Friday, June 12, 2026
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DevelopmentIndustrialMidwestOhio

$9M Spec Industrial Project Nears Completion in Middleburg Heights, Ohio

by Kristin Harlow

MIDDLEBURG HEIGHTS, OHIO — Owner and developer The Dickman Co. Inc. is nearing completion of a $9 million speculative industrial project in Middleburg Heights, a southern suburb of Cleveland. Terry Coyne of Newmark is representing Milwaukee-based Dickman in leasing efforts. The 125,500-square-foot project is now 90 percent pre-leased. Forward Air has leased 52,500 square feet and Lasership has signed for 63,000 square feet. There are 10,000 square feet remaining available for lease. Completion of the project is slated for the end of the second quarter. Building features include a clear height of 28 feet, multiple docks and drive-in doors, and ample employee and trailer parking.

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Leasing ActivityMidwestOfficeOhio

Northwest Bank to Become Anchor Tenant at 3 Easton Oval in Columbus

by Kristin Harlow

COLUMBUS, OHIO — Northwest Bank has leased the top floor at 3 Easton Oval in Columbus and will have building signage. The owner of the office building, Alterra Real Estate Advisors, recently completed a renovation with new common areas, LED lighting, HVAC units with improved air quality, a new roof and solar panels. Northwest Bank joins accounting firm Brady Ware, which has leased half of a floor in the building. Alterra acquired the asset in December 2019.

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AcquisitionsIndianaMidwestRetail

Marcus & Millichap’s Klink Group Arranges $3.7M Sale of Walgreens-Occupied Property in Indianapolis

by Kristin Harlow

INDIANAPOLIS — The Klink Group of Marcus & Millichap has arranged the sale of a Walgreens-occupied property in the Nora submarket of Indianapolis for $3.7 million. The single-tenant building is located at 1505 E. 86th St. Jordan Klink of the brokerage marketed the property on behalf of the seller, Indianapolis-based Westfield Pointe LLC. The Klink Group also sourced the buyers, Nora LLC and PP Nora LLC. Both are based in Indiana.

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Affordable HousingBuild-to-RentFinance InsightLoansMidwestMultifamilyNortheastSingle-Family RentalSoutheastTexasVideoWestern

NorthMarq: 2021 Capital Markets Environment

by Sarah Daniels

  NorthMarq executives recently connected with nearly 50 correspondent lenders and more than 150 debt experts in an effort to better understand the capital markets environment in 2021 and to share information about opportunities within the market. Jeff Erxleben, executive vice president and executive managing director, Debt & Equity, with NorthMarq, shares some of the insights from those conversations, and he discusses changes in the market, ranging from new loan programs by life companies to the impact of FHA/HUD’s new MAP guide implemented this month. He also talks about the growing interest in single-family rental and build-for-rent properties, and he mentions trends in affordable housing development and value-add strategy for buyers of affordable and workforce housing. “Overall, we’ve seen strong volume at the beginning of 2021, and I would expect that to continue throughout the year as the liquidity in the debt and equity markets remains strong,” Erxleben notes. “Transaction volume is up; there is a large sentiment that there is pent-up demand to get deals done.” He adds, “We’re seeing the fastest rebound and largest amount of activity in high-growth, business-friendly Sunbelt states — Texas, Florida, Arizona and the Carolinas. Other states, like California, where activity has been more …

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LoansMichiganMidwestMultifamily

Greystone Provides $17.2M Acquisition Loan for Apartment Community Near Detroit

by Kristin Harlow

HARRISON CHARTER TOWNSHIP, MICH. — Greystone has provided a $17.2 million Freddie Mac loan for the acquisition of The Shores of Lake St. Clair in Harrison Charter Township, just northeast of Detroit. The garden-style apartment community spans 13 buildings with 222 units. The complex was originally built in 1968. Amenities include a clubhouse, fitness center, pool, sports court and playground. Dan Sacks of Greystone originated the loan on behalf of Lightstone. The fixed-rate loan features a 10-year term and a 30-year amortization schedule with five years of interest-only payments. In addition to the acquisition, loan proceeds will be used for capital expenditures and property renovations.

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AcquisitionsIllinoisMidwestMultifamily

Interra Realty Brokers Pair of Illinois Multifamily Transactions Totaling $13.6M

by Kristin Harlow

CHICAGO AND EVANSTON, ILL. — Interra Realty has brokered a pair of multifamily sales totaling $13.6 billion. The first property is located in Chicago’s Logan Square at 1944 N. Spaulding Ave. Brad Feldman of Interra represented both the seller, Maven Real Estate Partners, and the buyer, Lauber Property Management. The 37-unit building sold for $7.2 million. It was built in 1929 and renovated in 2014. The buyer plans to spend $1 million on renovations. The second asset is located at 909 Washington St. in Evanston. The 37-unit building sold for $6.4 million. Feldman represented the seller, Robinson Rentals, as well as the private buyer. Robinson had owned the property for 43 years and completed renovations on about half of the units. The new owner plans to repair the roof and continue unit upgrades.

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DevelopmentMidwestMinnesotaMultifamily

Multifamily Development Site in Suburban Minneapolis Sells for $4.6M

by Kristin Harlow

RICHFIELD, MINN. — Developer Schafer Richardson has purchased a 3.5-acre site in Richfield, an inner ring suburb of Minneapolis, for $4.6 million. Richardson plans to build a Class A apartment complex with 237 market-rate units to be named Rya Apartments. Andy Heieie, Ted Bickel and Jeff Budish of Colliers | Minneapolis-St. Paul represented the undisclosed seller of the land, which is located on Richfield Parkway. A timeline for construction was not disclosed.

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AcquisitionsIllinoisIndustrialMidwest

Marcus & Millichap Arranges $4.1M Sale of Industrial Flex Building in Suburban Chicago

by Kristin Harlow

LAKE ZURICH, ILL. — Marcus & Millichap has arranged the $4.1 million sale of a 58,955-square-foot industrial flex building in Lake Zurich, a northwest suburb of Chicago. Situated on Oakwood Road, the property is leased to 10 tenants. Peter Doughty of Marcus & Millichap marketed the building on behalf of the seller, a private investor. Anthony Catanese and James Ziegler of Marcus & Millichap secured and represented the buyer, a private investor completing a 1031 exchange. Frank Montalto and Dean Giannakopoulos of Marcus & Millichap Capital Corp. assisted the buyer in obtaining acquisition financing.

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Leasing ActivityMichiganMidwestRetail

Big Lots Signs 31,896 SF Lease at Petoskey Town Center in Michigan

by Kristin Harlow

PETOSKEY, MICH. — Big Lots has signed a 31,896-square-foot lease at Petoskey Town Center near North Central Michigan College. U.S. Properties eeewGroup (USPG) owns the 174,870-square-foot shopping center. Big Lots will occupy a former Kmart location, filling over 37 percent of the building. Petoskey Town Center is home to Hobby Lobby, AAA, Grondin’s Hair Center and Petoskey Sewing Center. The town of Petoskey is situated about 65 miles northeast of Traverse City. Ohio-based USPG owns approximately 4 million square feet and redevelops shopping centers in 10 states across the Midwest and Southeast.

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DevelopmentFinance InsightLoansMidwestNortheastSoutheastTexasVideoWestern

TSB Capital Advisors: Student Housing Finance Versus Conventional Multifamily Finance

by Sarah Daniels

  Student housing lending faces a number of uncertainties as 2021 begins: agency policies affecting available sources of lending, the availability of distressed properties, special considerations for Tier 2 and 3 schools and the difficulties of obtaining construction and permanent financing under certain circumstances. Timothy S. Bradley, founder of TSB Capital Advisors and a principal of TSB Realty, explains his outlook on 2021 for the student housing industry, including some of the intricacies in student housing finance versus conventional multifamily. While the two classes did not face vastly different outcomes before COVID, “Post-COVID is a completely different story. There is a significant delta when you are looking at permanent financing for student housing right now versus conventional. The agencies [have enacted] COVID reserves that have been instituted in new loan originations — and most new loan originations are for acquisitions versus refinancing right now. We are starting to see them reduce the reserves, but they were doing it for both multifamily and student.” Bradley explains, “However the interest rates that, over the past three to four months, you could get for conventional housing versus student ranged anywhere from 50 to 75 basis points better for conventional. This allows the conventional market cap rates to keep compressing …

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