Midwest

By Marty Dougherty, City of Sioux City Downtown Sioux City, Iowa is currently experiencing growth and transformation on an unprecedented scale. This emerging and vibrant place is not only celebrating its rich and colorful history with multiple historic property renovations, but has made strides to re-invent itself and take the downtown to new levels. These efforts include the growth of new residential options, an increasing number of cultural attractions and quality-of-life amenities, new entry corridors and a commitment to an extraordinary and ever-evolving riverfront park. This energy and economic activity offers a range of development opportunities, including residential, office, retail and entertainment. While COVID-19 has had some minor impacts, all of the ongoing downtown construction projects have been able to stay on track and are being completed on schedule, as of the writing of this article. Reinvestment district Over $150 million in public and private capital is currently being invested in a 25-acre downtown reinvestment district. This entertainment, cultural and residential district has been designed to extend from the downtown’s entryway directly into the heart of downtown. The district features four signature projects, with a total of 10 public or private buildings that will be fully completed in 2020. These …

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SHEBOYGAN, WIS. — George Smith Partners has secured a $31.5 million loan for the construction of The Oscar, a 240-unit workforce housing project in Sheboygan. Green Street Real Estate Ventures was the borrower. Kyle Howerton of George Smith Partners sourced the debt through Colliers Funding. BMO Harris is the equity partner for the project. Construction is slated for completion in the third quarter of 2021.

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KANSAS CITY, MO. — Zovest Capital has acquired Chapel Hill Apartments in Kansas City for an undisclosed price. The 56-unit apartment community features floor plans that average 1,067 square feet. The value-add property was 96 percent occupied at the time of sale. Max Helgeson, Michael Spero and Jeff Stingley of CBRE represented the private seller. Ben Weddington of CBRE arranged acquisition financing on behalf of the buyer through Freddie Mac.

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LEE’S SUMMIT, MO. — Hanley Investment Group Real Estate Advisors has arranged the $3.3 million sale of two retail buildings in Lee’s Summit within metro Kansas City. Taco Bell and Scooter’s Coffee occupy the newly constructed properties. Taco Bell occupies 2,160 square feet while Scooter’s leases 600 square feet. Both buildings feature drive-thrus. Jeff Lefko, Bill Asher and Beau Velten of Hanley, along with Jeff Christian of First Street Brokerage, represented the seller, a San Francisco-based private investment company. Deborah Ewing of Fuller Group CRE represented the buyer, a Washington-based private investor. The sales price represents a cap rate of 5.3 percent.

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REYNOLDSBURG, OHIO — Cooper Commercial Investment Group has brokered the $2.3 million sale of a Wright-Patt Credit Union ground lease in Reynoldsburg, a suburb of Columbus. The building was still being constructed at the time of closing. Bob Havasi and Dan Cooper of Cooper Group represented the seller, an Ohio-based private developer. A New York-based private investor was the buyer. The cap rate was 5.5 percent.

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ROMEOVILLE, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial V LP, has acquired a 16,744-square-foot industrial building in Romeoville, located about 37 miles southwest of Chicago, for an undisclosed price. Built in 1999, the property sits on one acre at 1343 Lakeside Drive. It is fully leased to Ultimate Rental Services and features a clear height of 22 feet, two exterior docks, two drive-in doors and parking for 20 cars. Mike Antonelli of Brown Commercial Group represented the undisclosed seller. Traci Payette and Rowan McDonnell of CBRE represented Ultimate Rental Services in its lease. VK Industrial V LP is a partnership between Venture One and Kovitz Investment Group.

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CLAYTON, MO. — NorthMarq has arranged a $50.6 million loan for the acquisition of The Barton Apartments in the St. Louis suburb of Clayton. The 228-unit apartment community, built in 2018, is located on Maryland Avenue. It features a clubroom, business center, fitness center, pet spa and personal wine storage. David Garfinkel of NorthMarq arranged the 10-year loan with Fannie Mae. The borrower was undisclosed.

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GRAND RAPIDS, MICH. — Watermark Residential, a wholly owned affiliate of Thompson Thrift, has acquired 24 acres in Grand Rapids with plans to develop The Grove by Watermark, a 320-unit luxury multifamily community. This is Watermark’s first community in Michigan. Completion is slated for August 2022. Floor plans will range from one- to three-bedroom units and average 1,200 square feet. Amenities will include a clubhouse, fitness center, pool and dog park.

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HARRISONVILLE, MO. — Montecito Medical Real Estate has acquired Rock Haven Medical Mall in Harrisonville, about 35 miles south of Kansas City. The purchase price was undisclosed. The two-story, 76,000-square-foot medical office building is attached to Cass Regional Medical Center and was built in 2011. In addition to Cass, other tenants include Harrisonville Family Medicine, Carondelet Health Cardiology, Cass Regional Orthopedics, Gillen Pharmacy and Fresenius Medical Care.

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SPRING LAKE PARK, MINN. — Marcus & Millichap has negotiated the sale of Spring Lake Park Marketplace for $1.9 million. The 8,764-square-foot retail building is located at 8097 Highway 65 in Spring Lake Park, about 12 miles north of Minneapolis. Caribou Coffee anchors the fully occupied property, which was built in 2005. Jared Shapiro, Craig Fuller, Erin Patton and Scott Wiles of Marcus & Millichap marketed the building on behalf of the seller, a limited liability company. An undisclosed buyer purchased the asset at 98 percent of the list price.

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