Midwest

Pizzuti Opens 100-Unit Residences at the Sutton in Columbus, Ohio

by Kristin Harlow December 3, 2020

COLUMBUS, OHIO — The Pizzuti Cos. has opened The Residences at the Sutton, a 100-unit luxury apartment development in the Short North Arts District of Columbus. Move-ins for the first residents have begun. The six-story project features studios, one- and two-bedroom floor plans as well as 123 parking spaces. Amenities include a fitness center with Peloton bikes, yoga area and package room. The third floor includes a 2,000-square-foot amenity deck with a bocce ball court, fire pit and clubroom. Lupton Rausch Architecture was the project architect. Monthly rents start at $1,175. Residents can now receive two months of free rent on a 14-month or longer lease.

December 3, 2020

Acquisitions Midwest Minnesota Multifamily

TMC Management Sells Four-Property Multifamily Portfolio in Metro Minneapolis

by Kristin Harlow December 3, 2020

MINNEAPOLIS — TMC Management Corp. has sold a four-property multifamily portfolio totaling 104 units in metro Minneapolis. Two buyers purchased the properties in two separate transactions for undisclosed prices. The properties include Bella Vista in New Hope, Highland Gables in Brooklyn Park, Hanson Court in Crystal and Cedar Lake in Minneapolis. RST Holdings LLC acquired Bella Vista, Highland Gables and Hanson Court, while LHF Equites LLC purchased Cedar Lake. Ted Abramson and Drew Rafshol of CBRE Minneapolis Multifamily represented the seller.

December 3, 2020

Illinois Loans Midwest Multifamily

Maverick Commercial Mortgage Arranges Two Loans Totaling $5.2M for Refinancing of Chicago Multifamily Portfolio

by Kristin Harlow December 3, 2020

CHICAGO — Maverick Commercial Mortgage has arranged two Fannie Mae loans in the amounts of $3.3 million and $1.9 million for the refinancing of a six-building multifamily portfolio located on Chicago’s North Side. The portfolio totals 36 units in the Lakeview, Wrigleyville and Wicker Park neighborhoods. The 10-year, fixed-rate loans have loan-to-value ratios of 55 percent. Loan proceeds paid off the existing lender, returned equity to the borrowing entity and paid for closing costs. Matthew Cohen of Maverick arranged the loans with an undisclosed national lender.

December 3, 2020

Acquisitions Indiana Midwest Retail

Upland Brokers $1.2M Sale of PPG Paints-Occupied Property in Fort Wayne

by Kristin Harlow December 3, 2020

FORT WAYNE, IND. — Upland Real Estate Group Inc. has brokered the sale of a 6,375-square-foot retail property occupied by PPG Paints in Fort Wayne for $1.2 million. PPG Paints, which supplies paints, coating and specialty materials, has approximately four years remaining on its lease. The company has operated at the location for more than 20 years. Keith Sturm, Amanda Leathers and Deb Vannelli of Upland represented the seller in the transaction. Buyer and seller information was undisclosed.

December 3, 2020

Acquisitions Indiana Midwest Multifamily

384-Unit Solana Apartments Trades Hands in Indianapolis

by Kristin Harlow December 2, 2020

INDIANAPOLIS — An affiliate of Inland Private Capital Corp. has sold Solana Apartments in Indianapolis to a real estate fund managed by Covenant Capital Group. The 384-unit waterfront apartment community is situated in the Keystone Crossing submarket of Indianapolis. The three-story property was built in 2014. Amenities include a pool, clubhouse, business center, fitness center and game room. Steve LaMotte Jr., Dane Wilson and Alex Possick of CBRE represented the seller.

December 2, 2020

Development Midwest Missouri Retail

Brinkmann Constructors Breaks Ground on Jaguar Land Rover Dealership in Chesterfield, Missouri

by Kristin Harlow December 2, 2020

CHESTERFIELD, MO. — Brinkmann Constructors has broken ground on a Jaguar Land Rover dealership in Chesterfield, a suburb of St. Louis. Situated on seven acres, the dealership is expected to open next summer and will be the first facility owned by Imperial Motors outside the Chicago area, according to Brinkmann. The 32,000-square-foot dealership will include 18 service bays and a waiting room. Robert Flubacker Architects is the project architect.

December 2, 2020

Acquisitions Industrial Midwest Ohio

Plymouth Industrial REIT Completes Acquisition of Ohio Industrial Portfolio for $94M

by Kristin Harlow December 2, 2020

AKRON AND CANTON, OHIO — Plymouth Industrial REIT Inc. has closed on a previously announced acquisition of a portfolio of industrial buildings located in Akron and Canton for approximately $94 million. The 10 buildings total 2.1 million square feet. They are 98 percent leased to 15 tenants in a variety of industries, including transportation and logistics, healthcare, manufacturing and food and beverage. The acquisition brings Plymouth’s holdings in the Cleveland metro area to 3.6 million square feet and increases the size of its Ohio portfolio to 7.5 million square feet. The company will manage the portfolio from its Columbus regional office. With the completion of this transaction, Plymouth has acquired 5.5 million square feet of industrial properties year to date for total consideration of roughly $244 million. Plymouth now owns 23.3 million square feet of industrial product throughout the country.

December 2, 2020

Acquisitions Michigan Midwest Multifamily

Berkadia Brokers Sale of Four-Property Multifamily Portfolio in Suburban Detroit

by Kristin Harlow December 2, 2020

HIGHLAND PARK, MICH. — Berkadia has brokered the sale of the Palmer Park Portfolio, a four-property multifamily portfolio totaling 144 units in Highland Park, a suburb of Detroit. The sales price was undisclosed. The properties include Parkview Court East, Parkview Court West, Parkway Apartments and Whitmore Plaza. Kevin Dillion, Jason Krug, Rick Vidrio, Rick Brace, Charley Henneghan and Corey Krug of Berkadia’s Great Lakes team represented the seller, BSG Management Co., as well as the buyer, Urban Communities.

December 2, 2020

Acquisitions Affordable Housing Illinois Midwest Multifamily

ShainRealty Capital Acquires 96-Unit Affordable Housing Property in Chicago’s East Garfield Park for $8.2M

by Kristin Harlow December 2, 2020

CHICAGO — ShainRealty Capital has acquired Madison Terrace, a 96-unit affordable housing property located at 3147 W. Madison St. in Chicago’s East Garfield Park, for $8.2 million, or $93 per square foot. The sales price represents a cap rate of 6.9 percent. The property was built in 1986. Units average 800 square feet, and most are leased on a Section 8 basis via the Chicago Housing Authority. ShainRealty plans to implement a renovation plan. Arbor Realty Trust provided a $6.7 million Fannie Mae loan for the acquisition. Jeff Baasch and Finley Askin of SVN Chicago Commercial brokered the sale.

December 2, 2020

Development Illinois Industrial Midwest

Bridge Development Partners to Build 171,746 SF Spec Industrial Building in Skokie, Illinois

by Kristin Harlow December 1, 2020

SKOKIE, ILL. — Bridge Development Partners has acquired an existing industrial facility located at 7800 Austin Ave. in Skokie with plans to develop Bridge Point Skokie, a 171,746-square-foot speculative industrial project. The 12-acre site was previously home to Castwell Products LLC, a manufacturer of high-quality precision metal castings. Bridge will immediately begin demolishing the existing facility before commencing construction on the new project, which will feature a clear height of 32 feet, 25 rear-loading exterior docks, 31 trailer positions and parking for 300 cars. Completion is slated for the third quarter of 2021. Thomas Rodeno and Matthew Stauber of Colliers International brokered the sale. They will serve as the exclusive listing agents for the project.

December 1, 2020

Newer Posts

Older Posts