Midwest

Venture One Acquires 17,900 SF Industrial Building in Waukegan, Illinois

by Kristin Harlow January 21, 2021

WAUKEGAN, ILL. — Venture One Real Estate has acquired a 17,900-square-foot industrial building located at 1161 S. Northpoint Blvd. in Waukegan for an undisclosed price. Constructed in 2000, the property was vacant at the time of acquisition. It features two exterior docks, one drive-in door, 2,476 square feet of office space and parking for 31 cars. Ralph Huszagh of JC Forney Realty Inc. represented the undisclosed seller and will be retained by Venture One to market the building for lease. Venture One acquired the asset via its acquisition fund VK Industrial V LP, which is a partnership between Venture One and Kovitz Investment Group.

January 21, 2021

Acquisitions Industrial Midwest Ohio

Westmount Realty Capital Sells 289,491 SF Industrial Building Occupied by FedEx in Columbus, Ohio

by Kristin Harlow January 20, 2021

COLUMBUS, OHIO — Westmount Realty Capital LLC has sold a 289,491-square-foot industrial building occupied by FedEx Supply Chain Inc. in Columbus for an undisclosed price. The building is situated within the Rickenbacker Global Logistics Industrial Park. FedEx has occupied the property since September 2019. Westmount acquired the building in late 2018 as part of a 1.4 million-square-foot portfolio. Built in 1994, the industrial building sits on 14.3 acres along John Glenn Avenue. It features 46 loading docks, including five drive-in doors. Clear heights range from 24 to 28 feet. Jerry Hopkins of Newmark represented Westmount in the transaction. Buyer information was not disclosed.

January 20, 2021

Loans Midwest Missouri Multifamily

NorthMarq Arranges $24.7M Loan for Refinancing of Multifamily Asset in St. Louis

by Kristin Harlow January 20, 2021

ST. LOUIS — NorthMarq has arranged a $24.7 million loan for the refinancing of Spanish Cove Townhomes in St. Louis. The 784-unit rental townhome property, located at 1708 San Remo Court, was constructed in 1971. It underwent a significant renovation from 2015 to 2018. Amenities include a pool, clubhouse, fitness center, business center, recreation room, media room, playground and onsite laundry facility. Noah Juran and David Garfinkel of NorthMarq structured the 10-year loan, which features a 30-year amortization schedule. A national bank provided the fixed-rate loan. The borrower was undisclosed.

January 20, 2021

Acquisitions Midwest Missouri Office Retail

Rubenstein Real Estate Acquires 20,000 SF Office, Retail Building in Kansas City

by Kristin Harlow January 20, 2021

KANSAS CITY, MO. — An affiliate of Rubenstein Real Estate, together with an affiliate of Exact Architects, has acquired a 20,000-square-foot office and retail building located at the corner of Linwood and Main streets in Kansas City. At the time of sale, the building was 25 percent occupied. A new tenant will soon lease a portion of the first floor, leaving 9,418 square feet remaining available for lease. Substantial building and common area renovations are underway. The two-story building features almost 80 parking spaces. Dwight Medbery III of Rubenstein led the buyer investment group. The purchase price and seller were undisclosed.

January 20, 2021

Acquisitions Iowa Midwest Multifamily

Marcus & Millichap Brokers $5.5M Sale of Manufactured Housing Community in Iowa

by Kristin Harlow January 20, 2021

STORM LAKE, IOWA — Marcus & Millichap has brokered the $5.5 million sale of Vista Estates in Storm Lake. The 127-space manufactured housing community in western Iowa sits on 14.3 acres at 811 Vestal St. Of the community’s homes, 112 are tenant-owned. Andrean Angelov and Ryan Engle of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The duo, along with Brad Kreppel, secured and represented the buyer, an out-of-state private investor.

January 20, 2021

Development Illinois Midwest Retail

Cannabis Facility Construction Completes 3,000 SF Dispensary in Suburban Chicago

by Kristin Harlow January 20, 2021

CALUMET CITY, ILL. — Cannabis Facility Construction has completed the buildout of a recreational and medical dispensary occupied by Mission Dispensaries in Calumet City, about 23 miles south of Chicago. The 3,000-square-foot property is located at 1330 Torrence Ave. across from River Oaks Center. It includes back office space, an oversized vault and an advanced security system. 4Front Ventures Corp. was the developer.

January 20, 2021

Development Illinois Midwest Multifamily

Lendlease, Magellan Top Off Pair of Residential Towers Along Lake Michigan in Chicago

by Kristin Harlow January 19, 2021

CHICAGO — Lendlease and Magellan Development Group have topped off Cirrus and Cascade, a pair of residential towers along Lake Michigan in Chicago’s Lakeshore East. Cirrus is a 47-story, 350-unit condominium tower at 211 N. Harbor Drive, while Cascade is a 37-story, 503-unit apartment tower at 455 E. Waterside Drive. Together, the two luxury properties represent one of the final phases of the Lakeshore East master plan. Cascade Park, a public green space connecting the two towers to the lakefront and Chicago Riverwalk, is slated to open ahead of schedule this summer. The buildings, designed by bKL Architecture, are two of three towers planned on the site. Condo units at Cirrus are priced from mid-$400,000 to more than $4 million. Floor plans range from 650 to 3,000 square feet. There are 15 penthouse residences located on floors 42 through 47 as well as two townhome residences on the ground level. The first units are slated for completion this fall. Apartment units at Cascade will range in size from studios up to three bedrooms. Pre-leasing is scheduled to begin this spring with the first move-ins expected in the summer. Residents of both towers will have shared access to amenities housed in …

January 19, 2021

Loans Midwest Missouri Multifamily

CIT Provides $42.5M in Construction Financing for St. Louis Apartment Project

by Kristin Harlow January 19, 2021

ST. LOUIS — CIT Group Inc. has provided $42.5 million in construction financing for Terra at the Grove, a 300-unit apartment project in St. Louis. Plans call for ground-floor retail space, a 52,000-square-foot courtyard and outdoor pool, a business center, clubroom and four-level parking garage. Units will range in size from studios to two-bedroom floor plans. Each unit will feature a balcony or patio. St. Louis-based Green Street is developing the four-story project. A timeline for construction was not released.

January 19, 2021

Acquisitions Midwest Multifamily South Dakota

Circle Capital Partners Purchases 265-Unit Apartment Community in South Dakota

by Kristin Harlow January 19, 2021

RAPID CITY, S.D. — Circle Capital Partners, in partnership with Tzadik Management, has purchased LaCrosse Estates in Rapid City. The 265-unit apartment community is located at 761 E. Anamosa St. Circle plans to undertake some minor renovations at the property, which was built in 1985 and is 97 percent occupied. Monthly rents range from $684 to $949. Amenities include a clubhouse, indoor pool, sauna and sport court. The seller and sales price were undisclosed.

January 19, 2021

Acquisitions Industrial Midwest Missouri

Sealy & Co. Acquires 99,704 SF Warehouse in Kansas City

by Kristin Harlow January 19, 2021

KANSAS CITY, MO. — Sealy & Co. has acquired a 99,704-square-foot warehouse in the Johnson County submarket of Kansas City for an undisclosed price. Built in 2019, the Class A building is situated within the Perimeter Park Commerce Complex and is fully leased. Sealy’s investment services team, along with Ed Elder and John Stafford of Colliers International, brokered the sale. Jones Development was the seller.

January 19, 2021

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