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Midwest

AcquisitionsMidwestMinnesotaOffice

Bridge Investment Group Purchases 508,590 SF Office Property in Hopkins, Minnesota

by Kristin Harlow

HOPKINS, MINN. — Bridge Investment Group has purchased Excelsior Crossings in Hopkins near Minneapolis for an undisclosed price. The 508,590-square-foot office property, located on Excelsior Boulevard, consists of two Class A buildings that are each seven stories tall. Developed in 2008, Excelsior Crossings is 91 percent leased and recently underwent a $1.5 million amenity enhancement program. Bridge plans to invest an additional $6 million in capital and tenant improvements, including upgrades to the courtyard and common areas, kitchen, lobbies and elevator corridors. Current tenants include Element Fleet, Digi International and U.S. Bank’s Home Mortgage Division headquarters, which fully leases one of the buildings. Tom O’Brien of Cushman & Wakefield represented the seller, Colony Capital. Bridge Commercial Real Estate LLC, Bridge’s office operating company, will oversee capital improvements and management.

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AcquisitionsMichiganMidwestRetail

KJ Commercial Brokers $10.5M Sale of Retail Center in Dearborn, Michigan

by Kristin Harlow

DEARBORN, MICH. — KJ Commercial has brokered the sale of a 52,000-square-foot retail center in Dearborn for $10.5 million. Rite Aid and Goodwill anchor the fully leased property. Kevin Jappaya and David Jappaya of KJ Commercial represented the seller, the center’s original developer, as well as the buyer, a local real estate investor. The transaction marked the first time that the property traded hands.

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AcquisitionsMidwestMinnesotaMultifamily

Monument Capital Management Acquires LUX Apartments in Suburban Minneapolis for $9.9M

by Kristin Harlow

FRIDLEY, MINN. — Monument Capital Management, an A-Rod Corp. company, has acquired LUX Apartments in Fridley, a northern suburb of Minneapolis, for $9.9 million. The 72-unit apartment community is located at 1230 Cheri Lane NE. This is the second acquisition in Minnesota within a week for the firm, which was founded by baseball star Alex Rodriguez and Ramon Corona in 2012. Built in 1963, LUX Apartments is spread across four buildings. Amenities include a barbecue area, dog park, laundry centers and garages. Monument plans to upgrade common areas and units. Ted Brickel of Colliers represented the seller, Quality Trusted Property Management. Monument purchased the asset in a joint venture with unnamed private investors. Monument now owns and manages seven multifamily properties in Minnesota totaling 819 units.

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LoansMidwestMultifamilyWisconsin

Ready Capital Closes $8.2M Acquisition Loan for Apartment Complex in Madison, Wisconsin

by Kristin Harlow

MADISON, WIS. — Ready Capital has closed an $8.2 million loan for the acquisition, renovation and stabilization of a 56-unit apartment complex in Madison. The undisclosed borrower plans to renovate unit interiors. The nonrecourse loan features a three-year term, floating rate and interest-only payments.

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AcquisitionsIllinoisIndustrialMidwest

Venture One Buys 37,247 SF Industrial Building in Waukegan, Illinois

by Kristin Harlow

WAUKEGAN, ILL. — Venture One Real Estate has purchased a 37,247-square-foot industrial building in Waukegan for an undisclosed price. The single-tenant property is located at 1429 Shields Drive. Constructed in 2004, the building features a clear height of 28 feet, four exterior docks, one drive-in door and 5,738 square feet of office space. Venture One plans to make improvements such as office renovations, new paint and new LED lighting. The undisclosed tenant is vacating the property in December of this year. Chris Volkert, Ned Frank and Pat Hake of Colliers will market the building for lease. Venture One’s acquisition fund, VK Industrial V LP, is a partnership between Venture One and Kovitz Investment Group.

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Gregg Gerken TD Bank Affordable Housing quote
Affordable HousingFeaturesFinance InsightLoansMidwestMultifamilyNortheastSoutheastTexasWestern

Growth of Affordable Housing Delayed by Approval Process Slowdowns, Supply Chain

by Sarah Daniels

The need for affordable housing has grown, but factors like municipal slowdowns and delays in financing have helped contribute to a lack of supply. Gregg Gerken, head of U.S. Commercial Real Estate with TD Bank, spoke to REBusiness about why the need for affordable housing is at a critical juncture and why this need is so difficult to fill. Finance Insight: What is the state of affordable housing right now? Gerken: There is a supply/demand imbalance. There continues to be a desperate need for more investment in affordable housing, not less. The arrival of COVID introduced more challenges for affordable housing, but the struggle to find high-quality affordable rental housing existed well before the pandemic. Rent prices affect millions of Americans, especially those with low incomes, and rents have only increased. Furthermore, the pandemic has caused an interruption of the supply chain and much-needed new projects have been delayed. Finance Insight: Can you outline a few big-picture national trends that are most impacting affordable housing right now? Gerken: As I mentioned, the imbalance of supply and demand is negatively affecting affordable housing. Rising rental rates mean fewer people will be able to qualify for affordable housing. Coming out of COVID …

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IllinoisIndustrialLeasing ActivityMidwest

Meal Delivery Service Factor Opens 100,000 SF Fulfillment Center in Lake Zurich, Illinois

by Kristin Harlow

LAKE ZURICH, ILL. — Factor, a ready-to-eat meal delivery service, has opened a new fulfillment and distribution center in Lake Zurich, a northwest suburb of Chicago. The nearly 100,000-square-foot facility is located at 1325 Ensell Road. Factor already occupies production facilities in Aurora and Burr Ridge, as well as a distribution center in Lyons and corporate offices in Batavia. Factor was founded in 2013 and acquired by HelloFresh in 2020. Dan McGillicuddy, Charlie Kenning and Charlie Mintz of JLL represented HelloFresh in the Lake Zurich deal.

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LoansMidwestMultifamilyOhio

Ready Capital Closes $24.8M Acquisition Loan for Multifamily Property in Cincinnati

by Kristin Harlow

CINCINNATI — Ready Capital has closed a $24.8 million loan for the acquisition, renovation and stabilization of a 234-unit multifamily property in the Forest Park submarket of Cincinnati. The undisclosed borrower plans to implement a capital improvement program for the Class B property with plans to renovate unit interiors, property exteriors and common areas. The nonrecourse loan features a three-month term, floating rate and interest-only payments.

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Affordable HousingDevelopmentIndianaMidwestMultifamily

TWG Underway on $10.8M Affordable Housing Community in Seymour, Indiana

by Kristin Harlow

SEYMOUR, IND. — Developer TWG is underway on construction of Seymour Lofts, a $10.8 million affordable housing community in Seymour, about 50 miles north of Louisville, Ky. The property’s 50 units will be targeted for families who make an annual salary between $30,000 and $40,000. Project partners include Midwest Support Foundation, Indiana Housing and Community Development Authority, The Federal Home Loan Bank of Indianapolis and the City of Seymour. Amenities will include a playground and clubhouse. Construction began in December, but a timeline for completion was not released.

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IllinoisLeasing ActivityMidwestOffice

Thales Signs 24,673 SF Office Lease in Aurora, Illinois

by Kristin Harlow

AURORA, ILL. — Thales Defense & Security Inc. has signed a 24,673-square-foot office lease at 750 Commons Drive in Aurora, located about 40 miles west of Chicago. Thales will move from 1444 N. Farnsworth Ave. in Aurora once tenant improvements are completed and the new lease commences in mid-2022. The 205,000-square-foot, two-building property, which supports both office and industrial users, is now fully leased. Stanton Road Capital purchased the asset in 2018 and added amenities such as a fitness center, tenant lounge, conference center and training center. Francis Prock and Dave Florent of Colliers are the leasing agents for the property. Kellen Monti and Chris Bynum of JLL represented Thales.

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