Midwest

TWG to Develop $41M Apartment Community in Westfield, Indiana

by Kristin Harlow July 16, 2021

WESTFIELD, IND. — TWG has unveiled plans to develop a $41 million apartment community within the Chatham Hills master development in Westfield, about 25 miles north of Indianapolis. The project will consist of 250 total units spread across two buildings. Units will vary in size from 750 to 1,400 square feet, and monthly rents will range from $1,100 to $1,750. Amenities will include a pool, grilling area, dog park, lounge area, yoga studio, business center and fitness center. First Financial Bank is providing project financing. Construction is expected to begin this month, and the first units are scheduled to open in summer 2023.

July 16, 2021

Acquisitions Industrial Kansas Midwest

SparrowHawk Buys 272,882 SF Industrial Building in Shawnee, Kansas

by Kristin Harlow July 16, 2021

SHAWNEE, KAN. — SparrowHawk Real Estate has purchased a 272,882-square-foot industrial building in Shawnee for an undisclosed price. The newly completed property is located within the Heartland Logistics Park at 24525 W. 43rd St. Building features include a clear height of 32 feet, 27 dock doors, parking for 249 cars, parking for 75 trailers and office space. John Stafford and Ed Elder of Colliers International represented the undisclosed seller. The duo will market the building for lease. The transaction marks the second property acquisition in the Kansas City market in the last 90 days for SparrowHawk.

July 16, 2021

Loans Midwest Minnesota Multifamily

Greystone Originates $11.2M HUD-Insured Loan for Refinancing of Minnesota Multifamily Property

by Kristin Harlow July 16, 2021

MOORHEAD, MINN. — Greystone has originated an $11.2 million HUD 223(f) loan for the refinancing of South Shore Landing Apartments in the western Minnesota town of Moorhead. Constructed in two phases in 2016 and 2019, the 93-unit property consists of four buildings. Amenities include a clubhouse, fitness center, game room, pet park, heated parking garage and barbecue areas. Dan Sacks and Ilan Bassali of Greystone structured the 35-year loan, which is fully amortizing and features a fixed interest rate. Northridge Group was the borrower.

July 16, 2021

Kansas Leasing Activity Midwest Office

CreativeOne Signs 25,000 SF Lease at Aspiria Office Campus in Overland Park, Kansas

by Kristin Harlow July 16, 2021

OVERLAND PARK, KAN. — CreativeOne is the newest tenant to join the Aspiria office campus in Overland Park. The financial services company will relocate to 25,000 square feet at the former Sprint campus. CreativeOne expects to take occupancy of its new space in January 2022. Bryan Johnson of Colliers International handled the lease transaction on behalf of the tenant. Amenities at Aspiria include a 68,000-square-foot fitness center, multiple dining rooms, conference centers, outdoor spaces and comprehensive security. Owner Occidental Management plans to develop the surrounding 60 acres with more than 1 million square feet of additional office space, 380,000 square feet of retail and restaurant space, a 120-room hotel and 600 multifamily units.

July 16, 2021

Illinois Loans Midwest Multifamily

Colliers Mortgage Provides $7.9M Loan for Refinancing of Apartment Complex in Aurora, Illinois

by Kristin Harlow July 16, 2021

AURORA, ILL. — Colliers Mortgage has provided a $7.9 million Fannie Mae loan for the refinancing of Marywood Apartments in Aurora. The 116-unit apartment complex, constructed from 1967 to 1971, includes 10 garden-style buildings. Amenities include onsite laundry facilities and a playground. The 10-year loan is fully amortizing. Marywood Housing LLC was the borrower.

July 16, 2021

Affordable Housing Development Illinois Multifamily Seniors Housing Top Stories

Evergreen, Synergy, Chicago Housing Authority Complete $81M Affordable Seniors Housing Community

by Julia Sanders July 15, 2021

CHICAGO — Evergreen Real Estate Group, Synergy Construction Group and the Chicago Housing Authority have completed construction of Ravenswood Senior Living, a 193-unit affordable seniors housing community in the Ravenswood neighborhood on the north side of Chicago. The property was previously the Ravenswood Hospital, which was built in 1974 and fell vacant in 2002. The redevelopment project cost $81 million and took a year-and-a-half to complete. Located between Damen and Ravenswood avenues, Ravenswood Senior Living is a 10-story building that is situated close to public transit, including the Damen and Montrose Brown Line stations and the Ravenswood Metra stop. The seniors housing property has 74 one-bedroom independent living apartments for Chicago Housing Authority residents, as well as 119 units for participants in the Illinois Supportive Living Program, an alternative to nursing home care that is administered by the Illinois Department of Healthcare and Family Services. While the two communities are in the same building, the facilities have separate entrances and operate independently from each other. Evergreen is managing the independent living community, located at 4515 N. Winchester Ave., while Asbury Healthcare will operate the supportive living community, located at 1922 W. Sunnyside Ave. The independent living portion of the property …

July 15, 2021

Development Industrial Midwest Ohio

Pizzuti Breaks Ground on Nearly 1.1 MSF Spec Warehouse in Central Ohio

by Kristin Harlow July 15, 2021

WEST JEFFERSON, OHIO — The Pizzuti Cos. and development partner West Jeff Partners LLC have broken ground on a nearly 1.1 million-square-foot speculative warehouse in West Jefferson, a city in central Ohio about 20 miles west of downtown Columbus. The facility will be situated within the larger West Jefferson Logistics Center, which is located off I-70. The project will include dedicated public roadways and utility extensions. The building will feature a clear height of 40 feet, up to 211 dock doors and up to 320 trailer parking spaces. Construction is slated for completion in the second quarter of 2022. Jeff Lyons and Alex Vulic of CBRE will market the project for lease.

July 15, 2021

Acquisitions Illinois Industrial Midwest

TriStar Properties Sells 593,094 SF Distribution Center in Edwardsville, Illinois

by Kristin Harlow July 15, 2021

EDWARDSVILLE, ILL. — TriStar Properties has sold a 593,094-square-foot distribution center and 54 associated acres in Edwardsville near St. Louis. An institutional buyer purchased the asset for an undisclosed price. The property is located at 3077 Gateway Commerce Center Drive. Constructed in 2018, the facility is part of TriStar’s Gateway Commerce Center, a 2,300-acre regional logistics and bulk distribution park. The building features a clear height of 36 feet and parking for more than 400 vehicles.

July 15, 2021

Acquisitions Midwest Retail Wisconsin

Colliers Brokers $18.6M Sale of Grocery-Anchored Shopping Center in Green Bay, Wisconsin

by Kristin Harlow July 15, 2021

GREEN BAY, WIS. — Colliers International has brokered the sale of Bayside Marketplace in Green Bay for $18.6 million. Anchored by Fresh Thyme, the 229,572-square-foot shopping center is located on South Oneida Street. Additional tenants include Joann, Dunham’s Sports, Xperience Fitness, Dollar Tree and OfficeMax. Adam Connor and Mark Pucci of Colliers Wisconsin and El Warner and Charley Simpson of Colliers Los Angeles represented the seller, Atlanta-based The Ardent Cos. An Austin, Texas-based private buyer purchased the asset.

July 15, 2021

Development Indiana Industrial Midwest

Meridian Design Build to Construct 278,148 SF Spec Industrial Building in Plainfield, Indiana

by Kristin Harlow July 15, 2021

PLAINFIELD, IND. — Developer HSA Commercial Real Estate has selected Meridian Design Build to construct a 278,148-square-foot speculative industrial building in Plainfield. Located at 915 Airtech Parkway, the project will sit on 25 acres. Precast delivery is scheduled for mid-August. The building will feature a clear height of 32 feet, up to 54 loading docks, four drive-in doors, 400 auto parking spaces and 143 trailer parking stalls. The project marks Meridian’s fifth ground-up development in the Indianapolis area and its third building for HSA. The project team includes Cornerstone Architects, Swift Structural Design and American Structurepoint. Terry Busch and Jared Scaringe of CBRE will market the property for lease.

July 15, 2021

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