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AcquisitionsIllinoisMidwestMultifamily

Kiser Group Arranges $1.7M Condo Deconversion Sale in Chicago’s Albany Park

by Kristin Harlow

CHICAGO — Kiser Group has arranged the $1.7 million deconversion sale of 4944 N. Harding Ave. in Chicago’s Albany Park neighborhood. The property includes 13 units, 11 of which are two-bedroom floor plans and two of which are three-bedrooms. The building was renovated and converted to condominiums in 2005. Andy Friedman and Jake Parker of Kiser represented the seller, the condominium association, as well as the buyer, Block & Key. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a property if 75 percent or more are in agreement. Sellers then have the option to either move out of their units or lease them back from the new owner.

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IndianaLoansLumentMidwestMultifamily

Lument Provides $50.4M Acquisition Loan for Apartment Community in Carmel, Indiana

by Kristin Harlow

CARMEL, IND. — Lument has provided a $50.4 million Freddie Mac loan for the acquisition of Gramercy Apartments, a 436-unit apartment community in the Indianapolis suburb of Carmel. The seller purchased the property in 2004 and completed a $19.7 million renovation in 2016. The new owner plans to complete more than $5 million in additional renovations. Gramercy was originally built in 1967 and consists of 34 two-story buildings. Amenities include a fitness center, pool, sports court, dog parks and playgrounds. Occupancy has averaged 94 percent since March 2020. Xavier Salinas of Lument originated the 10-year loan, which features three years of interest-only payments, an adjustable interest rate and a 30-year amortization schedule. The buyer and seller were not disclosed.

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AcquisitionsIllinoisIndustrialMidwest

NAI Hiffman Brokers $13.2M Sale of Two Manufacturing Facilities in Itasca, Illinois

by Kristin Harlow

ITASCA, ILL. — NAI Hiffman has brokered the sale of two light manufacturing and warehousing facilities in Itasca for $13.2 million. Located at 1500 Bryn Mawr Ave. and 1251 Ardmore Ave., the properties total 108,357 square feet and were built in 1969. Phoenix Converting Inc., a producer of specialty pouches for flexible packaging, occupies both buildings. Patrick Sullivan, Ryan Chambers and Jeff Janda of NAI Hiffman represented the seller, Oak Brook-based TradeLane Properties LLC. A national industrial REIT was the buyer.

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AcquisitionsIndustrialMichiganMidwestNorthmarq

NorthMarq Arranges $10.3M Acquisition Loan for Industrial Property in Taylor, Michigan

by Kristin Harlow

TAYLOR, MICH. — NorthMarq has arranged a $10.3 million bridge loan for the acquisition of a 243,894-square-foot industrial property in Taylor, about 18 miles southwest of Detroit. The building is located on Trolley Industrial Drive. Reina Abboud of NorthMarq arranged the four-year loan, which features three years of interest-only payments. A bridge and mezzanine lender provided the loan on behalf of the undisclosed borrower.

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DevelopmentHealthcareIowaMidwest

NexCore Breaks Ground on 23,000 SF Medical Office Build-to-Suit in Council Bluffs, Iowa

by Kristin Harlow

COUNCIL BLUFFS, IOWA — National healthcare real estate developer NexCore Group has broken ground on a 23,000-square-foot, build-to-suit medical office building for OrthoNebraska in Council Bluffs near Omaha. The orthopedic specialty clinic is located at 1260 Valley View Drive near I-80. NexCore will own the project in a joint venture with real estate investment management firm Harrison Street. OrthoNebraska will be the sole tenant. The project team includes general contractor McCarthy Building Cos. and architecture firm Leo A. Daly. Completion is slated for the second quarter of 2022.

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AcquisitionsIllinoisMidwestRestaurantRetail

Adelphia Properties Negotiates $3.6M Sale of Panera Bread-Occupied Building in Suburban Chicago

by Kristin Harlow

BRIDGEVIEW, ILL. — Adelphia Properties has negotiated the $3.6 million sale of a single-tenant retail building occupied by Panera Bread in Bridgeview, about 15 miles southwest of Chicago. The newly constructed, 4,380-square-foot property is located at 8115 S. Harlem Ave. Simeon Spirrison and George Spirrison of Adelphia represented the buyer, a Chicago-based private investor. A Chicago-based developer was the seller. There are 15 years remaining on Panera Bread’s lease.

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DevelopmentMidwestMultifamilyOhio

National Real Estate Advisors, White Oak Realty Break Ground on 23-Story Apartment Tower in Cleveland

by Kristin Harlow

CLEVELAND — National Real Estate Advisors LLC and White Oak Realty Partners have broken ground on a 23-story luxury apartment tower in Cleveland’s University Circle neighborhood. Known as Artisan Circle Square, the property is being developed in partnership with Midwest Development Partners. Amenities at the 298-unit project will include a fitness center, events room, media room, dog run, rooftop pool deck, grilling stations and coworking spaces. Chicago-based FitzGerald designed the project. Completion is slated for 2022.

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AcquisitionsIndianaIndustrialMidwest

Livingston Street Capital Sells Indiana Industrial Facility for $55.3M

by Kristin Harlow

COLUMBUS, IND. — Livingston Street Capital has sold a 393,817-square-foot industrial facility in Columbus, about 45 miles south of Indianapolis. Bridge Investment Group purchased the asset for $55.3 million. Faurecia Emissions Control Technologies USA LLC, part of the Faurecia Clean Mobility Group, occupies the property on a net-lease basis. Jason DeWitt, Brian Shanfeld, Ed Halaburt, Nick Franklin and Steve Okon of JLL represented Livingston Street Capital, which acquired the facility in November 2018.

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AcquisitionsIllinoisMidwestMultifamily

Two-Property Multifamily Portfolio Trades Hands in Alsip, Illinois, for $30.5M

by Kristin Harlow

ALSIP, ILL. — A two-property multifamily portfolio totaling 300 units in Alsip, a southern suburb of Chicago, has traded hands for $30.5 million. The properties include the 156-unit Orchard Estates Apartments and the 144-unit Woodland Courts Apartments. Both were built in the early 1970s. Sean Connelly and George Kokkonas of 33 Realty represented the New York-based buyer, who plans to renovate and modernize the complexes. Tara Mathew of Prime Equities Corp. represented the undisclosed seller.

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AcquisitionsIllinoisIndustrialMidwest

Colliers Arranges Sale-Leaseback of Four-Building Industrial Portfolio in Melrose Park, Illinois

by Kristin Harlow

MELROSE PARK, ILL. — Colliers International has arranged the sale-leaseback of a four-building industrial portfolio spanning 149,454 square feet in Melrose Park, a suburb of Chicago. Mike Senner and Tom Rodeno of Colliers represented the seller, Promus Equity Partners LLC, which recently led an investment in Caputo Cheese’s brand and business. The buildings are all located on the same street and are utilized for Caputo’s manufacturing, processing, distribution and storage. STORE Capital purchased the portfolio for an undisclosed price. Caputo signed a 20-year lease.

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