Midwest

Kiser Group Brokers $32.3M Condo Deconversion Sale in Chicago

by Kristin Harlow April 22, 2021

CHICAGO — Kiser Group has brokered a condo deconversion sale in Chicago’s Lakeview neighborhood for $32.2 million. Known as The Barry Quad, the three-building condominium property includes 115 units. Andrew Friedman and Jake Parker of Kiser represented both the seller, Barry Quadrangle Condominium Association, and the buyer, North Park Ventures. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a property if 75 percent or more are in agreement. The city of Chicago recently increased the required owner approval to 85 percent. Sellers then have the option to either move out of their units or lease them back from the new owner.

April 22, 2021

Acquisitions Indiana Industrial Midwest

Bradley Co. Arranges Sale of 258,375 SF Medical Manufacturing Facility in Indiana

by Kristin Harlow April 22, 2021

SPENCER, IND. — Bradley Co./RESOURCE has arranged the sale of a 258,375-square-foot medical manufacturing facility in Spencer, about 17 miles northwest of Bloomington. The sales price was undisclosed. Boston Scientific has occupied the building, located at 780 Brookside Drive, since 1988 and uses the site for producing instruments for its endoscopy and urology divisions. An expansion of the property began in July 2019. Boston Scientific will utilize the new space for administrative functions to free up more production space. Joshua Abrams, Sam Smith and Mitch Doner of Bradley, along with Camille Renshaw and Tim Hain of B+E Net Lease, represented the undisclosed seller.

April 22, 2021

Acquisitions Industrial Midwest Ohio

Industrial Commercial Properties Acquires 112,000 SF Facility in Beachwood, Ohio

by Kristin Harlow April 22, 2021

BEACHWOOD, OHIO — Industrial Commercial Properties (ICP) has acquired a 112,000-square-foot office and industrial building located at 23550 Commerce Park Drive in Beachwood, an eastern suburb of Cleveland. The purchase price was undisclosed. ICP has already begun a renovation and restoration of the property, including a new façade, flooring and LED lighting. It will be available for lease by early summer. This transaction represents ICP’s 10th acquisition in 2021 and its first in Beachwood. The company’s portfolio includes more than 150 properties totaling 42 million square feet in five states.

April 22, 2021

Illinois Loans Midwest Multifamily

Parkview Financial Provides $9.8M Construction Loan for Apartment Project in Chicago

by Kristin Harlow April 22, 2021

CHICAGO — Parkview Financial has provided a $9.8 million loan for the construction of a 48-unit apartment project in Northwest Chicago. The two-building, four-story development will also include 10,400 square feet of ground-floor retail space and 56 parking spaces. A joint venture between Noah Properties and MPM Holdings is developing the project. Construction has commenced and completion is slated for late 2021.

April 22, 2021

Market Reports Midwest Midwest Market Reports Minnesota Multifamily

Twin Cities Multifamily: A Look Back, What’s Next for the Resilient Market

by Kristin Harlow April 22, 2021

By Ted Bickel and Jeff Budish, Colliers MSP At the start of the pandemic last spring, conversations with developers, investors and operators varied from discouraging to catastrophic. Everyone expected the worst. Luckily for the industry, that is not what happened. Amid a year of great uncertainty across the economic spectrum, the Twin Cities multifamily market showed a great deal of resilience, overcoming many challenges in 2020. 2020 recap Considering that the marketplace was nearly frozen for the second quarter of 2020, overall transaction volume for 2020 was surprisingly strong. Minnesota saw a considerable uptick in activity toward the end of the year, driving annual totals up to just short of $1.3 billion. A strong bounce-back in the second half of the year speaks to strong demand drivers and generally solid operating performance — even during the economic shutdown. However, while vacancies did not run up, as many had feared, collections and bad debt suffered. Understandably, many tenants struggled to pay rent as stimulus waned later in the year. This had a notable effect on net operating income. Overall, pricing did not change, while cap rates lowered to some extent. Inexpensive debt, particularly from the agencies, was a large factor in …

April 22, 2021

Development Midwest Mixed-Use Ohio

Direct Retail Partners to Begin Redevelopment of Shops at Worthington Place Mall in Suburban Columbus

by Kristin Harlow April 21, 2021

WORTHINGTON, OHIO — Direct Retail Partners has received the final zoning approval to begin construction on Phase I of the redevelopment of the Shops at Worthington Place in Worthington, a northern suburb of Columbus. The project, known as High North, will transform the shopping mall into a mixed-use development, anchored by a 125,000-square-foot Class A office building. Five floors of office space will sit atop four levels of structured parking. The first floor will be surrounded by a WiFi-enabled public courtyard. Dining and grocery options like Panera Bread, First Watch, Pies & Pints and Kroger will remain in the development. About 21,000 square feet of the existing mall will be demolished, according to online news publication Columbus Underground. Collin Wheeler, Aaron Duncan and Brad Stricker of CBRE are marketing the office portion for lease.

April 21, 2021

Acquisitions Midwest Missouri Retail

First National Realty Partners Acquires 339,464 SF Shopping Center in Suburban St. Louis

by Kristin Harlow April 21, 2021

FLORISSANT, MO. — First National Realty Partners has acquired The Shoppes at Cross Keys in Florissant, a northern suburb of St. Louis. The 339,464-square-foot shopping center is 93 percent occupied and features a 63,094-square-foot Schnucks and a 98,133-square-foot Home Depot. CBRE represented the seller, a Boston-based investment advisor. The sales price was undisclosed.

April 21, 2021

Acquisitions Industrial Midwest Minnesota

Phoenix Investors Purchases 248,291 SF Industrial Flex Building in Waseca, Minnesota

by Kristin Harlow April 21, 2021

WASECA, MINN. — Phoenix Investors has acquired a 248,291-square-foot industrial flex building in Waseca for an undisclosed price. Phoenix plans to implement a capital improvement plan to reinvigorate the space for new users. There is currently 100,000 square feet available for lease. The facility sits on 19.7 acres at 229 Johnson Ave. SW. Dave Schoof of Coldwell Banker Commercial Fisher Group brokered the sale. The acquisition expands Phoenix’s footprint to 23 states.

April 21, 2021

Acquisitions Michigan Midwest Office

Quint Group Acquires 185,788 SF Mars Corporate Center in Southfield, Michigan

by Kristin Harlow April 21, 2021

SOUTHFIELD, MICH. — Quint Group, a private real estate investment firm headquartered in Quebec, Canada, has purchased Mars Corporate Center in Southfield. The purchase price was undisclosed. The 185,788-square-foot office building is currently 64 percent occupied by eight tenants, including Mars Advertising and IBI Group. Built in 1974, the property features a café and a five-story atrium. Friedman Real Estate represented the undisclosed seller and will represent the new ownership group in the management and leasing of the property. Quint has purchased or developed more than 10 million square feet of retail, industrial and office properties across Canada and the United States.

April 21, 2021

Acquisitions Midwest Minnesota Multifamily

Marcus & Millichap Arranges $10.9M Sale of Apartment Complex in Maplewood, Minnesota

by Kristin Harlow April 21, 2021

MAPLEWOOD, MINN. — Marcus & Millichap has arranged the sale of Sibley Cove in Maplewood for $10.9 million. The apartment complex features 81 units. Chris Collins, Evan Miller and Seth Barnett of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The team also secured and represented the buyer, a Twin Cities-based limited liability company.

April 21, 2021

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