Midwest

Michigan Retailers Are Expanding, Rents Are Growing, Investors Are Capitalizing

by Christina Cannon August 11, 2016

Chances are you have read the stories in the news lately about the challenges facing Michigan, the City of Detroit, or more recently the state’s seventh largest city, Flint. Between the chronicles of a once ailing automotive industry, the Chapter 9 bankruptcy filing by the City of Detroit in 2013 — the largest municipal bankruptcy in history — and most recently lead-tainted city water in Flint, there have been dozens of national headlines, sharp sound bites, and a litany of negative press coverage over the past few years. In short, over the past decade we have witnessed a roller coaster of economic events that have created a rather palpable investor stigma for Detroit and the State of Michigan as a whole. Despite the negative tone surrounding investment opportunities in Michigan, the state’s strong commercial real estate market is creating value for investors acquiring retail assets. Historically, Michigan shopping centers have traded at cap rates 50 to 100 basis below their national peers. Is this discount still warranted? Tide turns in Great Lakes As a brokerage firm dedicated to the sale of investment properties and retail tenant representation, Landmark Investment Sales and its parent company, Landmark Commercial Real Estate Services Inc., …

August 11, 2016

Illinois Midwest Mixed-Use

M&R Development, Bucksbaum Retail Properties Break Ground on Mixed-Use Development Near Wrigley Field

by Christina Cannon August 10, 2016

CHICAGO — A joint venture between M&R Development and Bucksbaum Retail Properties LLC has broken ground on Addison & Clark, a mixed-use development situated on 2.3 acres across the street from Chicago’s Wrigley Field. The transit-oriented development will include 148 luxury apartments and 150,000 square feet of retail space. A 10-screen, 30,959-square-foot CMX movie theater will anchor the property, and the remaining space will also contain a health club and dining options. The project will offer studio, one- and two-bedroom units that will feature hardwood floors, quartz countertops, stainless steel appliances, walk-in closets and in-unit washers and dryers. Amenities will include a 5,715-square-foot clubhouse; 8,746 square feet of outdoor space; a pool and spa; cyber café; business and conference center; community kitchen and event room; fitness center with sauna and steam room; and a dry cleaning service. The development will also include a 341-space parking garage for public use with an additional 64 spots reserved for residents. Chicago-based Solomon Cordwell Buenz is the project architect, and Chicago-based Power Construction will serve as the general contractor.

August 10, 2016

Kansas Midwest Multifamily

CBRE Brokers Sale of Three Apartment Properties in Metro Kansas City for $60M

by Christina Cannon August 10, 2016

KANSAS CITY, OVERLAND PARK AND LENEXA, KAN. — CBRE Group has brokered the sale of three apartment properties totaling 741 units in metro Kansas City for a total of $60 million. Bicycle Club Apartments, located in Kansas City, offers 312 one- and two-bedroom units. Amenities at the complex, built in 1987, include a business center, dog park, movie and DVD rentals, a clubhouse with pool, volleyball court, fitness center, tennis court and a grill and picnic area. The 149-unit Treetop Lodge Apartments in Overland Park, Kan. offers one-, two- and three-bedroom units. Amenities include a tanning bed, pool with sundeck, playground and fitness center. Lenexa Crossing Apartments in Lenexa, Kan. features 280 units, a clubhouse, fitness center, pool with hot tub, business center and walking trail. Jeff Stingley of CBRE represented the undisclosed sellers in the transactions. The buyers were also undisclosed.

August 10, 2016

Illinois Midwest Retail

Besyata Investment Group, ALTO Real Estate Funds Acquire Shopping Center in Metro Chicago for $32M

by Christina Cannon August 10, 2016

HOMEWOOD, ILL. — A joint venture between Besyata Investment Group and ALTO Real Estate Funds has acquired a 235,000-square-foot retail center in Homewood, approximately 30 miles south of Chicago, for $32 million. Washington Park Plaza is 95 percent leased to tenants such as Ross Dress for Less, T.J. Maxx, Best Buy, Jo-Ann Fabric, Petco, Famous Footwear, Dressbarn, Lane Bryant, AT&T, Great Clips, Chili’s and Starbucks. The center is comprised of seven buildings. The seller in the transaction was undisclosed, and Mid-America Asset Management will market the property for lease and oversee the management of the center.

August 10, 2016

Michigan Midwest Multifamily Student Housing

EdR Begins Construction on Living-Learning Community at Northern Michigan University

by Christina Cannon August 10, 2016

MARQUETTE, MICH. — EdR has broken ground on a multiple-building living-learning community at Northern Michigan University (NMU) in Marquette. More than 1,200 beds will be delivered in multiple phases during the second half of 2017 and 2018. The community will feature classrooms, study rooms, TV lounges and laundry facilities with Internet and Wi-Fi throughout. The property will also include a large patio and lobbies designed to accommodate art shows, student events, university functions and various types of entertainment. EdR was chosen by NMU to develop, finance, construct and manage the property through its ONE Plan, which uses the company’s equity and financial stability to fund projects on university land. Upon completion, EdR will operate the residence halls under a 75-year lease with NMU and will manage the facility, while NMU will provide residence life services.

August 10, 2016

Iowa Midwest Multifamily Student Housing

University of Iowa, Miron Construction Top Out 1,049-Bed Residence Hall

by Christina Cannon August 10, 2016

IOWA CITY, IOWA — The University of Iowa and Miron Construction have topped out Madison Street Residence Hall, a 12-story on-campus living and dining facility. The 311,000-square-foot development will deliver 1,049 new beds to the university in summer 2017. The property will also feature recreational and gaming space; multipurpose space; flexible study lounges; administrative offices and living units; a fitness center; community lounges; a full-scale dining facility; and future capability for an elevated courtyard. Harley Ellis Devereaux (HED) is the design architect, and Rohrbach Associates is the architect of record for the project.

August 10, 2016

Affordable Housing Michigan Midwest Multifamily

UnitedHealthcare Invests $16.9M in Affordable Housing Projects in Michigan

by Christina Cannon August 9, 2016

YPSILANTI AND HOLT, MICH. — UnitedHealthcare has invested $16.9 million in two new affordable multifamily projects in Michigan. The $17.2 million New Parkridge will offer 86 affordable apartment units, as well as on-site support services to help improve residents’ access to healthcare, education, job training and childcare. UnitedHealthcare is investing $8 million in the project, which is located in Ypsilanti, approximately 10 miles southeast of Ann Arbor. Ypsilanti Housing Commission and Chesapeake Community Advisors are the project developers. UnitedHealthcare is also investing $8.9 million in Prestwick Village, a 66-unit affordable housing project with support services in Holt, approximately 10 miles south of Lansing. Construction is currently underway on the $10.7 million project, which is slated to be complete by the end of the year. T.R. Hovey Construction LLC is the general contractor for Prestwick Village, and Gryphon Group is the developer.

August 9, 2016

Midwest Office Wisconsin

Opus Breaks Ground on 60,000 SF Office Headquarters Building in Wisconsin

by Christina Cannon August 9, 2016

WEST BEND, WIS. — The Opus Group has broken ground on a 60,000-square-foot office building in West Bend, approximately 40 miles northwest of Milwaukee. The two-story building will serve as the headquarters for Delta Defense LLC and the United States Concealed Carry Association, which provides education, training and legal protection for gun owners. The facility, situated on 36 acres, will feature a member services call center, training center and complete video and audio studio. In addition, 8,000 square feet of the first floor will serve as a fulfillment center to ship books, DVDs and other items that the company produces and sells. Kahler Slater Architects is providing design services for the project, which is slated for completion in early 2017. Opus is providing construction, development and engineering services.

August 9, 2016

Midwest Ohio Retail

Namdar Realty Group Acquires 141,616 SF Retail Center in Dayton

by Christina Cannon August 9, 2016

DAYTON, OHIO — Namdar Realty Group has acquired Salem Plaza, a 141,616-square-foot shopping center in Dayton, for an undisclosed price. Garrison Investment Group sold the property, which is located at 45-15 Salem Ave. Burlington Coat Factory occupies 70 percent of the shopping center. Family Dollar is another tenant at Salem Plaza. Marcus & Millichap represented the seller in the transaction, and Joel J. Gorjian of Namdar Realty Group represented the buyer internally.

August 9, 2016

Industrial Michigan Midwest

Colliers Brokers Sale of 107,780 SF Industrial Facility Near Ann Arbor

by Christina Cannon August 9, 2016

SALINE, MICH. — Colliers International has brokered the sale of a 107,780-square-foot industrial building in Saline, approximately 10 miles south of Ann Arbor, for an undisclosed price. PICC Properties LLC sold the facility to American Soy Products, which will use the location as its new headquarters. The warehouse was formerly occupied by Associated Spring. The buyer plans to move into the space during the first quarter of 2017 after the building undergoes renovations. Peter E. Kepic and Peter J. Kepic of Colliers International represented the seller in the transaction. The property is located at 1445 Barnes Court.

August 9, 2016

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