Midwest

SHAWNEE, KAN. — Diversified Commercial Capital has arranged a $6.6 million acquisition and improvement loan for an 80,403-square-foot property occupied by Rush Funplex in Shawnee. The family entertainment center is located within a multi-tenant retail center along the Shawnee Mission Parkway. Diversified arranged the fixed-rate, five-year loan on behalf of the undisclosed borrower through a regional lender.

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GREENFIELD, WIS. — Founders 3 Real Estate Services has brokered the $1.7 million sale of a 21,848-square-foot flex industrial facility in Greenfield, a southern suburb of Milwaukee. The property is located at 3442 S. 103rd St. Derek Yentz of Founders 3 represented the seller, Progressive Casualty Insurance Co. The buyer was an entity doing business as SAM-Progressive LLC.

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LANSING, MICH. — Strategic Foods, doing business as Carrie’s Kitchen, has signed a 4,040-square-foot retail lease in Lansing. Carrie’s Kitchen, a soul food restaurant, will take the space formerly home to Wing Heaven Sports. Zach Burk and Bill McLeod of Gerdom Realty & Investment represented the tenant in the lease. Scott Adams of NAI Mid-Michigan represented the undisclosed landlord.

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By Brad Belden, Colliers Now that the final numbers are in for 2023, we can undoubtedly say that the worst of COVID is behind us in the world of retail leasing. 2023 saw increased rental rates, longer-term deals and record low vacancy rates across the nation.  It’s great news; retail is not dead and it could even be argued that it’s never been busier. But it’s also… different. On average, leases are shrinking and how space is used is changing. And demand, coupled with customers’ increased desire to visit evolving concepts, is making for another busy year ahead for this segment of the industry.  So far, 2024 is off to a great start and this year’s trends are already taking form. On the consumer side, a significant shift back to bricks-and-mortar retail is already underway as consumers seek to connect with retailers again and make shopping an “experience.”  On the retailer side, two factors are driving change: the emergence of AI, which is allowing many retailers to analyze and customize the customer experience while improving operations behind the scenes to boost sales (regardless of the tenant type, retail tenants in Chicago and across the U.S. have one thing in common: …

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MAPLE GROVE, MINN. — Transwestern Real Estate Services has brokered the $8 million sale of Maple Grove Executive Plaza, a 58,000-square-foot medical office building in the Minneapolis suburb of Maple Grove. The property at 7767 Elm Creek Blvd. is home to Children’s Minnesota Specialty Center, iSpine Clinics and Edina Realty. The building is 92 percent occupied, and 66 percent of the tenants are in the medical field. Mike Salmen, Erik Coglianese and Bryan Beltrand of Transwestern represented the seller, Merchant Development LLC. The buyer was an entity linked to MSP Commercial, a real estate firm focused on developing, acquiring and managing healthcare properties in the Twin Cities. MSP is planning capital improvements and extensive renovations to the building, including updating the common areas. The firm plans to prioritize bringing additional medical tenants to the building.

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WYOMING, MICH. — Commonwealth Senior Living has acquired American House Wyoming, a 102-unit assisted living and memory care community in the Grand Rapids suburb of Wyoming. The purchase price and seller were undisclosed. The buyer will rebrand the facility as Commonwealth Senior Living at North Byron. The acquisition marks the third community for Commonwealth in the Grand Rapids area. Commonwealth plans to renovate the property, primarily focused on enhancing the secure memory care neighborhood.

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INDIANAPOLIS — Red Oak Capital Holdings LLC has provided a $4 million bridge loan for Bon Air Apartments, an apartment property located in Indianapolis. The funds will be used to pay off an existing loan and complete a renovation. The loan features interest-only payments, a two-year term and two six-month extension options. The nonrecourse debt represents 54.4 percent of the property’s estimated stabilized value of $7.3 million. Stratos Athanassiades, Thomas Gorski and Jesus Martinez of Red Oak originated and underwrote the debt under the firm’s Opportunistic Bridge Loan Program, which is a higher-leverage product with a small equity component for assets with a substantial value-creation element. Paul Meyer of Bristol Capital arranged the loan. The borrower, a group of professionals doing business as 21 West QOZ LLC, has invested $4 million into the property since acquiring it in 2021. Originally built in 1960, the property consists of a trio of three-story buildings with 42 units and 56 parking spaces. The owner is planning a gut renovation of the three buildings as well as constructing a new building on an adjacent vacant parcel. Common area and amenity spaces will connect all four buildings. The borrower ultimately intends to exit the Red …

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MINNEAPOLIS — Marcus & Millichap has arranged the sale of Blaine Strip Center in Minneapolis for $1.3 million. The 14,005-square-foot retail property is located at 12050 Central Ave. NE. Tom Gommels of Marcus & Millichap represented the buyer, an individual trust completing a 1031 exchange. According to Marcus & Millichap, the asset traded at an above-market cap rate and features below-market rents.

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ARIZONA, NEW MEXICO, OHIO AND OREGON — Intel Corp. and the U.S. Department of Commerce have signed a non-binding preliminary memorandum of terms (PMT) for up to $8.5 billion in direct funding to Intel for commercial semiconductor projects under the CHIPS and Science Act. The proposed funding would help advance Intel’s critical semiconductor manufacturing and research-and-development (R&D) projects at its sites in Arizona, New Mexico, Ohio and Oregon. CHIPS Act funding aims to increase U.S. semiconductor manufacturing and research and development (R&D) capabilities. According to a release, Intel is the only American company that both designs and manufactures leading-edge logic chips. “Today is a defining moment for the U.S. and Intel as we work to power the next great chapter of American semiconductor innovation,” says Intel CEO Pat Gelsinger. “Artificial intelligence is supercharging the digital revolution, and everything digital needs semiconductors.” Santa Clara, Calif.-based Intel is building two new fabrication plants in Chandler, Ariz. The new factories on the company’s Ocotillo campus are part of Intel’s multibillion-dollar global manufacturing build-out, which includes new or expanded facilities in Oregon, New Mexico, Ohio, Malaysia, Ireland, Poland, Israel and Germany. Construction is underway on Intel’s Fab 9 factory in Rio Rancho, N.M. Fab …

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