Midwest

Berkadia Arranges Sale of 354-Unit Apartment Property in Indianapolis

by Kristin Harlow December 18, 2020

INDIANAPOLIS — Berkadia has arranged the sale of Aberdeen Apartments in Indianapolis for an undisclosed price. The 354-unit multifamily property is located at 8680 Walnut Grove Drive near the Indianapolis International Airport. Amenities include a pool, fitness center, clubhouse, and a basketball, tennis and sand volleyball court. Alex Blagojevich and Chris Bruzas of Berkadia represented the seller, Indiana-based Samaritan Cos., which made significant capital improvements to the property over the past few years. Barratt Asset Management, also based in Indiana, was the buyer.

December 18, 2020

Development Midwest Missouri Multifamily

HDA Architects Completes Design of 184-Unit Multifamily Development in St. Louis

by Kristin Harlow December 18, 2020

ST. LOUIS — HDA Architects, a Green Street company, has completed the design of a 184-unit multifamily development in downtown St. Louis. The proposed project would be built at 1801 Washington Ave. and include 7,300 square feet of ground-floor retail space as well as a 220-stall parking garage. Plans call for a mix of studios and one-bedroom units. Project costs are estimated at $32 million and construction is expected to begin in the second or third quarter of 2021. King Realty is the developer.

December 18, 2020

Illinois Industrial Midwest

Logistics Property Co. Closes $1B Industrial Real Estate Fund

by Kristin Harlow December 17, 2020

CHICAGO — Logistics Property Co. (LPC) has closed its develop-to-core fund named LPC Logistics Venture One LP with total equity commitments of $1 billion from several global institutional investors. The fund focuses on ground-up development opportunities across the country. Chicago-based LPC, launched in early 2018, focuses on the acquisition, development and management of logistics properties across North America. The company has already allocated approximately 90 percent of the fund with significant holdings in Atlanta, Chicago, Dallas, Houston, Seattle and Pocona, Pa. MIRA Real Estate, part of Macquarie Group and the majority shareholder of LPC, acted as exclusive financial advisor and placement agent on the fund. LPC manages properties in key logistics markets with an estimated value of over $1.5 billion.

December 17, 2020

Illinois Loans Midwest Multifamily

PGIM Real Estate Provides $81.7M Fannie Mae Loan for Refinancing of Chicago Apartment Complex

by Kristin Harlow December 17, 2020

CHICAGO — PGIM Real Estate has provided an $81.7 million Fannie Mae loan for the refinancing of The Draper, a 342-unit, 11-story apartment complex in Chicago’s Uptown neighborhood. CEDARst Cos. was the borrower. The Draper is a redevelopment of an office building dating back to the 1950s. CEDARst began converting the building into apartments in 2018 and completed renovations in 2019. Of the property’s 342 units, 10 percent are reserved for residents earning up to 60 percent of the area median income. The fixed-rate loan has a 12-year term with six years of interest-only payments. Craig Foreman and Lee McNeer of PGIM Real Estate originated the loan. PGIM Real Estate is the real estate investment and financing business of PGIM, the $1.4 trillion global investment management business of Prudential Financial Inc.

December 17, 2020

Indiana Loans Midwest Multifamily

Merchants Capital Arranges $17M HUD-Insured Loan for Refinancing of Multifamily Asset in Indiana

by Kristin Harlow December 17, 2020

WEST LAFAYETTE, IND. — Mortgage banking company Merchants Capital has arranged a $17 million HUD-insured loan for the refinancing of Trailside Flats in West Lafayette. Van Rooy Properties Inc. was the borrower that received the 35-year, nonrecourse loan through the HUD 223(f) program, which is used for the purchase or refinancing of multifamily properties. The 195-unit multifamily property is located at 2101 Country Squire Court. In 2017, Van Rooy acquired an existing multifamily property at the site and renovated it in addition to developing new buildings on vacant land. Amenities at the property include a pool, fitness center, coworking space, bocce ball court and coffee bar.

December 17, 2020

Acquisitions Industrial Midwest Minnesota

JLL Brokers $14.5M Sale of Distribution Center in Suburban Minneapolis

by Kristin Harlow December 17, 2020

MAPLE GROVE, MINN. — JLL Capital Markets has brokered the $14.5 million sale of a 102,994-square-foot distribution center located at 8175 Jefferson Highway in the suburban Minneapolis community of Maple Grove. The single-tenant property is triple net leased to GAF Materials LLC, a roofing manufacturer. David Berglund and Colin Ryan of JLL represented the seller, a partnership between PCCP and Capital Partners. An affiliate of Boston-based STAG Industrial Inc. purchased the asset.

December 17, 2020

Acquisitions Indiana Midwest Minnesota Retail

SRS Negotiates $7.2M Sale-Leaseback of Two-Property Retail Portfolio in Indiana, Minnesota

by Kristin Harlow December 17, 2020

INDIANAPOLIS AND MAPLE GROVE, MINN. — SRS Real Estate Partners has negotiated the sale-leaseback of a two-property retail portfolio in the Midwest for $7.2 million. Christian Brothers Automotive sold both buildings and then signed 15-year leases. The first property is located at 3985 W. Smith Valley Road in Indianapolis. The 5,264-square-foot building sits on nearly two acres. The second asset is located at 9565 Zachary Lane in Maple Grove, a suburb of Minneapolis. The building spans 5,561 square feet on 1.4 acres. Frank Rogers and Michael Carter of SRS represented the all-cash buyer, a Midwest-based private investor that completed a 1031 tax-deferred exchange.

December 17, 2020

Acquisitions Connecticut Healthcare Midwest Minnesota Office Ohio Tennessee Top Stories

Davis Medical Investors Acquires Eight-Property Medical Office Portfolio for $112M

by Alex Tostado December 17, 2020

MINNEAPOLIS — Davis Medical Investors LLC has acquired an eight-property, 309,735-square-foot medical office portfolio for $112 million. The Minneapolis-based buyer acquired the assets through a new fund backed by Capital One. Three of the buildings were purchased from Davis Medical Investors-affiliated partnerships and the other five were acquired from undisclosed, third-party sellers. The portfolio comprises three properties in Minnesota, three in Tennessee and one each in Ohio and Connecticut. The acquisitions in Tennessee and Connecticut represent Davis Medical Investors’ entry into those markets. The portfolio was 99 percent leased at the time of sale with an average lease term of more than eight years. The buildings in the portfolio are an average of 10 years old. According to Mark Davis, founder and managing partner at Davis Medical Investors, the fund will be able to acquire more than 20 medical office buildings totaling up to $240 million. “Despite some of the acquisitions being temporarily put on hiatus because of COVID-19, we stayed in close contact with the sellers to ensure we successfully brought these deals to fruition,” says Stewart Davis, executive vice president of investments at Davis Medical Investors. The properties in the portfolio include: M Health-Fairview in Minneapolis, which is …

December 17, 2020

Development Illinois Midwest Office

Weiss Properties Unveils Redevelopment Plans for Former CF Industries Headquarters in Suburban Chicago

by Kristin Harlow December 16, 2020

LONG GROVE, ILL. — Weiss Properties has unveiled plans for a multi-million-dollar redevelopment of the former headquarters for CF Industries in Long Grove, a northern suburb of Chicago. Located at 1 Salem Lake Drive, the property has recently been renamed The Reserve at Salem Lake. Weiss acquired the 37-acre campus earlier this year. It includes a two-story, 150,000-square-foot building as well as a three-level, 185-car parking garage and an additional parking area with 235 spaces. Weiss has begun gutting the vast majority of the interior space of the property, which has been vacant for more than 10 years. Upon completion of the redevelopment, first-floor tenants will have dedicated outdoor spaces and second-floor tenants will have wrap-around balconies. Amenities will include a fitness center, auditorium, meeting spaces, indoor and outdoor gathering areas, food service and walking trails. Rawly Lantz, Justin Harris and David Conroy of Cawley Chicago are marketing the property for lease. A timeline for completion was not disclosed. The seller of the campus was a Texas-based homebuilder that acquired the site in 2011 with plans for residential development that never came to fruition. CF Industries, a manufacturer and distributor of agricultural fertilizers, developed the campus in phases in 1975 …

December 16, 2020

Industrial Leasing Activity Midwest Missouri

Cambridge Air Solutions Signs 68,605 SF Industrial Lease in Metro St. Louis

by Kristin Harlow December 16, 2020

WENTZVILLE, MO. — Cambridge Air Solutions has signed a 68,605-square-foot industrial lease at 1290 Interstate Drive in Wentzville within metro St. Louis. Houston-based SparrowHawk LLC owns the 420,000-square-foot building in a joint venture with American National Insurance Co. Cambridge is a manufacturer and distributor of HVAC systems. This is the second St. Louis-area location for Cambridge, which maintains its headquarters at 760 Long Road Crossing Drive in Chesterfield. Christopher Schmidt of JLL represented Cambridge in the lease transaction. David Branding and Patrick Reilly of JLL represented SparrowHawk.

December 16, 2020

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