Midwest

Skender Breaks Ground on 48-Unit Affordable Housing, Health Clinic Project in Lansing, Illinois

by Kristin Harlow November 1, 2021

LANSING, ILL. — Skender and its joint venture partner Ashlaur Construction have broken ground on Torrence Place, an affordable housing and health clinic project in Lansing, located about 25 miles south of the Chicago Loop. Full Circle Communities is the developer. The three-story project will include 48 affordable and accessible units for veterans and people with disabilities. It will also include a 3,000-square-foot health clinic on the ground floor to be operated by Christian Community Health Center. Residents will have access to supportive services, a fitness area, computer lab and communal kitchen. The project team includes architect Cordogan, Clark & Associates and CAGE Civil Engineering.

November 1, 2021

Acquisitions Healthcare Midwest Ohio

Fairfield Advisors Brokers $8M Sale of Medical Office Portfolio in Metro Akron

by Kristin Harlow November 1, 2021

AKRON, OHIO — Fairfield Advisors has brokered the sale of the Crystal Clinic medical office portfolio in metro Akron for $8 million. The portfolio consists of 26,500 square feet and is utilized for orthopedic services, including surgery, imaging and physical therapy. With over 40 physicians, Crystal Clinic is one of the largest independently owned orthopedic practices in Ohio. Ben Whitney and Greg Trainor of Fairfield represented the seller in the transaction. Buyer and seller information was not provided.

November 1, 2021

Acquisitions Midwest Ohio Retail

Marcus & Millichap Arranges $7.8M Sale of Walgreens-Occupied Property in Fairlawn, Ohio

by Kristin Harlow November 1, 2021

FAIRLAWN, OHIO — Marcus & Millichap has arranged the $7.8 million sale of a Walgreens-occupied property in Fairlawn, a northwest suburb of Akron. The 14,820-square-foot, net-leased building is located at 3009 W. Market St. Dustin Javitch, Craig Fuller, Erin Patton and Scott Wiles of Marcus & Millichap represented the seller, a private investor. Buyer information was not provided.

November 1, 2021

Lee & Associates Breaks Down Third-Quarter Economic Outlook by Sector

by Sarah Daniels November 1, 2021

The calculus for which asset classes are likeliest to demonstrate strong growth continues to shift as the pandemic appears to be receding. Patterns in labor shortages, supply chain issues and material costs have managed to solidify through the third quarter of 2021. Lee & Associates’ newly released Q3 2021 North America Market Report dissects third-quarter 2021 industrial, office, retail and multifamily findings, with a focus on where demand is moving and the challenges facing each asset class. Lee & Associates has made the full market report available at this link (with further breakdowns of factors like vacancy rates, market rents, inventory square footage and cap rates by city). Below is a bird’s-eye overview of four commercial real estate asset classes as general categories, broken down to frame each through the trends and complications they faced up to the fourth quarter, according to Lee & Associates’ research. Industrial: Q3 Posts More Record Demand Pandemic-fueled consumer spending drove up third-quarter demand for warehouse and distribution facilities that eclipsed previous records. And despite a nationwide surge in new construction, some metros can barely accommodate the pace of tenant expansion. Additionally, year-over-year rent growth is at a record 6.7 percent for the industrial property sector …

November 1, 2021

Acquisitions Illinois Midwest Multifamily

CBRE Arranges Sales of Four Multifamily Properties in Metro Chicago for $370M

by Kristin Harlow October 29, 2021

CHICAGO — CBRE has arranged the sales of four multifamily properties totaling 1,033 units in metro Chicago for a combined $370 million. CBRE’s John Jaeger, Dan Cohen and Justin Puppi represented the seller in each transaction. Redwood Capital Group sold Dwell at Naperville, a 400-unit property in Naperville. An institutional advisor sold The Retreat, a 295-unit townhome property in Wheaton, to an East Coast-based pension fund advisor. An East Coast-based institutional pension fund sold The Bernardin, a 171-unit asset in Chicago. Lastly, The Opus Group purchased a development site in Downers Grove. Plans call for a 167-unit luxury apartment complex that is slated to open in early 2023. CBRE’s Pete Marino and John Parrett assisted in securing the joint venture equity capitalization for Opus.

October 29, 2021

Acquisitions Illinois Midwest Multifamily

Turner Impact Capital Purchases 448-Unit Apartment Complex in Palatine, Illinois

by Kristin Harlow October 29, 2021

PALATINE, ILL. — Turner Impact Capital has purchased The Clayson, a 448-unit apartment complex in Palatine formerly known as Village Park of Palatine, for an undisclosed price. A partnership between Origin Investments, Draper and Kramer and LEM Capital was the seller, which acquired the asset in December 2016 and embarked on a $9 million capital improvement program. The partnership upgraded the amenities, landscaping and common areas, and addressed deferred maintenance issues such as roof replacements, parking lot resurfacing and balcony replacements. Roughly half of the units were upgraded with new appliances, cabinets, countertops, flooring, carpeting and paint. The Clayson is spread across 15 buildings. Units range from 706 to 1,225 square feet. Marty O’Connell and Kevin Girard of JLL represented the sellers.

October 29, 2021

Affordable Housing Development Midwest Minnesota Multifamily Seniors Housing

Ecumen Breaks Ground on 100-Unit Affordable Seniors Housing Community in Minneapolis

by Kristin Harlow October 29, 2021

MINNEAPOLIS — Nonprofit developer Ecumen has broken ground on The Hillock, a 100-unit affordable seniors housing community in the Longfellow neighborhood of Minneapolis. The development will include 11 units designated for veterans who are experiencing homelessness. The rest of the units will be reserved for residents age 55 and older who earn up to 60 percent of the area median income. Monthly rents are expected to range from $816 to $1,339. Amenities will include a community garden and onsite clinic. Project costs are estimated at $24 million, and completion is slated for fall 2022. Phase II calls for an 89-unit affordable housing building with 13 units for veterans experiencing homelessness. Ecumen and Snelling Yards Development, a joint venture between Lupe Development Partners and Wall Cos., are co-developing the overall campus. The two communities will sit on a three-acre site that formerly housed the City of Minneapolis Public Works maintenance yard.

October 29, 2021

Illinois Industrial Leasing Activity Midwest

Lithotype Signs 81,079 SF Industrial Lease in Bolingbrook, Illinois

by Kristin Harlow October 29, 2021

BOLINGBROOK, ILL. — Lithotype, a commercial printing company, has signed an 81,079-square-foot industrial lease at 2 Territorial Drive in Bolingbrook. Lithotype is moving to the 101,844-square-foot building from a nearby location in Bolingbrook and is more than doubling its space. Trinity Scurto of Brown Commercial Group represented the tenant in the lease transaction. Cushman & Wakefield represented the undisclosed landlord.

October 29, 2021

Acquisitions Illinois Midwest Retail

Brookline Real Estate Acquires 6,400 SF Retail Building in Elmhurst, Illinois

by Kristin Harlow October 29, 2021

ELMHURST, ILL. — Chicago-based Brookline Real Estate has acquired a 6,400-square-foot retail building in Elmhurst for $1.1 million. Located at 1035 S. York St., the multi-tenant property is known as Legacy Shops of Elmhurst. Jimmy John’s is the anchor tenant. Mark Heidecke of Horvath & Tremblay represented the out-of-state seller.

October 29, 2021

Development Indiana Midwest Multifamily

TWG to Build $58M Apartment Complex in Indianapolis

by Kristin Harlow October 28, 2021

INDIANAPOLIS — Developer TWG has unveiled plans to build Rise on Meridian, a $58 million apartment complex on the southside of Indianapolis. Located at 915 S. Meridian St., the project will rise six stories with 269 units and 3,500 square feet of retail space. Amenities will include a pool, lounge, courtyard, dog park, second-floor balcony, coworking space, bicycle storage and garage parking. Construction is expected to begin this month, with the first units becoming available in winter 2023. The units will vary from 562 to 954 square feet, and monthly rents will range between $1,200 and $2,100. The City of Indianapolis contributed tax-increment financing bonds, enabling 5 percent of the units to be reserved for residents who earn at or below 30 percent of the area median income.

October 28, 2021

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