Midwest

Columbus Retail Development Keeps Pace With Rising Population

by Kristin Harlow October 25, 2018

Columbus is a city on the rise. While that’s not exactly a new development, the fact that the arc of commercial development continues to bend up in Ohio’s capital city is noteworthy — and the pace of growth is impressive, to say the least. Columbus is the gateway market for the state of Ohio, with an impressive civic and economic resume. The counties making up the greater Columbus region have not only added approximately 160,000 jobs since 2010, they have brought in more than $8 billion in capital investments during that time. Columbus is home to The Ohio State University (OSU), one of the largest and most influential public universities in the nation; a long and expanding list of headquarters of national brands and businesses; and Columbus boasts a combination of arts, culture and commercial creativity that has led some to refer to it as the “Austin of the Midwest.” Downtown’s Arena District, home to the city’s professional hockey team the Columbus Blue Jackets, is the standard bearer for large-scale urban infill projects. The new Grandview Yard development brought additional mixed-use horsepower to the city. Retail expansions Easton Town Center is the major retail destination in Columbus, located in the …

October 25, 2018

Development Michigan Midwest Multifamily Student Housing

Spectra Student Living Breaks Ground on $17M Community in Big Rapids, Michigan

by Kristin Harlow October 24, 2018

BIG RAPIDS, MICH. — Spectra Student Living has broken ground on Eight Thirty Water Tower, a $17 million community near Ferris State University in Big Rapids. Slated to open in August 2019, the student housing property will include 318 beds within 120 units. Floor plans will consist of one-, two- and four-bedroom units. Amenities will include a clubhouse, resident lounge and YouTube room. Spectra will manage the property in partnership with Athens, Ga.-based Landmark Properties. More than 14,730 students are enrolled at Ferris State University.

October 24, 2018

Leasing Activity Midwest Nebraska Office

Web Hosting Company Flywheel to Open 66,000 SF Headquarters in Omaha

by Kristin Harlow October 24, 2018

OMAHA — Flywheel, a web hosting company, has leased 66,000 square feet within the Millwork Commons development in Omaha for its new headquarters. Millwork Commons is a $300 million mixed-use development spearheaded by Black Dog Management. Flywheel will be the anchor tenant and will occupy 1.5 floors at the property by summer 2020. Currently, Flywheel employs a team of more than 200 people with offices in Omaha, Australia and Europe. Barry Zoob and Chris Mensinger of Colliers International represented Flywheel in the lease transaction.

October 24, 2018

Acquisitions Illinois Industrial Midwest Self-Storage

Marcus & Millichap Brokers Sale of 640-Unit Self-Storage Facility in North Aurora, Illinois

by Kristin Harlow October 24, 2018

NORTH AURORA, ILL. — Marcus & Millichap has brokered the sale of Randall Road Self Storage, a 640-unit self-storage facility in North Aurora. The sales price was not disclosed. The facility, located at 1051 Kettle Ave., encompasses a total of 76,696 rentable square feet. Sean Delaney and Michael Mele of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The team also secured the buyer, Merit Hill Capital.

October 24, 2018

Acquisitions Midwest Missouri Office

Howard Commercial Arranges Sale of 4,000 SF Office Building in Kirkwood, Missouri

by Kristin Harlow October 24, 2018

KIRKWOOD, MO. — Howard Commercial has arranged the sale of a two-story, 4,000-square-foot office building in Kirkwood, a suburb of St. Louis. The sales price was not disclosed. The building, located at 108 N. Kirkwood Road, includes first-floor retail space. Howard represented the buyer, Bean Realty, which plans to open a specialty popcorn retail store within the retail space. A digital marketing company occupies the second floor.

October 24, 2018

Leasing Activity Michigan Midwest Retail

Burn Boot Camp to Open in Northville, Michigan

by Kristin Harlow October 24, 2018

NORTHVILLE, MICH. — Burn Boot Camp has leased 6,240 square feet to open a Northville location at 16831-16863 Ridge Road. The North Carolina-based fitness center franchise has more than 65 locations nationally. This will be the company’s fourth fitness center in Michigan. The company offers high-intensity classes that last 45 minutes. Thomas Wardlow of Colliers International represented the tenant in the lease transaction. The landlord was not disclosed. Burn Boot Camp hopes to be open before the end of the year.

October 24, 2018

Acquisitions Midwest Minnesota Office

Arch Street Acquires Four-Building Office Portfolio in Metro Minneapolis

by Kristin Harlow October 23, 2018

MINNEAPOLIS — Arch Street Capital Advisors LLC has acquired the Lafayette Park Office Campus in metro Minneapolis. The purchase price was $86.4 million, according to the Minneapolis/St. Paul Business Journal. The four office buildings total 677,514 square feet and are fully leased to the state of Minnesota. The properties have served as the headquarters for four state agencies since the mid-1980s. Ladder Capital, a New York-based real estate investment trust, was the seller.

October 23, 2018

Illinois Industrial Leasing Activity Midwest

RJW Transport Signs 416,504 SF Industrial Lease in Romeoville, Illinois

by Kristin Harlow October 23, 2018

ROMEOVILLE, ILL. — RJW Transport has signed a 416,504-square-foot industrial lease at 50 Southcreek Parkway in Romeoville. This is the third major lease for RJW this year for a combined total of 1.2 million square feet. The trucking and logistics company previously signed leases in Woodridge and Bolingbrook. Dominic Carbonari of JLL represented RJW in its latest lease. The landlord was not disclosed.

October 23, 2018

Loans Midwest Multifamily Ohio

KeyBank Provides $39.4M for Redevelopment of Apartment Property in Cleveland

by Kristin Harlow October 23, 2018

CLEVELAND — KeyBank Real Estate Capital and KeyBank Community Development Lending and Investment have provided a total of $39.4 million in financing for the redevelopment and preservation of Commodore Apartments in Cleveland. Specifically, KeyBank provided a $16.6 million low-income housing tax credit equity investment, an $11.6 million construction loan and an $11.1 million FHA 221(d)(4) first mortgage loan. The 12-story, high-rise building was originally constructed in 1924 as a hotel and later converted into apartment units in 1964, with renovations in 2008 and 2010. The 198-unit apartment complex features 23 studio, 142 one-bedroom and 33 two-bedroom units. A project-based Section 8 HAP contract will provide rental assistance for 144 units for tenants earning between 30 to 60 percent of the area median income. Rehabilitation plans call for the replacement of the roof, elevator modernization, new fire alarm system installation, replacement of domestic water supply and waste plumbing, accessibility upgrades, and in-unit renovations, including upgrading the kitchens, baths, flooring and interior doors. Jeff Rodman, Kelly Frank and Victoria O’Brien of KeyBank originated the financing. Ohio Housing Finance Agency, the city of Cleveland and The Community Builders were financing partners.

October 23, 2018

Acquisitions Midwest Net Lease Retail Wisconsin

Boulder Group Arranges $5.2M Sale of Property Net Leased to Pick ‘n Save in Wisconsin

by Kristin Harlow October 23, 2018

WISCONSIN RAPIDS, WIS. — The Boulder Group has arranged the $5.2 million sale of a single-tenant property net leased to Pick ‘n Save in Wisconsin Rapids. The 46,608-square-foot property is located at 900 E. Riverview Expressway. Wisconsin Rapids is in the central part of Wisconsin.Pick ‘n Save recently expanded its lease for 10 years. The store is scheduled to undergo a $2 million interior remodeling in 2019. The property was originally constructed in 1980. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Midwest-based real estate company. A West Coast-based real estate fund purchased the asset.

October 23, 2018

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