Midwest

Imperfect Foods Expands Cold Storage Lease by 45,000 SF in Northlake, Illinois

by Kristin Harlow August 24, 2020

NORTHLAKE, ILL. — Imperfect Foods has signed a long-term lease to expand its cold storage operations at Bridge Point Northlake by 45,000 square feet. Formerly known as Imperfect Produce, the company now occupies a total of 106,000 square feet at the cold storage facility in Northlake, about 17 miles west of Chicago. Imperfect Foods says the expansion was in effort to meet the exponential increase in demand for delivered food and household products brought on by the COVID-19 pandemic. Bridge Development Partners and PGIM Real Estate are the landlords. Jason Lev and John Suerth of CBRE brokered the lease transaction on behalf of both parties. Bridge Point Northlake totals 480,464 square feet of cold storage freezer and cooler space, of which 39,000 square feet remains available for lease.

August 24, 2020

Affordable Housing Development Indiana Midwest Multifamily

Annex Group Completes Development of 146-Unit Affordable Housing Community in Bloomington, Indiana

by Kristin Harlow August 24, 2020

BLOOMINGTON, IND. — The Annex Group has completed the development of Union at Crescent, a 146-unit affordable housing community in Bloomington near Indiana University. The eight-acre project features one-, two- and three-bedroom floor plans. Amenities include a community and business center, exercise facility and playground. The property features both affordable housing units as well as market-rate units. The affordable units are designated for residents who earn between 50 and 70 percent of the area median income. Finance partners include T&H Investment Properties, Indiana Housing Community Development Authority, R4 Capital and R4 Capital Funding. Axis Architecture + Interiors and Smith Brehob & Associates made up the design team. Crestline Communities will manage leasing efforts.

August 24, 2020

Loans Midwest Multifamily South Dakota

Merchants Capital Arranges $14M Refinancing for South Dakota Townhome Community

by Kristin Harlow August 24, 2020

SIOUX FALLS, S.D. — Merchants Capital has arranged approximately $14 million for the refinancing of West Pointe Commons, a 141-unit rental townhome community in Sioux Falls. Merchants Bank of Indiana provided the loan for the borrower, a local investment group. West Pointe Commons offers one-, two- and three-bedroom floor plans. Amenities include a fitness center, clubhouse, pool and playground.

August 24, 2020

Illinois Leasing Activity Midwest Retail

Duluth Trading Opens New Store in Orland Park, Illinois

by Kristin Harlow August 24, 2020

ORLAND PARK, ILL. — Duluth Trading Co. has opened a new store in Orland Park within metro Chicago. This is the 64th location for Duluth Trading, which offers men’s and women’s casual wear, workwear and accessories. The store is located at 29 Orland Square Drive. Duluth Trading is based in Mount Horeb, Wis.

August 24, 2020

Bethesda-Cornerstone-Village-Victoria-MN

Development Midwest Minnesota Multifamily Seniors Housing

Bethesda to Open 52-Unit Age-Restricted Community in Minnesota on Sept. 1

by Amy Works August 21, 2020

VICTORIA, MINN. — Bethesda, a national Christian organization that provides homes and other services for people with intellectual and developmental disabilities, is opening Bethesda Cornerstone Village Victoria, located at 1519 82nd St. in Victoria, on Tuesday, Sept. 1. Offering apartments and villas, the community is restricted to adults age 55 or older and independent adults with intellectual and developmental disabilities. Bethesda Cornerstone Village Victoria will feature 37 apartment homes and 15 villa homes, with up to 20 percent of the residences serving people with a disability who live independently. Homes will feature granite countertops, stainless steel appliances, in-unit laundry, soundproofing and patios or balconies. Villa homes offer attached one- or two-car garages and apartment homes feature an underground parking garage. Community amenities will include a community center for events and activities and a fitness center with an array of exercise machines and classes. Lutheran Church Extension Fund provided financing for the housing community, which was designed by New York-based QPK Design. Kraus-Anderson served as general contractor and construction manager for the development.

August 21, 2020

Acquisitions Illinois Midwest Multifamily

Wolcott Group Divests of Six-Building Apartment Portfolio in Chicago’s Kenwood Neighborhood for $17.9M

by Amy Works August 21, 2020

CHICAGO — Wolcott Group has completed the sale of a six-building multifamily portfolio in Chicago’s Kenwood neighborhood. An undisclosed buyer acquired the portfolio for $17.9 million, or $88,112 per unit. Comprising 204 units, the properties are located at 4001 S. Ellis Ave., 4433 S. Greenwood Ave., 4737 and 4746 S. Ingleside Ave., 4500 S. Drexel Blvd. and 811 E. 46th St. The portfolio also includes some affordable housing communities whose apartments are reserved for households that meet eligibility requirements. The buyer plans to upgrade units as they turn over and lease additional units that were previously offline. Chicago-based Interra Realty’s David Goss, Jon Morgan, Ted Stratman and Lucas Fryman represented the seller and buyer in the transaction.

August 21, 2020

Development Indiana Midwest Multifamily

Boston Capital Invests in Two Affordable Apartment Communities in Indiana with RealAmerica Development

by Amy Works August 21, 2020

FISHERS AND PLAINFIELD, IND. — Boston Capital is investing in the construction of two affordable multifamily properties in Indiana: the 62-unit SouthPointe Village Apartments in Fishers and the 52-unit Haven Homes in Plainfield. The investments represent Boston Capital’s second and third partnerships with Indianapolis-based RealAmerica Development. Located 14 miles northeast of Indianapolis, SouthPointe Village will feature 19 one-bedroom units and 43 two-bedroom units in a single residential building. Thirteen of the units will be set aside for persons with developmental disabilities. Units will offer open-concept floor plans, built-in kitchen appliances, free Wi-Fi and in-unit washers and dryers. Additionally, the property will include a community room, computer center, fitness center, classes and space for service providers, an indoor playground, library and access to the Nickle Plate Trail. Situated near the Indianapolis International Airport, Haven Homes will feature 16 one-bedroom units, 20 two-bedroom units and 16 three-bedroom units in two residential buildings. Thirteen units will be set aside for victims of domestic violence. Units will offer open-concept floor plans, built-in kitchen appliances, free Wi-Fi and in-unit washers and dryers. The development will include a freestanding clubhouse with a community room, computer center and fitness center with classes. Other amenities will include a …

August 21, 2020

Acquisitions Illinois Midwest Retail

GW Properties Sells Multi-Tenant Retail Building in Suburban Chicago for $3.9M

by Amy Works August 21, 2020

MT. PROSPECT, ILL. — Chicago-based GW Properties has completed the disposition of a multi-tenant retail property in Mt. Prospect, a suburb of Chicago. Los Angeles-based Davidson & Associates purchased the asset for $3.9 million. Constructed in 1966 and renovated in 2019, the building is fully occupied by three tenants in the medical, restaurant and wireless service industries on net leases. The property is located at 920 E. Elmhurst Road. Alex Sharrin and Alex Geanakos of JLL represented the seller in the deal.

August 21, 2020

Industrial Loans Midwest Ohio

Emerald Creek Capital Provides $2.8M Acquisition Loan for Amazon Distribution Center in Ohio

by Amy Works August 21, 2020

AKRON, OHIO — Emerald Creek Capital has provided a $2.8 million acquisition loan for an undisclosed borrower. The loan is secured by a 45,540-square-foot warehouse in Akron. Situated on a seven-acre site with 277 parking spaces, the climate-controlled property features 21-foot clear heights, eight grade-level doors and two drive-in doors. Amazon occupies the warehouse and will use it in conjunction with the company’s new 2.7 million-square-foot fulfillment center that is currently under construction in southwest Akron. Matt Fantuzzi of Emerald Creek Capital originated the financing.

August 21, 2020

Civic Company News Illinois Midwest Restaurant Retail

Chicago’s Navy Pier to Implement Temporary Closure Starting Sept. 8 to Slow Financial Burden Amid COVID-19 Pandemic

by Amy Works August 20, 2020

CHICAGO — Navy Pier, a mixed-use destination on Chicago’s lakefront, will start a temporary pier-wide closure on Tuesday, Sept. 8, in an effort to limit the financial burden and impact of the continued coronavirus pandemic on the organization. The closure will stop all operations, including those of Navy Pier’s more than 70 small businesses. Access to the pier’s outdoor space, including Polk Bros Park and North and South Docks, will also be limited or prohibited during the closure. “While this was a very difficult decision for the organization, it was a necessary one to proactively ensure the long-term success of one of Chicago’s most treasured and important civic institutions and the communities it serves,” says Marilynn Gardner, president and CEO of Navy Pier. Per state and city orders, Navy Pier originally closed to the public from March 16 to June 10 and then began a phased reopening with appropriate safety and security measures. Through the reopening, Navy Pier was able to resume partial operations and welcome guests to the pier. However, the destination experienced less than 20 percent of its typical summer attendance. To date, the Centennial Wheel, Chicago Children’s Museum, Chicago Shakespeare Theater and additional Pier Park attractions have …

August 20, 2020

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