Midwest

Affordable Housing Investment Brokerage Arranges $10.4M Sale of Indiana Portfolio

by Kristin Harlow June 3, 2020

GARY, IND. — Affordable Housing Investment Brokerage Inc. has arranged the $10.4 million sale of a 14-building, 249-unit affordable housing portfolio in Gary, about 30 miles southeast of Chicago. All 14 buildings are located within a one-mile radius, with most situated along West 5th Avenue. The portfolio comprises 106 one-bedroom units, 110 two-bedroom units and 33 studio units. All units are covered under a housing assistance payments (HAP) contract that expires in January 2024. Rents range from $836 to $1,021 per month. Kyle Shoemaker of Affordable Housing Investment Brokerage represented the buyer and seller, both of which were private investors.

June 3, 2020

Acquisitions Iowa Midwest Multifamily Seniors Housing

SVN Chicago Commercial Brokers $2.8M Sale of Seniors Housing Property in Northern Iowa

by Kristin Harlow June 3, 2020

MASON CITY, IOWA — SVN Chicago Commercial has brokered the $2.8 million sale of Grant Village in Mason City in northern Iowa. The 64-unit affordable seniors housing property is located at 815-843 6th St. The property has a Section 8 contract with HUD, meaning tenants make a monthly contribution toward rent equal to 30 percent of their adjusted income. Cody Doran and Reid Bennett of SVN brokered the sale. A private buyer purchased the asset at the full asking price.

June 3, 2020

Leasing Activity Michigan Midwest Retail

Pet Supplies Plus to Open at Former Pier 1 Imports Store in Western Michigan

by Kristin Harlow June 3, 2020

HOLLAND, MICH. — Pet Supplies Plus will open at a former Pier 1 Imports store in Holland in western Michigan. The 9,000-square-foot space is located at Tolson Enterprise’s North Park Plaza shopping center, which is home to Walmart and Sam’s Club. Larry Siedell and Tjader Gerdom of Gerdom Realty & Investment, along with Bialow Real Estate, represented Pet Supplies Plus in the new lease.

June 3, 2020

Michigan Midwest Retail

Michigan Governor Rescinds Stay-Home Order, Enables Restaurants to Reopen June 8

by Kristin Harlow June 2, 2020

MICHIGAN — Michigan Gov. Gretchen Whitmer has signed a new executive order rescinding her stay-home order and moving the entire state to Phase IV of the “MI Safe Start Plan” in response to COVID-19. The governor’s order will enable retailers to reopen June 4 and restaurants to reopen June 8 at 50 percent capacity. Day camps for children will be permitted to open June 8. Effective immediately, groups of 100 or less will be allowed to gather outdoors with social distancing. Office work and housecleaning services can resume. Gyms and fitness centers may conduct outdoor classes, practices and games with social distancing. Michiganders must continue to wear face coverings when in enclosed public spaces and should continue to work from home whenever possible.

June 2, 2020

Acquisitions Healthcare Illinois Midwest

Marcus & Millichap Brokers $9.7M Sale of Medical Office Building in Danville, Illinois

by Kristin Harlow June 2, 2020

DANVILLE, ILL. — Marcus & Millichap has brokered the $9.7 million sale of a 65,900-square-foot medical office building in Danville in eastern Illinois. The two-tenant property is located at 707 N. Logan Ave. Constructed in 1994, the four-story building is situated near other healthcare providers, retail and restaurants. One of the building tenants, OSF HealthCare, recently executed a new 10-year lease. Frank Roti and Brett Rodgers of Marcus & Millichap represented the private seller and procured the buyer, a private equity firm. Despite the challenges presented by the COVID-19 pandemic, Marcus & Millichap says it has completed a similar volume of multi-tenant medical office building sales from March 15 to May 15 of this year compared with the same time period in 2019. “Medical office buildings are desirable investments for a variety of reasons, including strong tenant credit, the growing need for healthcare services and high lease renewal rates,” says Roti.

June 2, 2020

Development Midwest Office Ohio

Coworking Concept COhatch to Open Second Cincinnati Location in Hyde Park

by Kristin Harlow June 2, 2020

CINCINNATI — COhatch is expanding its Cincinnati presence to Hyde Park. The coworking startup has purchased a 13,000-square-foot building at 2727 Erie Ave. for $2 million and plans to repurpose the three-story property to house coworking and event space. COhatch will occupy the second and third floors of the building. Italian and Argentine restaurant Alfio’s Buon Cibo will continue to occupy the first floor. North High Brewing Co. will move into an adjacent first-floor space that Keegan’s Seafood Market previously leased. COhatch expects to open the Hyde Park facility in the fall. It will predominantly feature private offices along with a handful of meeting rooms. The company’s Deerfield Towne Center location is slated to open in July. There are currently 15 COhatch locations open or under development in the Midwest.

June 2, 2020

Michigan Midwest

Michigan’s DAR Development Rebrands to DAR Commercial Real Estate

by Kristin Harlow June 2, 2020

GRAND RAPIDS, MICH. — DAR Development Inc. has rebranded to DAR Commercial Real Estate. The Grand Rapids-based company says the name change better reflects all the services offered by the firm, whose office is located at 5500 Northland Drive. Darrel Herweyer founded DAR in 1996. The name change is effective immediately. “Using the term ‘development’ in our name created a misperception in the market that we work exclusively on development or just own our own buildings and projects,” says David Denton, vice president of real estate brokerage. “That’s just not the case.” DAR is an independent, full-service commercial real estate brokerage firm focusing on the purchase, sale or lease of all property types.

June 2, 2020

Acquisitions Midwest Missouri Retail

Hanley Investment Group Arranges $1.7M Sale of Property Net Leased to 7-Eleven Near St. Louis

by Kristin Harlow June 2, 2020

AFFTON, MO. — Hanley Investment Group Real Estate Advisors has arranged the $1.7 million sale of a single-tenant property net leased to 7-Eleven in Affton, which is about 10 miles south from downtown St. Louis. Built in 1989, the 2,845-square-foot property is located at 703 Union Road. Jeremy McChesney of Hanley represented the seller, Hermosa Beach, Calif.-based Equitas Investments. A Los Angeles-based private investor purchased the asset.

June 2, 2020

Acquisitions Midwest Minnesota Multifamily

Colliers Completes Acquisition of Mortgage Banker Dougherty

by Kristin Harlow June 1, 2020

MINNEAPOLIS — Colliers International has completed its previously announced acquisition of a controlling interest in Dougherty Mortgage, Dougherty Funding, Dougherty & Co. and Dougherty Insurance Agency. Financial terms of the transaction were not disclosed. Dougherty’s senior leadership team will continue to drive operations and will remain significant shareholders. Headquartered in Minneapolis with more than 250 professionals operating from nine offices, Dougherty provides mortgage banking, loan servicing, mortgage brokerage and investment banking services across 21 states. Dougherty originates $2.5 billion of real estate loans annually and services $7 billion in real estate loans. It generated revenue in excess of $100 million in 2019. Dougherty’s mortgage banking operations have rebranded as Colliers Mortgage and will continue to provide specialty real estate debt financing for multifamily, healthcare and seniors housing through U.S. government-sponsored enterprises. This includes origination, underwriting, asset management and loan servicing for Fannie Mae, FHA, HUD and the U.S. Department of Agriculture. All brokerage, investment banking, capital markets and public finance services will be carried on through newly branded Colliers Securities. “Finalizing this new partnership establishes Colliers as a top player in agency and commercial debt finance as well as public finance advisory, which together with our rapidly growing investment sales …

June 1, 2020

Development Illinois Midwest Office

Parkside Realty Implements ‘Health-Focused Operating Solutions’ at Office Building in Chicago’s Fulton Market

by Kristin Harlow June 1, 2020

CHICAGO — Parkside Realty is addressing employee health, safety and wellness at Fulton East, a new 12-story, 90,000-square-foot office building nearing completion in Chicago’s Fulton Market. Slated to open this summer, the building features wellness technology such as a hands-free elevator system that utilizes foot-activated buttons to help reduce the spread of germs. In addition, Fulton East will utilize airPHX, which is currently used in hospitals and college athletic facilities and helps reduce bacteria and mold both on surfaces and in the air. Fulton East will have touch-free key fob access and touch-free sinks in bathrooms. Floor plates are designed for single-tenant use and each floor has its own private balcony. An 8,000-square-foot rooftop garden park will be available for exclusive use of building occupants. Clayco is the design-builder and Lamar Johnson Collaborative is the architect. Interior designer Holly Hunt designed the lobby.

June 1, 2020

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