Midwest

Berkadia Brokers Sale of 408-Unit Multifamily Community in Kansas City

by Kristin Harlow November 1, 2019

KANSAS CITY, MO. — Berkadia has brokered the sale of The Kings, a 408-unit garden-style property in Kansas City. The sales price was not disclosed. Built in 1973 and located at 11330 Colorado Ave., the multifamily community features studio, one-, two- and three-bedroom floor plans. Amenities include a clubhouse, barbecue area, laundry facilities and two swimming pools. Alex Blagojevich, Michael Sullivan and Brett Meinzer of Berkadia represented the seller, a joint venture between Sundance Bay and Drake Real Estate Partners. Florida-based Stoneweg US LLC was the buyer. Stoneweg has been active in the Kansas City market, acquiring more than 1,000 units in the last three months, according to Berkadia.

November 1, 2019

Acquisitions Healthcare Kansas Midwest Net Lease

Boulder Group Negotiates $8.1M Sale of Net-Leased Medical Office Property in Wichita, Kansas

by Kristin Harlow November 1, 2019

WICHITA, KAN. — The Boulder Group has negotiated the sale of a single-tenant property net leased to Integrated Healthcare Systems in Wichita for $8.1 million. The 30,472-square-foot building is located at 9211 E. 21st St. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Midwest-based real estate development company. A real estate investment trust was the buyer. Integrated Healthcare Systems is a wholly owned subsidiary of Ascension Medical Group.

November 1, 2019

Loans Midwest Multifamily Nebraska

NorthMarq Secures $4M Refinancing for Apartment Complex in Omaha

by Kristin Harlow November 1, 2019

OMAHA, NEB. — NorthMarq has secured a $4 million loan for the refinancing of New Keystone Apartments in Omaha. The 72-unit property is located at 7311 Wirt St. Josh Larsen of NorthMarq arranged the 10-year Freddie Mac loan, which features a 30-year amortization schedule and a fixed rate. The borrower was not disclosed.

November 1, 2019

Acquisitions Indiana Midwest Retail

Mid-America Arranges Sale of Two-Tenant Retail Building in South Bend, Indiana

by Kristin Harlow November 1, 2019

SOUTH BEND, IND. — Mid-America Real Estate Corp. has arranged the sale of a 5,013-square-foot retail building in South Bend for an undisclosed price. ATI Physical Therapy and AT&T fully occupy the property, which is located along Portage Road. Carly Gallagher, Christian Tremblay and Rick Drogosz of Mid-America represented the seller, Veritas Realty. A West Coast-based investor purchased the property while completing a 1031 tax-deferred exchange.

November 1, 2019

Loans Midwest Multifamily Ohio

Berkadia Arranges $67.5M Refinancing for Apartment Property in Cleveland

by Kristin Harlow October 31, 2019

CLEVELAND — Berkadia has arranged $67.5 million for the refinancing of Centric Apartments in Cleveland. The 272-unit apartment property, located in the University Circle neighborhood, features 28,000 square feet of commercial space. The building houses studios, one- and two-bedroom units with in-suite washers and dryers. Amenities include a sky deck, outdoor living space, grilling stations, bike storage, dog washing stations and covered parking. Commercial tenants include Tremont Athletic Club and Sweet Kiddles. Dan Geuther of Berkadia secured the permanent financing through Freddie Mac on behalf of Ohio-based Midwest Development Partners. Loan terms were not disclosed.

October 31, 2019

Acquisitions Midwest Office Wisconsin

Harbor Group International Acquires Spectrum Brands Headquarters in Madison, Wisconsin

by Kristin Harlow October 31, 2019

MADISON, WIS. — Harbor Group International LLC has acquired the headquarters of Spectrum Brands in Madison for $52 million. The single-tenant office building was originally built in 2013 and renovated in 2017. It rises four stories and spans 252,122 square feet. Spectrum Brands, a hardware, home improvements and pet supplies company, occupies the property on a net-lease basis through 2034. Livesey Co. was the seller.

October 31, 2019

Development Midwest Minnesota Office

Ryan Cos., Excelsior Group Break Ground on 11-Story Spec Office Building in St. Louis Park, Minnesota

by Kristin Harlow October 31, 2019

ST. LOUIS PARK, MINN. — Ryan Cos. and The Excelsior Group have broken ground on 10 West End, an 11-story speculative office building in St. Louis Park’s West End. The 343,000-square-foot property is situated near I-394 and Highway 100. Typical floor plates will span 30,362 square feet. ACORE Capital provided project financing. Ryan A+E is the architect and Ryan Construction is the general contractor. Mike Honsa of Transwestern will lease the property. A timeline for completion was not disclosed.

October 31, 2019

Acquisitions Midwest Multifamily North Dakota

IRET Sells Five Apartment Communities in Bismarck, North Dakota for $24M

by Kristin Harlow October 31, 2019

BISMARCK, N.D. — IRET has sold five apartment communities comprising 414 units in Bismarck for an aggregate price of $24 million. The properties include Crestview, Kirkwood Manor, North Pointe, Pebble Springs and Westwood Park. Proceeds from the transaction will be utilized to pay down borrowings on IRET’s revolving line of credit. The company plans to increase its presence in target markets of Denver and the Twin Cities, according to Mark Decker Jr., president and CEO. The buyer was not disclosed.

October 31, 2019

Development Illinois Midwest Multifamily Seniors Housing

Smith Senior Living Begins $22.3M Expansion at CCRC in Chicago

by Kristin Harlow October 31, 2019

CHICAGO — Smith Senior Living has broken ground on an expansion project at Smith Village, a continuing care retirement community in Chicago’s Beverly neighborhood. The project will modernize the community’s Johanson Wing, which offers short-term rehabilitation, skilled nursing care and therapy rooms. The expansion will feature a three-story, 10,204-square-foot structure upon completion. Construction will actually reduce the number of licensed beds in Johanson Wing from 100 to 78, as most double-occupancy rooms will be replaced by private suites. Development costs for the project are estimated at $22.3 million.

October 31, 2019

Development Michigan Midwest Office Top Stories

Public-Private Partnership to Develop $300M University of Michigan Research Center in Downtown Detroit

by Alex Tostado October 31, 2019

DETROIT — A public-private partnership has unveiled plans for a $300 million, 190,000-square-foot research and education center in downtown Detroit that the University of Michigan (U-M) will occupy and operate. Kohn Pedersen Fox designed the building that will anchor the 14-acre Detroit Center for Innovation (DCI). The research building is expected to eventually serve 1,000 graduate and senior-level undergraduate students pursuing advanced degrees in a range of high-tech innovation disciplines, including mobility, artificial intelligence, data science, entrepreneurship, sustainability, cybersecurity and financial technology. Construction of the DCI is slated to commence in 2021. Michigan Gov. Gretchen Whitmer joined Detroit Mayor Mike Duggan; Wayne County Executive Warren Evans; Stephen Ross, philanthropist and chairman of Related Cos.; Matt Cullen, CEO of Bedrock; and U-M President Mark Schlissel at the planned construction site on Wednesday to announce development plans. Funding for the project is backed by donations from public and private funders including Ross and Gilbert. Gilbert owns Bedrock, which acquired the land from Wayne County in 2018. The company demolished the half-built Wayne County Jail. For the development of DCI, Bedrock will transfer land ownership to U-M, pending public review by the Wayne County Commission. “This announcement represents an incredible commitment to Detroit by Stephen Ross, Mark Schlissel and Dan Gilbert that will allow us to develop, attract and retain world-class …

October 31, 2019

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