Midwest

Opus Begins Construction on Three-Story Student Housing Community Near University of Kansas

by Kristin Harlow July 10, 2019

LAWRENCE, KAN. — The Opus Group has begun construction on a new three-story student housing community near the University of Kansas. The project will include 120 units accommodating 312 residents as well as 8,200 square feet of retail space. The development is the first in Lawrence to use the new Smart Code portion of the city’s zoning code, requiring the project to incorporate more civic space and encourage less automobile usage. Residents will be able to take public transportation from a bus stop adjacent to the property. A biking and hiking trail from the property will lead directly to campus. Indoor amenities will include a fitness center, spa, clubroom, game room, podcast booth and study spaces. Outdoor amenities will include a terrace area along 23rd Street in front of the retail space for public use, as well as a pool, fire pits, gas grills and fitness area. The project is a joint venture with The McKinney Fund & Co. Central Bank of St. Louis and Central Bank of the Midwest provided construction financing. Completion is slated for July 2020.

July 10, 2019

Acquisitions Illinois Midwest Retail

Matanky Brokers Sale of 102,647 SF Shopping Center in Federal Opportunity Zone in Park Forest, Illinois

by Kristin Harlow July 10, 2019

PARK FOREST, ILL. — Matanky Realty Group has brokered the sale of a 102,647-square-foot shopping center located at 80-138 S. Orchard Drive in Park Forest, south of Chicago. Freedom Development Group purchased the three-building property for an undisclosed price. The Family Dollar-anchored center includes a grocery store and auto repair center. The buyer was attracted to the site due to its location within a federal Opportunity Zone, according to Matanky. Terri Cox and Don Wagener of Matanky brokered the transaction.

July 10, 2019

Development Midwest Multifamily Ohio

Pizzuti to Begin Apartment Redevelopment Project in Columbus, Ohio

by Kristin Harlow July 10, 2019

COLUMBUS, OHIO — The Pizzuti Cos. has purchased the former Grant Oak Apartments in Columbus and is scheduled to begin construction immediately on the redevelopment of the site. Located at the southeast corner of Grant Avenue and Oak Street in the Discovery District, the project will include a combination of renovation work, new construction and site improvements. Phase I will include a renovation of the four westernmost buildings and will result in 70 market-rate studio and one-bedroom units. Completion is slated for spring 2020. Phase II will include a new-construction, five-story building with a mix of studio, one- and two-bedroom units. The 80-unit property will include walk-up units along Oak and 9th streets. Pizzuti expects to break ground on Phase II in the fall with completion slated for late summer 2020. Sullivan Bruck Architects oversaw the design of the renovated portion and Lupton Rausch Architects Inc. designed the new-construction building. Elford Inc. will serve as the general contractor on both portions of the project.

July 10, 2019

Loans Michigan Midwest Multifamily

Berkadia Secures $9.3M Refinancing for Multifamily Property in Grand Rapids

by Kristin Harlow July 10, 2019

GRAND RAPIDS, MICH. — Berkadia has secured a $9.3 million loan for the refinancing of Lofts on Michigan in Grand Rapids. Built in 2016, the multifamily property features 54 units and ground-floor retail space. Situated at 740 Michigan St. NE, the building offers convenient access to the Medical Mile and downtown Grand Rapids. Aaron Moll of Berkadia arranged the CMBS loan on behalf of the undisclosed borrower.

July 10, 2019

Acquisitions Michigan Midwest Retail

Marcus & Millichap Arranges $5.7M Sale of Retail Center in Woodhaven, Michigan

by Kristin Harlow July 10, 2019

WOODHAVEN, MICH. — Marcus & Millichap has arranged the sale of Woodhaven Village Square for $5.7 million. The 50,414-square-foot retail center is located in Woodhaven, a southern suburb of Detroit. The property is fully leased to Michaels, PetSmart, Cato and Dance Nation. Ashish Vakhariya and Seth Haron of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The buyer was not disclosed.

July 10, 2019

Acquisitions Kansas Midwest Office Top Stories

Occidental Management Closes on Acquisition of 190-Acre Sprint Headquarters in Overland Park, Kansas

by Kristin Harlow July 10, 2019

OVERLAND PARK, KAN. — Occidental Management Inc. has closed on its previously announced acquisition of the 20-building, 190-acre Sprint headquarters campus in Overland Park. The purchase price was not disclosed, but the campus is valued at more than $342 million, according to the Johnson County Appraiser. The deal includes a sale-leaseback agreement with Sprint Corp., which will occupy the buildings primarily in the southern portion of the property. The first buildings opened in 1997 when Sprint consolidated operations in the Kansas City metro area. The campus was designed to accommodate 14,500 employees and reached maximum capacity in 2004 when Sprint merged with Nextel. Since then, Sprint has been downsizing. Of the roughly 4 million-square-foot campus, approximately 1.7 million square feet is leased to other tenants and 250,000 square feet is vacant, according to Gary Oborny, CEO and chairman of Occidental. Wichita-based Occidental has yet to release specific plans for the property’s future, but expects to do so by year’s end. The company does intend to re-invigorate the campus and focus on adding amenities that will help employers retain and recruit talent. “The Sprint campus has been one of our ideal acquisition targets in the Kansas City market, and we’re excited …

July 10, 2019

Acquisitions Midwest Minnesota Office

Lingerfelt CommonWealth Acquires 42-Story Office Tower in Minneapolis

by Kristin Harlow July 9, 2019

MINNEAPOLIS — Lingerfelt CommonWealth Partners LLC has acquired 222 South Ninth Street, a 42-story office tower in downtown Minneapolis. The purchase price was $81 million, according to the Minneapolis/St. Paul Business Journal. Principal Real Estate Investors sold the 727,170-square-foot tower, which will be rebranded as Two22. The new name stems from the property’s street address. Built in 1985, the building was originally known as the Piper Jaffray Tower and most recently the Campbell Mithun Tower. The property is 51 percent occupied. Lingerfelt plans to immediately implement an estimated $20 million comprehensive renovation, including modernization of the elevators, Skyway renovations, additional amenities, a lobby renovation and addition of an outdoor terrace. Lingerfelt will own the tower via its vertically integrated investment platform. Commonwealth Commercial Partners, the company’s affiliated real estate operating firm, will handle day-to-day property management for Two22 and open its first office in the Twin Cities. Atlantic Real Estate Capital arranged acquisition financing for the transaction. Ryan Watts, Judd Welliver, Sonja Dusil and Tom Holtz of CBRE arranged the sale on behalf of the seller.

July 9, 2019

Affordable Housing Illinois Loans Midwest Multifamily

Greystone Provides $70.4M in Fannie Mae Financing for Affordable Housing Property in Chicago

by Kristin Harlow July 9, 2019

CHICAGO — Greystone has provided $70.4 million in permanent financing through Fannie Mae for Morningside North Apartments in Chicago. Under a 20-year Section 8 Housing Assistance Payments (HAP) contract, all of the units at the 256-unit community are reserved for very-low income families making up to 60 percent of the area median income. The Fannie Mae refinancing has a 17-year term. Financed under the Fannie Mae MBS (Mortgage-Backed Securities) as Tax-Exempt Bond program, the borrower received tax-exempt financing from the Illinois Housing Development Authority in the form of long-term bonds. Additionally, Aegon is providing $30.5 million in tax credit equity that will be utilized for planned renovations. The transaction qualifies for the Fannie Mae Green Rewards Program, as the borrower plans to reduce water usage by 30 percent and energy use by greater than 15 percent. Built in 1981, Morningside North Apartments is an 18-story community made of primarily one-bedroom units. Amenities include a library, clubroom, community room, laundry room and storage space.

July 9, 2019

Illinois Midwest Retail

Old Second Bank Awards NAI Hiffman Property Management of All Chicagoland Bank Branches

by Kristin Harlow July 9, 2019

CHICAGO — Old Second Bank has awarded NAI Hiffman the management of 28 branches spanning 18 suburbs and the city of Chicago. Old Second Bank is a full-service banking business that provides customary consumer and commercial banking products. Its flagship bank, Old Second National Bank, was founded in 1871. The parent entity, Old Second Bancorp Holding Co., was founded in 1982 and is headquartered in Aurora, Ill.

July 9, 2019

Acquisitions Midwest Minnesota Retail

Cooper Group Brokers $5.6M Sale of Shopping Center in Hutchinson, Minnesota

by Kristin Harlow July 9, 2019

HUTCHINSON, MINN. — The Cooper Commercial Investment Group has brokered the sale of County Fair Marketplace in Hutchinson, located 61 miles west of Minneapolis, for $5.6 million. The Aldi-anchored shopping center spans 60,208 square feet. Other tenants include PetSmart and Pizza Ranch. Dan Cooper of Cooper Commercial represented the Illinois-based institutional seller. A California-based private investor purchased the asset. The cap rate was 7.68 percent.

July 9, 2019

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