Midwest

Northmarq Brokers Sale of 613-Unit Multifamily Property in Lincoln, Nebraska

by Kristin Harlow December 2, 2021

LINCOLN, NEB. — Northmarq has brokered the sale of Fairways at Lincoln for an undisclosed price. The 613-unit multifamily property, built in 2007, is located at 375 Fletcher Ave. in Lincoln. Fairways at Lincoln is situated on a nine-hole golf course. Parker Stewart and Dominic Martinez of Northmarq represented the seller, Kansas City-based Cohen-Esrey. John Reed of Northmarq secured acquisition financing on behalf of the buyer, Connecticut-based Hamilton Point Investments. Northmarq provided the loan through its status as a Freddie Mac Optigo lender. The five-year loan features one year of interest-only payments, a 30-year amortization schedule and a fixed interest rate of 2.75 percent.

December 2, 2021

Indiana Loans Midwest Multifamily

JLL Arranges $26.9M Loan for Refinancing of Indianapolis Apartment Community

by Kristin Harlow December 2, 2021

INDIANAPOLIS — JLL Capital Markets has arranged a $26.9 million loan for the refinancing of The Lakes Apartments in Indianapolis. The 232-unit apartment community consists of 15 buildings. Units average 998 square feet. Amenities include a clubhouse, pool, outdoor kitchen, fitness studio, business center, pickleball courts, pet walking area and car care center. Matthew Schoenfeldt of JLL arranged the loan on behalf of the borrower, NTS Development Co. JLL will service the Freddie Mac loan through its status as a Freddie Mac Optigo lender. The loan features a seven-year term and a fixed interest rate.

December 2, 2021

Acquisitions Industrial Midwest Ohio

Plymouth Industrial REIT Purchases Ohio Industrial Portfolio for $22.5M

by Kristin Harlow December 2, 2021

TROY, OHIO — Plymouth Industrial REIT has purchased a three-building industrial portfolio totaling 396,800 square feet in Troy, about 20 miles north of Dayton. The purchase price was $22.5 million. The portfolio includes: a 160,000-square-foot building at 2180 Corporate Drive that is leased to F&P America; a 160,000-square-foot building at 1520 Experiment Farm Road that is leased to F&P America; and a 76,800-square-foot property at 952 Dorset Road that is home to Remedi SeniorCare and Cox Media Group. Steve Timmel, Jeff Johnston, Will Roberts, Chris Prosser and Doug Whitten of CBRE represented the seller, Culmen Real Estate Services.

December 2, 2021

Acquisitions Illinois Midwest Retail

Newcastle Properties Buys 42,452 SF Orchard Plaza Retail Center in Skokie, Illinois

by Kristin Harlow December 2, 2021

SKOKIE, ILL. — Newcastle Properties has purchased Orchard Plaza in Skokie for an undisclosed price. This is the first time the 42,452-square-foot retail center has sold in over 60 years. Located near Old Orchard Mall at the corner of Skokie Boulevard and Gross Point Road, the property is home to tenants such as Bonefish Grill, Men’s Wearhouse, Advance Auto and the U.S. Post Office. Beth Sansiper and Jeff Gurian of Becker Gurian represented Newcastle Properties in the transaction. Drew Trammell of Newcastle Properties managed the underwriting and closing. The seller was not provided.

December 2, 2021

Kansas Leasing Activity Midwest Office

EML Signs 11,773 SF Office Lease at Aspiria in Overland Park, Kansas

by Kristin Harlow December 2, 2021

OVERLAND PARK, KAN. — Global payment solutions company EML has signed a lease to relocate its North American corporate headquarters to Aspiria in Overland Park. The company signed an 11,773-square-foot office lease and will occupy space on the fourth floor of Building 6100. The tenant is working with Aspiria’s owner, Occidental Management, to update the space. Occupancy is slated for April 2022. Chad Stafford and Hunter Johnson of Occidental and RC Jensen and Bryan Johnson of Colliers handled the lease transaction. Occidental plans to develop the 60 acres surrounding the Aspiria campus. Plans call for 1 million square feet of Class A office space, 380,000 square feet of retail and restaurant space, a 120-room hotel and 600 multifamily units. Design planning for the long-term project has begun.

December 2, 2021

Bohler Content Partner Features Midwest Northeast Retail Southeast Texas

Outside the [Big] Box Tips for Filling Empty Retail Space

by Sarah Daniels December 2, 2021

Mall and shopping center owners nationwide are faced with the vacancy of major big box anchors that have closed their doors due to the continued uptick in online retail and changing shopping habits and desires of today’s consumers. Often massive, these two-story, or even three-story spaces seem impossible to fill with the decline of most brick and mortar retail stores. Developers are being challenged to think outside the [big] box to find new tenants and creative uses for the space. Malls were originally thought of as community centers for neighborhoods during the mall boom. That attitude fell by the wayside as malls removed their socially engaging aspects and lost their sense of place — instead of being a place for the community to gather, the mall became simply a place to shop. Now, largely expedited by the pandemic, there have been seismic shifts in retail and shopper habits/what the consumer wants out of their shopping experience. The key word here is experience. Malls have had to readapt to fill in vacant spaces from large department stores that consumers no longer favor. This has opened up a lot of atypical uses, from distribution centers to residential to entertainment components to medical facilities. …

December 2, 2021

Acquisitions Illinois Midwest Multifamily Student Housing

Harrison Street Sells Two Student Housing Portfolios Totaling Over 23,000 Beds for Combined $1.9B

by Kristin Harlow December 1, 2021

CHICAGO — Chicago-based Harrison Street has sold two student housing portfolios totaling over 23,000 beds for a combined $1.9 billion. The firm sold a 12-property portfolio totaling 8,182 beds to Global Student Accommodation (GSA) and a 25-property portfolio totaling 15,817 beds to a joint venture affiliated with The Scion Group. Both transactions were brokered by Peter Katz and Institutional Property Advisors (IPA) Student Housing. The portfolio sold to GSA — which includes The Hub at Tucson near the University of Arizona — is located across 12 university markets. The communities were owned by three distinct Harrison Street funds and four co-investment vehicles. GSA’s operating partner, Yugo, will provide management and oversight of the portfolio. Wells Fargo Bank provided financing for the senior acquisition loan, which was arranged by TSB Capital Advisors on behalf of GSA, with legal and tax advice provided by Greenberg Traurig. The portfolio acquired by a joint venture affiliated with Scion is located across 19 university markets and was owned through four separate Harrison Street funds and three co-investment vehicles. “The two large-scale transactions reflect Harrison Street’s longstanding strategy of acquiring or developing individual assets at leading universities, executing on defined business plans and exiting via strategic portfolio sales,” …

December 1, 2021

Development Midwest Mixed-Use Ohio

Flaherty & Collins Unveils Plans for $211M Phase II at The Peninsula in Downtown Columbus

by Kristin Harlow December 1, 2021

COLUMBUS, OHIO — Flaherty & Collins Properties (F&C) and co-developer Daimler Group have unveiled plans for The Peninsula’s second phase in downtown Columbus. The $211 million project will include 400 apartment units and 245,000 square feet of office space. Specifically, a four-story parking garage will be topped by a seven-story office building and a 30-story apartment tower with 9,000 square feet of ground-floor retail space. Phase I is currently under construction and includes both office and multifamily space along with a 200-room hotel being developed by Rockbridge. F&C says that an application for $21 million in tax credit funding from Ohio’s new Transformational Mixed-Use Development (TMUD) program is key to moving the project forward. Construction of Phase II is expected to begin in 2022 with completion slated for 2025.

December 1, 2021

Acquisitions Indiana Industrial Midwest

Phoenix Investors Purchases 1.7 MSF Manufacturing Plant in Connersville, Indiana

by Kristin Harlow December 1, 2021

CONNVERSVILLE, IND. — An affiliate of Phoenix Investors has purchased a 1.7 million-square-foot manufacturing plant in Connersville, about 65 miles east of Indianapolis. The purchase price and seller were not disclosed. The facility sits on 186 acres at 4747 N. Western Ave. Philco Corp. built the first phase of the property in 1953. In 1961, Ford Motor Co. acquired Philco — a pioneer in battery, radio and television production — and renamed the division Philco-Ford in 1966. Ford expanded the Connersville plant in various phases throughout the 1960s. Ford operated the plant from 1961 until it spun the division off as Visteon Corp. in 2000. Visteon closed the plant in 2007. Since 2013, CliqStudios Cabinets has occupied one-third of the plant, which features a clear height of 30 feet, 50 docks and drive-in doors, two rail sidings. Phoenix plans to make upgrades to the facility.

December 1, 2021

Acquisitions Midwest Ohio Retail

JLL Brokers $17.7M Sale of Derby Square Shopping Center in Grove City, Ohio

by Kristin Harlow December 1, 2021

GROVE CITY, OHIO — JLL Capital Markets has brokered the $17.7 million sale of Derby Square in Grove City, a southern suburb of Columbus. Giant Eagle anchors the 125,250-square-foot shopping center, which is 99 percent leased. Additional tenants include Once Upon a Child, Plato’s Closet, Novacare Rehabilitation, Salon Lofts, City Barbeque, Batteries + Bulbs, H&R Block and Allstate Insurance. Derby Square is situated on 12 acres along Stringtown Road. Amy Sands, Clinton Mitchell, Michael Nieder and Bill Poffenberger of JLL represented the seller, a joint venture between Madison International Realty and SITE Centers Corp. A Midwest-based private buyer acquired the asset.

December 1, 2021

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