Property Type

Mid-America Brokers Sale of 17,343 SF Retail Property in Chicago’s River North

by Kristin Harlow January 23, 2023

CHICAGO — Mid-America Real Estate Corp. has brokered the sale of Huron & Wells, a 17,343-square-foot retail property in Chicago’s River North neighborhood. The sales price was undisclosed. A newly renovated CVS store anchors the property. Additional tenants include aesthetic dermatology clinic Laser Away, Japanese restaurant Cocoro and fitness concept Vibez Fit. Joe Girardi and Emily Gadomski of Mid-America represented the Chicago-based private seller. Josh York of Syndicated Equities represented the California-based 1031 exchange buyer.

January 23, 2023

Illinois Industrial Leasing Activity Midwest

MAI Fulfillment Signs 247,000 SF Industrial Lease in Elgin, Illinois

by Kristin Harlow January 23, 2023

ELGIN, ILL. — MAI Fulfillment has signed a 247,000-square-foot industrial lease at 2500 Galvin Drive in Elgin. MAI provides order processing, warehousing services and fulfillment solutions for its clients. The building features a clear height of 30 feet and 36 truck docks. Mike Berkowitz of Entre Commercial Realty represented the tenant. Steve Bass of NAI Hiffman represented the landlord, High Street Logistics Properties.

January 23, 2023

Acquisitions Indiana Midwest Northmarq Retail

Northmarq Arranges $5.2M Sale of Retail Center in Southwest Indiana

by Kristin Harlow January 23, 2023

VINCENNES, IND. — Northmarq has arranged the $5.2 million sale of Kimmell Crossing, a 44,962-square-foot retail center in Vincennes, a city in Southwest Indiana. Located on Kimmell Road and built in 1997, the property was fully leased to 10 tenants at the time of sale. Some of the tenants include Dollar Tree, Maurices, Sally Beauty Supply, T-Mobile and CATO. Ryan Roedersheimer of Northmarq represented the seller, DPPM Management, which acquired the asset in early 2022 from Regency Properties. A local investor completing a 1031 exchange was the buyer.

January 23, 2023

Loans Michigan Midwest Multifamily Student Housing

Archway Capital Provides $4M Loan for Refinancing of Student Housing Portfolio in Ann Arbor

by Kristin Harlow January 23, 2023

ANN ARBOR, MICH. — Archway Capital has provided a $4 million loan for the refinancing of a three-property student housing portfolio serving the University of Michigan in Ann Arbor. The portfolio totals 60 units. The borrower has owned the portfolio for more than 40 years. The two-year loan features a 50 percent loan-to-value ratio.

January 23, 2023

Acquisitions Colorado Restaurant Retail Western

Westwood Financial Buys 225,224 SF Shops at Walnut Creek in Denver

by Amy Works January 23, 2023

DENVER — Westwood Financial has purchased The Shops at Walnut Creek, a community shopping center in Denver. InvenTrust Properties sold the asset for an undisclosed amount. At the time of sale, the 225,224-square-foot property was 94 percent occupied. Current tenants include TJ Maxx, HomeGoods, PetSmart, Michaels, Old Navy, Dollar Tree, Qdoba, Buffalo Wild Wings, Massage Envy, LensCrafters, Sephora and Lash Lounge. Brad Lyons of CBRE | National Retail Partners represented the seller in the deal.

January 23, 2023

Loans Multifamily Nevada Western

Pembrook Provides $38.2M in Financing to Acquire, Renovate Valencia Apartments in Las Vegas

by Amy Works January 23, 2023

LAS VEGAS — Pembrook Capital Management has provided a $27.6 million first mortgage bridge loan and a $10.6 million preferred equity investment for the acquisition and renovation of 127 apartment units located at 1455 E. Katie Ave. in Las Vegas. The name of the borrower was not released. The Valencia Apartments complex features 21 two-story buildings offering a total of 227 units spread across 10.5 acres. Pembrook’s financing allows for the purchase of 127 units (56 percent of the property), including 72 one-bedroom, 49 two-bedroom and six three-bedroom apartments. The financing also provides funds to acquire the additional units over the next 27 months. Upgrades to the units include new flooring, kitchen hardware, lighting and plumbing, as well as the installation of stainless steel kitchen appliances and in-unit washers/dryers. Common-area improvements include modernizing the clubhouse, sports facilities and pool, while providing new fitness equipment for the gym.

January 23, 2023

7402-7410-SE-Johnson-Creek-Blvd-Portland-OR

Acquisitions Industrial Oregon Western

Norris & Stevens Negotiates $7.6M Sale of Mt. Scott Industrial Park in Portland, Oregon

by Amy Works January 23, 2023

PORTLAND, ORE. — Norris & Stevens has arranged the sale of Mt. Scott Industrial Park, an industrial asset located at 7402-7410 SE Johnson Creek Blvd. in Portland. Frith Investments 3 acquired the asset from Mt. Scott Industrial Park LLC for $7.6 million. Nick Chessar and Scott Finney of Portland-based Norris & Stevens represented the seller, while Tyler Dean of Macadam Forbes represented the buyer in the transaction. Constructed in 1971 and 1976 on 3.6 acres, the 35,000-square-foot industrial park features office space in each suite, 48 parking spaces, eight grade-level doors and eight drive-in doors. Mt. Scott Industrial Park was 100 percent occupied at the time of sale.

January 23, 2023

Colorado Industrial Loans Self-Storage Western

PSRS Arranges $4.2M Refinancing for Church Ranch Self-Storage in Westminster, Colorado

by Amy Works January 23, 2023

WESTMINSTER, COLO. — PSRS has arranged a $4.2 million refinancing for Church Ranch Self-Storage in Westminster. The property features 663 self-storage units, climate control, high ceilings, electronic gate access and individually alarmed units. Kostas Kavayiotidis and Nicholas Drohan of PSRS secured the long-term, non-recourse loan with a 30-year amortization and flexible prepayment through a correspondent life insurance company. The borrower was not disclosed.

January 23, 2023

Acquisitions Arizona Office Western

Cushman & Wakefield | PICOR Brokers $3M Sale of Medical Office Space in Tucson, Arizona

by Amy Works January 23, 2023

TUCSON, ARIZ. — Cushman & Wakefield | PICOR has arranged the sale of an 11,960-square-foot office space at Oracle-Ina Professional Plaza located at 7490 N. Oracle Road in Tucson. MCP Tucson Endo LLC acquired the asset from Oracle Medical Plaza II LLC for $3 million. Richard Kleiner and Thomas Nieman of Cushman & Wakefield | PICOR represented the seller, while Larry Serota and CeCe Conway of Transwestern represented the buyer in the deal.

January 23, 2023

Development Industrial Michigan Midwest Ohio Top Stories

General Motors to Invest $918M Across Four U.S. Manufacturing Plants

by Taylor Williams January 23, 2023

DETROIT — General Motors Co. (NYSE: GM) has announced plans to invest $918 million in capital improvements at four of its U.S. manufacturing plants. The initiative is designed to elevate the company’s production capacity for full-size trucks and sport utility vehicles while also establishing facilities that support the growth of GM’s electric vehicle (EV) divisions. The Detroit-based automotive giant is committing a total of $795 million to two of its Michigan facilities that will support the production of small-block V-8 engines. The company is investing $579 million at its plant in Flint, and the remaining $216 million will be allocated to GM’s facility in Bay City, where parts such as camshafts and connecting rods that support these engines will be assembled. GM is also investing $55 million in its manufacturing operations in Defiance, Ohio. Of this sum, $47 million will be used to prepare the facility for the manufacture of block castings to support future V-8 engine programs. In addition, GM will construct an $8 million casting development cell for future EV initiatives. Lastly, the company has earmarked $68 million for upgrades to its manufacturing facility in Rochester, New York. At this location, GM plans to invest $12 million to …

January 23, 2023

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