CHICAGO — Walsh Construction has completed Broadview Senior Apartments, an affordable community for residents age 55 and older in Chicago. CIBC Bank USA provided a $5.3 million construction loan and made a $6.9 million equity investment in the project, which rises three stories. Of the 70 units, 11 are reserved for special-needs tenants. CIBC Bank USA is working with the Housing Opportunities Development Corp. (HODC), which serves as Broadview Senior Apartments’ nonprofit partner. HODC provides services to the residents of the facility, coordinates onsite activities and workshops and provides onsite staff for a minimum of 20 hours per week.
DETROIT — LM Manufacturing, a joint venture between automotive suppliers Magna and LAN Manufacturing, has leased 296,000 square feet of manufacturing space in Detroit’s Delray neighborhood. The tenant is leasing space within the former Sakthi Industrial Campus, which Bedrock acquired in September 2020. The campus includes roughly 529,000 square feet of industrial space, 89,000 square feet of office space and 10 acres of developable land. LM Manufacturing’s lease will commence in May.
ROCHESTER, MINN. — Quantum Real Estate Advisors Inc. has arranged the sale of a freestanding medical office building in Rochester for an undisclosed price. Located at 124 Elton Hills Lane, the property is home to Bluestem Center for Child and Family Development. Seth Gilford of Quantum represented the seller, a Midwest healthcare provider. Zackary Hilgendorf of Quantum represented the buyer, a New York City-based medical acquisition fund.
ST. CLOUD, MINN. — Hanley Investment Group Real Estate Advisors has negotiated the $3.5 million sale of a Raising Cane’s ground lease in St. Cloud near Minneapolis. Built in 2021, the 3,493-square-foot restaurant building is located at 2635 W. Division St. Jeff Lefko and Bill Asher of Hanley, in conjunction with Rob Wise of CBRE, represented the seller, Minneapolis-based TOLD Development Co. Chris Rodriguez of Pacific Commercial Investments Inc. represented the buyer, California-based Caravella Properties.
MICHIGAN CITY, IND. — Flaherty & Collins Properties has formed a partnership with Michigan City and the Northern Indiana Commuter Transportation District (NICTD) for the development of an $80 million apartment project. Located in Northwest Indiana, Michigan City is situated on the south shore of Lake Michigan. With a placeholder name of 11th Street Central, the 12-story project will feature a new train station for the South Shore Line stop at 11th Street. It will also include 208 luxury apartment units, more than 10,000 square feet of commercial space and a 558-space parking garage. A $649 million double track improvements project is expected to shorten the commute from Michigan City to downtown Chicago to 67 minutes, according to Michael Noland, president of South Shore Line. “With the additional trains that will be added and the reduction in travel time to and from Chicago, we expect to more than triple our daily ridership out of Michigan City,” he says. A first for the greater Chicago metropolitan region, the project is a joint development as defined by the Federal Transit Administration (FTA). An FTA joint development enables a private developer to undertake a public responsibility — in this case, the construction of …
KANSAS CITY, MO. AND MINNEAPOLIS — Arch Street Capital Advisors LLC has acquired two recently completed industrial assets totaling 2 million square feet in metro Kansas City and Minneapolis for an undisclosed price. The single-tenant, build-to-suit facilities serve as distribution space for an e-commerce company. Arch, on behalf of one of its institutional capital partners, provided preferred equity construction financing and a forward commitment to acquire the assets upon completion.
ST. CHARLES, ILL. — Associated Bank has provided a $20 million loan for the acquisition of Carroll Tower Apartments in St. Charles, about 40 miles west of Chicago. The affordable housing community is located at 200 N. Second St. along the Fox River. The six-story property is home to 108 one-bedroom units that are fully occupied. Units are restricted to low-income residents who are 62 years of age or older. Teresa Rubio of Associated Community Development LLC managed the loan and closing. The borrower, 3 Diamond Development LLC, plans to preserve the property’s affordability status.
GROVE CITY, OHIO — In a joint venture with Trident Capital Group, Invesco Real Estate Income Trust Inc. (INREIT) has purchased a 95 percent interest in an industrial building in the Columbus suburb of Grove City. Built in 2000, the fully leased property spans 378,283 square feet. The transaction marks INREIT’s fourth industrial investment. INREIT acquired the property in conjunction with the purchase of a shopping center in New York for a combined price of $94 million. The seller was undisclosed.
HOLLAND, MICH. — JLL Capital Markets has brokered the sale of Felch Street Shopping Center in the Grand Rapids suburb of Holland. The sales price was undisclosed. The 166,100-square-foot shopping center is fully leased to tenants such as Barnes & Noble, Bed Bath and Beyond, Jo-Ann Fabrics, Old Navy, Jonathan Stevens Mattress, Party City, PetSmart, Shoe Carnival, T.J. Maxx and Ulta Beauty. Amy Sands, Clinton Mitchell, Michael Nieder and Matthew Schoenfeldt of JLL represented the undisclosed seller. A private fund based in the Southeast purchased the asset.
RED LAKE FALLS, MINN. — Altoz Inc. is expanding its manufacturing space in Red Lake Falls, a city in northwest Minnesota. The outdoor power equipment company will add a new 62,500-square-foot facility, which is slated for completion by this fall. The development marks the first phase of a multi-phase expansion project, which will bring the company’s combined space to more than 400,000 square feet between Red Lake Falls and Greenbush. The new facility will accommodate state-of-the-art metal fabrication equipment.