EVANSTON, ILL. — Marcus & Millichap has brokered the sale of Evanston Plaza in Evanston for $36.2 million. The 212,759-square-foot shopping center is located at 1910 Dempster St. Valli Fresh Market anchors the center and occupies 69,210 square feet. Renovated in 2015, the property was 97 percent leased at the time of sale. Adrian Mendoza, Austin Weisenbeck and Sean Sharko of Marcus & Millichap marketed the center on behalf of the seller, a private investor. The team also secured and represented the buyer, a limited liability company.
GLEN ELLYN, ILL. — Kinzie Builders has completed construction of Avere on Duane, a $15 million luxury apartment building in the Chicago suburb of Glen Ellyn. Located on Duane Street, the property rises four stories with 48 units. Units range from 868 to 1,615 square feet. Amenities include a community room, dog washing station, package room, bike storage and heated parking. REVA Development Partners was the developer. The project team included BSB Design Inc., RTM & Associates Engineering Consultants, LETech Inc., Pierce Engineering, Loren Stanton Design, Haeger Engineering and Lakota Group. Monthly rents start at $1,975.
NEW ALBANY, IND. — Berkadia has arranged an $8.9 million bridge loan for the acquisition of The Annex of New Albany, a 141-unit student housing property in New Albany near Louisville. The property is located at 4100 Prestwick Square and is adjacent to Indiana University Southeast. Jason Brown and Sam Orman of Berkadia Indianapolis arranged the bridge loan on behalf of the borrower, Indiana-based Zidan Management Group Inc. Old National Bank provided the three-year loan, which features a 3 percent floating interest rate. David Gaines, Scott Clifton and Kyle Butler of JLL Capital Markets represented the seller, The Annex Group, in the $11.8 million sale.
Hines, Cresset Real Estate Partners Break Ground on 1.1 MSF Industrial Project in Whiteland, Indiana
WHITELAND, IND. — Hines and Cresset Real Estate Partners have broken ground on Whiteland 65 Logistics Center, a 1.1 million-square-foot industrial project in suburban Indianapolis. The development will feature a cross-dock configuration, a clear height of 40 feet and outdoor amenity areas. Located off I-65 and Whiteland Road, the project is situated within the south submarket of Indianapolis. The site is within a 30-minute drive of the Indianapolis International Airport. Cushman & Wakefield will market the project for lease. Completion is slated for the second quarter of 2022. This is the first Indianapolis-area logistics property for Dallas-based Hines.
GOLDEN VALLEY, MINN. — Colliers MSP has brokered the $44.7 million sale of Hello Apartments in Golden Valley, a western suburb of Minneapolis. Constructed in 2017, the Class A apartment complex features 172 units. Amenities include a rooftop deck, pool and volleyball court. Ted Bickel, Jeff Budish, Lauren Panzer and Lacey O’Connor of Colliers represented the seller, Continental Property Group. Utah-based Peak Capital Partners was the buyer.
OLATHE, KAN. — 1A Auto has signed a long-term lease renewal for 347,689 square feet of industrial space at Building B within Olathe’s I-35 Logistics Park. Founded in 1999, 1A Auto is an auto parts supplier that caters to consumers completing their own auto repairs. Mark Long and John Faur of Newmark Zimmer represented the tenant in the lease transaction. Kevin Wilkerson of JLL represented the undisclosed landlord.
COUNCIL BLUFFS, IOWA — Metro Crossing Shopping Center in Council Bluffs has sold for an undisclosed price. The property spans 309,811 square feet. It was 96 percent occupied at the time of sale by 57 tenants, including Dick’s Sporting Goods, PetSmart, Kohl’s, Hobby Lobby, Old Navy and TJ Maxx. Ember Grummons of Investors Realty represented the buyer, Bridge 33 Capital. CBRE represented the seller, a partnership between Walton Street Capital and Pine Tree Commercial.
CINCINNATI — Lument has provided a $17.4 million Fannie Mae loan for the refinancing of Ivy Hills Apartments in Cincinnati. Originally built in 1996, the multifamily property includes 164 units across 31 buildings. The occupancy rate was 92.3 percent as of March 2021. Steven Cox of Lument originated the 12-year loan, which features a fixed interest rate, five years of interest-only payments and a 30-year amortization schedule. The undisclosed borrower acquired the asset in early 2020 and has since invested approximately $1.8 million to renovate 60 units. The borrower plans to spend an additional $1.7 million throughout 2021 to renovate 50 more units.
LOUISVILLE, KY., WINTER PARK, FLA., AND TOLDEO, OHIO — In a massive blockbuster deal for seniors housing, the seventh-largest operator of seniors housing in the United States (Atria Senior Living) will acquire the third-largest (Holiday Retirement), with the largest owner in the country (Welltower) buying up a large portfolio of the affected assets. Atria, a privately held seniors housing operator based in Louisville, has agreed to buy the operations business of Winter Park-based Holiday Retirement. Meanwhile, Toledo-based REIT Welltower (NYSE: WELL) will buy the 86 properties that Holiday owns and self-manages for slightly less than $1.6 billion. Holiday currently manages 240 communities in 43 states, largely in the independent living sector. The combined company will employ more than 19,000 staffers to serve over 45,000 residents. The new firm will manage 447 communities across 45 states and seven Canadian provinces. The newly combined entity will be the second-largest seniors housing operator in the country, behind only Brookdale Senior Living. After the transaction, Atria will manage more than 250 “nearly identical” communities and higher end properties such as the recently opened Atria Newport Beach in Southern California, as well as luxury urban properties that Atria is co-developing in a joint venture with …
CINCINNATI — JLL Capital Markets has arranged a $65.5 million loan for the acquisition of the Bon Secours Mercy Health headquarters building located at 1701 Mercy Place in Cincinnati’s Bond Hill neighborhood. The Class A office building spans 368,500 square feet. Completed in 2016, the property is fully leased to Mercy Health with 14 years remaining on the lease term. The facility serves as the administrative and executive headquarters for Mercy Health, which is Ohio’s largest healthcare delivery system and fourth-largest employer. Amenities at the building include a fitness center, outdoor dining area, food market, walking trail, ergonomic workstations and treadmill desks. The five-story property also features parking for more than 1,400 vehicles. Keith Largay and Lucas Borges of JLL represented the borrowers, 90 North Real Estate Partners and Kuwait-based Rasameel Investment Co. PNC Bank provided the five-year loan, which features a fixed interest rate below 2.5 percent.