Midwest

Joint Venture Purchases 171,933 SF Office Building in Oak Brook, Illinois

by Kristin Harlow February 6, 2020

OAK BROOK, ILL. — A joint venture between Clear Height Properties and Buligo Capital has purchased 814 Commerce Drive, a three-story, 171,933-square-foot office building in the Chicago suburb of Oak Brook. The purchase price was undisclosed. The buyers plan to reposition the building, which was constructed in 1990. Improvements will be made to the exterior façade, building entryway, lobby, common areas and landscaping. Commercial real estate firm IRC leases 43,000 square feet at the building and Innovista Health occupies 41,000 square feet. DeVry University, which currently leases 66,500 square feet on the second floor for its Oak Brook campus, plans to relocate. Art Burrows, James Adler and Dan O’Neill of NAI Hiffman represented the seller, Elliott Management. NAI Hiffman has been named the exclusive marketing and property management representative for the property.

February 6, 2020

Acquisitions Industrial Iowa Midwest Self-Storage

Marcus & Millichap Arranges $5.5M Sale of Self-Storage Facility in Cedar Rapids

by Kristin Harlow February 6, 2020

CEDAR RAPIDS, IOWA — Marcus & Millichap has arranged the sale of an 83,286-square-foot self-storage facility known as Cedar Storage in Cedar Rapids for $5.5 million. The property includes 374 units as well as RV and boat storage. It is located at 804 Vernon Valley Drive. Britney Hendricks and Sean Delaney of Marcus & Millichap marketed the property on behalf of the seller, an individual trust. The team also represented the buyer, a private investor.

February 6, 2020

Acquisitions Illinois Industrial Midwest

Venture One Buys 37,092 SF Industrial Building in Romeoville, Illinois

by Kristin Harlow February 6, 2020

ROMEOVILLE, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial V LP, has purchased a 37,092-square-foot industrial building in Romeoville for an undisclosed price. Built in 1990, the property is located at 1319 Marquette Drive, approximately 30 miles southwest of Chicago. It features one exterior dock, three drive-in doors and parking for 135 cars. At the time of sale, the building was fully leased to one tenant. Ryan Klink of Cushman & Wakefield represented Venture One in the transaction.

February 6, 2020

Indiana Industrial Market Reports Midwest Midwest Market Reports

Indianapolis Caps Off Record-Setting 2019 in Industrial Market

by Kristin Harlow February 6, 2020

The Indianapolis industrial market somehow heated up even more throughout 2019, setting several all-time records along the way and setting the table for another strong year in 2020. Landlords and tenants showed just how strong the market remained throughout 2019, with absorption across all industrial property types besting its previous record by nearly a third. A total of 11.4 million square feet was absorbed throughout the market in 2019. That blew away what was a record at the time — 8.9 million square feet absorbed in 2018. Tenants were active all throughout the market, with 17.3 million square feet of space leased over the course of the year. That’s up from just under 14 million square feet that had been leased in 2018. While all sectors of the market attracted plenty of attention, the southwest and northwest Indianapolis markets saw the most action, with 5.3 million square feet leased in the southwest, and another 5 million square feet leased in the northwest. The activity applied to both small and large tenants, with new projects all over the metro leasing up quickly. The city’s largest deal was a 933,000-square-foot lease to Energizer at Franklin Tech Park within a year of Sunbeam …

February 6, 2020

Acquisitions Industrial Midwest Nebraska

Papillion Foods Acquires 535,000 SF Former Shopko Distribution Center in Papillion, Nebraska

by Kristin Harlow February 5, 2020

PAPILLION, NEB. — Papillion Foods has acquired a 535,000-square-foot former Shopko distribution center in Papillion for an undisclosed price. The 80-acre property is located in the Sarpy West Industrial submarket of Omaha. The facility was originally built for Shopko in 2000 and expanded in 2004. Shopko vacated the property in early 2019. Denny Sciscoe and Mike Earl of Cushman & Wakefield/The Lund Co. represented the seller, LCN Capital Partners, which purchased the facility in 2015. Brian Fogelberg and Emily Claridge of Transwestern represented the buyer. Wisconsin-based Shopko, an apparel and home goods retailer, closed all of its stores in mid-2019.

February 5, 2020

Loans Midwest Missouri Multifamily

Maverick Commercial Arranges $10.2M First Mortgage Loan for Manufactured Housing Community in Missouri

by Kristin Harlow February 5, 2020

HOUSE SPRINGS, MO. — Maverick Commercial Mortgage has arranged a $10.2 million first mortgage loan for Byrnes Mill Farms manufactured housing community in House Springs, located about 30 miles southwest of St. Louis. Built in 1986, the 372-site community features a pool and clubhouse. A national lender provided the bridge loan, which features a 16-month term and a 30-year amortization schedule. Proceeds from the loan refinanced the existing first mortgage, funded a reserve to be used for new house purchases, paid for closing costs and returned equity to the borrower, MHPI.

February 5, 2020

Acquisitions Healthcare Illinois Midwest

Cushman & Wakefield Brokers $7.7M Sale of Medical Office Building in Roscoe, Illinois

by Kristin Harlow February 5, 2020

ROSCOE, ILL. — Cushman & Wakefield has brokered the $7.7 million sale of the SwedishAmerican Clinic & Immediate Care-Prairie Center, a 25,565-square-foot medical office building in Roscoe in northern Illinois. Constructed in 2014, the facility sits on 7.5 acres at 4282 E. Rockton Road. SwedishAmerican, a division of UW Health, occupies 80 percent of the property. Services provided at the facility include immediate care, primary care, obstetrics and gynecology, podiatry, orthopedics, pulmonology, cardiology and physical therapy. The other tenant, Siepert & Co. LLP, is a public accounting firm and occupies 3,600 square feet. At the time of sale, 1,400 square feet was available for lease. Gino Lollio, Scott Niedergang and Travis Ives of Cushman & Wakefield represented the seller, Glen Rock Development LLC. A non-traded real estate investment trust focused primarily on healthcare assets purchased the building.

February 5, 2020

Acquisitions Kansas Midwest Missouri Multifamily

Pacific Sands Purchases Two Kansas City-Area Multifamily Assets

by Kristin Harlow February 5, 2020

KANSAS CITY, MO. AND LENEXA, KAN. — Pacific Sands Funds has purchased two multifamily properties in metro Kansas City for an undisclosed price. The first property is Chouteau Heights, a 76-unit apartment complex in the Sherwood Estates neighborhood of Kansas City. The second is Villas of Loiret, a 46-unit rental townhouse community in Lenexa. Chouteau Heights was built in 1964, while Villas of Loiret was constructed between 1999 and 2003. Pacific Sands plans to update both properties. Irvine, Calif.-based Pacific Sands maintains a portfolio of more than 500 units in southern California, Las Vegas, St. Louis and Kansas City. Seller information was undisclosed.

February 5, 2020

Acquisitions Michigan Midwest Retail

Gerdom Realty Negotiates Sale of 23,000 SF Retail Center in Livonia, Michigan

by Kristin Harlow February 5, 2020

LIVONIA, MICH. — Gerdom Realty has negotiated the sale of Livonia Crossroads for an undisclosed price. The 23,000-square-foot retail center is located at the southeast corner of Middlebelt and Plymouth roads in Livonia, a western suburb of Detroit. Tenants include MedPost Urgent Care, Disc Replay and Sprint. Tjader Gerdom, Larry Siedell and Michael Murphy of Gerdom represented both parties in the sale. A local investor purchased the asset. Gerdom retains leasing responsibilities for the center.

February 5, 2020

Features Finance Insight Loans Midwest Multifamily Northeast Southeast Texas Walker & Dunlop Western

Walker & Dunlop Looks to Modernize the Multifamily Valuation Business with Apprise

by Sarah Daniels February 5, 2020

Technology and data are here to make things easier, faster and more accurate than ever before. However, some industries have lagged behind. This inspired Walker & Dunlop and its data science partner, GeoPhy, to fulfill a need in the market related to multifamily valuation. “We built Apprise because we saw a significant opportunity to improve a critical part of the underwriting and valuation process that has largely gone unchanged for decades,” says Brad Savage, Chief Product Officer for Apprise by Walker & Dunlop. “It is the natural and needed progression of any industry to harness the power of technology to make its practitioners more efficient and more informed. This is something we’re seeing in nearly all industries, except commercial real estate valuation…until now.” Apprise by Walker & Dunlop integrates data feeds and business processes that cover 80 percent of the steps in the traditional appraisal process. This can often result in appraisals in five days or less, compared to up to three weeks for traditional reports. The process is powered by GeoPhy’s Automated Valuation Model (AVM), which automates data feeds and can pre-populate relevant fields, preventing errors or duplicate entries that can happen with manual submissions. Selection bias is also reduced with the …

February 5, 2020

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