Midwest

JLL Provides $27.5M in Fannie Mae Loans for Refinancing of Two Apartment Communities in South Dakota

by Kristin Harlow June 30, 2020

RAPID CITY, S.D. — JLL Capital Markets has provided $27.5 million for the refinancing of Harmony Heights Apartments and Stoney Creek Apartments in Rapid City in western South Dakota. The two garden-style communities total 533 units. The two Fannie Mae loans feature 10-year terms and fixed rates. Brock Yaffe of JLL originated the financing on behalf of the borrowers, Harmony Heights Associates LLP and Stoney Creek Associates LLP. Built in 2003, Harmony Heights consists of 15 buildings housing 255 units. Developed in 2008, Stoney Creek consists of 16 buildings totaling 278 units.

June 30, 2020

Acquisitions Midwest Nebraska Office

MAG Capital Partners Acquires Omaha Flex Office Building in Sale-Leaseback

by Kristin Harlow June 30, 2020

OMAHA, NEB. — MAG Capital Partners LLC has acquired a 47,184-square-foot flex office building in Omaha in a sale-leaseback transaction. The single-tenant, fully leased property serves as the headquarters for Scantron’s technology solutions department. The seller was Transom Capital Group. Scantron, best known for its machine-readable paper forms for multiple-choice test questions, was acquired by Transom in December 2019. Built in 1987, the property is located on 3.6 acres at 2020 S. 156th Circle. Two-thirds of the building is utilized as flex office space with the remainder being used for warehousing and manufacturing space. Nick Foster of JLL represented the seller. Mary Garnett and Jim Tuesley of Barnes & Thornburg LLP represented the buyer.

June 30, 2020

Development Industrial Midwest Wisconsin

Ashley Capital Begins Development of Third Building at Wisconsin’s Enterprise Business Park

by Kristin Harlow June 30, 2020

STURTEVANT, WIS. — Ashley Capital has begun development of a 397,000-square-foot speculative industrial building at Enterprise Business Park in Sturtevant, located 27 miles south of Milwaukee. It is the third building to be constructed at the park, which will comprise over 1.3 million square feet of Class A industrial space upon completion. The new building is slated for completion in December. It will feature a clear height of 36 feet. John Sharpe and Tom Boyle of Lee & Associates and Terry McMahon and Cody Ziegler of Cushman & Wakefield | Boerke are exclusive marketing agents for the property. Berghammer Construction Corp. is the general contractor. Ashley Capital, a privately owned industrial real estate investment and development firm, has offices in Atlanta, Chicago, Detroit and New York.

June 30, 2020

Acquisitions Illinois Midwest Multifamily

JLL Brokers Sale of 111-Unit Luxury Apartment Community in Metro Chicago

by Kristin Harlow June 29, 2020

LAKE FOREST, ILL. — JLL Capital Markets has brokered the sale of Apartment Homes at Kelmscott Park in Lake Forest, about 30 miles north of Chicago. The sales price was undisclosed. The luxury apartment property consists of three buildings with 111 units that average 1,220 square feet. The community is 92 percent occupied and the majority of renters are age 50 and older. Monthly rents start at $2,141. Marty O’Connell, Wick Kirby, Kevin Girard and Amanda Friant of JLL represented the sellers, Focus and funds managed by Castlelake LP. Matt Schoenfeldt and Chris Knight of JLL originated acquisition financing on behalf of the buyer, Intercontinental Real Estate Corp. The Fannie Mae loan has a 10-year term. Steve Centrella and Chris LaFrance of Intercontinental led the transaction on behalf of Intercontinental.

June 29, 2020

Acquisitions Indiana Midwest Retail

Muinzer, T2 Capital Acquire Ownership Stake in Chauncey Hill Mall Next to Purdue University

by Kristin Harlow June 29, 2020

WEST LAFAYETTE, IND. — Muinzer, together with T2 Capital Management, has acquired a 50 percent stake in the ownership of Chauncey Hill Mall and Chauncey Hill Annex in West Lafayette. Trinitas Ventures was the seller. The purchase price was undisclosed. The properties are located next to Purdue University. The acquisition makes Muinzer the largest residential, retail and land owner near the university, according to the company.

June 29, 2020

Development Illinois Midwest Multifamily

Vermilion Tops Off Luxury Condo Building in Chicago’s Wicker Park

by Kristin Harlow June 29, 2020

CHICAGO — Vermilion Development has topped off Alcove Wicker Park, a 43-unit, luxury condominium building set to deliver this fall in Chicago’s Wicker Park neighborhood. Hirsch MPG Architecture designed the seven-story building and @properties Developer Services is the sales and marketing firm. Floor plans range from 1,365 to 2,430 square feet, and each condo unit features its own balcony or terrace measuring at least 8 feet. The first condo buyers are expected to take occupancy in early October. Prices range from $600,000 to $1.1 million. The project also features 12 adjacent townhomes that range in size from 2,895 to 3,475 square feet. The for-sale, four-level townhomes range from $1.1 million to $1.4 million. The townhomes are slated for completion in late November and each feature their own bonus room and private roof deck.

June 29, 2020

Development Illinois Midwest Restaurant Retail

Principle Construction Completes Conversion of Auto Dealership into Brewery in Huntley, Illinois

by Kristin Harlow June 29, 2020

HUNTLEY, ILL. — Principle Construction Corp. has completed the conversion of a former Chevrolet auto dealership in Huntley into a brewing facility and full-service restaurant for More Brewing. The property is located at 13980 Automall Drive within metro Chicago. The 25,302-square-foot building includes 11,302 square feet of beer production space and a 14,000-square-foot restaurant with two private dining rooms that will double as barrel-aging rooms. Guests dining at the restaurant will be able to view the brewing area through 12-foot glass walls. The property features four drive-in doors for the distribution of More’s products and 114 car parking spaces for customers and employees. Harris Architects provided architectural services. Dominic Carbonari of JLL provided brokerage services on behalf of More. A timeline for opening was not disclosed.

June 29, 2020

Kansas Loans Midwest Multifamily Seniors Housing

Boston Capital Invests in 24-Unit Affordable Seniors Housing Expansion Near Wichita

by Kristin Harlow June 29, 2020

MULVANE, KAN. — Boston Capital has invested in the development of Homestead Senior Residences Mulvane II, a 24-unit affordable seniors housing community in Mulvane, approximately 16 miles southwest of Wichita. The partner is Homestead Affordable Housing Inc. The property will be located adjacent to Homestead Senior Living Mulvane Phase I, a 40-unit development built in 2012. The amount of Boston Capital’s investment was not disclosed. LK Architecture LLC designed the community, which will be restricted to residents age 62 or older and who earn up to 80 percent of the area median income (AMI). More specifically, 12 units are reserved for seniors earning 60 percent or less of the AMI and eight units are for seniors earning 30 percent or less of the AMI. One unit will feature a preference toward homeless and special needs populations. Located in six one-story, four-plex buildings, the apartment community will feature 12 one-bedroom and 12 two-bedroom homes. The apartment community will be built with tax credit equity from the low-income housing tax credit (LIHTC) program. To date, Boston Capital has invested in nearly 2,500 affordable apartments in Kansas.

June 29, 2020

Indiana Michigan Midwest Retail

Judge Orders Simon, Taubman to be Trial-Ready by Mid-November

by Kristin Harlow June 26, 2020

OAKLAND COUNTY, MICH. — The dispute between Simon Property Group Inc. (NYSE: SPG) and Taubman Centers Inc. (NYSE: TCO) over a planned merger will move to a mediation phase. James Alexander, a circuit court judge with the state of Michigan, has ordered that the mediation phase be completed by July 31 and that the companies must be ready for a trial by mid-November. On Thursday, Taubman shareholders voted to approve and adopt the previously announced merger agreement dated Feb. 9 and says the company is “ready, willing and able to close the transactions with Simon.” As previously announced, Simon delivered a notice purporting to terminate the merger agreement, which was valued at $3.6 billion, on June 10. The mall owner also commenced a lawsuit in Michigan state court on the grounds that Taubman hadn’t responded effectively to the coronavirus pandemic. Taubman says it continues to believe that Simon’s termination is “invalid and without merit.” On June 17, Taubman filed a counterclaim in the lawsuit, rejecting Simon’s allegations. Given the pending litigation, “it appears Simon will not consummate the transactions on June 30, despite its contractual obligation to do so,” according to a statement from Taubman.

June 26, 2020

Development Indiana Midwest Multifamily

Milhaus Opens $30.4M Apartment Project in Downtown Indianapolis

by Kristin Harlow June 26, 2020

INDIANAPOLIS — Milhaus has opened Grid, a $30.4 million apartment project located at 520 E. Washington St. in downtown Indianapolis. Grid includes 175 apartment units and 175 car parking spaces. Amenities include coworking spaces, multiple fitness areas, an outdoor courtyard, bark park, pet spa, coffee bar and resident lounge. The property serves as Milhaus’ first opportunity zone investment in the U.S. Milhaus says that Grid’s prominent location in the Cole Noble neighborhood served as inspiration for the property name. Indianapolis was originally plotted on a grid structure upon its founding in 1820. Local artist Jackie Head created a mural for the northwest corner of the building. The project team included KTGY Architecture + Planning, Civil & Environmental Consultants Inc. and DkGr.

June 26, 2020

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