NEWS & NOTABLES

DETROIT—Village Green, one of the nation's largest apartment companies, has completed the formation of a new executive team. President and chief operating officer Diane Batayeh, along with senior vice presidents David Ferszt and Barbara Hale were promoted, and the trio will now direct Farmington Hills, MI-based Village Green's future growth and evolution. The ownership consolidation Village Green went through in 2016 transformed the company to exclusively third party property management, and that meant a few structural changes were necessary. Batayeh was promoted to chief executive officer, where she will concentrate on global and strategic level initiatives. Ferszt was promoted to president of Village Green Management Co., overseeing all of the regional and corporate teams responsible for apartment management. And Hale was promoted to executive vice president of Village Green Holding. She will handle all of the sales, marketing and branding services for all Village Green companies, including V-Suites, the company's corporate housing division.

DEALTRACKER

CHICAGO—Marcus & Millichap, has just completed the sale of a 4,200-square foot net-leased US Bank property at 11901 W. 143rd St. in Orland Park, IL a southwest suburb of Chicago, according to Steven D. Weinstock, first vice president/regional manager/managing broker of the firm's Chicago Oak Brook office. The asset sold for $2,536,769. Sean R. Sharko, Austin Weisenbeck and Adrian Mendoza, investment specialists in Oak Brook office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust. The buyer, a limited liability company, was secured and represented by Conor Devitt, an investment specialist in Marcus & Millichap's Toronto office. US Bank has 4.5 years remaining on its base lease term. Marcus & Millichap procured multiple offers from both coasts, demonstrating the strength of the platform.

CHICAGO—Bradford Allen's Julie Lane just completed a lease renewal for Illinois Action for Children at 1340 S. Damen Ave. in Chicago. The non-profit group will stay in its current space of almost 40,000 square feet on the second floor for an additional five years. Illinois Action for Children, a client of Lane's for the last 15 years, works to create systems of early care and education to help strengthen families and communities. The group was founded in 1969 and serves over 150,000 children and families in Chicago each year. “This building is ideally suited for the client's needs,” according to Lane, “the large, wide open floor plates and the abundance of parking at the building really caters to large non-profits.” The building was recently sold to a new owner, and “the new ownership has some exciting plans for rehabbing the building which was another reason ILAFC was ready to recommit to the building.” Other tenants in the 193,000 square-foot class B loft, located in Pilsen, include Vitas Healthcare and Lutheran Social Services of Illinois.

CHICAGO—Holliday Fenoglio Fowler, LP recently closed the sale of Renaissance Place, a mixed-use retail, office and multi-housing property in Chicago's North Shore community of Highland Park. Tabani Group purchased the asset, which HFF marketed on behalf of Metzler Real Estate. Renaissance Place was completed in 2000 and consists of 82,604 square feet of in-line retail and 54,534 square feet of office space. The property also includes 30 luxury one- and two-bedroom multi-housing units in 36,660 square feet. In addition, there is a 48,000 square foot, two-level space previously occupied by Saks Fifth Avenue, bringing the total square footage of the property to 221,789 square feet. Located at 1849 Green Bay Rd., Renaissance Place encompasses an entire city block in one of the most affluent communities in the US. The annual household income in a three-mile radius of the property averages $153,481. The HFF investment sales team representing the seller was led by directors Amy Sands and Clinton Mitchell as well as senior managing directors Jaime Fink and Jeffrey Bramson.

MANITOWOC, WI—The Boulder Group, a net leased investment brokerage firm in suburban Chicago, has completed the sale of a single tenant net leased Shopko property located at 3415 Calumet Ave. in Manitowoc, WI for $10,124,000. The 87,905 square foot property sits at the intersection of Calumet Ave., the primary east-west thoroughfare in the trade area, and 35^th St. Retailers located in the immediate area include Walmart Supercenter, Lowe's Home Improvement, Hobby Lobby, and a number of quick-service restaurants. Randy Blankstein and Jimmy Goodman of Boulder, in conjunction with David Macdonald of REMAX Preferred Commercial, were the brokers involved in the transaction. Shopko has approximately 19 years remaining on their absolute net lease, which features annual escalations and three 5-year renewal option periods.

BUILDING BLOCKS

CHICAGO—McShane Construction Co. was recently awarded Phase IV of The Lodge of Northbrook by developer and long-standing client, Essex Communities. Phase IV represents the final phase of construction at this senior living community located at 2244 Founders Dr. in suburban Northbrook. Following its successful completion of the original 58-unit Phase I, 20-unit Phase II and 18-unit Phase III, McShane will complete the highly anticipated final phase incorporating 60 independent living apartments and eight assisted living units. Omaha, NE-based Avant Architects is providing the architectural services for Phase IV of The Lodge of Northbrook, which McShane expects to complete at the end of May 2018.

INDIANAPOLIS—KeyBank Real Estate Capital has provided a total of $49.7 million for the construction of The Gables Apartments in Greenwood, IN, a suburb of Indianapolis. Key provided a $23.4 million construction loan, a $17 million Freddie Mac tax exempt loan and $9.3 million in the form of Low Income Housing Tax Credit equity. Indianapolis-based Herman & Kittle Properties, Inc. will develop and own the property. The affordable housing complex will consist of 274 units, with 222 set aside for low-income families earning up to 60% of area median income. The developer expects to complete the project in 2018. Al Beaumariage of Key's commercial mortgage group, along with Kyle Kolesar and Victoria O'Brien of Key's community development lending and investment group, arranged the financing.

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DEALTRACKER

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Middle Market Digest-The Midwest

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