AURORA, ILL. — Marcus & Millichap has brokered the sale of a 98,765-square-foot retail center in Aurora for $5 million. Located at 1901 W. Galena Blvd., the property features a mix of retail and medical tenants. Rush-Copley Medical Center, which specializes in family medicine, imaging and obstetrics and gynecology, anchors the center. There is 23,751 square feet available for lease. Sean Sharko and Austin Weisenbeck of Marcus & Millichap represented the seller, a local fund manager. The duo also secured the buyer, an Iowa-based limited liability company.
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Multifamily Investment Sales Strong in Southern States; Gaining More Interest in Midwest
Multifamily investment benefitted from the uncertainties of the past year, but will the transaction volumes of 2021 be used to gauge the likely outcomes for 2022? Managing directors Todd Stofflet and Jason Stevens of Walker & Dunlop’s Chicago office review 2021 and what the trends of this year indicate for the direction of the industry. REBusiness: What have you seen regarding multifamily investment activity this year? Stofflet: Early in the pandemic, we saw a lot of investment pull away from retail and office, focusing more on industrial and multifamily. In 2021, the multifamily sector has fared very well and a lot of new investors have entered the multifamily market. If you talk to some of our colleagues in the Southeast and the “smile states,” they will tell you that transaction volume has never been higher and the amount of capital chasing these opportunities has never been bigger. Across the country, it has been a very strong year for the sector. REBusiness: Do you think 2021 will be a record year in terms of sales? Stevens: If our pipeline is any barometer for that, the answer is “absolutely,” but it will be market dependent. What you’ll find is that sales in …
EVANSTON, ILL. — JLL Capital Markets has arranged the sale of 1717, a 175-unit apartment complex in Evanston. The sales price of $71 million represented the biggest multifamily deal in the northern suburbs in nearly two years, according to Crain’s Chicago Business. Built in 2013, the property features amenities such as a pool, sundeck, picnic area, fitness center, resident lounge, business center and cybercafé. Located at 1717 Ridge Ave., the complex is situated just south of the convergence of Green Bay Road and Ridge Avenue. Kevin Girard, Matthew Lawton and Mark Stern of JLL represented the seller, Invesco Real Estate. CBRE Investment Management acquired the asset on behalf of the CBRE Strategic Partners U.S. Value 9 fund.
BLUE ASH, OHIO — OA Development has sold Hawthorne Center in the Cincinnati suburb of Blue Ash for $26.5 million. Acquired in 2012, Hawthorne Center is a five-story, Class A office building totaling 135,413 square feet. Belcan LLC, a global supplier of engineering, supply chain, technical recruiting and IT services, fully occupies the property. Cushman & Wakefield represented OA in the sale. The buyer was undisclosed.
AURORA, ILL. — The Laramar Group has purchased Covey at Fox Valley in Aurora for an undisclosed price. Built in 1988, the 216-unit apartment community is located at 2160 Walcott Road. Laramar plans to make interior and exterior renovations to the property, which is located adjacent to Rush Copley Medical Center. The seller was not provided.
CHICAGO — Skender has completed the interior buildout of 43,000 square feet of spec suites in the North building of the Old Post Office in Chicago’s West Loop. A spec suite is ready for move-in and saves tenants the time that is typically associated with office buildouts. The 11 divisible office suites provide lease options ranging from 1,000 to 7,000 square feet. The accompanying amenity space includes two conference rooms, a reading room and library. As with most of the space in the redeveloped Old Post Office, the new spec suites feature unique historic touches, including mosaic tiles and salvaged doors. Skender worked closely with building owner 601W Cos., architect Partners by Design and project manager JLL.
CHICAGO — Interra Realty has brokered the $16.9 million sale of a two-building multifamily portfolio totaling 50 units in Chicago’s Uptown neighborhood. The properties are located at 4714 N. Sheridan Road and 843 W. Agatite Ave. Combined, the two buildings were 96 percent occupied at the time of sale. Jon Morgan, David Goss and Joe Smazal of Interra represented the seller, Chicago-based Mavrek Development, which developed the properties in 2019 and 2021. Colin O’Malley of Interra represented the private buyer.
ELMHURST, ILL. — LMC, a wholly owned subsidiary of Lennar Corp., has completed development of The Fynn in Elmhurst, a western suburb of Chicago. BKV Group designed the eight-story, 212-unit apartment development, which is located at 183 N. Addison Ave. BKV provided planning and pre-development services and led all engineering, architecture, interior design and landscape architecture. Amenities include a pool, community lounge, coworking stations, fitness center, exercise studio, dog run and sky club. Monthly rents start at $1,815. Residents can now receive up to two months of free rent.
WEST CHICAGO, ILL. — Peak Construction Corp. has broken ground on the second phase of DuPage Business Center in West Chicago. Scannell Properties is the developer for the 250,100-square-foot speculative warehouse, which will feature a clear height of 32 feet, 30 dock positions, four drive-in doors and parking for 208 cars and 95 trailers. The facility is designed to accommodate up to four tenants. Completion is slated for the third quarter of 2022. The project team includes SpaceCo, Ware Malcomb and IMEG. Cory Ramey and Shamus Conneely of John Greene Industrial will market the project for lease.
CEDAR FALLS, IOWA — Marcus & Millichap Capital Corp. (MMCC) has arranged a $9.2 million Fannie Mae loan for the refinancing of Arabella Apartments in Cedar Falls, just north of Waterloo. The property consists of 50 units and 6,800 square feet of ground-floor retail space. Amenities include a rooftop patio, dog park and community garden. Robert Bhat of MMCC arranged the 10-year loan, which features a fixed interest rate of 3.75 percent, a 30-year amortization schedule and a 75 percent loan-to-value ratio.