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IndustrialLeasing ActivityMidwestNorth Dakota

CBRE Negotiates 199,600 SF Industrial Lease at Dakota Commerce Center in Fargo

by Kristin Harlow

FARGO, N.D. — CBRE has negotiated a 199,600-square-foot industrial lease at Dakota Commerce Center, a 633,200-square-foot development in Fargo. An undisclosed tenant will fully occupy Building 3. Chance Lindsey and Kyle Ferderer of CBRE represented the owner and development partners, Hyde Development and Gremada Industries. The industrial park is now fully leased. Construction on the Class A, four-building development began in 2021, with Building 1 delivered in 2022. Buildings 2 and 3 were completed in 2023 and 2024, respectively. Building 4 is currently under construction and slated for completion this fall.

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AcquisitionsIllinoisMidwestRetail

Barber Murphy Arranges 36-Acre Land Sale in Fairview Heights, Illinois

by Kristin Harlow

FAIRVIEW HEIGHTS, ILL. — Locally based brokerage firm Barber Murphy has arranged the sale of 36 acres of land in Fairview Heights near St. Louis. The property at 5628 Old Collinsville Road will continue to operate as a golf and sports facility. Barber Murphy represented both the seller, Judefam Sports LLC, and the buyer, O’Fallon Sports 115 LLC.  

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Leasing ActivityMichiganMidwestRetail

The Back Nine Signs 3,215 SF Retail Lease at White Lake Commons in Clarkston, Michigan

by Kristin Harlow

CLARKSTON, MICH. — The Back Nine, a golf simulator tenant, has signed a 3,215-square-foot retail lease at White Lake Commons in Clarkston, a northern suburb of Detroit. Anchored by Neiman’s Market, White Lake Commons is located at the southeast corner of Dixie Highway and White Lake Road. Michael Murphy of Gerdom Realty & Investment negotiated the lease.

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DevelopmentKansasMidwestOfficeTop Stories

Fiserv Unveils Plans for $175M Fintech Headquarters in Metro Kansas City

by John Nelson

OVERLAND PARK, KAN. — Fiserv Inc. (NYSE: FI), a global technology company specializing in financial services and payments, has unveiled plans for the development of a $175 million fintech headquarters in the Kansas City suburb of Overland Park. The company will renovate two buildings on the Aspiria corporate campus — formerly the headquarters of telecom company Sprint that is now owned by Occidental Management — which houses 3.9 million square feet of office space across 20 buildings. The new office will join a growing list of innovation centers across the country for Fiserv, including locations in Alpharetta, Ga.; Milwaukee; Omaha, Neb.; Berkeley Heights, N.J.; and New York City. “The greater Kansas City metro area offers a dynamic environment with a growing population of tech talent, making it the ideal location for Fiserv’s next strategic fintech hub,” says Frank Bisignano, chairman and CEO of Fiserv. Situated at 6500 and 6550 Sprint Parkway, Fiserv’s new headquarters will span 427,000 square feet, marking the largest office recruitment in Kansas history, according to the office of Kansas Gov. Laura Kelly. Fiserv picked Overland Park for its central U.S. location, in addition to its proximity to the company’s Midwestern clients and the region’s affordability. The new …

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Ann Atkinson Regions Real Estate Capital Markets quote from article
Affordable HousingContent PartnerFeaturesLoansMidwestMultifamilyNortheastRegions Real Estate Capital MarketsSoutheastTexasWestern

Looking to Finance Your Multifamily Property? Compare Fannie Mae, Freddie Mac Small Balance Loan Options

by Sarah Daniels

By Ann Atkinson, Regions Real Estate Capital Markets Finance options for owner/operators of multifamily properties are consistently available via Fannie Mae and Freddie Mac. Both government-sponsored entities (GSEs), are governed by the Federal Housing Finance Agency (FHFA) and share a clear mission to support the health of the country’s housing market and its existing multifamily supply by providing financing options to borrowers. Loans Accessible for Affordable, Workforce Properties The support provided by both Fannie Mae and Freddie Mac to multifamily housing notably extends beyond market-rate rental properties, with both agencies dedicated to the availability of affordable and workforce housing units to low-income renters. Thus, Fannie Mae and Freddie Mac offer good loan options to consider for owner/operators active in these multifamily subsets. Let’s compare their offerings specific to small balance loans, as these are often the appropriate solutions for this range of multifamily properties. Both Fannie Mae and Freddie Mac programs offer financing for the acquisition or refinance of stabilized multifamily properties. The properties must include five or more residential units and be stabilized. The agencies define stabilized as 90 percent occupancy for 90 days.  In addition, both programs offer the following product features for small loans:     Let’s now …

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AcquisitionsMichiganMidwestOffice

Friedman Real Estate Completes $9.2M Auction Sale of Renaissance Center’s 600 Tower in Detroit

by Kristin Harlow

DETROIT — Friedman Real Estate has brokered the $9.2 million auction sale of the 600 Tower of the Renaissance Center in Detroit. The 21-story office building totals 334,000 square feet. Friedman utilized auction partner Ten-X. The buyer was Dr. Mahmoud Al-Hadidi, an internal medicine specialist that also runs a real estate investment firm, according to Crain’s Detroit Business. The news outlet reports that the 600 Tower had been owned by a joint venture between F&F Capital Group and Friedman Real Estate. The building is one of the shorter RenCen towers and is not owned by General Motors Co., which is working on a redevelopment plan for the five towers it owns.

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IllinoisIndustrialLoansMidwest

Brennan Recapitalizes 720,000 SF Industrial Portfolio in Elk Grove Village, Illinois

by Kristin Harlow

ELK GROVE VILLAGE, ILL. — Brennan Investment Group has recapitalized the Regent O’Hare industrial portfolio in Elk Grove Village. The portfolio is positioned in the heart of the O’Hare submarket, located along the Busse industrial corridor and three miles from Chicago O’Hare International Airport. The portfolio consists of five multi-tenant Class B buildings with an occupancy of 92 percent. Brennan will continue to operate the portfolio, as it has done since its original acquisition in October 2020. Brennan’s Midwest portfolio totals 30 million square feet of industrial space.

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DevelopmentHealthcareIllinoisMidwestRetail

Krusinski to Transform 14,446 SF Medical Space into Daycare Center in South Elgin, Illinois

by Kristin Harlow

SOUTH ELGIN, ILL. — Krusinski Construction Co. will transform a 14,446-square-foot vacant space on the first floor of the Medical and Legal Arts Building in South Elgin into a daycare center for BrightPath Kids, which operates more than 230 centers across the U.S. and Canada. The interior scope includes partial demolition and full reconstruction of the first floor. The new space will feature activity rooms and learning areas equipped with advanced classroom technology. Mechanical, electrical, plumbing and fire protection systems will be enhanced to meet the client’s needs. Exterior upgrades will include parking lot improvements and the addition of a new playground on the east side of the building. Krusinski originally completed the ground-up, two-story building in 2007. The facility previously housed an immediate care clinic for Advocate Aurora Health Sherman Family Healthcare on the first floor, with law offices and conference rooms on the second. The project team includes Colliers Engineering & Design as architect and civil engineer.

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AcquisitionsMidwestRetailWisconsin

Marcus & Millichap Arranges $2.9M Sale of Retail Center in Wisconsin Rapids

by Kristin Harlow

WISCONSIN RAPIDS, WIS. — Marcus & Millichap has arranged the $2.9 million sale of a two-building, six-suite retail center in Wisconsin Rapids in central Wisconsin. Built in 2007, the fully leased property is located on 1.6 acres and is anchored by Maurices and Mattress Firm. Jeff Rowlett of Marcus & Millichap represented the seller, Elm Holdings 1 LLC. Jesse Schluter of Wisconsin Commercial Real Estate procured the buyer, a Wisconsin-based private investor.

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IowaLeasing ActivityMidwestRestaurantRetail

Burger Shop Opens at Outlets of Des Moines in Altoona, Iowa

by Kristin Harlow

ALTOONA, IOWA — Burger Shop has opened at the Outlets of Des Moines in Altoona. The restaurant offers a variety of burgers, sandwiches, salads, wraps and fries. Developed by New England Development, Outlets of Des Moines is an open-air lifestyle center that is home to brands such as Ann Taylor Factory Store, Coach Outlet, Gap Factory Store, Polo Ralph Lauren, Nike Factory Store and Michael Kors Outlet.

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