Midwest

New Construction Starts, Low Vacancies Further Omaha’s Industrial Success

by Kristin Harlow May 4, 2017

Similar to the past couple of years, it is difficult to identify one or two items to highlight about the Omaha industrial market. Although the most impressive improvement might be the amount of new construction starts in 2016, factors such as sales prices per square foot, number of overall transactions, average asking rents, vacancy rates, landlord concessions all trended in a favorable direction for owners of industrial properties. This has been a staggering year- over-year trend, which has led many industry professionals to ask the same question: Is the market becoming too hot? User-driven projects over 100,000 square feet were the highlight of 2016, with multiple large projects breaking ground. Those users included Thrasher Inc., a rapidly growing, Omaha-based basement waterproofing and foundation repair company, which broke ground on its 209,000-square-foot office and warehouse facility located near 120th Street and Valley Ridge Drive; and Oxbow Industries, a Murdock, Neb.-based manufacturer, that is working with a developer on a new 140,000-square-foot facility at 150th Street and Schram Road. However, new construction starts for large projects were not the only storyline. Companies including Rotella’s Italian Bakery (6949 S. 108th St.) and State Steel (13413 Centech Road) made notable expansions to their existing …

May 4, 2017

Illinois Loans Midwest Office

Square Mile Provides $97.3M Acquisition Loan for Office Property in Schaumburg, Illinois

by Kristin Harlow May 3, 2017

SCHAUMBURG, ILL. — Square Mile has provided a $97.3 million loan for the acquisition of Schaumburg Corporate Center in Schaumburg. The office complex comprises over 1 million square feet, with two 14-story office towers and a four-story connecting atrium building. The property was built in phases in 1980, 1986 and 2002. John Hancock Life Insurance Co. developed, owned and leased the property, which is located across the street from the Woodfield Shopping Mall. A joint venture managed by GlenStar Properties acquired Schaumburg Corporate Center, with plans to renovate and reposition the property. Improvements will include the construction of a parking garage, a modernized eleveator, amenity upgrades and corridor updates. John Parrett of CBRE arranged the financing.

May 3, 2017

Indiana Midwest Multifamily

Goodwill, Strategic Capital to Develop $26M Workforce Housing Community in Indianapolis

by Kristin Harlow May 3, 2017

INDIANAPOLIS — Riverview Partners LLC, a joint venture between Goodwill and Strategic Capital Partners, has unveiled plans to develop a workforce housing community in Indianapolis. Riverview will target households that earn between $40,000 and $60,000 annually. The $26 million development, funded through a public/private partnership, will be located east of the Goodwill of Central and Southern Indiana headquarters at Michigan Street and White River Parkway. Riverview will feature 200 studio, one-bedroom and two-bedroom units. Amenities will include a fitness center, coffee bar and outdoor areas. The project will also include first-floor retail and office space for Goodwill workforce job training programs. Rents will start at $600 for a 450-square-foot studio apartment.

May 3, 2017

Midwest Office Wisconsin

Opus Completes 60,000 SF Corporate Headquarters for Delta Defense in West Bend, Wisconsin

by Kristin Harlow May 3, 2017

WEST BEND, WIS. — The Opus Group has completed construction of a new 60,000-square-foot corporate headquarters for Delta Defense LLC in West Bend, about 39 miles northwest of Milwaukee. Opus worked closely with Kahler Slater throughout the design process. The two-story building includes a fulfillment area for the concealed carry organization’s printing and shipping services, designated training rooms, a call center, mailroom, recording studio, café, prep kitchen and an employee fitness center with locker rooms. The building also features a unique flex space with a monument staircase that doubles as seating. The 5,000-square-foot space will serve as a site for weekly company meetings and community events. The building is located in the West Bend Corporate Center and visible from U.S. Highway 45. The facility includes parking for 176 cars and docks for shipping from the fulfillment center. Delta Defense began occupying the property in March. Opus Design Build was the design-builder for the project, while Opus AE Group was the architect and structural engineer of record. Kahler Slater was the design architect and interior designer. Opus Development Co. provided development support services.

May 3, 2017

Illinois Industrial Midwest

Entre Arranges Sale of Two Industrial Buildings in Streamwood, Illinois

by Kristin Harlow May 3, 2017

STREAMWOOD, ILL. — Entre Commerical Realty LLC has arranged the sale of two industrial buildings totaling 40,170 square feet in Streamwood, a northwest suburb of Chicago. The sales price was not disclosed. The buildings are located on 2.8 acres at 350-380 Roma Jean Parkway. The property includes a 15,000-square-foot oﬃce/warehouse building and a 25,000-square-foot warehouse building on two separate land parcels. Torque Parts, a truck parts distribution company, has purchased the buildings and will be relocating its operations from Mount Prospect, Ill. Dan Benassi, Mike DeSerto and Cory Kay of Entre represented the seller, Toryon Technologies, a supplier of wide format printers, laminators and routers.

May 3, 2017

Illinois Industrial Midwest

Principle Construction Breaks Ground on 18,250 SF Expansion to Manufacturing Facility in Bolingbrook, Illinois

by Kristin Harlow May 3, 2017

BOLINGBROOK, ILL. — Principle Construction Corp. has broken ground on an 18,250-square-foot addition to the manufacturing facilities of Bay State Milling Co. in Bolingbrook. The property is located at 279 Beaudin Blvd. The new addition will include 32-foot clear heights and three new dock positions. Principle completed the original 80,500-square-foot building in 2008, when the company was known as TJ Harkins. Bay State Milling provides food ingredients, primarily grain and plant-based products. Michael Long of Principle will serve as the project executive, along with Darrin Dehmlow as project manager and Jack Grooms as onsite superintendent. Arête Design Studio is providing design services and V3 is providing civil engineering services.

May 3, 2017

Illinois Midwest Multifamily

Maverick Arranges $39M Construction Loan for 149-Unit Multifamily Property in Chicago

by Kristin Harlow May 2, 2017

CHICAGO — Maverick Commercial Mortgage has arranged a $39 million construction loan for 676 North LaSalle, a multifamily property to be built in Chicago’s River North neighborhood. The loan will finance new construction on a vacant lot on North LaSalle Street and the redevelopment of an adjacent outdated office building at 676 North LaSalle St. When complete, the property will be home to a multifamily complex that will include 149 apartments and 10,200 square feet of ground-floor retail space. On behalf of the borrower, Cedar Street Capital, Maverick secured a fixed-rate loan coupled with a mini-permanent loan from a West Coast-based pension fund advisor. Attorneys Eric Kordish and Val Barbosa of Pedersen Houpt represented the borrower and Cindy Thomas of CT Property Law represented the lender. Cedar Street purchased a portion of the property in July 2015 and additional land parcels in 2016 to complete the land assemblage for the project.

May 2, 2017

Indiana Michigan Midwest Ohio Restaurant Retail

Four Corners Acquires 16 Properties Leased to Bob Evans Restaurants for $35.1M

by Kristin Harlow May 2, 2017

INDIANA, MICHIGAN AND OHIO — Four Corners Property Trust (NYSE: FCPT) has acquired 16 properties occupied by Bob Evans Restaurants as part of a $35.1 million sale-leaseback transaction. The transaction was completed simultaneously with Golden Gate Capital’s acquisition of Bob Evans Restaurants from Bob Evans Farms Inc. In the Midwest, the properties are located in Indiana, Michigan and Ohio. The other properties within the portfolio are located in Delaware, Maryland, New York, Pennsylvania, Virginia and West Virginia. The properties are occupied under a single triple-net master lease with a 20-year initial term.

May 2, 2017

Illinois Midwest Multifamily

Fifield, F & F Break Ground on 492-Unit Luxury Apartment Tower in Chicago’s West Loop

by Kristin Harlow May 2, 2017

CHICAGO — Fifield Realty Corp. and F & F Realty Ltd. have broken ground on 727 West Madison, a 492-unit luxury apartment tower in Chicago’s West Loop. The 44-story tower will be the tallest building in Chicago’s West Loop upon completion in late 2018. The property will also include 10,000 square feet of retail space. Chicago-based FitzGerald Associates Architects designed the building. Lendlease is serving as general contractor and Morgante Wilson Architects is providing interior design services. The residences at 727 West Madison will include studio, one-, two- and three-bedroom layouts ranging from 490 to 1,550 square feet. Amenities will include a large outdoor sun terrace and pool, fitness club with yoga studio, massage room, conference rooms and dog spa.

May 2, 2017

Hospitality Midwest Missouri

Midas Hospitality to Bring First Element by Westin Hotel to St. Louis

by Kristin Harlow May 2, 2017

ST. LOUIS — The first Element by Westin hotel will open in St. Louis in 2019. Midas Forest Park LLC, a subsidiary of Midas Hospitality, recently bought the current home of Habitat for Humanity Saint Louis located at 3763 Forest Park Ave. for $2.4 million. The 1.5-acre property will serve as the site for the $25 million hotel, which will consist of eight stories and 119,000 square feet. The eco-conscious hotel will be constructed with an efficient use of space and sustainability in mind, and include 153 extended-stay rooms, 10,000 square feet of retail space and a rooftop lounge. Amenities will include a fitness center, saline pool and bike program. Midas Hospitality will manage the hotel, while sister company MC Hotel Construction will serve as the general contractor. Gray Design is the architecture firm. Carrolton Bank provided acquisition financing. Midas will lease the non-profit organization space for up to one year while Habitat for Humanity relocates.

May 2, 2017

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