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Midwest

AcquisitionsIndianaMidwestRetail

Three Retail Properties in Metro Indianapolis Trade Hands for $10.8M

by Kristin Harlow

PLAINFIELD, WESTFIELD AND FISHERS, IND. — Hanley Investment Group Real Estate Advisors has represented a private investor in the acquisition of three retail properties in metro Indianapolis for $10.8 million. Dylan Mallory of Hanley represented the Bloomington, Ind.-based buyer. In Plainfield, Stafford Crossing is a 26,000-square-foot center home to Chicago’s Pizza, Big Red Liquors, Specks Pet Supply, UPS Store and Jack’s Donuts. Built in 2007, it was 91 percent leased at the time of sale. Carey Road Center in Westfield spans 13,043 square feet. It was also built in 2007. Lastly, Windermere Place in Fishers spans 16,800 square feet. Built in 2003, the asset was 93 percent occupied at the time of sale. Stan Johnson Co. represented the seller of Stafford Crossing, SRS National Net Lease Group represented the seller of Carey Road Center and Jackson Investment Group represented the seller of Windemere Place. Seller information was not disclosed.

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Karl Finkelstein Valuation Valbridge
FeaturesHospitalityMidwestNet LeaseNortheastOfficeRestaurantRetailSoutheastTexasWestern

Distressed Property Outlook: Valbridge Forecasts 2021 Opportunities

by Sarah Daniels

When the pandemic took hold and rents of commercial properties began to waver, many experts in the industry expected a flood of distressed properties to hit the market in mid- to late 2020. To date, however, that hasn’t happened to a large extent. Valuation firms assumed they would get busier as properties fell upon hard times. Karl Finkelstein is vice president of Business Development and senior managing director for Valbridge Property Advisors, an independent, commercial valuation and advisory services firm based in Naples, Fla. with 80 offices nationwide. Finkelstein spoke recently to REBusinessOnline and explains that while not many high-profile sales have happened, other factors have kept those in his area of the industry busy in recent times. Finkelstein covers likely outcomes for distressed properties in 2021 and which sectors are performing well. A flight to quality, low rates and a reevaluation of shifting pandemic timelines have meant that the valuation business has its work cut out for it. Asset Type Winners and Losers There isn’t much surprising in the list of property types experiencing difficulties at the moment. Lodging properties (especially those tied to conventions), fly-to resorts, urban retail and standalone restaurants (particularly those without drive-thrus) all experienced a …

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AcquisitionsIllinoisMidwestMultifamily

Essex Brokers $21.6M Sale of Apartment Property in Suburban Chicago

by Kristin Harlow

HANOVER PARK, ILL. — Essex Realty Group Inc. has brokered the $21.6 million sale of Pebblewood Court Apartments in Hanover Park, a northwest suburb of Chicago. The 220-unit property is comprised of 11 buildings. Each building features 20 units along with storage lockers and a laundry room. Doug Imber, Kate Varde, Jaimie Steinher and Dan Shepherd of Essex represented the seller, a regional investment group. Brian Kochendorfer and Brian Karmowski of Essex represented the buyer, a local investor. In 2019, Essex brokered the deconversion sale of the property as it previously consisted of condominium units.

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DevelopmentHospitalityKansasMidwest

Four-Story Home2 Suites Hotel Opens in Downtown Wichita

by Kristin Harlow

WICHITA, KAN. — The Home2 Suites by Hilton Wichita Downtown Delano hotel has opened. The new four-story hotel is located at 200 N. Sycamore St. It features 95 suites. Wichita-based TGC Hospitality Management is the property manager and Delano Hotel QOZB LLC is the owner. Amenities include complimentary internet, communal spaces, laundry area, fitness center, pool, grill area and daily breakfast. In response to COVID-19, the property features Hilton’s CleanStay program, which was created in partnership with Lysol maker RB.

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AcquisitionsIllinoisMidwestMultifamily

Interra Realty Arranges Sales of Two Chicago-Area Multifamily Buildings for $14.1M

by Kristin Harlow

CHICAGO — Interra Realty has arranged the sales of two Chicago-area multifamily buildings for a total of $14.1 million. Craig Martin and Brian DiBasilio of Interra represented the buyers and sellers in both transactions. The duo arranged the $9 million sale of Vine Place Apartments in Park Ridge. The newly constructed property, located at 400 Talcott Road, features 22 units and one commercial space that is leased to STEM Studio, a daycare and preschool. Vine Place LLC sold the asset to DAG Vine Place LLC, which completed a 1031 exchange. Vine Place Apartments was 82 percent leased at the time of sale. In the second transaction, the Wrightwood Lamon Building sold for $5.1 million. Located at 4848 W. Wrightwood Ave. in Chicago, the property consists of 44 units. It was originally built in 1926. The buyer, an affiliate of Chicago Metropolitan Housing Development Corp., plans to renovate the building, which was 95 percent occupied at the time of sale. John Scorte was the seller.

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AcquisitionsIllinoisIndustrialMidwest

Marcus & Millichap Brokers $9M Sale of Distribution Center in Spring Valley, Illinois

by Kristin Harlow

SPRING VALLEY, ILL. — Marcus & Millichap has brokered the $9 million sale of the Marmon Keystone Distribution Center in Spring Valley, about 55 miles north of Peoria. The 184,320-square-foot property was constructed as a build-to-suit for Marmon Keystone in 2010. The single-tenant, net-leased facility sits on 22 acres. Sean O’Brien of Marcus & Millichap marketed the property on behalf of the seller, a developer. The buyer was undisclosed.

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AcquisitionsIndianaIndustrialMidwest

Two-Building Industrial Property Trades Hands in Indianapolis

by Kristin Harlow

INDIANAPOLIS — A two-building, 52,336-square-foot industrial property located on the southeast side of Indianapolis has traded hands for an undisclosed price. The temperature-controlled facility, located at 2301 Churchman Ave., is fully leased to Shenandoah Growers, a producer of organic culinary herbs. The property was extensively renovated in 2018 to serve as the Midwest regional hub for Shenandoah Growers, which operates 12 indoor growing facilities across the country. Alex Cantu and Alex Davenport of Colliers International represented the seller, Patterson Holdings. A California-based private investor purchased the asset.

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Affordable HousingLoansMidwestMinnesotaMultifamily

Colliers Mortgage Provides $38.5M HUD-Insured Loan for Construction of Affordable Housing Property in Eagan, Minnesota

by Kristin Harlow

EAGAN, MINN. — Colliers Mortgage has provided a $38.5 million HUD 221(d)(4) loan for the land acquisition and construction financing of Aster House Apartments, a 204-unit affordable housing property in Eagan. The project is slated to open in summer 2022. All units will be restricted to residents who earn up to 60 percent of the area median income. The loan is fully amortized over 40 years. The borrower was Eagan AH I LLLP. In addition to the HUD-insured first mortgage, the project will receive equity from the sale of low-income housing tax credits and funds from the Dakota County Community Development Agency Housing Opportunities Enhancement program. Colliers Securities LLC also underwrote tax-exempt bonds for the project.

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DevelopmentIndustrialKansasMidwest

Contegra Construction Completes First Distribution Facility at Turner Logistics Center in Kansas City

by Kristin Harlow

KANSAS CITY, KAN. — Contegra Construction Co. has completed the first of several planned distribution facilities at NorthPoint Development’s Turner Logistics Center in Kansas City. The 408,000-square-foot building features a clear height of 36 feet, 36 dock doors with four drive-in ramps, parking for 210 vehicles and a small office. The 250-acre Turner Logistics Center has the capacity for 3 million square feet of industrial space. Contegra also completed infrastructure improvements to support future development.

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