Midwest

Dayton Street Partners Sells 41,000 SF Industrial Building in Chicago

by Kristin Harlow March 10, 2021

CHICAGO — Dayton Street Partners has sold a 41,000-square-foot industrial building located at 4150 N. Knox Ave. on Chicago’s North Side. Brookfield Properties purchased the asset for an undisclosed price. Dayton Street acquired the 1.6-acre site in 2015 and completed construction of the building in 2018. The property features a clear height of 30 feet, six docks, four drive-in doors and LED lighting. It is fully leased to Johnstone Supply and Goodman Manufacturing. CBRE represented Dayton Street in the sale.

March 10, 2021

Illinois Midwest

Take Me Out to the Ball Game: Chicago Stadiums to be at 20 Percent Capacity on Opening Day

by Kristin Harlow March 9, 2021

CHICAGO — Chicago Mayor Lori Lightfoot announced plans to open Guaranteed Rate Field and Wrigley Field to White Sox and Cubs fans on each team’s Opening Day in April as part of the city’s “Open Chicago” efforts. The ballparks will be open at 20 percent capacity. Lightfoot evaluated capacity and restrictions in partnership with the Chicago Department of Public Health and the Major League Baseball Association. Last week, the mayor increased indoor capacity at bars, restaurants and other businesses to 50 percent, citing sustained progress in reopening metrics. Guranteed Rate Field, home to the Chicago White Sox on the South Side, normally seats just over 40,000 guests. The reopening capacity will be limited to 8,122 fans with at least six feet between parties. White Sox Opening Day is Thursday, April 8. Wrigley Field, home to the storied Chicago Cubs, has a normal capacity of 41,374 fans. It will be limited to 8,274 guests per game. Opening Day is scheduled for Thursday, April 1. According to the city, there is potential to increase capacity at the ballparks as vaccination and recovery efforts continue. In the same vein, a spike in COVID-19 cases could result in ballparks, bars, restaurants and businesses closing …

March 9, 2021

Acquisitions Iowa Midwest Multifamily

JLL Brokers Sale of 261-Unit Apartment Community in West Des Moines

by Kristin Harlow March 9, 2021

WEST DES MOINES, IOWA — JLL Capital Markets has brokered the sale of Signature Place in West Des Moines for an undisclosed price. The 261-unit garden-style apartment community, built in 1997, features 12 buildings. Approximately 16 percent of the units have been renovated. Amenities include a pool, clubhouse, fitness center, dog park and business center. David Gaines and Kyle Butler led the JLL team that represented the seller, Artisan Capital Group LLC. The buyer, a West Coast-based equity group, assumed existing Fannie Mae debt.

March 9, 2021

Illinois Leasing Activity Midwest Office

SOLVD Health to Relocate Headquarters from California to Chicago’s Lincoln Park

by Kristin Harlow March 9, 2021

CHICAGO — SOLVD Health, a life sciences company specializing in data-driven disease prevention, is relocating its corporate headquarters to Chicago from Carlsbad, Calif. The tech startup will occupy space in Sterling Bay’s 2430 N. Halsted, a life sciences research facility located in Lincoln Park. Additionally, SOLVD says it intends to expand future operations at Sterling Bay’s Lincoln Yards development along the Chicago River. SOLVD’s space at 2430 N. Halsted is meant to be temporary until the company moves to Lincoln Yards, according to Sterling Bay. SOLVD expects to begin corporate operations in Chicago while continuing to operate its manufacturing, research and development, and commercial lab facilities in Carlsbad. The company is currently in the process of commercializing two tests, one for opioid use disorder and one for colon cancer.

March 9, 2021

Development Illinois Industrial Midwest

ML Realty Partners to Develop Two-Building Industrial Project in Suburban Chicago

by Kristin Harlow March 9, 2021

GLENDALE HEIGHTS, ILL. — ML Realty Partners will develop Army Trail Trade Center, a two-building industrial project located along Army Trail Road in Glendale Heights, a western suburb of Chicago. The developer expects to break ground this summer on the buildings, which will total 292,500 square feet. In addition to a clear height of 32 feet, the project will feature ample car parking and 72 exterior docks. Completion of the 21-acre development is slated for spring 2022.

March 9, 2021

Acquisitions Indiana Midwest Multifamily

Triad Real Estate Partners Arranges Sale of Three Multifamily Properties in Indianapolis

by Kristin Harlow March 9, 2021

INDIANAPOLIS — Triad Real Estate Partners has arranged the sale of three multifamily properties in Indianapolis for an undisclosed price. The Delaware Apartments, built in 2016, features 47 units and 8,920 square feet of fully leased commercial space. It is situated just north of downtown Indianapolis in the Fall Creek Place neighborhood. The second property is 632 MLK. The four-story asset, built in 2016, features 30 units with 42 beds. It is situated near the Indiana University-Purdue University Indianapolis (IUPUI) campus. The third asset is The California Townhomes. The four contiguous townhomes are also located near the IUPUI campus. The seller for all three assets was Cedarview Management, a private owner and operator based in Bloomington, Ind. The buyers included a local group, a Miami-based investment group and a California-based private investor.

March 9, 2021

Features Finance Insight Loans Midwest Multifamily Northeast Southeast Student Housing Texas Western

Student Housing Q&A with Timothy S. Bradley, Founder, TSB Capital Advisors

by Sarah Daniels March 9, 2021

Student housing demonstrated its resilience in the face of COVID-19 challenges, but what can the industry expect going forward? Timothy S. Bradley, founder, TSB Capital Advisors, and principal, TSB Realty, sat down with Finance Insight to discuss financing and expectations for student housing in the fall of 2021 and beyond. Finance Insight: How was 2020 for TSB? Bradley: We were fortunate. Many observers assumed the student housing industry would be devastated by COVID-19-forced school closures and campus clusters. Instead, thanks in large part to the rational and institutional nature of our major operators, investors and lenders, the industry proved its resiliency once again. We were affected by the pandemic, of course, and had to adjust some of our early year projections, but TSB companies still closed on a total transaction volume of approximately $4 billion, including construction loans, stabilized term loans and interim loans, as well as sales, and joint venture partnership consultations. There will be other challenges our industry faces in the years to come, but it’s difficult to imagine a more challenging singular event than the one we experienced this year with COVID-19. All things considered, we felt very good about 2020, and we’re even more optimistic about 2021. …

March 9, 2021

Development Illinois Midwest Multifamily

Summit Design + Build Completes Adaptive Reuse of Former Sears Store in Chicago into Apartments

by Kristin Harlow March 8, 2021

CHICAGO — Summit Design + Build has completed the adaptive reuse of a former Sears department store in Chicago’s Ravenswood neighborhood. The Sears store opened in 1925 and permanently closed in 2016. Summit transformed the property into 59 apartment units with first-floor commercial space. DeVry University occupies 90 percent of the available commercial space. Floor plans range from one- to three-bedroom units. CA Ventures and Springbank Capital Advisors served as developers. Gillespie Design Group was the project architect.

March 8, 2021

Acquisitions Midwest Missouri Multifamily

Hudson Equities Acquires 301-Unit Apartment Community in Kansas City

by Kristin Harlow March 8, 2021

KANSAS CITY, MO. — Hudson Equities Management Corp. has acquired The Reserve at South Pointe in Kansas City for an undisclosed price. The 301-unit apartment community is located at 8900 Old Santa Fe Road. The property is spread across 17 buildings and floor plans vary from one- to three-bedroom units. Amenities include a pool, fitness center, business center and dog park. Built in 1972, the community has undergone substantial capital improvements over the past four years. All units have received new appliances, countertops, flooring, lighting, hardware and paint. Max Helgeson, Michael Spero and Jeff Stingley of CBRE’s Kansas City multifamily team represented the private seller. The sale represents New Jersey-based Hudson’s first acquisition in the Kansas City area.

March 8, 2021

Indiana Leasing Activity Midwest Restaurant Retail

Chicken Salad Chick Makes Debut in Central Indiana

by Kristin Harlow March 8, 2021

INDIANAPOLIS — Chicken Salad Chick is slated to open at Pyramid Place Shopping Center in Indianapolis on Tuesday, March 16. This is the first of four company-owned restaurants to open in central Indiana. Additional locations are scheduled to open in Fishers, Glendale and Greenwood. The Indianapolis restaurant will feature a drive-thru in addition to dine-in, carryout, delivery and curbside pickup options. In addition to its various chicken salad flavors, Chicken Salad Chick serves salads, sides and soups. The company was founded in Auburn, Ala. in 2008.

March 8, 2021

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