Midwest

Cushman & Wakefield Arranges $9.6M Sale of Workforce Housing Asset in Gurnee, Illinois

by Kristin Harlow February 3, 2020

GURNEE, ILL. — Cushman & Wakefield’s Midwest Multifamily Advisory Group has arranged the $9.6 million sale of Carriage House Apartments in Gurnee, about 40 miles north of Chicago. Constructed in the 1970s, the 17-building, 136-unit workforce housing property is located at 4344 McClure Ave. Brad Smith, Jason Stevens and Todd Stofflet of Cushman & Wakefield represented the seller, California-based Steadfast Apartment REIT III Inc. Wisconsin-based GP Property Management purchased the asset. Steadfast had acquired the property in 2016 and completed unit upgrades. The new owners are planning additional improvements. At the time of sale, the property was 97 percent occupied. Workforce housing refers to housing that is affordable to households earning 60 to 120 percent of the area median income, according to the Urban Land Institute. It’s often utilized for public employees, such as teachers, police officers and firefighters.

February 3, 2020

Acquisitions Healthcare Iowa Midwest

Stan Johnson Co. Brokers $4.1M Sale of Fresenius Kidney Care-Occupied Property in West Des Moines

by Kristin Harlow February 3, 2020

WEST DES MOINES, IOWA — Stan Johnson Co. has brokered the sale of a 9,536-square-foot property occupied by Fresenius Kidney Care in West Des Moines for $4.1 million. The dialysis facility is located at 9080 University Ave. Built in 2019, the property sits on two acres near other medical centers. Blaise Bennett and BJ Feller of Stan Johnson represented the seller, Hurd Real Estate. Cedar Rapids-based Midwest Equity Investors purchased the asset.

February 3, 2020

Illinois Leasing Activity Midwest Restaurant Retail

Jeni’s Splendid Ice Creams Joins Retail Tenant Lineup at Apartment Project in Chicago’s Logan Square

by Kristin Harlow February 3, 2020

CHICAGO — Jeni’s Splendid Ice Creams has signed a lease for 1,556 square feet of ground-floor retail space at Logan Apartments in Chicago’s Logan Square. The new apartment development is located at 2480-2522 N. Milwaukee Ave. Jeni’s joins Target and Big Wig Tacos at the project. Jeni’s Logan Square location, its eighth Chicago-area store, is expected to open this summer. Logan Apartments is slated to open in March. Fifield Cos. is the project developer.

February 3, 2020

Acquisitions Illinois Midwest Restaurant Retail

Marcus & Millichap Brokers $2.7M Sale of Property Net Leased to Jason’s Deli in Schaumburg, Illinois

by Kristin Harlow February 3, 2020

SCHAUMBURG, ILL. — Marcus & Millichap has brokered the sale of a 5,145-square-foot property net leased to Jason’s Deli in Schaumburg for $2.7 million. The building is located at 1530 McConnor Parkway. It was constructed as a build-to-suit for Jason’s Deli in 2011. There are three years remaining on the lease. Austin Weisenbeck, Sean Sharko and Brian Munn of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Joseph Sigal of Marcus & Millichap represented the buyer, a private investor.

February 3, 2020

Hospitality Loans Michigan Midwest

Mag Mile Capital Arranges $23.6M Refinancing for Michigan Hotel Portfolio

by Kristin Harlow January 31, 2020

GRAND RAPIDS, NOVI AND STERLING HEIGHTS, MICH. — Mag Mile Capital has arranged $23.6 million in CMBS loans for the refinancing of three Michigan hotels. Stellar Hospitality was the borrower. In the first transaction, Francisco Narcoda of Mag Mile arranged a $9.4 million loan for a Staybridge Suites hotel in Grand Rapids. The 94-room hotel opened in December 2001. Nacorda also secured an $8.5 million loan for the 89-room Homewood Suites in Novi. In the final transaction, the team arranged a $5.7 million loan for the 98-room Tru by Hilton property in Sterling Heights. The 10-year loans feature an interest rate of 4.2 percent.

January 31, 2020

Loans Michigan Midwest Multifamily ORIX

Hunt Provides $18.3M Refinancing for Two Multifamily Properties in Michigan

by Kristin Harlow January 31, 2020

KALAMAZOO AND SAGINAW, MICH. — Hunt Real Estate Capital has provided two Freddie Mac loans totaling $18.3 million for the refinancing of two multifamily properties in Michigan. The borrower is Michigan-based limited liability company ROCO Real Estate. Both loans feature 10-year terms with 30-year amortization periods. The properties include Waverly Place, a 228-unit community in Kalamazoo; and Bancroft, a 152-unit community in Saginaw.

January 31, 2020

Affordable Housing Development Illinois Midwest Multifamily

Joseph J. Duffy Co. to Break Ground on 37-Unit Affordable Housing Project in Oak Park, Illinois

by Kristin Harlow January 31, 2020

OAK PARK, ILL. — Joseph J. Duffy Co. is set to break ground on a new four-story, 37-unit affordable housing project in Oak Park. An official groundbreaking ceremony will take place on Monday, Feb. 10. The project will be situated on a vacant lot at the corner of Oak Park Avenue and Van Buren Street. The ground floor will house approximately 900 square feet of commercial space plus bicycle storage. Plans also call for a 28-car parking area, an outdoor roof terrace and a multipurpose room. Nonprofit real estate developer The Community Builders is the developer and DesignBridge Ltd. is the architect.

January 31, 2020

Hospitality Loans Midwest Nebraska

Petros PACE Provides $4.2M in Financing for Conversion of Historic Omaha Building into Boutique Hotel

by Kristin Harlow January 31, 2020

OMAHA, NEB. — Petros PACE Finance LLC has provided a $4.2 million commercial property assessed clean energy (C-PACE) loan for the conversion of a historic building in downtown Omaha into a boutique hotel. REV Development was the borrower. The transaction will fund a portion of the renovation of Omaha’s century-old Logan Building. The seven-story building will be operated as a 90-key Hotel Indigo, with additional space reserved for condos and ground-level retail. The redevelopment project includes energy-saving improvements to the property’s lighting, HVAC, windows, roofing and plumbing systems. Completion of construction is slated for July 2020. C-PACE is a relatively new financing tool for energy- and water-efficiency projects. Building owners borrow money for energy-efficiency projects and make repayments via an assessment on their property tax bills. C-PACE may be funded by private investors or government programs, but it is only available in states with enabling legislation and active programs, according to the U.S. Department of Energy.

January 31, 2020

Acquisitions Illinois Industrial Midwest

Dayton Street Partners Acquires Two Industrial Properties in Elk Grove Village, Illinois

by Kristin Harlow January 31, 2020

ELK GROVE VILLAGE, ILL. — Dayton Street Partners has acquired two industrial properties in Elk Grove Village. Seller information and purchase prices were not disclosed. The first warehouse, 2454 Elmhurst Road, was built in 1982. Situated on 1.3 acres, the 16,473-square-foot property features 4,900 square feet of office space, five exterior docks and two drive-in doors. It is fully leased to Crown Roll Leaf and Associated Builders and Contractors. The second building, 2500 York Road, spans 55,356 square feet and sits on 3.3 acres. It features two interior docks and three drive-in doors. Dayton Street plans to update painting and lighting. Chicago-based Dayton Street is a commercial real estate investment and development firm focused on industrial properties.

January 31, 2020

Loans Midwest Minnesota Multifamily

Bellwether Enterprises Arranges $18.1M in Acquisition Financing for Twin Cities Multifamily Portfolio

by Kristin Harlow January 30, 2020

MINNEAPOLIS AND ST. PAUL, MINN. — Bellwether Enterprise Real Estate Capital LLC has arranged $18.1 million in acquisition financing for nine multifamily properties in the Twin Cities area. Bellwether Enterprise arranged the loans on behalf of the borrower, Midwest GIR Group. Freddie Mac provided the majority of the loans. The properties include: Hatch Apartments in St. Paul; Crystal Court in Crystal; Sommerset Place in Brooklyn Park; 872 Payne Ave. in St. Paul; Bluebird Apartments in St. Paul; Stinson Boulevard Apartments in Columbia Heights; Penn & Camden in Minneapolis; Stryker Place in St. Paul; and Folwell Apartments in Minneapolis. Midwest GIR Group acquired the properties, totaling 284 units, over the last 16 months.

January 30, 2020

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