Midwest

Maverick Commercial Mortgage Arranges $2.7M Loan for Refinancing of Chicago Multifamily Asset

by Kristin Harlow March 29, 2021

CHICAGO — Maverick Commercial Mortgage has arranged a $2.7 million Freddie Mac loan for the refinancing of a 13-unit multifamily asset located at 1049 N. Paulina St. in Chicago’s Wicker Park neighborhood. The timber, loft-style building features a mix of one- and two-bedroom units. All residences have been updated. Matthew Cohen of Maverick arranged the 20-year loan, which features a 55 percent loan-to-value ratio, a fixed interest rate for 10 years, a floating rate for 10 years and a 30-year amortization schedule. Proceeds from the loan paid off the existing lender, returned equity to the borrowing entity and paid for closing costs.

March 29, 2021

Industrial Iowa Leasing Activity Midwest

ColorCoat Signs 20,000 SF Industrial Lease in Cedar Rapids, Iowa

by Kristin Harlow March 29, 2021

CEDAR RAPIDS, IOWA — ColorCoat Inc. has signed a nearly 20,000-square-foot industrial lease at 551 60th Ave. in Cedar Rapids. The company will occupy roughly one-half of the newly constructed building and will use the space for painting vinyl windows and doors. Adam Gibbs of GLD Commercial represented ColorCoat in the lease. The landlord was undisclosed. ColorCoat plans to invest $400,000 and create 40 new jobs in Cedar Rapids. The company currently maintains nine manufacturing operations across the country.

March 29, 2021

Acquisitions Illinois Midwest

Slate Asset Management Acquires CRE Business of Annaly Capital Management for $2.3B

by Kristin Harlow March 26, 2021

CHICAGO — Slate Asset Management LP has entered into a definitive agreement to acquire the commercial real estate business of Annaly Capital Management Inc. (NYSE: NLY) for $2.3 billion. The transaction includes Annaly’s equity interests, loan assets and commercial mortgage-backed securities. Certain Annaly employees who primarily support the commercial real estate business are expected to join Slate upon completion of the sale, including Timothy Gallagher, head of commercial real estate, and Michael Quinn, head of commercial investments. “The commercial real estate business has been an important component of Annaly’s differentiated investment model since 2013,” says David Finkelstein, Annaly’s chief executive officer and chief investment officer. “This transaction delivers compelling execution for our shareholders and will provide additional capacity to further expand our leadership and operational capabilities across all aspects of the residential mortgage finance market, which has been the cornerstone of Annaly’s strategy since our founding.” Upon closing of the transaction, New York City-based Annaly intends to use proceeds from the sale to repay its financing facilities related to the commercial real estate assets being sold and to purchase targeted assets in accordance with its capital allocation policy, which may include investments in agency assets as well as residential and …

March 26, 2021

Acquisitions Indiana Midwest Multifamily

RADCO Cos. Sells 1,426-Unit Multifamily Portfolio in Indianapolis for $108.5M

by Kristin Harlow March 26, 2021

INDIANAPOLIS — The RADCO Cos. has sold a portfolio of three multifamily properties comprising 1,426 units in Indianapolis for $108.5 million. Aion Partners was the buyer. The portfolio includes the 220-unit Ashford Georgetown, the 728-unit Ashford Meridian Hills and the 478-unit Creekside at Meridian Hills. All three assets are situated in the northwest portion of the city and include newly renovated one-, two- and three-bedroom floor plans. George Tikijian, Hannah Ott and Cameron Benz of Cushman & Wakefield Indiana brokered the transaction.

March 26, 2021

Acquisitions Illinois Midwest Multifamily

Berkadia Brokers $43.2M Sale of Three Apartment Communities in Illinois

by Kristin Harlow March 26, 2021

ELGIN AND URBANA, ILL. — Berkadia has brokered the sale of three apartment communities in Illinois for $43.2 million. Ralph DePasquale of Berkadia’s Chicago office led the teams representing, the sellers. Wing Park Apartments is a 184-unit, garden-style property in Elgin, a northwest suburb of Chicago. A joint venture between New York-based Trevian Capital and Crown Properties Inc. sold the asset to Illinois-based Cunat Inc. The Urbana Two Portfolio is comprised of 304 units across two properties, Parkside and Stone Ridge Square. They are located within a quarter mile of each other in Urbana. Loop Investments acquired the asset from Illinois-based BWCU LLC.

March 26, 2021

Illinois Loans Midwest Multifamily

American Street Capital Secures $14.3M Loan for Refinancing of Multifamily Portfolio in Macomb, Illinois

by Kristin Harlow March 26, 2021

MACOMB, ILL. — American Street Capital (ASC) has secured a $14.3 million loan for the refinancing of a 317-unit multifamily portfolio in Macomb, located in western Illinois. Built between 2002 and 2005, the portfolio consists of four separate complexes. There is a mix of garden- and townhouse-style buildings with one-, two-, three- and four-bedroom units. Igor Zhizhin of ASC arranged the CMBS loan on behalf of the original developer. The 10-year, fixed-rate loan features a 30-year amortization schedule.

March 26, 2021

Acquisitions Midwest Ohio Retail

Cooper Group Negotiates $1M Sale of Aldi-Anchored Shopping Center in Canton, Ohio

by Kristin Harlow March 26, 2021

CANTON, OHIO — The Cooper Commercial Investment Group has negotiated the $1 million sale of Pleasant View Commons in Canton, just south of Akron. The Aldi-anchored shopping center was 49 percent occupied at the time of sale. Dan Cooper and Bob Havasi of Cooper represented the seller, a private investment group based in Ohio. A private investor from Nevada purchased the asset.

March 26, 2021

Illinois Industrial Leasing Activity Midwest

FedEx Leases 769,500 SF in Edwardsville, Illinois

by Kristin Harlow March 25, 2021

EDWARDSVILLE, ILL. — FedEx Supply Chain has leased 769,500 square feet of industrial space at Lakeview Commerce Center in Edwardsville near St. Louis. FedEx will occupy the entirety of Lakeview V, which is located at 3919 Lakeview Corporate Drive. The lease brings FedEx’s total footprint in the area to more than 2 million square feet. Brian Kelley and Timothy Convy of Avison Young and Fischer & Co. represented FedEx in the lease. CBRE represented the owner, Panattoni Development.

March 25, 2021

Acquisitions Industrial Midwest Ohio

Industrial Commercial Properties Acquires GE Lighting Building in Ravenna, Ohio

by Kristin Harlow March 25, 2021

RAVENNA, OHIO — Industrial Commercial Properties (ICP) has acquired a GE Lighting warehouse and distribution building spanning 420,500 square feet in Ravenna, about 15 miles east of Akron. The property sits on 37.5 acres at 150 Loomis Parkway. GE will remain in a portion of the building for a short period of time, but 150,000 square feet will be available for lease immediately, according to ICP. Building features include more than 30 docks, 100 trailer parking spots and rail service. ICP plans to make substantial upgrades to the property, including upgrades to both interior and exterior lighting, a modernized sprinkler system and pavement and interior renovations. Additionally, the developer has 12 acres contiguous to the property under contract. The land could support expansion of the building to 800,000 square feet. This transaction marks ICP’s eighth acquisition in 2021, bringing the company’s portfolio to more than 150 properties and 42 million square feet across five states.

March 25, 2021

Acquisitions Midwest Ohio Retail

Marcus & Millichap Brokers $6.8M Sale of Village Crossings Shopping Center in Cincinnati

by Kristin Harlow March 25, 2021

CINCINNATI — Marcus & Millichap has brokered the sale of Village Crossings Shopping Center in Cincinnati for $6.8 million, which exceeded 93 percent of the list price, according to the brokerage. The Aldi-anchored shopping center spans 89,008 square feet and is located at 10400 Reading Road. Other tenants include CAM International Market, JOANN Fabrics, H&R Block, Breakthrough Fitness, Mala Hot Pot and Firestone. Scott Wiles, CJ Jackson, Erin Patton and Craig Fuller of Marcus & Millichap’s Patton Wiles Fuller Group marketed the property on behalf of the seller, a private REIT. The team also secured the buyer, Maryland-based America’s Realty LLC, a privately held shopping center operator. America’s Realty received permanent financing at 70 percent loan-to-value from a credit union.

March 25, 2021

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