Property Type

SRS Negotiates $10.6M Sale of Optima Dermatology-Occupied Property in Macedonia, Ohio

by Kristin Harlow June 13, 2023

MACEDONIA, OHIO — SRS Real Estate Partners has negotiated the $10.6 million sale of a newly developed medical property occupied by Optima Dermatology in Macedonia, a southern suburb of Cleveland. The 15,500-square-foot building is located at 8183 Golden Link Blvd. within The Crossings at Golden Link, a 400,000-square-foot shopping center anchored by Lowe’s. Michael Carter and Frank Rogers of SRS, along with Greg Guyuron of Anchor Cleveland, represented the seller, a private developer. The buyer was a New Jersey-based private investor completing a 1031 exchange. The sales price represented a cap rate of 6.5 percent.

June 13, 2023

Acquisitions Indiana Midwest Retail

Marcus & Millichap Arranges Sale of 41,645 SF Retail Strip Center in Indianapolis

by Kristin Harlow June 13, 2023

INDIANAPOLIS — Marcus & Millichap has arranged the sale of Meridian Marketplace in Indianapolis for an undisclosed price. Located at 8923 S. Meridian St., the 41,645-square-foot retail strip center was fully occupied at the time of sale. Dollar Tree is the anchor tenant. Additional tenants include Play It Again Sports, Pizza Hut, a dentist, nail salon, Asian grocery store, barbershop, escape room, indoor golf concept and e-sports gaming lounge. Scott Wiles, Erin Patton and Craig Fuller of Marcus & Millichap represented the seller, a New York-based private investment firm. The team also procured the buyer, a Washington-based investor. The buyer received an acquisition loan with a 60 percent loan-to-value ratio.

June 13, 2023

Illinois Leasing Activity Midwest Restaurant Retail

Fairgrounds World’s Fair Opens at Bell Works Chicagoland in Hoffman Estates

by Kristin Harlow June 13, 2023

HOFFMAN ESTATES, ILL. — Fairgrounds World’s Fair, a café and food concept from Fairgrounds Craft Coffee and Tea, has opened at Bell Works Chicagoland in Hoffman Estates. The café features 137 seats as well as an outdoor patio with an additional 45 seats. The 5,743-square-foot space is equipped with a full-service kitchen, food and bakery program, cocktail bar and grab-and-go offerings. Fairgrounds offers a selection of craft coffee, tea varieties, cold brews, lattes and sparkling beverages. Designed by Barker/Nestor Architecture and Design with input from Wight & Co. Architects and npz studio+, the space also features a foosball table and other games. Fairgrounds, which maintains 10 locations across the country, is operated and managed by Infuse Hospitality. Bell Works Chicagoland is the redevelopment of the former AT&T corporate campus undertaken by Inspired by Somerset Development.

June 13, 2023

Acquisitions Midwest Retail Wisconsin

Greenstone Partners Brokers Sale of Retail Development Site in Pleasant Prairie, Wisconsin

by Kristin Harlow June 13, 2023

PLEASANT PRAIRIE, WIS. — Greenstone Partners has brokered the sale of a three-acre retail development site situated near I-94 in Pleasant Prairie for an undisclosed price. The site is an outparcel to Seasons at River View, a 300-unit apartment development completed in 2022, as well as a future senior living development covering 20 acres. Brewster Hague of Greenstone Partners represented the buyer, a Chicago-based investor.

June 13, 2023

Features Multifamily

Large-Scale Apartment Renovations: Five Tips to Create a Positive Resident Experience

by Taylor Williams June 13, 2023

By Ron Fanish, co-owner, Rainbow International Restoration of Westchester Operating an apartment complex is no easy task. Property managers must juggle a long list of duties, from serving current residents and recruiting new tenants to maintaining buildings. Among the most challenging of these tasks is implementing large-scale apartment renovations. These undertakings comprise many complicated moving parts — managing contractors, overseeing budgets and ensuring the project does not significantly disrupt residents’ quality of life. This last element is especially important. Apartment renovations have the potential to be majorly disruptive by generating noise, clutter and limited access to utilities. In some cases, residents may even be temporarily displaced from their homes. For this reason, it’s essential for property managers to prioritize positive resident experiences during the renovation process. Here are five strategies for doing precisely this. Communicate, communicate, communicate. Since large-scale apartment renovations can have such significant impacts on residents’ day-to-day lives, there’s no such thing as over-communication. Start by giving advance notice about the project as soon as possible and providing thorough details on duration, potential noise and other disturbances. Also, operators must ensure that they’re communicating across multiple channels so residents don’t miss any updates. Use email, paper bulletins, text …

June 13, 2023

Development Indiana Industrial Midwest Top Stories

GM, Samsung SDI to Build $3B Electric Vehicle Battery Plant in Northern Indiana

by John Nelson June 13, 2023

OLIVE TOWNSHIP, IND. — A joint venture between General Motors Co. (NYSE: GM) and Samsung SDI, part of the South Korean-based Samsung Electronics group, plans to build a $3 billion electric vehicle (EV) battery plant in Olive Township. The duo plan to begin operations at the Northwest Indiana plant in 2026. The new facility will house production lines to build prismatic and cylindrical battery cells and is expected to help significantly increase the accessibility and affordability of GM’s line of EVs. Once complete, the plant will support about 1,700 full-time jobs, in addition to 1,000 construction jobs during the build-out. “We are grateful that Samsung SDI can contribute to boosting the economy of Indiana and creating new jobs here,” says Yoonho Choi, president and CEO of Samsung SDI. “Securing Indiana as a strong foothold together with GM, Samsung SDI will supply products featuring the highest level of safety and quality in a bid to help the U.S. move forward to an era of EVs.” GM and Samsung SDI announced their joint venture in April and ultimately selected Olive Township, a city in St. Joseph County near the Indiana-Michigan border and 15 miles west of South Bend, home of Notre Dame …

June 13, 2023

Arizona Market Reports Retail Western Western Market Reports

Phoenix Retail Is Flying High

by Jeff Shaw June 13, 2023

Ryan Desmond, partner, Western Retail Advisors in Phoenix Metro Phoenix’s population grew faster than any other major U.S. city between 2010 and 2020. By 2021, the Valley’s 1.48 percent population growth continued to far exceed the country’s .01 percent growth — the slowest annual growth rate in our nation’s history. For a community that has historically been criticized as being over-retailed on a per-capita basis, this has injected tremendous strength into the local retail market. Today, Phoenix ranks as a hotspot among U.S. cities for retail absorption. According to CoStar, Phoenix had absorbed 4.1 million square feet of retail space year over year — the strongest absorption since the start of the Great Recession — by the start of the second quarter in 2023. This reduced the market’s overall vacancy rate to 5 percent. This is impressive, but it doesn’t reflect the increased gap between demand for Class A product and all other retail classes. Much like the flight to quality happening in the office sector, tenants looking for retail space in metro Phoenix want excellence: high-traffic locations in a growth submarket with compelling demographics. As a result, we have seen more metro Phoenix Class A retail properties reach full …

June 13, 2023

Loans Multifamily North Carolina Southeast

PCCP Provides $57M Refinancing for Multifamily Community in Charlotte

by John Nelson June 12, 2023

CHARLOTTE, N.C. — PCCP LLC has provided a $57 million loan for the refinancing of Metro University City, a multifamily community located at 404 Gallop Lane in the University City neighborhood of Charlotte. Seth Grossman of Meridian Capital Group secured the financing on behalf of the undisclosed borrower, which acquired the property in September 2021. The community features 309 units across four buildings. Amenities at the property include a clubhouse, saltwater pool, fitness center, outdoor kitchen with grilling areas and a dog park and spa.

June 12, 2023

Affordable Housing Development Florida Multifamily Southeast

Ability Housing to Develop 92-Unit Affordable Housing Community in St. Augustine, Florida

by John Nelson June 12, 2023

ST. AUGUSTINE, FLA. — Ability Housing has announced plans for Villages of New Augustine, a 92-unit affordable housing community to be located at the intersection of North Volusia and Chapin streets in St. Augustine. Upon completion, the development will feature 20 one-bedroom, 36 two-bedroom and 36 three-bedroom apartments across four buildings. Rental prices will be determined by household income, with 80 percent of units reserved for residents earning 60 percent of area median income (AMI) or less and 10 percent each available for residents earning at or below 33 and 50 percent of AMI thresholds. Amenities at the property will include a community center with a computer lab, library and flexible workspaces and a playground, pavilion, 149 parking spaces and a dedicated walking trail. Construction on the $25 million project is scheduled to begin this summer. Funding has been secured through state, local and private sources including the Florida Housing Corp., the National Equity Fund and Bank of America.

June 12, 2023

Acquisitions Development Multifamily Southeast Virginia

Walton Global Sells 25-Acre Multifamily Development Parcel in Fredericksburg, Virginia

by John Nelson June 12, 2023

FREDERICKSBURG, VA. — Walton Global has sold a 25-acre parcel situated within the 683-acre Alexander Crossing Master Plan in Fredericksburg for an undisclosed price. A multifamily developer purchased the property, with plans to construct a 363-unit community at the site. The Alexander Crossing Master Plan features residential, commercial and recreation space, as well as green areas. The construction timeline was not disclosed.

June 12, 2023

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