Heartland Real Estate Business

FEB 2018

Heartland Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Midwest.

Issue link: https://heartlandrealestatebusiness.epubxp.com/i/935979

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Page 8 of 32

8 • February 2018 • Heartland Real Estate Business www.REBusinessOnline.com I N D I A N A & O H I O STEADFAST ACQUIRES APARTMENT PROPERTY FOR $44.6 MILLION INDIANAPOLIS — Steadfast Apart- ment REIT III Inc. (STAR III) has ac- quired Avery Point Apartments in Indianapolis for $44.6 million. Built in 1986, the 512-unit apartment property consists of 58 two-story buildings. The unit mix includes one- and two- bedroom apartments as well as two- bedroom townhomes averaging 900 square feet. Rents average $778 per month. The community is currently 94 percent occupied. Amenities include a clubhouse, business center, fitness center, swimming pool, community patio with grilling stations, tennis courts, a volleyball court, dog park and covered parking. STAR III plans to renovate 75 percent of the units at the property with upgrades to kitchen appliances, cabinet fixtures, faucets, kitchen counters and bedroom car- pets. STAR III also plans to upgrade common areas and amenities, includ- ing enhancements to landscaping, sig- nage and the fitness center. The undis- closed seller previously renovated 25 percent of the units. HSA COMMERCIAL PURCHASES 19-ACRE LAND SITE, PLANS 262,758 SF DISTRIBUTION CENTER PLAINFIELD, IND. — HSA Commer- cial Real Estate has purchased a 19- acre land site in Plainfield, a suburb of Indianapolis near the Indianapolis International Airport. The company plans to develop a 262,758-square-foot distribution center featuring 32-foot clear heights, 30 truck doors and four drive-in doors. Construction is slated to begin in early 2018 with tenant oc- cupancy scheduled for the fall. John Hanley and Terry Busch of CBRE will market the new building for lease. HSA Commercial has previously de- veloped five buildings totaling ap- proximately 630,000 square feet at the nearby Gateway Business Park. MOHR CAPITAL ACQUIRES 460,000 SF NET LEASED OFFICE BUILDING FOR $52 MILLION MAYFIELD HEIGHTS, OHIO — Mohr Capital has acquired a 460,000-square- foot net leased office building in May- field Heights, a suburb of Cleveland, for $52 million. Rockwell Automation Inc., a provider of industrial automa- tion and information products, occu- pies the property on a triple net lease. Constructed as a build-to-suit for Rockwell in 1995, the building serves as the second-largest employment center for the company, with about 2,000 employees. Rodrigo Godoi of Mohr Capital represented the Dallas- based real estate investment company in the transaction. Normal Rockwell Ohio LLC was the seller. A. ALTMAN CO. TO DEVELOP 36,410 SF PEDIATRIC CARE FACILITY IN NORTH CANTON NORTH CANTON, OHIO — The A. Altman Co. has unveiled plans to develop a new 36,410-square-foot pediatric care facility in North Can- ton, about 20 miles south of Akron. The Akron Children's North Canton Medical Center will be part of the Aultman Health Foundation North Campus. Akron Children's entered into a long-term ground lease at the property. The move will allow the children's hospital to consolidate op- erations from three locations. The first floor of the building will feature Akron Children's hospital pediatrics, while the second floor will be home to outpatient services such as cardiol- ogy, allergy and sports medicine. The ground floor will house physical, oc- cupational and speech therapy reha- bilitation services. HOME2 SUITES BY HILTON STOW AKRON OPENS IN OHIO STOW, OHIO — Home2 Suites by Hilton has opened a new hotel in Stow, located just north of Akron. The 85-suite hotel features fully equipped kitchens, complimentary Internet, a laundry and fitness area, indoor pool, outdoor patio and complimentary breakfast. The property, located at 4097 Bridgewater Parkway, is owned by Dave Patel and managed by Shree Dav Partnership LLC. *Services provided by Red Capital Markets, LLC (Member FINRA/SIPC) and its registered representatives. DUS ® is a registered trademark of Fannie Mae. redcapitalgroup.com RED is committed to serving the multifamily industry as a direct lender – offering a full menu of lending programs for affordable, workforce, market-rate, green, and small balance financing. FHA MAP Fannie Mae DUS® Freddie Mac Small Balance Balance Sheet Direct Lending Bond Financing* CMBS Sales & Trading* Lasting relationships begin with a pop of red.

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