Investcorp Acquires 32 Industrial Properties in Illinois, Ohio

ILLINOIS AND OHIO — Investcorp has acquired 32 industrial properties totaling approximately 3.5 million square feet across four U.S. markets. The value of the acquired properties was more than $280 million. The assets are 96 percent leased and consist of a variety of Class A and B warehouse, distribution and flex industrial buildings. Tenants work in the healthcare, logistics, e-commerce, telecommunications and food service industries. Most of the properties are located in Chicago and …

October 27, 2020Acquisitions, Illinois, Midwest, Ohio

Ashley Furniture to Invest $70M for Distribution Center in Suburban Columbus

ETNA, OHIO — Ashley Furniture Industries Inc. has unveiled plans to build a new facility in Etna near Columbus. The furniture manufacturer says it will invest $70 million and create 300 new jobs. Hiring will begin in late 2021, once the building is completed. TPA Group is the developer and FCL Builders is the general contractor for the project. The new 1 million-square-foot facility, located at 70 Global Parkway, will serve as a regional distribution hub for e-commerce fulfillment and store …

October 27, 2020Development, Industrial, Midwest, Ohio

City Club Apartments Opens 283-Unit Community in Kansas City’s Crossroads

KANSAS CITY, MO. — City Club Apartments (CCA) has opened its newest community in Kansas City within the Crossroads neighborhood. The 283-unit, seven-story development also includes duplexes, townhouses and penthouses. There are 50 different floor plans. Amenities include a rooftop sky park, pool, outdoor theater, terrace club, concierge service and nearly 300 underground parking spaces. The first floor features DGX, a small retail store with grab-and-go salads, sandwiches, fresh produce and a …

October 27, 2020Development, Midwest, Missouri, Multifamily

Midwest Truck and Auto Parts Leases 125,000 SF in Merrillville, Indiana

MERRILLVILLE, IND. — Midwest Truck and Auto Parts has leased 125,000 square feet of industrial space at AmeriPlex at the Crossroads in Merrillville within Northwest Indiana. The 279,000-square-foot building is located at 9401 Georgia St. Crow Holdings Industrial is developing the speculative project, which is slated for completion in summer 2021. The building features a clear height of 32 feet, 30 exterior dock doors, 47 trailer stalls and 166 car parking stalls. The tenant, a truck and auto …

October 27, 2020Indiana, Industrial, Leasing Activity, Midwest

Marcus & Millichap Brokers $1.1M Sale of Office Building in Fort Wayne, Indiana

FORT WAYNE, IND. —Marcus & Millichap has brokered the sale of a 7,631-square-foot office building in Fort Wayne for $1.1 million. The property is located at 1020 E. Dupont Road. It was fully occupied by two tenants at the time of sale. In 2018, the property underwent improvements such as new LED lighting, HVAC units, carpet and a roof replacement. Jordan Klink and Nick Weaver of Marcus & Millichap’s The Klink Group marketed the asset on behalf of the seller, a Fort Wayne-based …

October 27, 2020Acquisitions, Indiana, Midwest, Office

The Twin Cities: An Unlikely Shelter in Turbulent Multifamily Markets

The Minneapolis metropolitan area made plenty of headlines in 2020, and much of the news wasn’t good. The social fabric was frayed, and property damage estimated at between $250 million and $500 million ensued.On the surface, the Twin Cities appear unlikely sources of stability and relative safety for multifamily investors, and yet market performance and property value trends have so far proven resilient in the face of adversity. In comparison to many of the primary markets and its …

October 27, 2020Content Partner, Heartland Feature Archive, Midwest, Minnesota, Multifamily, RED Capital Group

Purina to Build $550M Pet Food Production Facility in Metro Cincinnati

WILLIAMSBURG TOWNSHIP, OHIO — Nestlé Purina PetCare (Purina), a subsidiary of the global Nestlé brand, plans to build a new 1.2 million-square-foot industrial facility in the Cincinnati suburb of Williamsburg Township. The St. Louis-based pet product manufacturer says its total investment in the facility will total $550 million and it will house more than 300 employees when fully operational.Purina will produce its brands of dry dog and cat food at the new facility such as Purina Pro …

October 27, 2020Development, Industrial, Midwest, Ohio, Top Stories

Flaherty & Collins Breaks Ground on $32M Whiskey River Apartments in Lawrenceburg, Indiana

LAWRENCEBURG, IND. — Flaherty & Colilns Properties has broken ground on Whiskey River, a $32 million luxury apartment development in Lawrenceburg, about 27 miles west of Cincinnati. The 150-unit project will include amenities such as a pool, lounge area, coworking lounge, fitness center, bark park and bike storage. The waterfront development will be located along the Ohio River. The name Whiskey River alludes to Lawrenceburg’s long history in whiskey production, earning it the nickname …

October 26, 2020Development, Indiana, Midwest, Multifamily

Local Developers to Revitalize Historic Mansion with Apartment Project in Minneapolis

MINNEAPOLIS — W+Noordijk, in partnership with Yellow Tree Development and Sentinel Management Co., have acquired the historic Alden Smith Mansion in Minneapolis and plan to restore and incorporate it into a larger 124-unit apartment project. The Minneapolis Community & Technical College (MCTC) had been actively pursuing restoration strategies for the mansion since 2010. The developers plan to fully revitalize the house and develop it into a social hub for residents, equipped with …

October 26, 2020Development, Midwest, Minnesota, Multifamily

JLL Arranges $15.7M in Acquisition Financing for Retail Center in Libertyville, Illinois

LIBERTYVILLE, ILL. — JLL Capital Markets has arranged $15.7 million in post-acquisition financing for Red Top Plaza, a 147,840-square-foot retail center anchored by Jewel-Osco in the suburban Chicago town of Libertyville. The property is also home to a mix of service, essential, restaurant and medical tenants. Christopher Drew, Brian Gaswirth, Christopher Knight and Michael DiCosimo of JLL worked on behalf of the borrower, Florida-based Sterling Organization. An insurance company provided the …

October 26, 2020Illinois, Loans, Midwest, Retail