Wednesday, July 23, 2025
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Midwest

AcquisitionsIndustrialIowaMidwest

Stan Johnson Co. Brokers $16.9M Sale of Iowa Industrial Portfolio

by Kristin Harlow

IOWA — Stan Johnson Co. has brokered the sale of a four-building industrial portfolio across Iowa for $16.9 million. The properties total nearly 684,000 square feet and are leased to a subsidiary of Magna International Inc. The buildings include 408 and 411 Maplewood Ave. in Williamsburg, 403 S. 8th St. in Montezuma, and 1951 A Ave. in Victor. Rob Gemerchak and Jeff Hughes of Stan Johnson represented the seller, Granite REIT, a Toronto-based publicly traded real estate investment trust. New York-based GMS Equities purchased the portfolio.

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LoansMidwestMissouriMultifamily

Berkadia Arranges $15M Refinancing for Multifamily Property in Independence, Missouri

by Kristin Harlow

INDEPENDENCE, MO. — Berkadia has arranged a $15 million loan for the refinancing of Cedar Ridge, a 234-unit multifamily property in Independence, about 10 miles east of Kansas City. The community features one-, two- and three-bedroom floor plans. Amenities include a playground, tennis court, clubhouse, community garden and laundry facilities. Andy Ahlers of Berkadia arranged the Fannie Mae loan on behalf of the borrower, San Francisco-based Cedar Ridge Apartment Homes LLC. The 15-year loan features a fixed interest rate below 4 percent.

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AcquisitionsIllinoisMidwestMultifamily

Cushman & Wakefield Negotiates Sale of Class A Multifamily Property in Chicago

by Kristin Harlow

CHICAGO — Cushman & Wakefield has negotiated the sale of LUXE on Chicago, a 59-unit apartment building in Chicago’s West Town/Wicker Park neighborhood. The sales price was not disclosed, but it equates to approximately $525,000 per unit, according to the brokerage firm. Developed by Fifield Cos. in 2016, the Class A property also includes 13,979 square feet of first-floor retail space. The asset, which includes studios, one-, two- and three-bedroom units, was 92 percent occupied at the time of sale. Jason Stevens and Todd Stofflet of Cushman & Wakefield represented the seller, Fifield Cos. A private, international investor purchased the property.

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AcquisitionsIndustrialKansasMidwest

Jones Development Acquires 311,100 SF Manufacturing Facility in Kansas

by Kristin Harlow

NEW CENTURY, KAN. — Sumner Investment LLC, a local partnership arranged by Jones Development, has acquired a 311,100-square-foot distribution and manufacturing facility in New Century within Johnson County. The purchase price was not disclosed. The building is situated on 17.7 acres in the New Century AirCenter near I-35. The facility features clear heights ranging from 22 to 26 feet, 12,000 square feet of office space, 36 dock doors, six drive-in doors and 95 trailer parking stalls. The property will undergo a capital improvement plan.

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AcquisitionsHospitalityMidwestWisconsin

Marcus & Millichap Arranges $4.7M Sale of 75-Room Hotel in Green Bay

by Kristin Harlow

GREEN BAY, WIS. — Marcus & Millichap has arranged the sale of the Country Inn & Suites in Green Bay for $4.7 million. Built in 1995, the 75-room hotel is located at 2945 Allied St. Jake Erickson and Jared Plamann of Marcus & Millichap marketed the property on behalf of the seller and procured the buyer.

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AcquisitionsMidwestMissouriOffice

Block & Co. Brokers Sale of 25,490 SF Office Building in Independence, Missouri

by Kristin Harlow

INDEPENDENCE, MO. — Block & Co. Inc. Realtors has brokered the sale of a 25,490-square-foot office building formerly owned by Commerce Bank in Independence, about 10 miles east of Kansas City. The sales price was not disclosed. The multi-tenant property is located at 300 N. Osage St. Current tenants include Habitat for Humanity and Heritage Physicians Group. Bill Maas of Block & Co. represented the undisclosed buyer. In addition, Maas will handle leasing of the building’s 5,000-square-foot first-floor vacancy. Commerce Bank formerly occupied the space.

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IllinoisIndustrialLeasing ActivityMidwest

Cavalry Logistics Signs 25,253 SF Industrial Lease in Schaumburg, Illinois

by Kristin Harlow

SCHAUMBURG, ILL. — Cavalry Logistics has signed a 25,253-square-foot industrial lease in Schaumburg. The company, a third-party freight brokerage provider, will occupy the entire building located at 895 American Lane. Cavalry’s dispatch and sales division will occupy the property, which includes 11,000 square feet of newly renovated office space. Cory Kay, Mike DeSerto and Dan Benassi of Entre Commercial Realty LLC represented the landlord, a private investor. Dane Peachee of Compass Real Estate Advisors represented the tenant.

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AcquisitionsHospitalityKansasMidwest

Joint Venture Buys 398-Room Marriott Hotel in Overland Park, Kansas

by Kristin Harlow

OVERLAND PARK, KAN. — A joint venture between Wexford Lodging Advisors and Trinity Private Equity Group has purchased the 398-room Marriott Kansas City Overland Park. The purchase price was not disclosed. The joint venture plans to invest approximately $17 million to upgrade the hotel’s guest rooms and public spaces. Davidson Hotels and Resorts will operate the hotel. In addition to a renovation of the meeting space and lobby, plans call for the addition of Marriott’s M Club concierge lounge and a new fitness center. Located at 10800 Metcalf Ave., the 11-story hotel is situated on I-435.

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AcquisitionsMidwestOhioRetail

ICP Acquires 159,000 SF Former Dillard’s Property in Elyria, Ohio

by Kristin Harlow

ELYRIA, OHIO — Industrial Commercial Properties LLC (ICP) has acquired a 159,000-square-foot property at Midway Mall formerly occupied by Dillard’s in Elyria, about 30 miles southwest of Cleveland. The purchase price was not disclosed. The property sits on 18 acres. Earlier this year, ICP purchased the Sears building and Sears auto center on the western edge of the mall. ICP intends to redevelop the property, but specific plans have not been disclosed. Best Buy, Dunham’s Sports and Johnny K’s Power Sports anchor the 1.1 million-square-foot regional mall.

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DevelopmentIndustrialMidwestOhio

Curtis-Layer Design Build Breaks Ground on 150,000 SF Spec Warehouse in Streetsboro, Ohio

by Kristin Harlow

STREETSBORO, OHIO — Curtis-Layer Design Build has broken ground on a 150,000-square-foot speculative warehouse in Streetsboro, about 30 miles southeast of Cleveland. The building will feature precast concrete and glass panels and a clear height of 32 feet. The site is located near the Frost Road interchange at I-480 and approximately a half-mile from the Ohio Turnpike. Completion is slated for first-quarter 2020. Bob Brehmer of NAI Pleasant Valley is marketing the property for lease. A private investment group is the developer and MPG Architects is the architect. Chemical Bank provided construction financing.

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