Midwest

Investors Should Take a Second Look at Opportunities in Chicagoland Multifamily

by Kristin Harlow October 10, 2019

Chicago real estate has been the subject of considerable pessimism from local and national investors due to a variety of factors. Much of this can be blamed on our unfunded pension liability, which is expected to significantly increase real estate taxes across the area in the coming years. Many institutional multifamily investors claim that their data says to avoid Chicago. Instead, they seek multifamily properties at far lower returns and cap rates in places such as Nashville, Austin and Denver. While I believe those cities offer phenomenal investments, investors across the country are missing an amazing opportunity to invest in Chicago apartment properties. Real estate taxes Everyone seems to agree that real estate taxes will rise significantly in Chicago in the coming years. Who pays real estate taxes? Homeowners, commercial landlords and some businesses. Noticeably absent from this list are apartment renters who are generally unaffected by an increase in real estate taxes. In fact, a significant rise in residential real estate taxes should create even more demand for rental apartments in the Chicagoland area as would-be homeowners shift into the rental pool. Effect of high tax rates Do Chicagoans leave the city because of high tax rates? The data …

October 10, 2019

Acquisitions Illinois Midwest Multifamily

JLL Arranges Sale of Two-Property Multifamily Portfolio in Suburban Chicago for $25.7M

by Kristin Harlow October 9, 2019

PARK FOREST AND UNIVERSITY PARK, ILL. — JLL has arranged the sale of Central Park Apartments and Governor’s House Apartments for $25.7 million. David Gaines, Wick Kirby, Mark Barnes and Kevin Girard of JLL represented the seller, a joint venture between Buligo Capital Partners and Ferndale Realty Group. Bender Cos. was the buyer. Jason Bond and Trent Niederberger of JLL originated $20.5 million in acquisition financing through Fannie Mae. The 220-unit Central Park Apartments is located at 11 Fir St. in Park Forest and the 96-unit Governor’s House Apartments is located at 871 Burnham Drive in University Park. Both communities are approximately 30 miles south of downtown Chicago.

October 9, 2019

Acquisitions Midwest Minnesota

Environmental Liability Transfer Purchases Former Electrical Plant in Sherburn, Minnesota

by Kristin Harlow October 9, 2019

SHERBURN, MINN. — Environmental Liability Transfer Inc. (ELT) has purchased the retired Fox Lake generating station from Alliant Energy. The purchase price was not disclosed. The transaction included the purchase of real estate assets, machinery and equipment and the assumption of legacy environmental liabilities associated with the site. ELT will oversee the decommissioning and demolition process as well as environmental remediation obligations going forward. The facility is located in Sherburn along the south bank of Fox Lake. Coal-fired operations began at the plant in 1950 before it was converted to natural gas in the 1990s. The generating station provided power to more than 100,000 homes in Martin County before it was retired in 2017. The timeline for completion of environmental remediation and demolition projects is three years, at which point the site will be marketed for reuse.

October 9, 2019

Acquisitions Midwest Minnesota Retail

Hanley Investment Group Negotiates $9.2M Sale of Two-Tenant Retail Building in Maple Grove, Minnesota

by Kristin Harlow October 9, 2019

MAPLE GROVE, MINN. — Hanley Investment Group Real Estate Advisors has negotiated the sale of a two-tenant retail building in Maple Grove for $9.2 million. Bank of America and Crave American Kitchen & Sushi Bar occupy the newly built property, which is situated at the intersection of Elm Creek Boulevard and Main Street. Jeff Lefko and Bill Asher of Hanley represented the seller, OneCorp. Jim Batlle of Coldwell Banker Commercial NRT represented the buyer, a California-based private investor. The sales price represents a cap rate of 5.66 percent.

October 9, 2019

Acquisitions Michigan Midwest Office

L. Mason Capitani CORFAC International Arranges Sale of Office Property in Troy, Michigan

by Kristin Harlow October 9, 2019

TROY, MICH. — L. Mason Capitani CORFAC International has arranged the sale of the Coventry Place office property in Troy for an undisclosed price. The building is located on West Big Beaver Road and is fully occupied by 23 tenants. Mason L. Capitani and Al Shulin of L. Mason Capitani represented the seller, Summit Coventry LLC. Mason L. Capitani represented the buyer, California-based LSTC. L. Mason Capitani will continue to oversee leasing at Coventry Place while the firm’s affiliate company, Liberty Property & Asset Management, will manage the property.

October 9, 2019

Acquisitions Michigan Midwest Retail

Marcus & Millichap Brokers $2.6M Sale of Retail Property in Niles, Michigan

by Kristin Harlow October 9, 2019

NILES, MICH. — Marcus & Millichap has brokered the sale of Niles Plaza in southwest Michigan for $2.6 million. The 15,128-square-foot retail property is located at 2010 S. 11th St. It is fully leased to Wings Etc., Verizon Wireless, Anytime Fitness, Edward Jones, Allied Cash Advance, H&R Block and Joe’s Barber. Jesse Limon, Damien Yoder, Julia Evinger and Steven Chaben of Marcus & Millichap marketed the property on behalf of the seller, a local family investment company. A Las Vegas-based limited liability company purchased the asset.

October 9, 2019

Development Healthcare Michigan Midwest Office Retail

Detroit Pistons Open New Training Facility, Corporate Headquarters in Midtown

by Kristin Harlow October 8, 2019

DETROIT — The Detroit Pistons have opened the Henry Ford Detroit Pistons Performance Center, a $90 million training center and corporate headquarters in Midtown Detroit’s New Center area. The 185,000-square-foot facility is the largest of its kind in the NBA, according to the Pistons. It is connected to the $37 million William Clay Ford Center for Athletic Medicine and features publicly accessible grocery, food, fitness and retail amenities. Henry Ford Health System manages a comprehensive sports medicine, treatment and rehabilitation facility at the property. Retailers Plum Market and Blink Fitness are slated to open by the end of the year. The project is situated on a parcel owned by Henry Ford Health between Wayne State University and Henry Ford Hospital. It is approximately two miles north of Little Caesars Arena, where the Pistons have been playing games since 2017.

October 8, 2019

Development Midwest Multifamily Wisconsin

Ravine Park Partners Breaks Ground on 241-Unit Apartment Community in Wisconsin’s Kenosha County

by Kristin Harlow October 8, 2019

SOMERS, WIS. — Ravine Park Partners LLC has broken ground on Hawthorn Apartments in Somers in northern Kenosha County. The 241-unit luxury apartment community is slated for completion in April 2020. Community amenities will include a pool, outdoor kitchen, game area, dog park, pet wash, car wash and fitness facility. Units will feature washers and dryers, refrigerators with water dispensers, microwaves, dishwashers and quartz countertops. Legacy Varin Management will manage the property.

October 8, 2019

Acquisitions Illinois Midwest Multifamily

33 Realty Brokers $18.5M Condo Deconversion Sale in Gurnee, Illinois

by Kristin Harlow October 8, 2019

GURNEE, ILL. — 33 Realty has brokered the deconversion sale of Deer Creek Condominiums in Gurnee for $18.5 million. Built in 1983, the 198-unit property features one- and two-bedroom units as well as three-bedroom penthouses. Amenities include a pool, fitness center, tennis courts, soccer fields and underground parking. Sean Connelly and John Meyer of 33 represented the seller, Deer Creek Condominium Association. Laramar Group purchased the property, which is 85 percent occupied. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a condo property if 75 percent or more are in agreement.

October 8, 2019

Leasing Activity Midwest Missouri Retail

Four New Retailers Join Tenant Lineup at Twin Creeks Center in Kansas City

by Kristin Harlow October 8, 2019

KANSAS CITY, MO. — AT&T, Starbucks, Furniture Deals and Spectrum have joined the tenant lineup at Twin Creeks Center in the Northland area of Kansas City. Negotiations are currently underway to add Chipotle, Altitude Trampoline Park and ReeceNichols, according to owner United Development Co. The Texas-based company purchased the 29-acre property formerly known as Barry Towne Center in February 2017. United, along with its development partner Falcon Realty Advisors, has invested $30 million in renovations. The companies plan to invest an additional $30 million in developing the remaining 13 acres on the east side of the center. Copaken Brooks Commercial Real Estate is the property manager, while LANE4 Property Group is the leasing agent.

October 8, 2019

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