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KeyBank Provides $26.4M Acquisition Financing for Hotel Portfolio in Cleveland, Chicago

by Kristin Harlow

CLEVELAND AND CHICAGO — KeyBank Real Estate Capital has provided a $26.4 million CMBS loan for the acquisition of a portfolio of Extended Stay America hotels in suburban areas of Cleveland and Chicago. The portfolio is comprised of 14 hotels, built in the late 1990s and early 2000s, totaling 1,386 rooms. Jake Proctor of KeyBank originated the nonrecourse, fixed-rate financing with a five-year term, three-year interest only period and 30-year amortization schedule. Singerman Real Estate was the borrower. The portfolio also includes hotels in Columbus, Ga.

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AcquisitionsMidwestMultifamilyWisconsin

Berkadia Arranges $22.7M Sale of Apartment Community in Milwaukee

by Kristin Harlow

MILWAUKEE — Berkadia has arranged the sale of Avenir Apartments on Jefferson in Milwaukee for $22.7 million. The 104-unit apartment community includes 7,045 square feet of retail space. Located at 1437 N. Jefferson St., the property features studio, one- and two-bedroom floor plans. Ralph DePasquale, Alex Blagojevich and Parker Stewart of Berkadia represented the seller, an entity managed by Wangard Partners. Weidner Apartment Homes purchased the asset.

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DevelopmentIllinoisMidwestMultifamily

Spaces Real Estate Begins Pre-Leasing of Apartment Community in Chicago

by Kristin Harlow

CHICAGO — Spaces Real Estate has begun pre-leasing of 1325 N. Wells, a 60-unit apartment community in Chicago’s Old Town neighborhood. Currently under development by Sedgwick Properties, the community will be managed by Laramar Group. First move-ins are scheduled for early 2019. Located between Schiller and Goethe streets, the property features one- and two-bedroom apartments ranging in size from 621 to 1,140 square feet. Monthly rents start at $2,225. Amenities include a fitness center, entertainment lounge and rooftop deck. Residents will also have access to bike storage, heated garage parking and dry cleaning service by Pressbox.

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AcquisitionsIndustrialMidwestWisconsin

Founders 3 Brokers Sale of 162,230 SF Industrial Building in Germantown, Wisconsin

by Kristin Harlow

GERMANTOWN, WIS. — Founders 3 Real Estate Services Inc. has brokered the sale of a 162,230-square-foot industrial building in Germantown for an undisclosed price. The building, located within Willow Creek Business Park, serves as the headquarters for DiscountRamps.com with 18,610 square feet designated as office space. The seller, Weas Development, completed construction of the building in September. Andy Hess and Bob Flood of Founders 3 brokered the transaction on behalf of the seller. An affiliate of STAG Industrial Inc. purchased the building.

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IllinoisLoansMidwestRetail

Associated Bank Provides $4.1M Construction Financing for 7-Eleven Property in Chicago

by Kristin Harlow

CHICAGO — Associated Bank has provided a $4.1 million loan for the construction of a 3,000-square-foot building in Chicago that will house a 7-Eleven gas station and convenience store. Construction is expected to begin in early 2019 and completion is slated by the end of the year. The property, located at 3163 N. Clybourn Ave. in the Lakeveiw neighborhood, was previously vacant. Brian Rogan of Associated Bank originated the loan on behalf of the borrower, GW Clybourn LLC, a subsidiary of GW Properties.

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IllinoisLoansMidwestMultifamily

CIBC Provides $31.1M Construction Financing for Condominium Development in Chicago’s Wicker Park

by Kristin Harlow

CHICAGO — CIBC Bank USA has provided $31.1 million in construction financing for 43 luxury condominium units and 12 townhomes in Chicago’s Wicker Park. The development is named Alcove M.D.P. for its proximity to Milwaukee Avenue, Division Street and Paulina Street. Vermilion Development is the developer. The seven-story condominium building will include units averaging almost 2,000 square feet. Units start at $600,000. The 12 four-bedroom townhomes, each attached with garages, are sized between 3,000 and 3,500 square feet. The townhomes start at $1 million. Vermilion is expected to break ground on the project in the first quarter of 2019, but a timeline for completion was not disclosed. Christopher Knight of HFF arranged the financing.

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AcquisitionsIndianaMidwestMultifamily

Cushman & Wakefield Arranges Sale of 151-Unit Apartment Property in Indianapolis

by Kristin Harlow

INDIANAPOLIS — Cushman & Wakefield has arranged the sale of The Coil Apartments in Indianapolis for an undisclosed price. The 151-unit apartment property, located at 6349 N. College Ave., includes a 33,500-square-foot retail space occupied by Fresh Thyme Farmers Market. Todd Stofflet, Jason Stevens and Susan Tjarksen of Cushman & Wakefield represented the sellers, Sheehan Cos. and Browning Investments. RDG Funds purchased the asset.

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DevelopmentIndustrialMidwestMissouriOffice

Keystone Construction Completes Renovation of UniGroup Headquarters in Fenton, Missouri

by Kristin Harlow

FENTON, MO. — Keystone Construction has completed the renovation of UniGroup’s headquarters in Fenton. UniGroup, the parent company of multiple transportation-related companies, is offering excess office space for lease. The campus totals approximately 450,000 square feet and is situated near the interchange of I-270 and I-44. The multi-million dollar renovation included upgrades to the HVAC system, roof, façade, windows, workout facility and cafeteria. Keystone Construction served as contractor and ACI Boland was the architect. NAI DESCO has been hired to market the 50,000-square-foot vacant space at One Premier Drive.

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AcquisitionsIllinoisMidwestMultifamily

Essex Brokers Sale of Apartment Building in Chicago for $24.5M

by Kristin Harlow

CHICAGO — Essex Realty Group Inc. has brokered the sale of The Northland Apartments in Chicago’s Old Town neighborhood for $24.5 million. The luxury apartment building comprises 60 units and one restaurant, Two Lights Seafood & Oyster. Amenities include a dog run and rooftop deck. Monthly rents start at $1,700. Jim Darrow and Jordan Gottlieb of Essex represented the seller, local developer JAB Real Estate. Kate Verde of Essex represented the out-of-state buyer who was completing a 1031 tax-deferred exchange.

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AcquisitionsHealthcareIllinoisMidwest

Marcus & Millichap Negotiates $3.7M Sale of Property Occupied by DaVita Dialysis in Northern Illinois

by Kristin Harlow

SOUTH HOLLAND, ILL. — Marcus & Millichap has negotiated the $3.7 million sale of a 9,703-square-foot property occupied by DaVita Dialysis in South Holland, about 20 miles south of Chicago. The facility, located at 16110 LaSalle St., opened in 2016. DaVita operates under a 15-year, double net lease. Valerie Cook, Austin Weisenbeck and Sean Sharko of Marcus & Millichap represented the undisclosed seller. An out-of-state buyer completing a 1031 tax-deferred exchange purchased the asset.

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