OMAHA, NEB. — Investors Realty has brokered the sale of two office buildings in Omaha for $21.9 million. The single-tenant, Class A properties are located at 17605 and 17645 Wright St. The buildings serve as the headquarters for Orion Advisors Solutions, which maintains approximately 1,000 employees. Ember Grummons of Investors Realty represented the seller, an affiliate of Lockwood Development. Grummons also procured the buyer, Sentinel Net Lease.
CHICAGO — NewMark Merrill Cos. Inc., a shopping center owner based in Woodland Hills, Calif., has acquired Bricktown Square in Chicago for an undisclosed price. The 292,309-square-foot retail center is home to Ross Dress for Less, Harbor Freight Tools, Aldi, XSport Fitness, DD’s Discounts and Farmer’s Best Fresh Market. NewMark Merrill plans to enhance the asset with investments in deferred maintenance and updates such as new signage. Bonnie Investment Group was the seller. ReCap, the real estate subsidiary of RGA Real Insurance Group of America, provided acquisition financing. Sandy Sigal, Jim Patton, Brad Pearl, Sandra Kist and Susan Rorison represented NewMark Merrill on an internal basis. NewMark Merrill currently owns and operates three other retail properties in the Chicagoland area, including Stony Island Plaza in Chicago, Stratford Crossing in Bloomingdale and Winston Plaza in Melrose Park.
ROCHESTER, MINN. — Colliers Mortgage has provided a $4.3 million HUD 223(f) loan for the refinancing of Harvestview Place in Rochester. The 60-unit affordable housing community was constructed in 2019 using 9 percent low-income housing tax credit syndication proceeds. All units are restricted to residents who earn at or below 50 percent of the area median income. Harvestview Place LP was the borrower for the 35-year loan, which is fully amortized. Velair Property Management LLC manages the property.
WARRENVILLE, ILL. — Northfield, Ill.-based Interforum Holdings has completed development of Arden of Warrenville, a 364-unit luxury apartment complex in Warrenville, a western suburb of Chicago. The project is situated within the larger Cantera community. Units are available in one- to four-bedroom layouts ranging from 833 to 1,201 square feet. Amenities include a fitness center, yoga room, business center, resident lounge, sauna, business center, library room, pool, rooftop terrace, dog park, outdoor courtyards, indoor parking and spa services. The project team included general contractor McShane Construction and architect Baranyk Associates. CIBC Bank, Inland Bank, Associated Bank, Great Southern Bank and Arbor Multifamily Lending provided financing for the project. Monthly rents start at $1,713. Residents can now receive up to two months of free rent.
CEDAR RAPIDS, IOWA — The Annex Group has unveiled plans to develop Union at Wiley, a 180-unit affordable housing community in Cedar Rapids. Located at 4227 21st Ave. SW in Linn County, the $31.8 million project will include one-, two- and three-bedroom floor plans for residents who earn up to 60 percent of the area median income. Amenities will include a clubhouse, gaming area, playground and fitness center. Completion is slated for May 2022. The project team includes Sebree Architects, Crockett Engineering, Ament Design, Summit LIHTC Consulting, Hayes Gibson Property Services and GLD Commercial. Annex will serve as general contractor. CREA will serve as the equity partner, providing nearly $13 million in low-income housing tax credit equity. Cedar Rapids Bank & Trust is providing a $27 million construction loan and an $18.3 million permanent loan.
CHICAGO — KeyBank Community Development Lending and Investment (CDLI) has provided a $22.6 million bridge loan on behalf of Evergreen Real Estate Group. The loan will be utilized to acquire and preserve two contiguous affordable housing properties totaling 217 units in Chicago. All but two of the units operate with a Housing Assistance Payment contract. The transaction is part of a larger acquisition of six properties in Chicago that were built between 1920 and 1948. David Lacki and Alton Tinker of KeyBank’s CDLI team structured the 18-month loan.
BARRINGTON, ILL. — JLL Capital Markets has brokered the $20.7 million sale of 101 West, a 64-unit apartment community in Barrington, about 40 miles northwest of Chicago. Units average 982 square feet. Amenities include a community room, rooftop terrace, fitness center, pet grooming station and heated parking. The property is located at 101 W. Liberty St. and is a 10-minute walk from the Barrington Metra Station. Marty O’Connell, David Gaines and Kyle Butler of JLL represented the seller, Monroe Residential Partners LLC. HP Ventures Group LLC was the buyer.
BOWLING GREEN, OHIO — Binkelman Corp. has leased a 59,960-square-foot industrial facility in Bowling Green. The property sits on nearly 20 acres at 828 Van Camp Road. Ron Jurgenson of Reichle Klein Group represented both the tenant and the owner, P&J Thayer Family LP. Brinkelman, which is an industrial equipment supplier currently based in Toledo, will utilize the building for its new headquarters.
By Harlan Reichle, Reichle Klein Group As the Toledo, Ohio, area’s retail market proved to be stable and solid in the second half of 2020 and the industrial market continued a remarkable stretch of high performance since the Great Recession, 2020 was a tough year for the office market. However, all three property types have yet to register any negative COVID impact in our latest survey results. Retail Toledo’s retail market proved to be quite stable and solid during the second half of 2020. Given the fraught last year along with the headlines and travails of retail stores, gyms and restaurants, the general public might find this result surprising, but it was clear to our retail leasing brokers since mid-summer 2020 that transaction activity was snapping back fairly quickly after the initial shock of the spring 2020 lockdowns. Our year-end 2020 market survey found overall market vacancy down from both the end of 2019 and mid-year 2020. The decline in anchor vacancy more than offset a small increase among inline spaces as the market absorbed 39,183 square feet of space in the last six months of the year. It is a nearly exact repeat of the market’s performance in the …
CLEVELAND — CrossCountry Mortgage LLC has launched construction of its $46 million headquarters campus in Cleveland’s historic Superior Arts District. The 168,000-square-foot project on Superior Avenue is expected to bring more than 600 full-time jobs to the city. Made possible with support from the City of Cleveland, Team NEO, JobsOhio and the Ohio Development Services Agency, the project includes the restoration and renovation of four industrial buildings dating back to as early as 1913. The site formerly housed the headquarters, packaging and warehouse facility for TAP Packaging + Design. The new headquarters will feature a 4,600-square-foot training center and a 7,100-square-foot common area. Amenities will include a conference center, barista, grab-and-go food pantry, commercial kitchen and an 8,600-square-foot gym with a group fitness studio and lockers. Completion of construction is slated for the end of the year. Founded in 2003, CrossCountry is a retail mortgage lender with nearly 6,800 employees. The company, which is currently based in Brecksville, operates in all 50 states through a network of more than 500 offices.
