Midwest

McShane to Construct 302-Unit Apartment Community in Oconomowoc, Wisconsin

by Kristin Harlow May 3, 2021

OCONOMOWOC, WIS. — Developer Mandel Group has selected McShane Construction Co. to build Hackney House Apartments at Pabst Farms in Oconomowoc, about 35 miles west of Milwaukee. The apartment community will include 302 units across 20 garden-style and townhome buildings. Amenities will include a 4,000-square-foot clubhouse, fitness center, outdoor pool, grill area, dog wash and bike storage. HUD 221(d)(4) financing will be used to finance the project. Completion is slated for April 2023. BSB Design is the architect.

May 3, 2021

Acquisitions Indiana Midwest Office

Marcus & Millichap Brokers $8.6M Sale of Office Building in Indianapolis

by Kristin Harlow May 3, 2021

INDIANAPOLIS — Marcus & Millichap has brokered the sale of Heritage Park I in Indianapolis for $8.6 million. The 86,657-square-foot office building is located at 6612 E. 75th St. Alexander Nulf, Joseph DiSalvo and John Godwin of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Nulf secured and represented the buyers, a limited liability company and a private investor.

May 3, 2021

Acquisitions Healthcare Midwest Ohio

Montecito Acquires 69,800 SF Surgical Facility in Suburban Cleveland

by Kristin Harlow May 3, 2021

BEACHWOOD, OHIO — Montecito Medical has acquired Beachwood Medical Center in Beachwood, a suburb of Cleveland. Built in 2019, the surgical facility spans 69,800 square feet and is fully leased to an operating entity owned predominantly by Lake Health and University Hospitals. The facility specializes in orthopedics, urology, the spine, general surgery and pain management. Most of the hospital’s surgeries are performed on an outpatient basis, with elective procedures representing 75 percent of the surgical volume. The two-story facility, which also offers physical therapy, advanced imaging and a 24/7 emergency department, includes eight operating rooms, two procedure rooms and 25 patient beds. The purchase price and seller were undisclosed.

May 3, 2021

Development Illinois Midwest Multifamily

Wingspan Development Group Starts Pre-Leasing 192-Unit Maple Street Lofts in Mount Prospect, Illinois

by Kristin Harlow April 30, 2021

MOUNT PROSPECT, ILL. — Wingspan Development Group has begun pre-leasing for Maple Street Lofts, a 192-unit luxury apartment community in Mount Prospect, a northwest suburb of Chicago. Located at 207 S. Maple St., the six-story property includes an Angelo Caputo’s Fresh Market grocery store on the ground floor. The transit-oriented development is situated across the street from the Mount Prospect Metra station. First move-ins are slated to begin this summer. Designed by Chicago-based Studio 222 Architects, Maple Street Lofts offers studio, one- and two-bedroom floor plans ranging from 591 to 1,180 square feet. Monthly rents range from $1,550 to $2,885. Amenities include a business center with four private offices for working from home, a fitness center, yoga studio, resident lounge, pool, gaming area, sun deck, bark park and package room. The 16,000-square-foot grocery store is slated to open this fall. Wingspan’s sister company, Nicholas & Associates, is the general contractor. Lincoln Property Co. will oversee leasing and property management.

April 30, 2021

Hospitality Illinois Industrial Midwest Multifamily Office

Cresset Partners, Diversified Real Estate Capital Join Forces

by Kristin Harlow April 30, 2021

CHICAGO — Cresset Partners and Diversified Real Estate Capital have formed a partnership of their real estate groups, expanding Cresset’s real estate investment platform. The partnership formalizes and builds upon the existing relationship between the two companies, which have sourced, structured, capitalized and executed $1.6 billion in real estate projects since 2019. The combined entity, which is named Cresset Real Estate Partners, will target institutional-quality investment opportunities in a variety of asset types, including multifamily, office, industrial and hospitality.

April 30, 2021

Indiana Loans Midwest Retail

Mag Mile Capital Arranges $5.7M Acquisition Loan for Indiana Retail Center

by Kristin Harlow April 30, 2021

MUNSTER, IND. — Mag Mile Capital has arranged a $5.7 million loan for the acquisition of an 18,440-square-foot retail center in Munster, about 30 miles southeast of Chicago. Situated at 8201-8231 Calumet Ave., the property is leased to a mix of national and local retailers, including Target, Starbucks and Panera Bread. Prabhat Jayara of Mag Mile arranged the five-year, fixed-rate loan on behalf of Translucence Management. A local bank provided the loan, which features a 75 percent loan-to-value ratio, an interest rate of 4.25 percent and a 25-year amortization schedule.

April 30, 2021

Acquisitions Illinois Midwest Multifamily

Interra Realty Brokers $3.4M Sale of Multifamily Property in Chicago’s Lincoln Square

by Kristin Harlow April 30, 2021

CHICAGO — Interra Realty has brokered the $3.4 million sale of an 18-unit multifamily property in Chicago’s Lincoln Square neighborhood. Located at 4841 N. Rockwell St., the asset comprises one-bedroom units, all of which were occupied at the time of sale. Craig Martin of Interra represented the seller, a local family office, which had owned the property for more than 50 years. Martin also represented the private buyer.

April 30, 2021

Acquisitions Illinois Industrial Midwest

Venture One Acquires 62,940 SF Industrial Building in Gurnee, Illinois

by Kristin Harlow April 30, 2021

GURNEE, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial V LP, has acquired a 62,940-square-foot industrial building in Gurnee, about 40 miles north of Chicago. The purchase price was undisclosed. Located at 905 Lakeside Drive, the property is 35 percent leased to three tenants. Constructed in 1989, the building features four docks, six drive-in doors and parking for 75 cars. Venture One plans to make improvements that will include office and warehouse renovations, parking lot resurfacing and new LED lighting. Donald Glyman of Tri-County Commercial Real Estate Inc. represented the undisclosed seller. Robert Elbrecht of Tri-State Realty represented Venture One and will be retained to market the property for lease. VK Industrial V LP is a partnership between Venture One and Kovitz Investment Group.

April 30, 2021

Acquisitions Illinois Industrial Midwest

TIG Sells 2 MSF Michelin Distribution Center in Wilmington, Illinois

by Kristin Harlow April 29, 2021

WILMINGTON, ILL. — Transwestern Investment Group (TIG) has sold the Michelin Super Regional Distribution Center in Wilmington, about 60 miles southwest of downtown Chicago. The sales price was undisclosed. A build-to-suit for Michelin, the 2 million-square-foot property is situated within Elion Logistics Park 55. The 2,500-acre rail-served industrial park features access to 30 percent of the U.S. population with a one-day drive, according to TIG. Michelin continues to occupy a long-term lease at the property. Nick Murphy and Josh McArtor of Eastdil Secured represented TIG in the sale. Silver Creek was the buyer.

April 29, 2021

Illinois Leasing Activity Midwest Office

Calamos Investments Inks New Office Lease at Fulton East in Chicago

by Kristin Harlow April 29, 2021

CHICAGO — Calamos Investments, a global asset manager, has signed a multi-year lease for the top floors of Fulton East, a new office building located at 215 N. Peoria St. in Chicago’s Fulton Market. The new office will be in addition to the firm’s headquarters campus in Naperville. Parkside Realty Inc. developed Fulton East, which rises 12 stories and spans 90,000 square feet. The building was designed to address employee health, wellness and safety in light of COVID-19 and includes features such as a hands-free elevator system.

April 29, 2021

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