Midwest

Marcus & Millichap Arranges $8.1M Sale of Multifamily Complex in Maplewood, Minnesota

by Kristin Harlow December 22, 2020

MAPLEWOOD, MINN. — Marcus & Millichap has arranged the $8.1 million sale of Cobblestone Court in Maplewood near Minneapolis. The 74-unit multifamily complex was built in 1968. The three-building property sits on 2.4 acres. Amenities include a pool, picnic area, playground and onsite laundry facilities. Units average 715 square feet. Within the last three years, 42 of the 74 units have received upgrades such as new appliances, countertops and flooring. Evan Miller and Abe Roberts of Marcus & Millichap marketed the property on behalf of the seller, a St. Paul-based property management company. The duo also procured the undisclosed buyer.

December 22, 2020

Acquisitions Illinois Industrial Midwest

SVN Chicago Commercial Brokers Sale of 35,000 SF Industrial Building in Chicago

by Kristin Harlow December 22, 2020

CHICAGO — SVN Chicago Commercial has brokered the sale of a 35,000-square-foot industrial building in Chicago for an undisclosed price. The property, known as the Pierini Iron Works Building, sits on two acres at 6200 S. Sayre Ave. Beverly Hayes and Daniel Vanchieri of SVN brokered the sale.

December 22, 2020

Acquisitions Industrial Midwest Ohio

Monmouth Real Estate Acquires Columbus-Area Industrial Facility for $73.3M

by Kristin Harlow December 21, 2020

PLAIN CITY, OHIO — Monmouth Real Estate Investment Corp. has acquired a 487,900-square-foot industrial facility located at 8341 Industrial Parkway in Plain City, located about 25 miles northwest of Columbus. The purchase price was $73.3 million. FedEx Ground Packaging System Inc. occupies the building on a 15-year net lease. The 100-acre property is situated near I-270. The seller was undisclosed.

December 21, 2020

Midwest Ohio Retail

Washington Prime Group Completes 1-for-9 Reverse Stock Split

by Kristin Harlow December 21, 2020

COLUMBUS, OHIO — Washington Prime Group Inc. (NYSE: WPG) has completed its previously announced 1-for-9 reverse stock split of its common stock. Every nine issued and outstanding shares of common stock have been converted into one share of common stock, effective Dec. 22. A company performs a reverse stock split to boost its stock price by decreasing the number of shares outstanding, according to Investopedia. Reverse stock splits are usually pursued in an effort to prevent a stock from being delisted or to improve a company’s image and visibility. Washington Prime Group’s current share is 85 cents per share, as of Friday, Dec. 18. Columbus-based Washington Prime Group is a retail REIT that owns, manages, acquires and develops shopping centers nationwide.

December 21, 2020

Illinois Industrial Leasing Activity Midwest

Entre Commercial Realty Negotiates 137,522 SF Industrial Lease in Elgin, Illinois

by Kristin Harlow December 21, 2020

ELGIN, ILL. — Entre Commercial Realty has negotiated a 137,522-square-foot industrial lease on behalf of an undisclosed plastics company at Northwest Pointe III in Elgin. The newly constructed building is situated within Northwest Corporate Park and features a customized office buildout. Dan Benassi of Entre represented the tenant. Ken Franzese and John Cassidy of Lee & Associates represented ownership, Conor Commercial Real Estate and Globe Corp. McShane Construction Co. built the building.

December 21, 2020

Illinois Industrial Loans Midwest Self-Storage

Mag Mile Capital Arranges $7M Refinancing for Self-Storage Facility in Cicero, Illinois

by Kristin Harlow December 21, 2020

CICERO, ILL. — Mag Mile Capital has arranged a $7 million loan for the refinancing of a 997-unit self-storage facility in Cicero, a southwest suburb of Chicago. Located at 1331 S. 55th Court, the property spans 87,000 square feet. The family-owned property was recently rebranded as an Extra Space facility and will undergo improvements such as a new parking area. Prabhat Jayara and Heather Madsen of Mag Mile arranged the 36-month loan on behalf of the borrower, JD3 Property. The lender was undisclosed.

December 21, 2020

Illinois Leasing Activity Midwest Office

IDEX Corp. Opens New 39,252 SF Headquarters in Northbrook, Illinois

by Kristin Harlow December 21, 2020

NORTHBROOK, ILL. — IDEX Corp. has opened its new global headquarters in Northbrook. Architecture and engineering firm HED designed the 39,252-square-foot office. The space is situated on the third floor of an existing office building and is roughly the same size as IDEX’s former office in Lake Forest. The new headquarters features a touchless reception area, enabling visitors to check themselves in and notify employees of their arrival electronically. There are a number of tech-enabled conference rooms and a central café. IDEX develops, designs and manufactures specialty engineered products such as air bag clamps or rescue tools.

December 21, 2020

Illinois Loans Midwest Multifamily

Greystone Provides $54.6M HUD-Insured Loan for Refinancing of Suburban Chicago Multifamily Asset

by Kristin Harlow December 18, 2020

BLOOMINGDALE, ILL. — Greystone has provided a $54.6 million HUD-insured 223(f) loan for the refinancing of Camden at Bloomingdale. The 360-unit apartment property is located in Bloomingdale, a northwest suburb of Chicago. Built in 1991, the property consists of 19 garden-style buildings. Amenities include a clubhouse, business center, fitness center, pool, outdoor sports courts, picnic grounds and playground areas. Clint Darby and Phiet Nguyen of Greystone originated the 35-year loan, which features a 35-year amortization and a fixed interest rate of 2.68 percent. The transaction qualified for HUD’s green financing, further reducing the interest rate on the loan. The borrower, Chern Camden, will use loan proceeds to refinance an existing Fannie Mae loan, continue with ongoing maintenance and monetize existing equity, according to Greystone.

December 18, 2020

Illinois Loans Midwest Multifamily

Associated Bank Arranges $37.8M Loan for Renovation of Chicago Apartment Tower

by Kristin Harlow December 18, 2020

CHICAGO — Associated Bank has arranged a $37.8 million loan for the renovation of an 18-story apartment tower located at 1926 W. Harrison St. in Chicago. The building is situated within the Illinois Medical District and near the Rush University Medical Center. The borrowers, Marquette Cos. and Kayne Anderson Real Estate, will renovate 272 units and make improvements to the fitness center, coworking space, rooftop deck and dog run. Completion is slated for August 2021. Associated Bank served as lead arranger and administrative agent, working with Wheaton Bank & Trust. Elizabeth Hozian of Associated Bank handled the loan arrangements and closing.

December 18, 2020

Development Indiana Industrial Midwest

Mohr Capital Completes Development of 200,000 SF Industrial Build-to-Suit for GAF Materials in Indiana

by Kristin Harlow December 18, 2020

MICHIGAN CITY, IND. — Mohr Capital, a Dallas-based privately held real estate investment firm, has completed development of a 200,000-square-foot industrial build-to-suit for GAF Materials Corp. in Michigan City. The property, which sits on 45 acres at 130 Tri Quad Drive, features office, warehouse and concrete storage capacity. GAF, a subsidiary of Standard Industries, is a roofing and waterproofing manufacturer. Larson Danielson served as general contractor. Bank of Texas provided construction financing.

December 18, 2020

Newer Posts

Older Posts