WEST DES MOINES, IOWA — Developer TWG is underway on construction of Pointe on 88th, an $11 million affordable housing community in West Des Moines. The three-story project will be located at 520 88th St. Of the 49 units, 44 will be reserved for residents earning between 30 and 60 percent of the area median income. Five units will be rented at the market rate. Amenities will include a community room, fitness room and onsite leasing office. Completion is slated for this fall.
LA VISTA, NEB. — Cushman & Wakefield/The Lund Co. has negotiated both the lease renewal and sale of 11720 Peel Circle in La Vista, a suburb just south of Omaha. The 178,368-square-foot industrial property sits on 16 acres within the Sarpy West submarket. Denny Sciscoe of Cushman & Wakefield/Lund represented the current tenant in its lease renewal. Upon completion of the lease transaction, Sciscoe also marketed the building for sale. The total consideration for both the lease renewal and the sale was $23 million.
This past year, many commercial real estate sectors and geographies that had been affected by the initial impact of pandemic-induced shutdowns demonstrated improvement. Across Missouri, we saw very robust levels of sales activity, as well as new construction and development — with more than $2.4 billion in overall commercial real estate sales volume through the end of third-quarter 2021. Although statewide growth was reported across all property types and sectors, industrial was especially strong, while retail emerged with slightly less consistency, but was positive nonetheless. The forecast for 2022 is bright, especially as retailers announce expansion plans and developers break ground on new projects. St. Louis is central to growth As an important secondary U.S. market, St. Louis and the surrounding areas are experiencing high levels of demand and activity. In the first three quarters of 2021, the St. Louis market reported $1.7 billion of overall commercial real estate sales volume, representing more than 70 percent of statewide activity. These statistics illustrate the sentiment of today’s active buyers who agree that St. Louis is a stable and attractive market for investment. Within the metro area, St. Charles County stands out as one of the fastest-growing counties in the country, reporting …
MINNETONKA, MINN. — JLL Capital Markets has brokered the sale of Ridgehaven shopping center in the Minneapolis suburb of Minnetonka for an undisclosed price. Located at 13081 Ridgedale Drive and shadow anchored by Target, the fully leased property spans 140,418 square feet. Tenants include Lunds & Byerlys, Barnes & Noble, Ulta Beauty, Rosenthal Furniture Co., Massage Envy and Supercuts. Amy Sands, Clinton Mitchell, Michael Nieder and Ted Gonsior of JLL represented the seller, Invesco Real Estate. Bianco Properties was the buyer.
SPRINGDALE, OHIO — Northmarq has arranged a $6.3 million loan for the acquisition of Executive Plaza III in Springdale, a northern suburb of Cincinnati. The 89,327-square-foot office building is located at 135 Merchant St. Christina Grimme of Northmarq arranged the 25-year loan, which is fully amortized and features a loan-to-value ratio of 80 percent. A local bank provided the loan. The borrower was not disclosed.
ST. LOUIS — Green Street Real Estate Ventures and its affiliate companies have moved into a new headquarters located at 4565 McRee Ave. in The Grove neighborhood of St. Louis. The move combines six companies and 80 employees under one roof to include Green Street, Green Street Building Group, Green Street Property Management, Emerald Capital Strategic Advisors, HDA and O’Toole Design Associates. Designed by HDA with interiors done by O’Toole, the building spans 46,000 square feet. Green Street’s new headquarters is part of a $21 million mixed-use development that includes the first St. Louis location of Bar K, a dog park and bar.
WICHITA, KAN. — American Street Capital (ASC) has arranged a $4.3 million bridge loan for the acquisition of a 180-unit multifamily property in Wichita. Built in 1941 and recently renovated, the community is situated on 10 acres. The property was 88 percent occupied at the time of loan closing. Kyle Tyrrell of ASC arranged the loan, which features a 12-month term and interest-only payments. A debt fund provided the loan. The borrower was not disclosed.
SOUTHFIELD, MICH. — Colliers Detroit has negotiated the sale of a 51,954-square-foot industrial flex building in Southfield for an undisclosed price. The property is located at 26545 American Drive. John Fricke, Peter Kepic and Jonathon Loos of Colliers represented the seller, Veoneer, which previously used the building as office space. Oakland Family Centers, a family mental health services organization with existing locations in Michigan, was the buyer. Oakland plans to take occupancy this quarter.
DAVENPORT, IOWA — Developer TWG has broken ground on Federal Point, a $39 million workforce housing property in Davenport. The project will rise four stories with 185 units, all of which will be reserved for renters earning up to 60 percent of the area median income. The property will be situated west of the new R. Richard Bittner YMCA. Amenities will include a fitness room, outdoor patio and bike storage. Completion is slated for December 2023.
ROCHELLE, ILL. — Colliers has brokered the sale of a 400,000-square-foot distribution center located at 101 N. Centerpoint Drive in Rochelle, about 25 miles south of Rockford. The sales price was undisclosed. Situated on 21 acres, the building features a clear height of 30 feet, 40 truck docks and 79 trailer spots. The facility is fully leased to global toy manufacturer TOMY, which has been the sole occupant since the building’s completion in 2004. Jeff Devine and Steve Disse of Colliers brokered the transaction. Hillwood Development purchased the asset from a fund advised by the U.S. real estate business of UBS Asset Management.
