Midwest

Bedrock Acquires Former Sakthi Automotive Portfolio in Detroit for $38.5M

by Kristin Harlow September 15, 2020

DETROIT — Bedrock, the real estate arm of Quicken Loans Founder Dan Gilbert, has acquired the former Sakthi Automotive Group USA real estate portfolio in southwest Detroit for $38.5 million. The office and industrial campus was in receivership. Huntington National Bank filed a lawsuit last year against Sakthi after the auto supplier defaulted on its debts. Friedman Real Estate brokered the sale of the 620,000-square-foot portfolio, which spans five buildings and also includes developable land. Kevin George and Jared Friedman of Friedman facilitated the deal in partnership with court-appointed receiver Kevin English of Lark Advisors LLC. Dragich Law Firm served as counsel for the receiver. The facilities primarily served as Sakthi’s manufacturing operations, housing machining equipment, robotics assembly and warehousing space. The campus is currently home to one tenant, MOBIS, which is an automotive parts supplier for Fiat Chrysler Automotive and Hyundai.

September 15, 2020

Development Midwest Minnesota Multifamily Seniors Housing

High Street Residential Completes Development of 168-Unit Active Adult Community in Minnetonka, Minnesota

by Kristin Harlow September 15, 2020

MINNETONKA, MINN. — High Street Residential, a subsidiary of Trammell Crow Co., has completed the development of Avidor Minnetonka in suburban Minneapolis. The active adult community is home to 168 units for residents ages 55 and older. Allegro Management Co. is the property manager. Amenities at the six-story property include a bistro bar, business center, activity center, pet spa, fitness center, private dining room and pool deck. ESG Architects served as project architect and Stevens Construction was the general contractor. Monthly rents start at $1,890.

September 15, 2020

Acquisitions Midwest Minnesota Multifamily

Everwood Co. Sells 150-Unit Apartment Complex in Minneapolis

by Kristin Harlow September 15, 2020

MINNEAPOLIS — Everwood Co. has sold Grain Belt Apartments in Minneapolis for an undisclosed price. The 150-unit apartment complex was constructed in 2015 on the site of a historic brewery. Spanning 135,806 square feet, the property consists of studio, one- and two-bedroom floor plans. Keith Collins, Abe Appert and Ted Abramson of CBRE represented the seller. Grain Belt Apartments LLC was the buyer.

September 15, 2020

Illinois Industrial Leasing Activity Midwest

Second City Prints Signs 86,251 SF Industrial Lease in Batavia, Illinois

by Kristin Harlow September 15, 2020

BATAVIA, ILL. — Second City Prints has signed an 86,251-square-foot industrial lease at 1020 Olympic Drive in Batavia. Midwest Industrial Funds purchased the 121,321-square-foot building in 2019 and renovated it to create more efficient space for multiple tenants. There is currently 35,000 square feet of space available for lease. Tom Curtis, John Moysey and Fort Richardson of Avison Young represented Midwest Industrial Funds in the lease transaction with Second City Prints. Brendan Sheahan of Darwin Realty represented the tenant. Second City Prints, which is moving from another Batavia facility, provides merchandise printing, webstore management and tour merchandise fulfillment services for the music industry. The company produced concert merchandise prior to COVID-19 but now supports the concert, entertainment and gaming industries through e-commerce.

September 15, 2020

Acquisitions Illinois Midwest Retail

Hanley Investment Group Brokers Sale of Amazon Locker Property in Chicago

by Kristin Harlow September 15, 2020

CHICAGO — Hanley Investment Group Real Estate Advisors has brokered the sale of a single-tenant Amazon Hub Locker+ in Chicago for an undisclosed price. The 2,800-square-foot Amazon package pickup space is situated directly across from DePaul University. It is located on the ground floor of a four-story condominium building, which was constructed in 2010. Kevin Fryman, Bill Asher and Jeff Lefko of Hanley represented the seller, Los Angeles-based Westwood Financial. John Oks of Banco Santander International represented the buyer, a Mexico-based private investor. Amazon has locker locations in over 900 cities.

September 15, 2020

Development Healthcare Midwest Minnesota

Davis to Develop 78,000 SF Medical Office Building in Suburban Minneapolis

by Kristin Harlow September 14, 2020

ST. LOUIS PARK, MINN. — Davis has unveiled plans to develop the 78,000-square-foot Xchange Medical building in St. Louis Park, a western suburb of Minneapolis. Ear Nose & Throat Specialty Care and Surgical Care Affiliates will anchor the three-story, Class A medical office building. The two tenants will occupy 60 percent of the project, which will include a covered patient drop-off area, a healing garden and a total of 324 parking spaces. Xchange Medical will be built on a 4.6-acre site that Davis assembled from four separate parcels that currently house vacant office and warehouse buildings, an auto repair shop and a parking lot. Davis has owned the parcels since 2015. The buildings will be demolished to make way for the project, which the St. Louis Park City Council unanimously approved in August. Davis expects to break ground in October with completion slated for late 2021.

September 14, 2020

Acquisitions Illinois Industrial Lee & Associates Midwest

Lee & Associates Brokers Sale of 80,000 SF Industrial Building in Chicago’s Fulton Market

by Kristin Harlow September 14, 2020

CHICAGO — Lee & Associates of Illinois has brokered the sale of an 80,000-square-foot, loft-style industrial building located at 325 N. Ashland Ave. in Chicago’s Fulton Market for an undisclosed price. The two-story property will undergo renovations, including a new roof, LED lighting, remodeled office space and a new 45-space car parking lot. It was originally built in 1950. Tom Condon and Sean Austin of Lee & Associates brokered the sale. Rickard Binding sold the asset to Tradelane Properties, which has retained Lee & Associates to market the building for lease.

September 14, 2020

Illinois Industrial Leasing Activity Midwest

Chicago Electric Signs 46,559 SF Industrial Lease in Hanover Park, Illinois

by Kristin Harlow September 14, 2020

HANOVER PARK, ILL. — Chicago Electric has signed a 46,559-square-foot industrial lease at Turnberry Lakes Business Center in Hanover Park. The company, which offers products, systems and machine solutions for automation in industries with an emphasis on corrugated containers, plastic processing and building materials, is expanding from a 14,000-square-foot location in Carol Stream. The new building, located at 865 Muirfield Drive, features an office and showroom. Michael Marconi, Joe Karmin and Justin Lerner of Transwestern Real Estate Services represented Chicago Electric.

September 14, 2020

Loans Midwest Minnesota Multifamily Seniors Housing

Colliers Mortgage Provides $5.9M HUD Loan for Refinancing of Seniors Housing Property in Minnesota

by Kristin Harlow September 14, 2020

ROCHESTER, MINN. — Colliers Mortgage has provided a $5.9 million HUD 223(a)(7) loan for the refinancing of Fairway Ridge Cooperative, a 52-unit seniors housing property in Southeast Minnesota’s Rochester. All units at the property, built in 2003, are restricted to households where the head of household is 62 years of age or older. The refinance will enable the borrower to reduce the interest rate on the loan.

September 14, 2020

Loans Midwest Multifamily Ohio

Gelt Financial Provides $3M Loan for 152-Unit Multifamily Community in Columbus

by Kristin Harlow September 14, 2020

COLUMBUS, OHIO — Gelt Financial has provided a $3 million first mortgage loan for Crown Pointe Apartments in Columbus. The multifamily community, built in 1989, features 152 units. Loan proceeds of the two-year bridge loan will be used for property improvements. South Florida-based Gelt says it plans to close an additional $15 million in non-stabilized property loans by the end of the year.

September 14, 2020

Newer Posts

Older Posts