Midwest

Capstone Apartment Partners Brokers $32.2M Sale of Apartment Property in Fort Wayne, Indiana

by Kristin Harlow February 5, 2019

FORT WAYNE, IND. — Capstone Apartment Partners has brokered the sale of Three Rivers Apartments in Fort Wayne for $32.2 million. New York-based real estate investment firm Besyata purchased the 371-unit apartment property from VTT Management. Built in 1966, the community features a pool, sauna, on-site convenience store, business center and two fitness centers. The property was 94 percent occupied at the time of sale. Monthly rents average $822. A.J. Klenk, Stasiu Geleszinski, Sherief Gouda, Nathan Murphy and Bryse Toothaker of Capstone Apartment Partners brokered the sale.

February 5, 2019

Acquisitions Illinois Industrial Midwest

Phoenix Investors Acquires Former Bon-Ton Distribution Center in Rockford, Illinois

by Kristin Harlow February 5, 2019

ROCKFORD, ILL. — An affiliate of Phoenix Investors has acquired a former Bon-Ton distribution center located at 4650 Shepherd Trail in Rockford. The 517,000-square-foot facility features 25,000 square feet of office space, one drive-in door, 127 dock doors and a clear height of 26 feet. Phoenix plans to renovate the property in the coming months. River Valley Bank provided senior mortgage financing.

February 5, 2019

Leasing Activity Midwest Office Wisconsin

Law Firm Signs 7,248 SF Office Lease at Milwaukee’s BMO Tower

by Kristin Harlow February 5, 2019

MILWAUKEE — Andrus Intellectual Property Law LLP has signed a lease to occupy 7,248 square feet at BMO Tower in Milwaukee. The intellectual property law firm will occupy the space on the 22nd floor. The company was founded in Milwaukee in 1939. BMO Tower is a 25-story Class A office development under construction. Approximately 160,000 square feet of office space and 12,000 square feet of retail space remain available for lease. Anchor tenants include BMO Harris Bank, Michael Best & Friedrich and Heartland Advisors. David Pudlosky and Michael Streit of JLL represented Andrus in the lease transaction. Mike Wanezek of Colliers International represented the landlord, Irgens.

February 5, 2019

Acquisitions Midwest Minnesota Retail

Boulder Group Arranges $3.1M Sale of TCF Bank-Occupied Property in St. Cloud, Minnesota

by Kristin Harlow February 5, 2019

ST. CLOUD, MINN. — The Boulder Group has arranged the $3.1 million sale of a single-tenant property occupied by TCF Bank in St. Cloud, about 65 miles northwest of Minneapolis. The newly constructed building features a drive-thru. There are approximately eight years remaining on TCF Bank’s lease. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Midwest-based developer. An investor completing a 1031 tax-deferred exchange was the buyer.

February 5, 2019

Acquisitions Michigan Midwest Retail

Marcus & Millichap Brokers $1.6M Sale of Net-Leased Childcare Property in Davison, Michigan

by Kristin Harlow February 5, 2019

DAVISON, MICH. — Marcus & Millichap has brokered the $1.6 million sale of a net-leased childcare property in Davison, about 10 miles east of Flint. The 12,324-square-foot building is located at 9203 Lapeer Road. Rainbow Child Care has operated at the facility for 12 years and recently signed a lease renewal. Dominic Sulo and Eric Luhrsen of Marcus & Millichap marketed the property and represented the out-of-state buyer who was completing a 1031 tax-deferred exchange.

February 5, 2019

Features Midwest Northeast Office Southeast Texas Western

Cushman & Wakefield: Office Absorption Keeps Up With Construction, Lowering Vacancy Rate

by Kristin Harlow February 5, 2019

CHICAGO — Net absorption in office markets across the United States exceeded new construction in the fourth quarter of 2018, according to Cushman & Wakefield. This enabled the national office vacancy rate to drop to 13.2 percent. Nationwide absorption during the fourth quarter totaled 20 million square feet and marked the 33rd consecutive quarter of positive absorption since 2010. The total volume of space under construction increased slightly to 114.2 million square feet in the fourth quarter, up from 113.2 million in the third quarter. A total of 13.7 million square feet of new office projects delivered in the fourth quarter, bringing the total for 2018 deliveries to 52.7 million square feet, the second-highest amount of new space completed since 2010. Relative to inventory, the markets with the highest construction figures are San Mateo, Calif.; Austin, Texas; Nashville, Tenn.; Seattle; and Midtown Manhattan. On the west side Office markets in the Western United States performed the strongest in 2018 and accounted for 22.6 million square feet of net absorption, the highest volume since 2015. The lowest vacancy rates were seen in tech-driven markets like Seattle (6.2 percent vacancy) and San Francisco (6.4 percent). According to Cushman & Wakefield, the western …

February 5, 2019

Acquisitions Hospitality Midwest Ohio

Mumford Co. Negotiates Sale of Holiday Inn Express Hotel in Cambridge, Ohio

by Kristin Harlow February 4, 2019

CAMBRIDGE, OHIO — Mumford Co. has negotiated the sale of the Holiday Inn Express hotel in Cambridge, located in eastern Ohio, for an undisclosed price. Built in 2014, the 77-room property features a business center, fitness facility and indoor pool. David Mumford, Justin Pinkard and George Arvanitis of Mumford represented the seller, Cambridge Lodging LLC. Arvanitis procured the buyer, Jannat Investments Inc.

February 4, 2019

Loans Michigan Midwest Multifamily

iBorrow Provides $8.8M Refinancing for Suburban Detroit Multifamily Portfolio

by Kristin Harlow February 4, 2019

DETROIT — iBorrow has provided an $8.8 million loan for the refinancing of a three-property multifamily portfolio in suburban Detroit. The properties, located in Cherry Hill, Riverview and Lincoln Park, total 281 units and 238,000 square feet. The borrower, the Reda family, plans to make capital improvements to the buildings, which were built in the 1960s and 1970s. The one-year loan features a fixed rate.

February 4, 2019

Leasing Activity Michigan Midwest Retail

Crunch Fitness Signs 27,835 SF Lease for Facility Near Michigan State University

by Kristin Harlow February 4, 2019

EAST LANSING, MICH. — Crunch Fitness has signed a lease to occupy a 27,835-square-foot building near Michigan State University. The property is located at 2535 E. Grand River Ave. This is the seventh location in Michigan for Crunch. Michele Rosenblum of Dominion Real Estate Advisors and Alan Stern of Friedman Real Estate brokered the lease transaction. There are more than 265 franchised Crunch locations across the United States, Canada and Australia.

February 4, 2019

Acquisitions Illinois Midwest Multifamily

Michael P. Jakubiec Investment Real Estate Brokers $3.3M Sale of Apartment Building in Illinois

by Kristin Harlow February 4, 2019

MERRIONETTE PARK, ILL. — Michael P. Jakubiec Investment Real Estate Inc. has brokered the $3.3 million sale of a 48-unit apartment building in Merrionette Park, about 18 miles south of Chicago. The property, built in 1966, is located at 3170-84 115th St. Michael Jakubiec represented both the private buyer and seller. Jakubiec brokered the sale of the same building in 2004.

February 4, 2019

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