CHICAGO — Becovic has acquired The Juneway Gardens in Chicago’s Rogers Park neighborhood for $7.2 million. Located on Juneway Terrace, the 61-unit apartment building was constructed in 1922. The seller, a local apartment owner, had owned the three-story property for more than 30 years. Becovic Realty, the brokerage arm of Becovic, brokered the sale.
WARRENSVILLE, OHIO — A Costa Rica-based private investor has purchased a facility occupied by car sales company Carvana in Warrensville, about 15 miles southeast of Cleveland. The sales price was $6.7 million. Located at 4070 Interchange Corporate Center Road, the 8,408-square-foot property was constructed in 2017. Michael Shover and Matthew Gorman of CBRE represented the buyer. There were 17 years remaining on Carvana’s lease at the time of sale. The seller was undisclosed.
Despite some disruption from COVID-19, Omaha’s multifamily market is resilient. It remains a healthy, stable market boasting sound fundamentals and continues to experience increasing demand for apartments. Multifamily, in general, has outperformed many other real estate sectors during the pandemic. Omaha’s multifamily occupancy remains strong and rent growth over the past 12 months has shown a positive overall trend. In construction, the market takes a measured approach with roughly 1,500 units per year on average. According to Reis, there are 384 units scheduled to be delivered throughout the remainder of 2021, while absorption is forecast to be more than 400 units, resulting in a 0.1 percent uptick in occupancy. Solid market fundamentals Both Omaha and nearby Lincoln, Nebraska, are seeing strong investment sales activity although limited assets are available. The market is predominantly controlled by local players, many of which build for their portfolios and operate the properties. However, some smaller players and out-of-town investors have found the timing was right to exit out of the market and sell. Out-of-state groups are aggressively entering these markets and paying significant premiums for available assets. Driving investment sales activity are low interest rates and better returns than these groups can find in …
COMMERCIAL POINT, OHIO — Colliers has arranged the sale of a 1 million-square-foot e-commerce fulfillment center occupied by Bath & Body Works Inc. in Commercial Point, a southern suburb of Columbus. The sales price was undisclosed. The retailer plans to add 500 employees to its central Ohio workforce to fill online orders at the facility. Located at 514 Exchange Way, the property is the first building within the 875-acre Rickenbacker Exchange at Commercial Point industrial park. Alex Cantu, Jeff Devine, Steve Disse and Michael Linder of Colliers represented the seller, VanTrust Real Estate. The Mid-America Management Corp., an Ohio-based investment firm, was the buyer.
CHICAGO — Hines Global Income Trust Inc. has entered into an agreement to acquire the historic WGN-TV Studios building located at 2501 W. Bradley Place in Chicago’s North Center submarket. Chicago-based developer R2 is selling the property for about $30.5 million, according to Crain’s Chicago Business. The deal follows Hines Global’s recent acquisition of Bradley Business Center, a 23-acre mixed-use campus located across the street from the WGN property. The TV station spans 131,000 square feet and is fully leased to WGN-TV, which first aired in 1948. Cody Hundertmark, Tom Sitz and David Knapp of Cushman & Wakefield brokered the transaction.
CHICAGO — L3 Capital has acquired 1051 N. Rush, a high-profile retail property in Chicago’s Gold Coast neighborhood. The purchase price was undisclosed. The two-level asset spans 10,000 square feet and is fully leased to Vans and Uniform Teeth. Marol Rush was the seller. Keely Polczynski of CBRE brokered the transaction.
GLENDALE, WIS. — Aries Capital has arranged $21.9 million in joint venture equity on behalf of Cypress Equities for The Bayshore Residences in Glendale, a northern suburb of Milwaukee. The $73 million, 311-unit luxury apartment complex will be situated within Bayshore Town Center and adjacent to the recently redeveloped shopping destination known as Bayshore. The four-building project will include studios to three-bedroom units along with a pool and shared courtyard spaces. North American Development Group was the joint venture partner. A timeline for construction was not provided.
SKOKIE, ILL. — JLL Capital Markets has brokered the sale of 4901 Searle Parkway, a 228,362-square-foot life sciences building in Skokie. The sales price was undisclosed. Located within the Illinois Science + Technology Park, the property originally served as the headquarters of pharmaceutical giant G.D. Searle. Today, the building is leased to NorthShore University HealthSystem. Sam DiFrancesca, Patrick Shields, Jaime Fink, Jeffrey Bramson, Bruce Miller and Brian Shanfeld of JLL represented the seller, American Landmark Properties. TopMed Realty, a private equity firm focused on healthcare real estate, was the buyer.
VALPARAISO, IND. — AVRO Development LLC has unveiled plans to develop Vitalize Valpo, a 130-acre master-planned development neighboring the Valparaiso University campus in Northwest Indiana. AVRO, which was founded in 2018 by Valparaiso University’s board of directors, envisions senior living, hospitality and multifamily space as part of the project. The Veridus Group will provide pre-development services and overall development consulting. Context Design will focus on the design, and Coverdale Consulting will provide guidance for public relations and marketing. Further details of the project will be revealed at a later date.
SOUTH BEND, IND. — Ready Capital has closed a $66.7 million loan for the acquisition, renovation and stabilization of a 400-unit multifamily property in the Granger submarket of South Bend. The buyer plans to renovate unit interiors, building exteriors and common areas. The nonrecourse loan features interest-only payments, a floating rate and a four-year term.
