Property Type

Milhaus Begins Development of $52M Apartment Community in Kansas City, Kansas

by Kristin Harlow August 11, 2021

KANSAS CITY, KAN. — Milhaus has begun development of a $52 million apartment community within the Homefield sports and entertainment district in Kansas City. Located at 9400 State Ave., the project will include 274 units and 508 parking spaces. Amenities will include a dog park, event space with conference rooms and coworking spaces, resident lounges, a pool and fitness center. Residents will have convenient access to nearby retail and commercial spaces within the overall Homefield development. Davidson Architecture + Engineering is serving as architect. A timeline for completion was not disclosed.

August 11, 2021

Affordable Housing Indiana Loans Midwest Multifamily

KeyBank Provides $46.8M in Financing for Development of Affordable Housing Property in Whitestown, Indiana

by Kristin Harlow August 11, 2021

WHITESTOWN, IND. — KeyBank Community Development Lending and Investment (CDLI) has provided a $25 million loan through Freddie Mac as well as $21.8 million of low-income housing tax credit (LIHTC) equity to Indianapolis-based Kittle Property Group Inc. The capital will be used to build Meadows on Main, an affordable housing property in Whitestown near Indianapolis. Meadows on Main will operate under the Section 42 LIHTC program and will serve residents earning between 40 and 70 percent of the area median income. The property will include 264 units across 10 buildings. Robbie Lynn of KeyBank’s CDLI team and John-Paul Vachon of Key Community Development Corp. structured the financing.

August 11, 2021

Development Indiana Midwest Retail

Echo Development, Synergy Development Acquire Land in Fort Wayne for New Retail Project

by Kristin Harlow August 11, 2021

FORT WAYNE, IND. — Echo Development Group Inc. and Synergy Development have acquired a little over eight acres of land at the northeast corner of DuPont and Diebold roads in Fort Wayne. The partnership plans to develop a project with restaurant, retail and healthcare uses that will include a Freddy’s Frozen Custard and Steakburgers. Jackson Investment Group represented Echo in the purchase of the land. Barry Sturges of Sturges Property Group represented the undisclosed seller. Engineering Resources Inc. is working on the civil infrastructure design for the project. A timeline for completion has not yet been established.

August 11, 2021

Acquisitions Illinois Industrial Midwest

Coldwell Banker Commercial Brokers $8.2M Sale of Industrial Building in Champaign, Illinois

by Kristin Harlow August 11, 2021

CHAMPAIGN, ILL. — Coldwell Banker Commercial has brokered the $8.2 million sale of an industrial building in Champaign. The 153,030-square-foot property is located at 4105 Fieldstone Road and is fully leased to FedEx Corp. Originally built in 1988 and renovated in 2006, the property includes 21 loading doors and two drive-in doors. Tim Harrington and Zach Wetherell of Coldwell Banker Commercial Devonshire Realty represented the seller. Buyer and seller information were not disclosed.

August 11, 2021

Acquisitions Michigan Midwest Retail

Colliers Arranges Sale of 9,002 SF Building Leased to Dollar General in Lapeer, Michigan

by Kristin Harlow August 11, 2021

LAPEER, MICH. — The Jonna Group of Colliers International Detroit has arranged the sale of a 9,002-square-foot retail building occupied by Dollar General in Lapeer, about 20 miles east of Flint. The sales price was not disclosed. The property is located at 15 S. Elba Road. Dollar General has 12 years remaining on its triple-net lease. Simon Jonna of Colliers represented the seller, an undisclosed family, and the buyer, a California-based private investment fund.

August 11, 2021

Acquisitions Hospitality Texas

Host Hotels & Resorts Buys Former Hotel Alessandra in Downtown Houston for $65M

by Taylor Williams August 11, 2021

HOUSTON — Host Hotels & Resorts Inc., a Maryland-based hospitality REIT, has purchased the former Hotel Alessandra, a 223-room shuttered property in downtown Houston, for $65 million. According to the Houston Chronicle, locally based firm Midway originally developed the hotel and completed it in 2017. Prior to closing, Hotel Alessandra featured a pool, spa and food and beverage concepts. Host Hotels & Resorts disclosed the purchase as part of its second-quarter earnings report but did not share plans for the future of the property.

August 11, 2021

Acquisitions Multifamily Texas

Vesta Capital Acquires Four Multifamily Properties in Oklahoma City Totaling 550 Units

by Taylor Williams August 11, 2021

OKLAHOMA CITY — Tulsa-based investment firm Vesta Capital has acquired Esplanade by the Lake, Mansion West, Salem West and Wedgewood Village in Oklahoma City. The four multifamily properties total approximately 550 units. According to Apartments.com, Esplanade by the Lake was built in 1976 and totals 136 units; Mansion West was completed in 1984 and offers 78 units; Salem West was constructed in 1970 and consists of 34 units; and Wedgewood Village was built in 1974 and features 301 units. The sellers were not disclosed.

August 11, 2021

Development Office Texas

VanTrust Real Estate to Develop 12-Story Office Building in Metro Dallas

by Taylor Williams August 11, 2021

ADDISON, TEXAS — Kansas City-based VanTrust Real Estate LLC will develop Addison Station, a 12-story office building that will be located on the northern outskirts of Dallas. The transit-served building will span between 250,000 and 350,000 square feet and will feature an 8,000-square-foot rooftop amenity deck, an indoor/outdoor tenant lounge, fitness center and a conference center. Construction is scheduled to begin later this year. Colliers International is marketing the project for lease.

August 11, 2021

Roadrunner-Athletics-Center-of-Excellence-San-Antonio

Civic Development Texas

UTSA Opens $40.4M Roadrunner Athletics Center of Excellence

by Taylor Williams August 11, 2021

SAN ANTONIO — The University of Texas at San Antonio (UTSA) has opened the Roadrunner Athletics Center of Excellence, a $40.4 million facility that occupies more than 10 acres on the school’s main campus. The facility, named for the school mascot, features multiple practice fields, academic study spaces, a sports medicine center, strength and conditioning rooms, a lounge and office space for coaches and administrators. Kansas City-based Populous and locally based firm Marmon Mok Architecture led the design of the 95,000-square-foot facility. Joeris General Contractors and Project Control handled construction.

August 11, 2021

Acquisitions Multifamily Texas

IPA Negotiates Sale of 179-Unit Uptown at Cole Park Apartments in Dallas

by Taylor Williams August 11, 2021

DALLAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Uptown at Cole Park, a 179-unit apartment community in Uptown Dallas. Built in 2016, the property features one- and two-bedroom units that are furnished with quartz countertops, custom cabinets, stainless steel appliances and private balconies. Amenities include a pool, fitness center, dog park and package lockers. Drew Kile, Joey Tumminello, Will Balthrope, Michael Ware, Taylor Hill and Asher Hall of IPA represented the seller, The Ergas Group, and procured the buyer, Heritage Capital Group.

August 11, 2021

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