Midwest

Cordish, Cardinals Break Ground on $65M Loews Hotel in St. Louis

by Kristin Harlow July 12, 2018

ST. LOUIS — The Cordish Companies, the St. Louis Cardinals and Loews Hotels & Co. have broken ground on the new $65 million Live! by Loews hotel in St. Louis. The hotel will be located inside the second phase of Ballpark Village, a mixed-use development surrounding the Cardinals’ Busch Stadium. The eight-story hotel will feature 216 rooms, including 19 suites. An outdoor terrace will feature a bar called “Gashouse Gang,” a nickname given to the Cardinals baseball team that ultimately won the World Series in 1934. The hotel will also include a wine bar, bourbon bar, second-level terrace bar and open display kitchen. The second level will include 17,000 square feet of meeting and event space. HKS Architects Hospitality Studio designed the hotel. The $260 million second phase of Ballpark Village also features a 29-story apartment tower, a Class A office tower anchored by PricewaterhouseCoopers and a three-story retail pavilion anchored by Onelife Fitness.

July 12, 2018

Acquisitions Iowa Midwest Multifamily

Besyata, Scharf Acquire Apartment Property in Waukee, Iowa for $58M

by Kristin Harlow July 12, 2018

WAUKEE, IOWA — Besyata Investment Group and The Scharf Group have acquired Autumn Ridge Apartments in Waukee for $58 million. The purchase will be completed in two phases, as the second half of the apartment property has yet to be constructed. Jeff Seidenfeld of Eastern Union arranged a $27.5 million, 85 percent loan-to-value bridge loan with Greystone for the first phase of the acquisition, which comprises 236 units. Upon completion, the Class A property will total 434 units. HFF brokered the sale of the property and represented the undisclosed seller. BH Management will handle property management and leasing. Both Besyata and Scharf groups are based in New York.

July 12, 2018

Development Midwest Minnesota Multifamily

Opus Completes 246-Unit Apartment Project in Edina, Minnesota

by Kristin Harlow July 12, 2018

EDINA, MINN. — The Opus Group has completed The Loden, a 246-unit apartment project in Edina. The site was formerly home to a vacant office building. Amenities include an outdoor pool deck and hot tub, fitness center, yoga studio, dog wash, bike storage and work-from-home space. From alcoves to two-bedroom units with dens, the floor plans range from 498 to 1,322 square feet. Opus Development Co. was the developer, Opus Design Build was the builder and Opus AE Group was the interior designer, architect and structural engineer of record. The Excelsior Group will manage the property and oversee leasing efforts.

July 12, 2018

Acquisitions Data Centers Industrial Midwest Ohio

Romans Properties Brokers $5M Sale of Data Center in Lewis Center, Ohio

by Kristin Harlow July 12, 2018

LEWIS CENTER, OHIO — Romans Properties has brokered the $5 million sale of a data center in Lewis Center, about 20 miles north of Columbus. The 57,000-square-foot facility is located at 8180 Green Meadows Drive. The property is fully leased by Cyxtera, which provides data center colocation, cybersecurity and cloud-based services. Chris Orr of Romans represented the buyer, an institutional client. The seller was not disclosed.

July 12, 2018

Market Reports Michigan Midwest Midwest Market Reports Multifamily Office

The Hunt for Yield Returns to Detroit and Its Suburbs

by Kristin Harlow July 12, 2018

In 2008, the credit crisis had gripped the world and in particular, the Midwest. Lenders, whether CMBS or life insurance companies, had put large “X’s” through Michigan on their maps. And Detroit? South of 8 Mile, you couldn’t get a deal done. Enter entrepreneur businessman Dan Gilbert. Inspired by an intern spurning his then Livonia-based Quicken Loans for a more urban, walkable environment in Chicago, Gilbert made the bold decision to move his entire operation to downtown Detroit. Now in 2018, Ford, GM and Chrysler (and various suppliers) are humming, resulting in a decade-low statewide unemployment rate of 4.8 percent. The central business district (CBD) and Midtown Detroit multifamily occupancy rates are at 95 percent, with office just a touch under that, according to CoStar Group. And in downtown Detroit, which many in the metro area once regarded as a quasi-War Zone, vacant buildings are selling for millions of dollars and millennials in yoga pants dot the streets. Detroit’s resurgence since 2008 has earned it the nickname of “America’s Great Comeback City,” with no better metaphor than Ford Motor Co. recently buying one of the world’s great eyesores, Michigan Central Station, the former train station. However, the city’s renaissance is …

July 12, 2018

Market Reports Michigan Midwest Midwest Market Reports Multifamily Single-Family Rental

Positive Economic, Demographic Trends Fuel Detroit’s Apartment Rental Market

by Kristin Harlow July 12, 2018

Throughout metro Detroit, employment and population gains are bolstering apartment demand. Following the creation of 40,200 jobs one year ago, employers in the metro area added 22,200 people to payrolls during the past four quarters. The hiring brought the unemployment rate to 4.5 percent in March, down 10 basis points year over year. The tighter rate may make it more difficult for some employers to find qualified workers to fill openings. During the past 12 months, the hospitality sector led hiring with 8,200 additional workers. New hotel openings contributed to the increase. Sustained job growth has helped to boost the metro population by nearly 11,700 people and 6,600 households over the past year. Many of these residents are opting to rent, as rising home prices place homeownership beyond the reach of more households. During the past five years, the median price of a single-family home has soared 68 percent to $177,053 as of March. Highly amenitized homes or properties in desired areas such as downtown Detroit, Troy or Royal Oak, have much higher median prices, making renting a more affordable option in numerous areas of the region. Construction concentrations Multifamily construction is gaining traction in the suburbs. Completions in the …

July 12, 2018

Development Michigan Midwest

Corporate Eagle Breaks Ground on New Headquarters at Airport in Waterford, Michigan

by Kristin Harlow July 11, 2018

WATERFORD, MICH. — Corporate Eagle, a provider of fractional jet ownership and jet management services, has broken ground on its new headquarters at the Oakland County International Airport in Waterford. Located on 5.7 acres at the corner of Highland Road and Patterson Parkway, the new facility will include 56,000 square feet of hangar space, 9,000 square feet of business and member VIP facilities, 85,000 square feet of concrete tarmac and jet fuel storage for 40,000 gallons. Corporate Eagle currently operates out of a 58,000-square-foot facility less than a quarter-mile east of the future site.

July 11, 2018

Acquisitions Illinois Midwest Office

Echo Development Purchases 93,000 SF Office Building in Chicago for $14M

by Kristin Harlow July 11, 2018

CHICAGO — Echo Development Group Inc. has purchased 2401 W. Grace on Chicago’s northwest side for just under $14 million. AT&T Services Inc., a subsidiary of AT&T, occupies the single-tenant office building. AT&T has completed a renovation of the 93,000-square-foot property and recently announced the addition of 500 call center jobs at the site. The seller was not disclosed.

July 11, 2018

Development Illinois Midwest Multifamily

Albion Residential, Clark Construction Break Ground on Two Apartment Projects in Suburban Chicago

by Kristin Harlow July 11, 2018

EVANSTON AND OAK PARK, ILL. — Albion Residential, along with general contractor Clark Construction, has broken ground on two apartment projects in suburban Chicago. Albion Evanston will include 268 apartment units with 6,800 square feet of retail space. Existing buildings on the development site will be demolished this month with construction slated to begin in August. The property is scheduled to open in the third quarter of 2019. The Northwestern Mutual Life Insurance Company provided project financing. Albion Oak Park will include 265 apartment units and 8,000 square feet of retail space. Construction of the building’s foundation is underway. CIBC and Associated Bank provided project financing. Hartshorne Plunkard Architecture is designing both projects.

July 11, 2018

Acquisitions Illinois Midwest Retail

Quantum Brokers Sale of Two Retail Properties in Aurora, Illinois

by Kristin Harlow July 11, 2018

AURORA, ILL. — Quantum Real Estate Advisors Inc. has brokered the sale of two retail properties in Aurora for an undisclosed price. The sale includes a 31,000-square-foot retail center and a single-tenant building occupied by Walgreens. The retail center was fully leased at the time of sale. Tenants include Dollar General, O’Reilly Auto Parts and Subway. Constructed in 2002, the Walgreens property is approximately 15,000 square feet. Chad Firsel of Quantum represented the seller, a Chicago-based investor. Daniel Waszak of Quantum represented the buyer, a Colorado-based private investor.

July 11, 2018

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