BIG RAPIDS, MICH. — Hunt Real Estate Capital has provided a $15.5 million Fannie Mae loan for the refinancing of Campus Creek Cottages in Big Rapids. The 368-bed student housing property is comprised of several two-story buildings. Phase I opened in April 2017 and Phase II is scheduled to open in August. The borrower, GFJ BR Cottages LLC, developed the property. Ben Greemann of Greemann Capital arranged the loan. The property mainly serves students at Ferris State University.
EDINA, MINN. — Hanley Investment Group Real Estate Advisors has brokered the sale of a two-tenant retail building in Edina for $8.2 million. The newly constructed, 6,702-square-foot property is located at 3901 W. 70th St. E*Trade and Roti Modern Mediterranean restaurant occupy the building. Jeff Lefko and Bill Asher of Hanley represented the seller, OneCorp Real Estate. Jim Seabold of Coldwell Banker Burnet represented the buyer, a Denver-based private investor. The sales price represented a 6 percent cap rate.
AVON, IND. — Marcus & Millichap has negotiated the sale of Avon Lakes Estates, a 548-site manufactured home community in Avon, about 15 miles west of Indianapolis. The sales price was not disclosed. The community includes a pool, clubhouse, walking paths and management offices. John Bailey, Bill Bailey and Ross Bailey of Marcus & Millichap represented the seller, Avon Lakes Ventures LLC, an Indiana-based company that has owned and operated the community for more than 10 years. Kyle Baskin and Jonathon McClellan of Marcus & Millichap procured the buyer.
ELK GROVE VILLAGE, ILL. — Cawley Chicago has arranged the sale of a 31,059-square-foot industrial building in Elk Grove Village for an undisclosed price. The property is located at 1001 Fargo Ave. Andrew Maletich of Cawley Chicago represented the buyer. Sam Durkin of JLL represented the seller.
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TD Bank: Construction Delays have Bolstered the Multifamily Market
It may sound counterintuitive, but Gregg Gerken, head of U.S. commercial real estate at TD Bank, believes some of the challenges the multifamily development market has faced have actually benefited the market. He specifically references labor shortages and construction delays. There were concerns in some areas that too much product might come online too fast, hampering absorption and rent growth. But the recent speedbumps have allowed the pipeline to even out a bit, staggering the delivery of new units and preventing overbuilding. Demand still outpaces supply in many markets, which has led to average vacancy rates of around 5 percent and healthy rent growth. Both developers and renters can look forward to new product delivering at a steady pace in 2019. Watch the video to hear takeaways from MBA CREF and 2019 predictions from Gerken.
GRANDVIEW, MO. — Rainier Realty Investments LP, along with institutional investor CIL2 REIT LLC, has acquired Truman’s Marketplace, a 308,200-square-foot retail center in Grandview near Kansas City. The property is 98 percent leased by tenants such as Ross Dress for Less, TJ Maxx, Burlington, Petco and Price Chopper. Metropolitan Capital Advisors arranged acquisition financing. CIL2 is managed by Continuum Investments LLC. This is the sixth retail acquisition for Rainier and CIL2 in the past 20 months.
CHICAGO HEIGHTS, ILL. — Colliers International has arranged the sale of a 223,517-square-foot industrial facility located at 300 E. Joe Orr Road in Chicago Heights. The sales price was not disclosed, but the asking price was $3.1 million. The one-story facility features 18 cranes. The building also features an interior rail spur for Union Pacific, 10 drive-in doors, five drive-through bays and more than 12,000 square feet of office space. John Basile of Colliers represented the seller, Esmark Steel Group, a processor and distributor of flat-rolled steel. Ed Wabick of Paine Wetzel represented the buyer, private investor 300 E. Joe Orr Road LLC.
HAMPSHIRE, ILL. — RMC Holdings Hampshire has sold two land sites within Metrix Industrial Park at the northwest corner of Interstate 90 and State Route 20 in Hampshire. In the first transaction, The McCoy Group purchased 13 acres for the development of a Truck Country facility. Construction of the 40,000-square-foot facility is expected to begin this spring. In the second transaction, Stream’s Edge Properties LLC purchased 18 acres. Dave Schmidt and Linda Kost of Realty Metrix Commercial assisted Stream’s Edge with its acquisition, along with the rezoning of the land parcel and coordinating site work to expedite construction, which is scheduled to begin this spring. Metrix Industrial Park is a 45-acre project focused on trucking. It is adjacent to the new 33-acre Love’s Truck and Travel Stop, which is currently under construction and expected to open in April.
SPRINGBORO, OHIO — NorthMarq Capital has secured a $2.4 million loan for the acquisition of Spring Creek Apartments in Springboro, a suburb of Cincinnati and Dayton. The 66-unit apartment property is located at 475 Gilpin Road. Amenities include a pool, sundeck, pet area and laundry facilities. Noah Juran of NorthMarq arranged the 10-year, fixed-rate loan, which features a 30-year amortization schedule. The borrower completed a 1031 tax-deferred exchange.
EAU CLAIRE, WIS. — Marcus & Millichap has brokered the sale of a 56-room Super 8 hotel in Eau Claire for $2.3 million. The two-story property is located at 1151 W. MacArthur Ave. Ebrahim Valliani, John Yurich, Michael Klar, Allan Miller and Chris Gomes marketed the property on behalf of the seller. Todd Lindblom assisted in closing this transaction as the broker of record in Wisconsin.