYSE: KR) has unveiled plans to open a new customer fulfillment center in the Cleveland area for grocery delivery services. Technology company Ocado Group will operate the facility, which will span 270,000 square feet. The facility will utilize robotics for automated production, but it also expected to create up to 400 new jobs in the area. Completion of the project is slated for 24 months after construction begins. The warehouse, which will service Northeast Ohio and Pennsylvania, marks the second customer fulfillment center in the state of Ohio for Kroger and Ocado. A specific location for the project was not released.
KENOSHA, WIS. — Physician Real Estate Capital Advisors (PRECAP) has brokered the sale of the Advocate Aurora Health Medical Building in Kenosha for $6.2 million. Aurora Medical Group Inc. (AMG) and MH Imaging fully occupy the 19,678-square-foot medical office building. Scott Niedergang of PRECAP and Nathan Glaisner of Verde Investments LLC represented both parties in the sale. The seller was a physician partnership that developed the facility for its private practice prior to its acquisition by AMG. A commercial real estate company focused on net lease retail, logistics and medical facilities was the buyer.
CICERO, ILL. — Cawley Chicago has arranged the sale of a 130,000-square-foot manufacturing facility in Cicero for an undisclosed price. The property sits on more than three acres at 4620 W. 19th St. Frank Melchert and Matt Garland of Cawley Chicago represented the seller, a private individual who had operated a business at the property for 31 years. Local business and metal fabricator Accurate Perforating Co. was the buyer.
FORT WAYNE, IND. — Caliber Collision and Starbucks have signed leases to open at Southtown Centre in Fort Wayne. Caliber Collision will open a store at 7851 Southtown Crossing, marking its second location in Fort Wayne. Starbucks will lease a 2,225-square-foot building set to be constructed later this year at 7800 S. Anthony Blvd. Barry Sturges, Neal Bowman and Phil Hagee of Sturges Property Group represented Caliber Collision. Sturges worked with the Fort Wayne Redevelopment Commission and the developer, The Elia Group, on the Starbucks deal.
TOLEDO, OHIO — Welltower Inc. (NYSE: WELL), a Toledo-based healthcare REIT, has agreed to acquire 33 seniors housing communities totaling 2,787 units in Michigan, Ohio and Tennessee. The purchase price is $548 million. The communities will be acquired as three separate portfolios from undisclosed sellers. The communities were available for purchase because the lease-up process was heavily damaged by the onset of the COVID-19 pandemic. With occupancy at only 63 percent, Welltower expects the communities will greatly improve their performance in 2023 and beyond. Welltower will install Michigan-based senior living operator StoryPoint to manage the communities under a RIDEA agreement. The acquisition is expected to be funded through the issuance of partnership units, assumed debt and cash on-hand. Simultaneously with the acquisition announcement, Welltower unveiled a development partnership with a joint venture between Related Cos. and Atria Senior Living to develop two seniors housing communities in Silicon Valley. One will be located in Santa Clara and the other in Cupertino. Welltower suggests these developments are just the first projects of many for the partnership. The Santa Clara development will consist of 191 units next to a fully entitled, 9.2 million-square-foot urban development that Related began building in 2015. The larger project, …
KANSAS CITY, MO. — Newmark Zimmer has arranged the sale of a 340,000-square-foot office building in Kansas City’s central business district for an undisclosed price. AT&T formerly occupied the property, which is located at 500 E. 8th St. and now sits vacant. Michael VanBuskirk, Chris Robertson, John Hoefer and Raegen Root of Newmark represented the seller, Maxus Properties. The buyer, Washington, D.C.-based The Bernstein Cos., plans to convert the building into apartments.
ST. CHARLES, ILL. — Marcus & Millichap has brokered the sale of Fox Run Apartments in St. Charles, about 40 miles west of Chicago. The sales price was undisclosed. The 220-unit apartment complex was built in 1971 and underwent a renovation program in 2008. Amenities include a pool, 342 parking spaces and four laundry facilities. Roughly 95 percent of the units feature updated kitchens, bathrooms and flooring. Ryan Engle, Andrean Angelov and Zack Mahoney of Marcus & Millichap represented the seller and procured the buyer, neither of which were disclosed.
CRESTWOOD, ILL. — A joint venture between Clear Height Properties and Harbert US Real Estate, an investment fund sponsored by Harbert Management Corp., has acquired a four-building industrial portfolio in the Chicago suburb of Crestwood for an undisclosed price. The portfolio spans 131,733 square feet and is 88 percent leased to 19 tenants. The buildings were constructed between 1989 and 1991. Walter Murphy of Lee & Associates represented the undisclosed seller.
WAUKEGAN, ILL. — Nonprofit developer Over the Rainbow (OTR) has selected McShane Construction Co. to build Kirwan Apartments, a 24-unit affordable housing community in Waukegan. The project is designed to enable adults with physical disabilities to live independently. The development is named for Leo Kirwan, an OTR board member and advocate for accessible housing. The three-story building will feature one-bedroom residences, and amenities will include a community room, laundry facilities and 20 parking spaces. Completion is slated for January 2023. Weese Langley Weese Architects is providing architectural services. OTR apartments are specifically designed for low-income individuals with physical disabilities and come with rental subsidies.