Midwest

Valenti Builders Breaks Ground on $25.7M Performing Arts Center at Loyola Academy in Illinois

by Kristin Harlow July 19, 2021

WILMETTE, ILL. — Valenti Builders has broken ground on a new performing arts center at Loyola Academy, a private Jesuit college preparatory school in Wilmette, about 14 miles north of downtown Chicago. Designed by Chicago-based Krueck Sexton Partners, the $25.7 million project will span 29,000 square feet. An outdoor plaza will function as an open-air performance stage as well as a gathering space for the school community. Inside, a lobby and gallery space will lead to the Lemputte Family Theater, a 565-seat theater with a balcony, orchestra pit, fly tower and lighting and production technologies. Adjacent to the theater is an offstage rehearsal and staging area, a scene shop, green room, makeup and dressing rooms and student lounge. The student chapter of Loyola’s American Institute of Architecture played an active role in the planning and design process of the center. The all-electric building will further reduce carbon emissions as the Chicagoland grid continues its transition to all-renewable fuel sources by 2035, according to a news release. High-efficiency building systems will be installed in anticipation of a future rooftop-mounted photovoltaic array that accommodates the building’s entire energy load. Completion is slated for sometime next year. The project team includes landscape architect …

July 19, 2021

Acquisitions Illinois Midwest Multifamily

Interra Realty Arranges $11.4M Sale of Seven-Building Multifamily Community in Chicago

by Kristin Harlow July 19, 2021

CHICAGO — Interra Realty has arranged the sale of a seven-building, 39-unit multifamily rental community in Chicago’s Albany Park neighborhood for $11.4 million. The sales price equates to $293,590 per unit. Located on West Montrose Avenue, the property was built in 2013. The community features 26 two-bedroom units and 13 three-bedroom duplexes. Joe Smazal of Interra represented the seller, a private East Coast-based investor, as well as the buyer, Chicago-based HP Ventures Group.

July 19, 2021

Acquisitions Indiana Midwest Retail

Slate Grocery REIT Acquires Indianapolis Shopping Center for $8.5M

by Kristin Harlow July 19, 2021

INDIANAPOLIS — Slate Grocery REIT has acquired Glenlake Plaza in Indianapolis for $8.5 million. Concurrent with the acquisition, the REIT has secured a new long-term lease with the property’s anchor tenant, Kroger, for 15 years. The shopping center spans 104,679 square feet of gross leasable area and features an occupancy rate of 85 percent. An owner and operator of grocery-anchored real estate, Slate Grocery REIT’s portfolio comprises $1.4 billion of assets across major U.S. markets. The company trades on the Toronto Stock Exchange.

July 19, 2021

Acquisitions Midwest Ohio Restaurant Retail

Marcus & Millichap Brokers $4.6M Sale of Dayton-Area Retail Portfolio

by Kristin Harlow July 19, 2021

HUBER HEIGHTS AND VANDALIA, OHIO — Marcus & Millichap has brokered the sale of a Dayton-area retail portfolio occupied by Wendy’s for $4.6 million. The two properties are located in Huber Heights and Vandalia. CJ Jackson, Erin Patton, Scott Wiles and Craig Fuller of Marcus & Millichap marketed the portfolio on behalf of the seller, a private investor. Buyer information was not disclosed.

July 19, 2021

Acquisitions Industrial Midwest Ohio

SVN Negotiates $1.2M Sale of Industrial Building in Kent, Ohio

by Kristin Harlow July 19, 2021

KENT, OHIO — SVN Summit Commercial Real Estate Advisors has negotiated the $1.2 million sale of an industrial building in Kent, about 40 miles southeast of Cleveland. Located at 4211 Karg Industrial Parkway, the property features 25,750 square feet of warehouse space, 2,250 square feet of office space on the first floor and 2,250 square feet of office space on the second floor. Tom Fox and Graydon Fox of SVN brokered the transaction. The buyer, SprayWorks Equipment Group, plans to utilize the space to expand product offerings and provide more training programs.

July 19, 2021

Company News Illinois Indiana Midwest Retail Top Stories

Kite Realty, RPAI Enter Into $7.5B Merger Agreement to Create New Shopping Center REIT

by Taylor Williams July 19, 2021

INDIANAPOLIS AND CHICAGO — Kite Realty Group Trust (NYSE: KRG) and Retail Properties of America (NYSE: RPAI) have entered into a merger agreement valued at $7.5 billion that will create a new shopping center REIT with a portfolio of 185 assets totaling approximately 32 million gross leasable square feet. Under the terms of the deal, which is expected to close in the fourth quarter, a subsidiary of Indianapolis-based KRG will acquire Chicago-based RPAI in an all-stock transaction. The $7.5 billion valuation puts the newly formed company in the top five of shopping center REITs in terms of total enterprise valuation, according to company officials. Specifically, each share of RPAI common stock will be converted to 0.623 shares of KRG common stock. This rate represents a premium of 13 percent over RPAI’s closing share price of $20.83 per share on July 16, 2021. The new company will trade under the KRG ticker symbol and remain headquartered in Indianapolis. In terms of leadership, KRG’s board will be expanded to 13 trustees via the addition of four new members from the existing RPAI Board. Following the closing of the deal, KRG shareholders are expected to own approximately 40 percent of the combined company’s …

July 19, 2021

Development Indiana Midwest Multifamily

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

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