Midwest

Upland Brokers $6.4M Sale of Two-Story Office Building in Edina, Minnesota

by Kristin Harlow January 15, 2021

EDINA, MINN. — Upland Real Estate Group Inc. has brokered the sale of a two-story office building in Edina for $6.4 million. The 70,400-square-foot property is located at 5350 W. 78th St. Upland represented the seller, W78th 5350 LLC. Merrie Sjogren and Nick Peterson of Assembly MN LLC represented the buyer, ISLA Affiliated Building Co. The buyer, a nonprofit Spanish immersion charter school, currently operates out of a 30,000-square-foot facility in Minnetonka. That site is under contract to local developer Doran Cos., which plans to redevelop it into multifamily housing.

January 15, 2021

Illinois Loans Midwest Restaurant Retail

Aries Capital Arranges $3.4M Loan for Acquisition of Restaurant Building Occupied by Hampton Social in Chicago

by Kristin Harlow January 15, 2021

CHICAGO — Aries Capital has arranged a $3.4 million loan for the acquisition of an 8,700-square-foot restaurant building located at 164 E. Grand Ave. in Chicago’s Streeterville neighborhood. The Hampton Social fully occupies the property. Neil Freeman and Brandon Perdeck of Aries arranged the five-year, fixed-rate loan on behalf of the borrower, Rüger Holding, which is a Germany-based real estate owner and developer. A local bank provided the loan, which features an interest rate under 4 percent, a 60 percent loan-to-value ratio and a 25-year amortization schedule. Chicago-based Parker Restaurant Group owns and operates The Hampton Social, which will continue its 10-year lease that will end in 2027. Scott Maesel and Drew Dillon of SVN | Chicago Commercial represented the seller, R2, in the transaction. The property sold for $6.3 million.

January 15, 2021

Michigan Midwest Restaurant Retail

Indoor Dining Expected to Resume Feb. 1 in Michigan

by Kristin Harlow January 14, 2021

LANSING, MICH. — The State of Michigan has continued its ban on indoor dining, but is expected to lift the restriction beginning Feb. 1. Indoor dining will resume with “mitigation measures, capacity limits and a curfew,” according to the Michigan Department of Health and Human Services. For now, a new epidemic order issued by the department that is valid from Jan. 16-31 enables Michigan residents to participate in indoor group exercise and non-contact sports, as long as masks and social distancing guidelines are in place. College and university students may return to campus for the winter semester and restart in-person courses beginning Jan. 18. Indoor residential gatherings remain limited to 10 people and two households. As of Jan. 13, there were 525,612 confirmed cases of COVID-19 in Michigan and 13,501 deaths.

January 14, 2021

Acquisitions Healthcare Midwest Ohio

Montecito Acquires 91,300 SF Medical Office Building in Sandusky, Ohio

by Kristin Harlow January 14, 2021

SANDUSKY, OHIO — Montecito Medical Real Estate has acquired a three-story, 91,300-square-foot medical office building in Sandusky, about 60 miles west of Cleveland. The purchase price and seller were undisclosed. The facility serves as the flagship location for Northern Ohio Medical Specialists (NOMS) and is fully leased to the organization. The building was constructed in 2009 and expanded in 2018 with the addition of an ambulatory surgery center. NOMS is a major provider across Northern Ohio, with 45 locations and more than 260 providers in 30 different medical specialties.

January 14, 2021

Industrial Leasing Activity Michigan Midwest

MollerTech Leases Newly Constructed Industrial Building in Macomb Township, Michigan

by Kristin Harlow January 14, 2021

MACOMB TOWNSHIP, MICH. — MollerTech LLC has leased 51280 Regency Center Drive, a newly constructed industrial and office building spanning 65,106 square feet in Macomb Township. MollerTech’s luxury automotive leather assembly division will occupy the space. MollerTech expects to move into the new space in March and create more than 75 skilled labor jobs. Joe DePonio and Jason Capitani of L. Mason Capitani CORFAC International represented both the tenant and undisclosed landlord in the lease transaction.

January 14, 2021

Acquisitions Illinois Midwest Multifamily

Kiser Group Brokers $7.2M Sale of Multifamily Property in Lockport, Illinois

by Kristin Harlow January 14, 2021

LOCKPORT, ILL. — Kiser Group has brokered the $7.2 million sale of Lockport South Apartments in Lockport, about 30 miles southwest of Chicago. Located at 551 Diane Court, the 80-unit property was owned by the same entity since the 1980s. Matt Halper, Danny Mantis and Lee Kiser of Kiser Group brokered the sale. The buyer and seller information was undisclosed.

January 14, 2021

Acquisitions Midwest Missouri Restaurant Retail

Block & Co. Acquires Net-Leased Restaurant Property in Liberty, Missouri

by Kristin Harlow January 14, 2021

LIBERTY, MO. — Block & Co. Inc. Realtors has acquired a 2,685-square-foot property occupied by Dickey’s Barbecue Pit in Liberty within metro Kansas City. The purchase price was undisclosed. The net-leased building is located at 600 S. 291 Highway. Block & Co. will serve as property manager. David Block of Block & Co. represented the company in its purchase.

January 14, 2021

Midwest Minnesota Retail

Target Reports Same-Store Sales Growth of 17.2 Percent Over Holidays

by Kristin Harlow January 13, 2021

MINNEAPOLIS — For the November and December holiday season, Target’s comparable sales rose 17.2 percent over the same period last year. Store-originated sales grew 4.2 percent and digital sales grew 102 percent. Store traffic increased 4.3 percent and the average ticket grew by 12.3 percent. The Minneapolis-based retailer also reported that its same-day services, such as order pick-up and drive-up, rose 193 percent. “The momentum in our business continued in the holiday season with notable market share gains across our entire product portfolio,” said Brian Cornell, chairman and CEO, in a news release. The merchandise category with the strongest growth was home goods. Target operates nearly 1,900 stores in the U.S. The company’s stock price closed at $199 per share Tuesday, Jan. 12, up from $123.87 per share one year ago.

January 13, 2021

Development Indiana Midwest Multifamily

Doster Completes Construction of 215-Unit Apartment Complex in Jeffersonville, Indiana

by Kristin Harlow January 13, 2021

JEFFERSONVILLE, IND. — Doster Construction Co. has completed construction of The Walcott, a 215-unit luxury apartment complex in downtown Jeffersonville near Louisville. Located at 222 W. Maple St., the project includes a parking deck as well as a pool, fitness center and a rooftop terrace overlooking the Ohio River. Doster began construction on the project in 2019. Boka Powell was the architect and Waypoint Real Estate Investments was the developer. Monthly rents start at $1,045 for studios. Residents can now earn 10 weeks of free rent.

January 13, 2021

Affordable Housing Development Indiana Midwest Multifamily

The Annex Group to Develop $29M Affordable Housing Community in Indianapolis

by Kristin Harlow January 13, 2021

INDIANAPOLIS — The Annex Group is developing Union at 16th, a $29 million affordable housing community in Indianapolis. Located at 2215 W. 16th St., the 159-unit property will feature one-, two- and three-bedroom floor plans. Annex has closed on project financing and will begin construction immediately. Completion is slated for winter 2021. Project partners include T&H Investment Properties LLC and the Indiana Housing & Community Development Authority. The City of Indianapolis gave tax abatement incentives, R4 Capital Funding provided construction and permanent loan financing, Cinnaire provided tax credit equity and the Indianapolis Neighborhood Housing Partnership provided additional construction financing. Brenner Design is the architect and Crestline will serve as property manager. Amenities will include a playground, community center, fitness center, community gardens and bike parking.

January 13, 2021

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