Midwest

Dayton Street Partners Acquires 172,000 SF Logistics Facility in Suburban Chicago for $31.5M

by Kristin Harlow October 8, 2018

ALSIP, ILL. — Dayton Street Partners, together with an institutional investor, has acquired a 172,000-square-foot logistics facility in Alsip for $31.5 million. The seller, Experior Transport, will lease back the building for the next 15 years. The property features 100,376 square feet of warehouse space with a clear height of 32 feet, 69 dock doors and one drive-in door. There is also a 30,000-square-foot truck maintenance facility with 12 drive-in doors and 41,624 square feet of office space. Joshua Hearne of Cawley Chicago represented the buyer. Robin Stolberg, Kurt Sarbaugh, Steve Skok and Sam Berry of HFF arranged acquisition financing on behalf of Dayton Street.

October 8, 2018

Acquisitions Midwest Multifamily Wisconsin

HFF Brokers Sale of 112-Unit Apartment Community in Suburban Milwaukee

by Kristin Harlow October 8, 2018

GERMANTOWN, WIS. — HFF has arranged the sale and acquisition financing for River’s Cove Apartments in Germantown, a suburb of Milwaukee. The 112-unit apartment community is situated on 11 acres and overlooks the Menomonee River. Units average 1,062 square feet. Amenities include a picnic area, parking garage and access to nearby walking trails. The property was 98 percent occupied at the time of sale. Wick Kirby, Kevin Girard, Sean Fogarty, Marty O’Connell, Jaime Fink and Matthew Lawton of HFF represented the seller, Mandel Group Inc. Tom Wilson and Jason Bond of HFF arranged a 12-year Fannie Mae loan through M&T Realty Capital on behalf of the buyer, Weidner Apartment Homes.

October 8, 2018

Leasing Activity Midwest Ohio Retail

PEBB Enterprises Completes Lease-up of Redeveloped Sugarcreek Plaza in Dayton, Ohio

by Kristin Harlow October 8, 2018

DAYTON, OHIO — PEBB Enterprises has completed the lease-up of Sugarcreek Plaza in Dayton. PEBB acquired the retail property, formerly home to a Cub Foods grocery store, in January 2016 when it was completely vacant. PEBB renovated the façade and added 6,000 square feet of space as well as a new outparcel. The latest tenant to join the shopping center was Affordable Uniforms. Others include Bed Bath & Beyond, Buy Buy Baby and Planet Fitness. A KFC operator has signed a long-term ground lease for the outparcel.

October 8, 2018

Acquisitions Industrial Michigan Midwest

Brennan Purchases 90,121 SF Manufacturing Facility in Grand Haven, Michigan

by Kristin Harlow October 8, 2018

GRAND HAVEN, MICH. — Brennan Investment Group LLC has purchased a 90,121-square-foot industrial property in Grand Haven, about 33 miles west of Grand Rapids. The purchase price was not disclosed. The property serves as the headquarters and manufacturing facility for Lakeshore Fittings, which specializes in brass and aluminum machined components and fittings. The tenant has occupied the facility since its completion in 1989. The seller was not disclosed.

October 8, 2018

Illinois Loans Midwest Multifamily

ASC Arranges $3.8M Acquisition Loan for Multifamily Complex in Hanover Park, Illinois

by Kristin Harlow October 8, 2018

HANOVER PARK, ILL. — American Street Capital (ASC) has arranged a $3.8 million acquisition loan for a 64-unit multifamily complex in Hanover Park, a suburb of Chicago. Built in 1962, the property features four 16-unit buildings. Floor plans are all two-bedroom units. Igor Zhizhin of ASC arranged a 20-year, non-recourse loan that features a 30-year amortization schedule. A correspondent agency lender provided the loan.

October 8, 2018

Development Illinois Industrial Midwest

Three New Tenants to Join DuPage Business Center in West Chicago

by Kristin Harlow October 5, 2018

WEST CHICAGO, ILL. — The DuPage Airport Authority (DAA) has secured three new tenants for its 800-acre DuPage Business Center in West Chicago. Suncast Corp., a custom wood structures and resin products manufacturer, signed a long-term agreement with developer Pritzker Realty Group to lease a 782,000-square-foot facility. The $4.9 million development will enable Suncast to consolidate its Batavia and Montgomery locations into a new warehouse spanning 40 acres. Norix Group Inc., a manufacturer of contract furniture designed for continuous-use environments, signed a $2.7 million agreement to build a new 200,000-square-foot headquarters on 22 acres. Soltys Design Build LLC is serving as the general contractor. Lastly, Greco and Sons Inc., an Italian foods distribution company, signed a $6.2 million agreement to build a new food processing and warehouse center. The DuPage Business Center is one of three entities owned and operated by the DAA. NAI Hiffman is marketing the property for lease. The property is on track for 70 percent occupancy in 2019.

October 5, 2018

Illinois Loans Midwest Multifamily Seniors Housing

Capital One Provides $28.4M HUD-Insured Loan for Seniors Housing Community Near Chicago

by Kristin Harlow October 5, 2018

DES PLAINES, ILL. — Capital One has provided a $28.4 million HUD-insured loan to refinance a 383-unit seniors housing community in the Chicago suburb of Des Plaines. The community features 162 assisted living units, 150 supportive living units and 71 skilled nursing beds. Supportive living is an Illinois program that allows assisted living services to be paid by Medicaid. The name of the community was not disclosed. The facility was originally constructed in 1967 as an independent living facility. In 2015, the borrower began upgrading the independent living portion of the building, qualifying it for an assisted living license. The borrower then constructed a skilled nursing wing, which was completed in 2018. Joshua Rosen originated the 35-year, fixed-rate loan. The refinancing was conducted under HUD’s revised 232/223(f) healthcare rules, which now allow a borrower to refinance and recapture equity without having to complete a two-year debt seasoning period. In this case, the maximum loan-to-value ratio was 70 percent.

October 5, 2018

Acquisitions Indiana Midwest Retail

Marcus & Millichap Brokers $12M Sale of Shopping Center in Evansville, Indiana

by Kristin Harlow October 5, 2018

EVANSVILLE, IND. — Marcus & Millichap has brokered the $12 million sale of Plaza East in Evansville in southwestern Indiana. The 192,377-square-foot shopping center is located at the intersection of Green River Road and Lloyd Expressway. At Home and Local Overstock Warehouse anchor the property. Other tenants include SkyZone, Tuesday Morning, CATO and Cici’s Pizza. Craig Fuller, Erin Patton and Scott Wiles of Marcus & Millichap marketed the property on behalf of the seller, a New York-based private investment fund. The team also procured the buyer, an out-of-state private investment group.

October 5, 2018

Affordable Housing Loans Midwest Multifamily Ohio

KeyBank Provides $6M Construction Loan for Affordable Housing Project in Cleveland

by Kristin Harlow October 5, 2018

CLEVELAND — KeyBank Community Development Lending & Investment has provided a $6 million construction loan for the acquisition and rehabilitation of the Stuyvesant Motor building in Cleveland. The borrower, Woda Cooper Communities, plans to transform the historic five-story building into Prospect Yard, a 42-unit affordable housing development. The property will serve persons earning at or below 60 percent of the area median income. Constructed in 1911, the building originally housed a production plant, service center, garage and storage for Stuyvesant Motor Co. Kelly Frank of KeyBank originated the loan. CREA, Woda Group and Ohio Housing Finance Agency provided additional funding for the project. Completion is slated for May 2019.

October 5, 2018

Acquisitions Industrial Midwest Nebraska Self-Storage

Bellomy & Co. Arranges Sale of Self-Storage Facility in Omaha

by Kristin Harlow October 5, 2018

OMAHA, NEB. — Bellomy & Co. has arranged the sale of Cornerstone Storage in Omaha for an undisclosed price. Located at 6099 Irvington Road, the self-storage property includes 433 units within 83,950 net rentable square feet. The 13-story building sits on 7.9 acres. Bill Bellomy and Michael Johnson of Bellomy & Co. represented the Omaha-based sellers. The team also procured the buyer, StorageMart. This will be StorageMart’s fourth location in the area.

October 5, 2018

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