Midwest

Flaherty & Collins to Develop 200-Unit Multifamily Project in LaPorte, Indiana

by Kristin Harlow July 30, 2018

LAPORTE, IND. —The City of LaPorte Redevelopment Commission has selected Flaherty & Collins Properties to develop a 200-unit multifamily project in the city’s NewPorte Landing redevelopment project. Plans call for two buildings totaling approximately 167,000 square feet. Amenities will include a pool, outdoor courtyard, dog park, fitness center and bike storage. The apartment property represents a capital investment of more than $30 million, according to Flaherty & Collins. The LaPorte Redevelopment Commission is financing the project with tax-increment financing. Construction is set to begin next summer with completion in late 2020.

July 30, 2018

Illinois Industrial Leasing Activity Midwest

JDS Industries Signs 87,000 SF Industrial Lease in Addison, Illinois

by Kristin Harlow July 30, 2018

ADDISON, ILL. — JDS Industries has signed an 87,000-square-foot industrial lease in Addison. The wholesale supplier of personalization and awards components will occupy the entire building at 350 Church St. The property features 7,000 square feet of office space, a clear height of 24 feet, 13 exterior docks, one drive-in door and 59 car parking spaces. The company is relocating from Elk Grove Village as part of an expansion of operations. Britt Casey and Jeff Matella of Cushman & Wakefield represented the landlord, The Silverman Group. Sam Durkin of JLL represented the tenant.

July 30, 2018

Acquisitions Illinois Midwest Net Lease Restaurant Retail

Baum Brokers $1.8M Sale of Property Net Leased to Chipotle in Effingham, Illinois

by Kristin Harlow July 30, 2018

EFFINGHAM, ILL. — Baum Realty Group LLC has brokered the $1.8 million sale of a single-tenant restaurant property net leased to Chipotle Mexican Grill in Effingham in southwest Illinois. The property, located at 1207 N. Keller Drive, is near Panera Bread, Panda Express, Steak ’n Shake and two hotels. Patrick Forkin of Baum represented the seller, a Midwest-based developer. A regional investor purchased the asset.

July 30, 2018

Acquisitions Industrial Midwest Minnesota Top Stories

Foodservice Distributor UNFI to Acquire Grocery Retailer Supervalu for $2.9B

by David Cohen July 30, 2018

PROVIDENCE, R.I. AND MINNEAPOLIS — Natural and organic products distributor United Natural Foods Inc. (NASDAQ: UNFI) has agreed to acquire grocery retailer Supervalu Inc. (NYSE: SVU) for $2.9 billion. UNFI, which distributes to Whole Foods Market and other grocery chains, will pay $32.50 per share in cash for Supervalu, according to a joint statement. The deal includes the assumption of outstanding debt and liabilities. Steve Spinner, UNFI’s current CEO, will lead the combined entity. Sean Griffin, UNFI chief operating officer, will head the Supervalu integration efforts and lead an integration committee comprised of executives from both companies. Reasons cited for the acquisition were a diversified customer base, more cross-selling opportunities, larger market reach and scale. and an estimated $175 million in efficiency savings over the first three years. Headquartered in Minneapolis, Supervalu is one of the largest grocery wholesalers and retailers in the U.S., distributing to 3,437 stores. Supervalu operates 29 distribution centers serving 48 states and 114 grocery stores. Fiscal-year 2018 annual sales were approximately $14 billion. UNFI specializes in “healthier food options” and distributes more than 110,000 products to 43,000 customer locations including natural product superstores, independent retailers, conventional supermarket chains, ecommerce retailers and food service customers. “We have been executing an ambitious strategic transformation for over two …

July 30, 2018

Development Kansas Midwest Mixed-Use

Opus, OPRE Break Ground on 125,000 SF Mixed-Use Project in Overland Park, Kansas

by Kristin Harlow July 27, 2018

OVERLAND PARK, KAN. — The Opus Group and OPRE have broken ground on Edison District, a 125,000-square-foot mixed-use project in Overland Park. The five-story building is slated for completion in fall 2019. The property will feature office space in addition to a first-floor food hall and bar area. Coworking spaces will occupy the second floor and speculative office space will take up the remaining floors. Edison District will also include an outdoor event plaza. Tim Barton is the developer, with Opus Development Co. providing development support services. Opus Design Build is the builder and Opus AE Group is the interior designer, architect and structural engineer of record. AREA Real Estate Advisors will market the speculative office space for lease.

July 27, 2018

Acquisitions Midwest Multifamily North Dakota

IRET Sells 477-Unit Multifamily Portfolio in North Dakota for $42.3M

by Kristin Harlow July 27, 2018

WILLISTON, N.D. — IRET (NYSE: IRET) has closed on the sale of its interest in a multifamily portfolio in Williston for $42.3 million. IRET owned the majority interest in the Renaissance Heights and Williston Gardens properties, which consist of 433 units and a vacant land parcel. IRET was the sole owner of Dakota Commons, which includes 44 units. IRET managed all 477 units prior to the sale. Williston is in the Bakken region of North Dakota, which is known for oil production. Following this transaction, IRET has no remaining units in Williston. The buyer was Weidner Apartment Homes.

July 27, 2018

Loans Michigan Midwest Multifamily

Dougherty Provides $12.3M Construction Loan for Apartment Property in Marquette, Michigan

by Kristin Harlow July 27, 2018

MARQUETTE, MICH. — Dougherty Funding LLC has provided a $12.3 million construction loan for One Marquette Place Apartments in Michigan. The 64-unit apartment property will feature a 1,900-square-foot café and a 2,800-square-foot office suite. Amenities will include a fitness center and resident lounge with patio. Dougherty served as lead lender and servicer for the loan. One Marquette Place LLC was the borrower.

July 27, 2018

Acquisitions Michigan Midwest Retail

Marcus & Millichap Brokers $8.1M Sale of Shopping Center in Clarkston, Michigan

by Kristin Harlow July 27, 2018

CLARKSTON, MICH. — Marcus & Millichap has brokered the $8.1 million sale of White Lake Commons in Clarkston, about 35 miles northwest of downtown Detroit. Neiman’s Family Market anchors the 151,201-square-foot shopping center. Other tenants include CVS, Office Depot, Anytime Fitness, Enterprise Rent-A-Car, The UPS Store and Wendy’s. Craig Fuller, Erin Patton and Scott Wiles of Marcus & Millichap marketed the property on behalf of the seller, a publicly traded REIT. A local private buyer purchased the asset.

July 27, 2018

Hospitality Loans Midwest Wisconsin

Axilla Capital Arranges $5.6M Acquisition Loan for Hotel in Wauwatosa, Wisconsin

by Kristin Harlow July 27, 2018

WAUWATOSA, WIS. — Axilla Capital LLC has arranged a $5.6 million loan for the acquisition of the Holiday Inn Express in Wauwatosa. Originally completed in 1984, the 121-room hotel underwent a multi-million dollar renovation in 2017. The three-story property features a fitness center, business center and shuttle service. Tom Fleming of Axilla arranged the loan with a conventional bank on behalf of the undisclosed borrower.

July 27, 2018

Development Michigan Midwest Office

Chemical Bank to Relocate Headquarters to Downtown Detroit

by Kristin Harlow July 26, 2018

DETROIT — Chemical Bank, which has been headquartered in Midland, Michigan, since its founding in 1917, is relocating to downtown Detroit effective immediately. The headquarters will temporarily operate out of the bank’s Detroit office, located at 333 Fort St., while awaiting a new 20-story building to be built at the corner of Woodward Avenue and Elizabeth Street. The move coincides with the city of Detroit’s announcement to name Chemical Bank as the primary banking partner for managing the city’s operating deposit accounts. Chemical Bank plans to add approximately 500 employees to its new Detroit office upon completion of construction. The 240,000-square-foot tower is expected to include street-level retail space, car parking, office floors and condominiums, according to the Detroit Free Press. A timeline for completion was not disclosed. Midland will continue to be home of the company’s corporate operations center. Chemical Financial Corp. is the holding company for Chemical Bank.

July 26, 2018

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