Midwest

NorthMarq Arranges Sale of Two-Property Multifamily Portfolio in Liberty, Missouri

by Kristin Harlow January 11, 2021

LIBERTY, MO. — NorthMarq has arranged the sale of a two-property multifamily portfolio totaling 237 units in Liberty, a northeast suburb of Kansas City. The sales price was undisclosed. Skyline totals 93 units while Westowne consists of 144 units. They are sister properties located within a five-minute drive of each other. Both communities underwent exterior and interior upgrades prior to sale. Jeff Lamott and Gabe Tovar of NorthMarq represented the seller, Clarity Equity Group. The portfolio sold to a private investor based in Utah.

January 11, 2021

Acquisitions Midwest Minnesota Retail

Upland Real Estate Group Brokers $9.1M Sale of Tesla Service Center Near St. Paul

by Kristin Harlow January 11, 2021

MAPLEWOOD, MINN. — Upland Real Estate Group has brokered the $9.1 million sale of a Tesla service center in Maplewood near St. Paul. Tesla occupies the property on a long-term, net-lease basis. Tesla currently operates more than 330 locations worldwide. Keith Sturm, Deborah Vannelli and Amanda Leathers of Upland represented the undisclosed seller. An institutional buyer purchased the asset.

January 11, 2021

Acquisitions Industrial Kansas Midwest

Industrial Logistics Properties Trust Purchases Kansas City Warehouse for $44M

by Kristin Harlow January 8, 2021

KANSAS CITY, KAN. — Industrial Logistics Properties Trust (NASDAQ: ILPT) has purchased a Class A warehouse in Kansas City for $44 million. Built in 2018, the 645,000-square-foot building is situated on 57 acres at 17001 W. Mercury St. The property is fully leased to one tenant, which has 12 years remaining on its lease. The sales price represents a cap rate of 6.5 percent. Industrial Logistics Properties Trust is a publicly traded REIT with 301 properties spanning 43.8 million rentable square feet in its portfolio as of Sept. 30.

January 8, 2021

Acquisitions Indiana Midwest Multifamily

The Connor Group Acquires 219-Unit Apartment Property in Suburban Indianapolis for $40.5M

by Kristin Harlow January 8, 2021

ZIONSVILLE, IND. — The Connor Group has acquired The Domain at Bennett Farms in Zionsville, a northwest suburb of Indianapolis, for $40.5 million. Amenities at the 219-unit apartment property include a fitness center, resident lounge, community garden, bike storage and garage parking. The three-story community was built in 2012. Steve LaMotte Jr., Dane Wilson and Alex Possick of CBRE represented the seller, REI Real Estate Services.

January 8, 2021

Midwest Ohio Retail

L Brands Reports Holiday Same-Store Sales Growth of 5 Percent

by Kristin Harlow January 8, 2021

COLUMBUS, OHIO — L Brands Inc., the parent company of retailers Victoria’s Secret and Bath & Body Works, reported that its same-store sales during the holiday period grew 5 percent, compared with a 3 percent drop one year ago. Shoppers purchased more lounge wear, hand soap and candles ahead of the new year. Comparable sales at Bath & Body Works increased 17 percent for the nine-week period that ended Jan. 2. Columbus-based L Brands expects to report its fourth-quarter earnings on Feb. 24.

January 8, 2021

Acquisitions Illinois Midwest Multifamily Single-Family Rental

Haven Realty Capital Buys Single-Family Rental Community in Naperville, Illinois for $18.5M

by Kristin Harlow January 8, 2021

NAPERVILLE, ILL. — Haven Realty Capital continues to build its single-family rental portfolio with the $18.5 million acquisition of Ashwood Place in Naperville. Ashwood Place is one of the first dedicated rental communities (DRC) in the Chicagoland area. A DRC is similar to a single-family housing subdivision except that it caters solely to renters. These types of communities are growing in popularity, particularly among residents who cannot afford to purchase a home but desire a neighborhood feel, according to Haven. Each of the 60 homes at Ashwood Place feature a two-bedroom, two-bathroom floor plan spanning 1,350 square feet. The community was 95 percent leased at the time of sale. Justin Ross, Matt Ishikawa, Bill Howe and David Guenther of CBRE represented the undisclosed seller.

January 8, 2021

Illinois Loans Midwest Multifamily

American Street Capital Arranges $10.2M Acquisition Loan for Multifamily Community in Burbank, Illinois

by Kristin Harlow January 8, 2021

BURBANK, ILL. — American Street Capital (ASC) has arranged a $10.2 million acquisition loan for a multifamily community in Burbank, about 15 miles southwest of Chicago. Built in 1983, the property consists of 27 buildings across 6.3 acres. The 173 units average 952 square feet. Igor Zhizhin of ASC arranged the seven-year, fixed-rate loan, which features a 30-year amortization schedule and one year of interest-only payments. An undisclosed bank provided the loan. Deshe Real Estate was the borrower. This is the first time the property has traded hands since it was built, according to ASC.

January 8, 2021

Acquisitions Illinois Industrial Midwest

JLL Arranges Sale of 456,417 SF Warehouse in Suburban Chicago

by Kristin Harlow January 7, 2021

MELROSE PARK, ILL. — JLL Capital Markets has arranged the sale of a 456,417-square-foot industrial building in the Chicago-area community of Melrose Park for an undisclosed price. The property, located at 1400 N. 25th Ave., is fully leased to 15 tenants in the warehouse, distribution, food production, showroom and sports and entertainment sectors. The building features 15 dock-high doors, 22 drive-in doors and clear heights ranging from 18 to 24 feet. Ed Halaburt, Robin Stolberg and John Huguenard of JLL represented the seller, Baker Development Corp., which completed extensive renovations to the property in 2019. Glen Una Management was the buyer.

January 7, 2021

Acquisitions Midwest Office Ohio

Cooper Group Brokers $10.7M Sale of Two-Building Office Portfolio in Suburban Cleveland

by Kristin Harlow January 7, 2021

NORTH OLMSTED, OHIO — Cooper Commercial Investment Group has brokered the $10.7 million sale of Millennium Place East & West, a two-building office portfolio in North Olmsted, a western suburb of Cleveland. The two buildings span nearly 140,000 square feet and are approximately 68 percent occupied. Moen is the anchor tenant. Dan Cooper of Cooper Group represented the seller, an Ohio-based private investment group. A private investor was the buyer. The sales price represents a cap rate of 9.4 percent.

January 7, 2021

Acquisitions Healthcare Illinois Midwest

Avison Young Negotiates Sale of 98,000 SF Medical Office Building in Peoria, Illinois

by Kristin Harlow January 7, 2021

PEORIA, ILL. — Avison Young has negotiated the sale of a 98,000-square-foot, five-story medical office building in Peoria for an undisclosed price. Known as the Illinois Medical Center, the building is located at 1001 Main St. on the campus of the University of Illinois College of Medicine. The fully leased, Class A property serves as an outpatient center for multiple hospital-aligned physician groups. OSF Healthcare, a 13-hospital healthcare system serving Illinois and the Upper Peninsula of Michigan, is the anchor tenant. Mike Wilson and Erik Foster of Avison Young represented the seller, a mix of physician groups within the facility. The duo worked in conjunction with Avison Young’s Pat Wilson and Jim Kornick. Remedy Medical Properties was the buyer.

January 7, 2021

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