Thursday, July 24, 2025
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Midwest

AcquisitionsMidwestMissouriRetail

Hanley Investment Group Arranges $3.3M Sale of Two Retail Buildings in Lee’s Summit, Missouri

by Kristin Harlow

LEE’S SUMMIT, MO. — Hanley Investment Group Real Estate Advisors has arranged the $3.3 million sale of two retail buildings in Lee’s Summit within metro Kansas City. Taco Bell and Scooter’s Coffee occupy the newly constructed properties. Taco Bell occupies 2,160 square feet while Scooter’s leases 600 square feet. Both buildings feature drive-thrus. Jeff Lefko, Bill Asher and Beau Velten of Hanley, along with Jeff Christian of First Street Brokerage, represented the seller, a San Francisco-based private investment company. Deborah Ewing of Fuller Group CRE represented the buyer, a Washington-based private investor. The sales price represents a cap rate of 5.3 percent.

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AcquisitionsMidwestOhioRetail

Cooper Group Brokers $2.3M Sale of Credit Union Ground Lease in Suburban Columbus

by Kristin Harlow

REYNOLDSBURG, OHIO — Cooper Commercial Investment Group has brokered the $2.3 million sale of a Wright-Patt Credit Union ground lease in Reynoldsburg, a suburb of Columbus. The building was still being constructed at the time of closing. Bob Havasi and Dan Cooper of Cooper Group represented the seller, an Ohio-based private developer. A New York-based private investor was the buyer. The cap rate was 5.5 percent.

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AcquisitionsIllinoisIndustrialMidwest

Venture One Acquires 16,744 SF Industrial Building in Romeoville, Illinois

by Kristin Harlow

ROMEOVILLE, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial V LP, has acquired a 16,744-square-foot industrial building in Romeoville, located about 37 miles southwest of Chicago, for an undisclosed price. Built in 1999, the property sits on one acre at 1343 Lakeside Drive. It is fully leased to Ultimate Rental Services and features a clear height of 22 feet, two exterior docks, two drive-in doors and parking for 20 cars. Mike Antonelli of Brown Commercial Group represented the undisclosed seller. Traci Payette and Rowan McDonnell of CBRE represented Ultimate Rental Services in its lease. VK Industrial V LP is a partnership between Venture One and Kovitz Investment Group.

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LoansMidwestMissouriMultifamily

NorthMarq Arranges $50.6M Acquisition Loan for The Barton Apartments in Clayton, Missouri

by Kristin Harlow

CLAYTON, MO. — NorthMarq has arranged a $50.6 million loan for the acquisition of The Barton Apartments in the St. Louis suburb of Clayton. The 228-unit apartment community, built in 2018, is located on Maryland Avenue. It features a clubroom, business center, fitness center, pet spa and personal wine storage. David Garfinkel of NorthMarq arranged the 10-year loan with Fannie Mae. The borrower was undisclosed.

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DevelopmentMichiganMidwestMultifamily

Watermark Residential to Develop 320-Unit Multifamily Community in Grand Rapids

by Kristin Harlow

GRAND RAPIDS, MICH. — Watermark Residential, a wholly owned affiliate of Thompson Thrift, has acquired 24 acres in Grand Rapids with plans to develop The Grove by Watermark, a 320-unit luxury multifamily community. This is Watermark’s first community in Michigan. Completion is slated for August 2022. Floor plans will range from one- to three-bedroom units and average 1,200 square feet. Amenities will include a clubhouse, fitness center, pool and dog park.

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AcquisitionsHealthcareMidwestMissouri

Montecito Medical Acquires 76,000 SF Medical Office Building in Metro Kansas City

by Kristin Harlow

HARRISONVILLE, MO. — Montecito Medical Real Estate has acquired Rock Haven Medical Mall in Harrisonville, about 35 miles south of Kansas City. The purchase price was undisclosed. The two-story, 76,000-square-foot medical office building is attached to Cass Regional Medical Center and was built in 2011. In addition to Cass, other tenants include Harrisonville Family Medicine, Carondelet Health Cardiology, Cass Regional Orthopedics, Gillen Pharmacy and Fresenius Medical Care.

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AcquisitionsMidwestMinnesotaRetail

Marcus & Millichap Negotiates $1.9M Sale of Retail Building Near Minneapolis

by Kristin Harlow

SPRING LAKE PARK, MINN. — Marcus & Millichap has negotiated the sale of Spring Lake Park Marketplace for $1.9 million. The 8,764-square-foot retail building is located at 8097 Highway 65 in Spring Lake Park, about 12 miles north of Minneapolis. Caribou Coffee anchors the fully occupied property, which was built in 2005. Jared Shapiro, Craig Fuller, Erin Patton and Scott Wiles of Marcus & Millichap marketed the building on behalf of the seller, a limited liability company. An undisclosed buyer purchased the asset at 98 percent of the list price.

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DevelopmentMichiganMidwestMultifamily

Havenpark Completes Improvements at Michigan Manufactured Housing Community

by Kristin Harlow

FENTON, MICH. — Havenpark Communities has completed improvements over the past two years at North Bay Harbor Club in Fenton, about 60 miles northwest of Detroit. A ribbon-cutting ceremony celebrating the improvements will take place Tuesday, Sept. 22. The renovations include upgraded community docks, improved landscaping, new signage and a grill and picnic area. Havenpark has invested more than $350,000 in upgrades and improvements at the manufactured housing community.

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MichiganMidwest

Michigan Gyms, Pools to Reopen Starting Sept. 9

by Kristin Harlow

MICHIGAN — Michigan Gov. Gretchen Whitmer has signed an executive order enabling the state’s gyms and pools to reopen beginning Wednesday, Sept. 9. Gyms must require mask wearing at all times, implement six-foot social distancing and provide cleaning products. The new order also allows organized sports practices and competitions to resume but does not include the reopening of movie theaters. Gym owners have lobbied the governor tirelessly for their reopening and have suffered crippling financial losses since mid-March, according to local media reports.

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LoansMidwestMultifamilyNorth Dakota

NorthMarq Arranges $33.4M Acquisition Financing for 691-Unit Multifamily Portfolio in North Dakota

by Kristin Harlow

GRAND FORKS, N.D. — NorthMarq has arranged $33.4 million in combined agency debt financing for the acquisition of four multifamily properties in Grand Forks, the third-largest city in North Dakota. The workforce housing properties total 691 units and include Forest Park Apartments, Valley Park Manor, Southwind Apartments and Landmark Estates. The Freddie Mac loans range from $2.9 million to $15.9 million. The 15-year loans feature 30-year amortization schedules. Brett Hood of NorthMarq’s Chicago office structured the loans.

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