Midwest

Millennial Workforce Drives Development Wave in Downtown Milwaukee

by Kristin Harlow July 20, 2017

There’s never been a better time to live and work in downtown Milwaukee. With the recession in the rearview mirror, a massive resurgence in the multifamily and office sectors has originated in Wisconsin’s largest city. Since 2011, 2,500 multifamily units have been completed, with an additional 1,500 units under construction and 2,000 proposed. The office market has seen a similar trend with nearly 2 million square feet of new development being created, the bulk of which is Northwestern Mutual Life Insurance Co.’s new $450 million, 32-story office tower. After decades of decline, downtown Milwaukee is experiencing a surge in population growth largely attributed to the development influx. This has changed the makeup of the city’s job market and molded a new workforce hinged on modern factors. With an increase in residents migrating to urban areas to work and reside, companies are shifting gears to tap into this ever-evolving talent market. Catering to millennials Known as the job-hopping generation, millennials are the focus of companies’ recruiting tactics. Combined with competitive compensation packages, businesses have begun leveraging their chief incentive: the physical office space. A prime example of this development, the Third/Fifth Ward on the city’s southeastern side has become one of …

July 20, 2017

Midwest Missouri Multifamily

Altus, Copaken Brooks Break Ground on Luxury Apartment Complex in Kansas City

by Kristin Harlow July 19, 2017

KANSAS CITY, MO. — Altus Properties and Copaken Brooks have broken ground on ARTerra, a luxury apartment complex in the Crossroads Arts District of downtown Kansas City. The 12-story building is located at the intersection of 21st and Wyandotte streets. The building will feature 126 units, consisting of a mix of studios, one-, two- and three-bedroom apartments. The property will also feature first-floor retail space and a 12th-floor amenity suite with an infinity pool. This is the first high-rise apartment building in the district, according to Coapken Brooks. JE Dunn will serve as general contractor for the project, which was designed by HOK. Completion is slated for late 2018.

July 19, 2017

Hospitality Loans Midwest Minnesota

CBRE Arranges $26.9M Construction Loan for 168-Room Hotel in Minneapolis

by Kristin Harlow July 19, 2017

MINNEAPOLIS — CBRE has arranged a $26.9 million loan for the construction of The Elliot Park Hotel in downtown Minneapolis. The 168-room Autograph Collection hotel by Marriott will be located on the northeast corner of 5th Avenue South and South 9th Street. The boutique hotel, slated to open in summer 2018, is part of a block redevelopment by Kraus–Anderson. The redevelopment will include a new corporate office for Kraus-Anderson, a 17-story apartment tower and a microbrewery. Jason Brown, Dan Gable, Joel Torborg and Jonathan Rice of CBRE arranged the loan on behalf of the Wilkinson Corp. Bank of the Ozarks provided the three-year loan.

July 19, 2017

Industrial Midwest Wisconsin

Dickman Co. Brokers Sale of 51,600 SF Industrial Building in Oak Creek, Wisconsin

by Kristin Harlow July 19, 2017

OAK CREEK, WIS. — The Dickman Co. Inc./CORFAC International has brokered the sale of a 51,600-square-foot industrial building in Oak Creek, 12 miles south of Milwaukee. The property is located at 440 W. Bell Court. Tower 9 Commercial – Oak Creek LLC purchased the building from K & Z Partners LLC. Samuel D. Dickman and Samuel M. Dickman Jr. of Dickman Co. brokered the transaction.

July 19, 2017

Indiana Midwest Retail

Alpha Partners Acquires 41,445 SF Shopping Center in Indianapolis

by Kristin Harlow July 19, 2017

INDIANAPOLIS — Alpha Partners has acquired Meridian Marketplace in the Greenwood submarket of Indianapolis. The purchase price was not disclosed. The 41,445-square-foot shopping center is located at 8923 S. Meridian St. Crystal Kennard and Scot Courtney of Lee & Associates will oversee leasing of the center, which has 10,815 square feet available for immediate lease. The seller was not disclosed.

July 19, 2017

Illinois Midwest Net Lease Retail

Marcus & Millichap Arranges Sale of Retail Property Net Leased to PNC Bank in Chicago for $4M

by Kristin Harlow July 19, 2017

CHICAGO — Marcus & Millichap has arranged the sale of a 7,500-square foot retail property net leased to PNC Bank in Chicago for $4 million. The property is located at a three-way intersection at 6401 North Harlem Ave. Sean R. Sharko, Austin Weisenbeck and Adrian Mendoza of Marcus & Millichap marketed the property on behalf of the seller, a private investor. Joseph Sigal of Marcus & Millichap secured and represented the buyer, a Canadian investment group.

July 19, 2017

Midwest Missouri Multifamily

CA Ventures, White Oak Open 250-Unit Luxury Apartment Complex in Suburban St. Louis

by Kristin Harlow July 18, 2017

CLAYTON, MO. — CA Ventures and White Oak Realty Partners have opened Two Twelve Clayton, a 250-unit luxury apartment complex in Clayton, a western suburb of St. Louis. The 26-story building is located at 212 S. Meramec Ave. Two Twelve includes studio, one-, two- and three-bedroom units ranging from 592 to 1,366 square feet. Monthly rents start at $1,706 and rise to $4,415 for the largest units. The property features 9,300 square feet of amenity space, including a rooftop deck with a resort-inspired pool, fire pit and outdoor dining area with grills, fitness center, yoga studio and resident lounge. First move-ins began earlier this month. The Habitat Co. is managing the property and overseeing leasing.

July 18, 2017

Illinois Midwest Multifamily

$151M Origin Investments’ Fund III Targets Value-Added Properties

by Kristin Harlow July 18, 2017

CHICAGO — Origin Investments has raised $151 million from 450 investors through its third private equity real estate fund, paving the way for it to acquire $600 million in value-added commercial and multifamily properties. Since July 2016, the now closed and fully subscribed Origin Investments’ Fund III has spent $38 million to acquire eight assets, including The Clayson, a 448-unit apartment complex in Palatine, Ill. The eight properties are valued in excess of $257 million. The investment strategy for the third fund mirrors Chicago-based Origin Investments’ first two funds, which are currently on track to generate more than a 24 percent annualized net return. When fully invested, Origin Investors’ Fund III is expected to own more than 15 multifamily and office properties in eight markets across the United States.

July 18, 2017

Industrial Loans Michigan Midwest

Cohen Financial Arranges $4M Refinancing for Industrial Property in Suburban Detroit

by Kristin Harlow July 18, 2017

ROMULUS, MICH. — Cohen Financial, a division of SunTrust Bank, has arranged a $4 million loan for the refinancing of a single-tenant industrial property in Romulus, a western suburb of Detroit and home to Detroit Metropolitan Airport. The 121,500-square-foot building is 100 percent leased to a user that primarily services the automotive industry. Cathy Bronkema of Cohen Financial arranged the 15-year loan, which includes a 15-year amortization schedule. A life insurance company provided the loan.

July 18, 2017

Illinois Midwest Retail

Missner Group to Renovate 40,000 SF Subaru Dealership in Chicago

by Kristin Harlow July 18, 2017

CHICAGO — The Missner Group has been selected to renovate the Berman Mid City Subaru car dealership, located at 4330 and 4444 Irving Park Road in Chicago. Renovations will be made to two buildings, and include improvements to both the office and service areas of the dealership. The project will encompass 40,000 square feet, and include a new, 22,000-square-foot service area. This new space will feature a customer lounge, café and service bays. The Missner Group will also install a new HVAC system. Robert Papineau will lead the project on behalf of The Missner Group with Steve Bulger serving as project superintendent. Becker Architects is providing the architectural services. The project is slated for completion late this fall.

July 18, 2017

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