WHEELING, ILL. — Marcus & Millichap has negotiated the sale of Creekside Plaza in Wheeling for $2 million. The 31,460-square-foot retail center is located at 200-300 McHenry Road. Some of the tenants include a beauty salon, dry cleaners and dentist office. Adrian Mendoza, Austin Weisenbeck and Sean Sharko of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The team also secured and represented the buyer, a Chicago-based 1031 exchange investor.
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Morgan Properties, Olayan America Acquire 14,414-Unit Apartment Portfolio Across Midwest, Southeast for $1.7B
KING OF PRUSSIA, PA. — Morgan Properties and Olayan America have acquired a portfolio of 48 apartment communities totaling 14,414 units in 11 states for $1.7 billion. STAR Real Estate Ventures, a joint venture between El-Ad National Properties LLC and Yellowstone Portfolio Trust, was the seller. The portfolio, named the North Star Portfolio, consists of Class B assets in Florida, Texas, Georgia, North Carolina, South Carolina, Louisiana, Michigan, Illinois, Indiana, Ohio and Maryland. On average, the communities total 300 units each and date to 1985. “While most of our competitors remain defensive and on the sidelines, Morgan Properties continues to play offense. North Star was right in our wheelhouse given the barriers to entry and we pounced on the opportunity to secure it,” says Jonathan Morgan, president of Morgan Properties. “The North Star investment speaks to the strength of our partnership with Morgan Properties and our continued confidence in the multifamily sector,” says Erik Horvat, managing director and head of real estate at Olayan America. The buyers plan to invest an additional $100 million for enhancements and amenity upgrades at the properties. With the North Star acquisition, Morgan and Olayan entered five new states, including Florida, Texas, Georgia, Louisiana and …
DETROIT — Rich & Associates has completed the design for Ford Motor Co.’s new Bagley Parking Hub in Detroit. Rich led the design team for the parking garage structure and is providing ongoing parking engineering consultation throughout the construction process. Construction of the so-called mobility hub is scheduled to begin soon with completion slated for 2022. Situated in Detroit’s Corktown neighborhood, the Bagley Parking Hub will offer space for e-bikes and scooters in addition to 1,250 cars. The structure will feature electric vehicle charging stations, automated payment technologies and exterior artwork as well as public plazas and green space. The Bagley Parking Hub will be part of the 30-acre mobility innovation district being built by Ford Motor Co. around Michigan Central Station. Rich worked with Rossetti, Strategic Energy Solutions and Giffels Webster. Rich is a firm dedicated solely to parking design, planning and management.
MENOMONEE FALLS, WIS. — Kohl’s Corp. (NYSE: KSS) has rejected the attempt by an investor group to seize control of its board of directors, saying the effort would disrupt the company’s momentum and growth strategy. The investor group consists of Macellum Advisors GP LLC, Legion Partners Holdings LLC, Ancora Advisors LLC and 4010 Capital LLC. The Kohl’s board and management team had been engaged in discussions with the group since early December, but this week was the first time the group shared its plans to create value. Kohl’s says its strategic plan already includes several initiatives they propose and that some ideas would not be accretive to shareholder value. The investors wanted to add directors with deep retail experience, cut executive compensation, slash inventory levels and consider selling noncore real estate, according to CNBC. The Kohl’s board will continue to engage with the investor group with the goal of identifying new ideas that could enhance shareholder value. Based in Menomonee Falls, Kohl’s operates more than 1,100 stores in 49 states. The retailer’s shares soared more than 8 percent in trading Monday, according to CNBC. The stock price closed at $55.97 per share Monday, up from $43.13 per share one year …
SOUTHFIELD, MICH. — Bernard Financial Group has arranged a $24.3 million CMBS loan for the refinancing of two Class A office buildings in Southfield. The buildings total 315,839 square feet. Dennis Bernard and Joshua Bernard of Bernard Financial Group arranged the loan on behalf of the borrower, Oakland Commons Acquisition Owner LLC. Loan terms were not disclosed.
CHICAGO — J.C. Anderson has completed an office buildout for Ascend Technologies LLC at 200 W. Adams St. in Chicago. Ascend relocated from 222 W. Adams St. The company was created in March 2020 after private equity firm M/C Partners acquired both West Monroe Partners’ managed services division and Gratia Inc. The new office space features open areas, private offices, boardrooms, a lounge and café. Garnett provided architectural services.
ORLAND PARK, ILL. — Quantum Real Estate Advisors Inc. has brokered the sale of a single-tenant property occupied by Arby’s in Orland Park for nearly $1.4 million. The building is located at 15765 S. Harlem Ave. Dan Waszak and Zack Hilgendorf of Quantum represented the seller, a California-based development group that redeveloped the former Taco Bell space. A California-based private investor was the buyer.
The pandemic has forced the appraisal business into a surreal experience: many valuation professionals had their physical connections to the market severed or diminished. The question became: how best to assign value to the properties that appraisers are tasked with assessing especially while the demand for valuation has grown. Where does the rise of automatic valuation systems (AVSs) fit in with the valuation process? Karl Finkelstein, vice president of Business Development and senior managing director for Valbridge Property Advisors, spoke recently to REBusinessOnline. He explains, “The appraisal business is still all about reporting on what we see in the marketplace. That hasn’t changed. What has changed is our physical connection to the market — talking with market participants and attempting to read the tea leaves.” As for many companies, the past few months have been a time of reassessment and reengagement with the technology and tools at hand. “We’ve had to rethink how we do inspections; we’ve had to rethink how we physically interact. Technology has given us a big hand with that, and it has changed some of the some of the ways we do business and enhanced others,” says Finkelstein. A Hands-On Business, Socially Distanced Physical inspections remain …
MARION, IND. — Lee & Associates has brokered the $34.5 million sale of a food processing and cold storage facility in Marion, located about halfway between Indianapolis and Fort Wayne. The 291,262-square-foot, Class A property is situated on a 19.4-acre site at 3701 S. Adams St. Completed in 2013, the building features a clear height of 30 feet. It is fully leased to Café Valley Bakery, an independent wholesale bakery. Ross Sanzari, Greg Guglielmino, Marcus Muirhead and Steve Gonzalez of Lee & Associates represented the undisclosed seller. SomeraRoad was the buyer.
ELK GROVE VILLAGE, ILL. — Premier Design + Build Group is nearing completion of a two-building industrial development in Elk Grove Village. Seefried Industrial Properties is the developer. The project is located at 202-228 E. Devon Ave. near Chicago O’Hare International Airport and several major highways. Building 1 spans 79,290 square feet while Building 2 totals 83,052 square feet. Each of the buildings will feature two drive-in doors, 12 dock doors and ESFR systems. The project team included Harris Architects Inc. and civil engineer Jacob & Hefner. Premier expects to complete construction by March 1.