Midwest

Caddis to Develop 105-Unit Assisted Living Community in Glendale, Wisconsin

by Kristin Harlow October 13, 2017

GLENDALE, WIS. — Caddis is developing Heartis Village North Shore in Glendale, about nine miles north of Milwaukee. The 105-unit assisted living and memory care community is the developer’s first senior living community in the state of Wisconsin. The 96,770-square-foot facility will be located at 100 W. River Woods Parkway. Amenities will include walking paths, courtyards, game and activity rooms, a library, media room, dining room and barbershop. Pathway Senior Living LLC will manage the property. Completion is slated for early 2019. The project team includes architect Katus and general contractor Stevens Construction Corp.

October 13, 2017

Midwest Missouri Self-Storage

SkyView Advisors Arranges Sale of 440,059 SF Self-Storage Portfolio in Metro St. Louis

by Kristin Harlow October 13, 2017

ST. LOUIS — SkyView Advisors has arranged the sale of ACE Storage portfolio in metro St. Louis. The sales price was not disclosed. The portfolio spans six properties and 440,059 square feet. The buildings feature a total of 750 climate-controlled units and 2,246 non-climate-controlled units as well as 331 parking spaces. Ryan Clark of SkyView Advisors represented the undisclosed seller. National Storage Affiliates purchased the portfolio.

October 13, 2017

Loans Midwest Minnesota

Grandbridge Arranges $14.4M in Acquisition Financing for Prep Academy Near Minneapolis

by Kristin Harlow October 13, 2017

RICHFIELD, MINN. — Grandbridge Real Estate Capital has arranged $14.4 million in bond financing for the acquisition of Seven Hills Preparatory Academy in Richfield, a southern suburb of Minneapolis. BB&T Capital Markets closed a tax-exempt $13.3 million Series 2017A loan and a taxable $1.1 million Series 2017B loan for the borrower, SHPA ABC. Proceeds from the Series 2017 bonds will be used to acquire the 60,000-square-foot facility, as well as expand the property with the construction of a gymnasium. Interior and exterior renovations will also be made. The school serves students in grades K-8.

October 13, 2017

Illinois Industrial Midwest

Weiman Products Signs 255,418 SF Industrial Lease in Gurnee, Illinois

by Kristin Harlow October 13, 2017

GURNEE, ILL. — Weiman Products LLC has signed a 255,418-square-foot industrial lease renewal and expansion in Gurnee, about 40 miles north of Chicago. Previously occupying 155,000 square feet at the property, the surface care product manufacturer will now occupy the entire property. Developed by CenterPoint Properties in 2008, the building is located at 705 Tri-State Parkway and features 30-foot clear heights and 20 exterior docks. Whit R. Heitman, Sam Badger and Jared Paff of CBRE represented Weiman in the lease transaction.

October 13, 2017

Illinois Loans Midwest Self-Storage

ASC Arranges $7.6M Bridge Loan for Self-Storage Facility in Chicago

by Kristin Harlow October 12, 2017

CHICAGO — American Street Capital (ASC) has arranged a $7.6 million bridge loan for a self-storage facility in Chicago’s Old Town neighborhood. The 55,418-square-foot facility consists of 885 traditional storage units and 490 wine storage units. Built in 1920, the property was converted into a self-storage facility in 1984. The bridge loan will be used for capital improvements to modernize the facility. Igor Zhizhin of ASC arranged the two-year loan.

October 12, 2017

Industrial Midwest Wisconsin

CBRE Brokers Sale of 70.9-Acre Industrial Site in Kenosha, Wisconsin

by Kristin Harlow October 12, 2017

KENOSHA, WIS. — CBRE has brokered the sale of a 70.9-acre land site in Kenosha for an undisclosed price. The land can accommodate for a total of more than 1 million square feet of development. Whit R. Heitman, Sam Badger, Brad Weiner and Jared Paff of CBRE represented both the buyer, Towne Realty Inc., and the seller, Bridge Acquisitions LLC, a division of Bridge Development Partners.

October 12, 2017

Indiana Industrial Midwest

Kuehne + Nagel Inks 78,300 SF Industrial Lease Expansion in Suburban Indianapolis

by Kristin Harlow October 12, 2017

PLAINFIELD, IND. — Kuehne + Nagel has signed an industrial lease for an additional 78,300 square feet at Gateway Business Park in Plainfield, a suburb of Indianapolis. The Switzerland-based global logistics has occupied 55,000 square feet at the property since June and will now lease a total of 133,800 square feet. Known as Gateway Industrial IV, the 151,200-square-foot building is located at 845 S. Columbia Road. Chicago-based HSA Commercial Real Estate developed the building in partnership with Washington Capital Management. Gateway Industrial IV is the fifth and final building in the 40-acre park. John Hanley, Terry Busch and Jared Scaringe of CBRE represented ownership in the lease transaction.

October 12, 2017

Healthcare Illinois Midwest

Krusinski Breaks Ground on 25,000 SF Rehab Center in Burr Ridge, Illinois

by Kristin Harlow October 12, 2017

BURR RIDGE, ILL. — Krusinski Construction Co. has broken ground on a new 25,000-square-foot rehabilitation center for the Shirley Ryan AbilityLab in Burr Ridge, a southwestern suburb of Chicago. Formerly known as the Rehabilitation Institute of Chicago, the center will treat individuals with complex disabilities through a model of integrated research, education and patient-centered care. MedProperties Group is the project developer. Other project team members include architect HDR, civil engineer Manhard Consulting and electrical engineer Gage Consulting Engineers. Completion is slated for March 2018.

October 12, 2017

Kansas Midwest Retail

Planet Fitness to Open New Location in Overland Park, Kansas

by Kristin Harlow October 12, 2017

OVERLAND PARK, KAN. — Planet Fitness has signed an 18,052-square-foot lease to open a new location in Overland Park. Best Buy is a co-tenant at the 65,000-square-foot property, which is located at 9301 Quivira Road. Construction of a new entrance and façade is currently underway. David M. Block, William Glasgow and Alex Block of Block & Co. Inc. Realtors negotiated the long-term lease. Block & Co. Development & Construction Management LLC is responsible for the construction of the Planet Fitness space.

October 12, 2017

Market Reports Midwest Midwest Market Reports Minnesota Retail

Minneapolis Market Ready to Embrace Shifting Retail Trends

by Kristin Harlow October 12, 2017

The Minneapolis retail market ended the second quarter with a vacancy rate of 3.1 percent. The freestanding retail segment (buildings not contained within a shopping center) posted a vacancy rate of 1.8 percent. Over the past year, there has been a pattern of positive absorption in the market. The average quoted asking retail rental rate at the end of the second quarter was $13.94 per square foot. Comparably, a year ago this rate was $13.29 per square foot. Meanwhile, construction of retail properties has been on an upward climb. Within the past four quarters, 1.2 million square feet of retail space has been built, and there is an additional 892,910 square feet in progress, according to CoStar Group. Net absorption continues Retail net absorption was moderate in Minneapolis in the second quarter of 2017, totaling 484,120 square feet. That’s up from 135,536 square feet of positive absorption in the first quarter and 366,652 square feet in the fourth quarter of 2016. However, these figures are all down from the third quarter of 2016, when 638,183 square feet were positively absorbed in the market. Several tenants have moved out of large blocks of space in 2017. For example, Sears vacated 125,209 …

October 12, 2017

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