CINCINNATI — Messer Construction has purchased one-third of a development-ready industrial site from The Port of Greater Cincinnati Development Authority. In partnership with Terrex Development and Construction, Messer plans to build a 73,000-square-foot building. A groundbreaking is slated for this summer with completion in 2020. The project team also includes BHDP Architecture, Colliers International and Fifth Third Bank. The project represents a $6.5 million investment, according to Tim Steigerwald, Messer CEO. The site was formerly home to the Cincinnati Gardens property, which The Port purchased in July 2016.
LIBERTYVILLE, ILL. — Tide Cleaners will open its seventh Chicagoland location at Red Top Plaza in Libertyville. The property is situated at the southeast corner of Milwaukee Avenue and Red Top Drive. Allen Joffe of Baum Realty Group represented Tide in the lease transaction with the landlord, IRC. Tide offers 24-hour drop-off and pickup and has more than 128 locations nationwide.
BARTLETT, ILL. — Love Funding has provided a $4.7 million HUD loan for the refinancing of Victory Centre of Bartlett Senior Apartments. Built in 2007, the 104-unit property is dedicated to residents 55 and older. Amenities include a library, dining area, clinic, salon and fitness center. Ken Charbauski of Love Funding secured the loan through HUD’s 223(f) loan insurance program. The nonrecourse loan will be used to pay off the existing loan and fund some minor repairs to the property.
ST. PETERS, MO. — Propper Construction Services is nearing completion of 5300 Centre Apartments, a 265-unit luxury apartment complex in St. Peters, about 30 miles west of St. Louis. Slated to open this summer, the two-building property is situated at the intersection of Mexico Road and St. Peters Centre Boulevard near St. Peters City Centre Park. The buildings are connected by a covered bridge. Green space built on top of parking decks features community gardens, individual garden plots, outdoor gaming areas, grilling stations and recreational space. Other amenities include a pool, fitness center, yoga studio, dog park and pet salon. Monthly rental rates will range from $920 for studios to $2,555 for three-bedroom suites. Leasing is underway. Propper is the developer, while Zwick + Gandt Architecture is the architect and S.M. Wilson and Co. is the general contractor.
YORKVILLE, WIS. — Hillwood, a Perot company, has acquired two logistics facilities totaling 338,000 square feet as well as 58 acres of vacant land within Grandview Business Park in Yorkville. The purchase price was not disclosed. The two buildings are fully occupied by five tenants. Property features include clear heights of 30 feet and 145-foot truck courts. The vacant land can support up to 845,000 square feet of new construction. Grandview Business Park has convenient access to I-94 and is located within Racine County near the Illinois border.
OAK FOREST, ILL. — American Street Capital (ASC) has arranged a $5.3 million bridge loan for a 72-unit multifamily complex in Oak Forest, about 24 miles south of Chicago. The garden-style property is comprised of two buildings and 98 parking spaces situated on 2.1 acres. Floor plans average 850 square feet. Igor Zhizhin of ASC arranged the 12-month, nonrecourse loan with an agency lender.
SOLON, OHIO — Chase Properties has purchased a 55,000-square-foot cold storage warehouse and distribution center in Solon, about 20 miles southeast of Cleveland. The purchase price was not disclosed. The property, situated at 6575 Davis Industrial Parkway, is Chase Properties’ first industrial acquisition.
DELAWARE, OHIO — Marcus & Millichap has brokered the sale of a 14,490-square-foot property net leased to Walgreens for $2.7 million. The building is situated on 1.7 acres at 19 London Road in Delaware, about 30 miles north of Columbus. The property was built in 2001. Walgreens recently extended its lease through 2026. Dan Yozwiak of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Brandon Hanna of Encore Real Estate Investment Services secured and represented the buyer, a private investor.
Columbus, Ohio’s exploding population growth and strong economy are reflected in a red-hot housing market. Each weekend, open house signs dominate intersection corners. It is hard to miss big splashy billboards announcing new market-rate apartment complexes along our major I-70 and I-71 corridors. Last spring, Realtor.com named Columbus as the fourth-hottest housing market in the country. The bad news is our housing supply is not keeping up with demand. In fact, the Building Industry Association of Central Ohio notes that by 2050, when we’ll have a predicted 500,000 new jobs and 1 million new residents, a general housing shortfall of 43 percent will occur if we continue on our current building rate of 8,000 new units per year. We need 14,000 units for all incomes per year to keep up. Affordable housing gap An affordable housing crisis runs even deeper. Columbus’ booming housing market widens the gap for residents seeking affordable, safe and decent homes. Low- and moderate-income working families desperately need greater access to affordable housing near our city’s job centers. Service jobs abound in and around the city core, but most of our urban neighborhoods are quickly gentrifying, and rents have spiked due to their appeal to higher …
MINNEAPOLIS — Starwood Capital Group has purchased the 57-story Wells Fargo Center in downtown Minneapolis for $315 million. Blackstone and Hines sold the office tower, which was designed by Cesar Pelli and completed in 1987. The property is home to an indoor pedestrian promenade with a 100-foot-high ceiling rotunda and a lobby. Tenants include a Wells Fargo branch bank, accounting firm KPMG and investment firm Castlelake LP. Starwood plans to renovate the building and add amenities.