Midwest

Amazon to Open New $1.5B Air Cargo Hub at Cincinnati/Northern Kentucky Airport

by John Nelson February 2, 2017

HEBRON, KY. — Amazon (NASDAQ: AMZN) plans to build a centralized air hub at the Cincinnati/Northern Kentucky Airport (CVG) in Hebron to support its fleet of Prime Air cargo planes. The Seattle-based company expects to create more than 2,000 new jobs at the new $1.5 billion facility. “As we considered places for the long-term home for our air hub operations, Hebron quickly rose to the top of the list with a large, skilled workforce, centralized location with great connectivity to our nearby fulfillment locations and an excellent quality of living for employees,” says Dave Clark, Amazon’s senior vice president of worldwide operations. Last year, Amazon entered into agreements with Atlas Air Worldwide and Air Transport Services Inc. to lease 40 cargo airplanes to support members of its Prime program, which offers its members free two-day shipping. Sixteen of those cargo planes are currently in service, and the e-commerce giant plans to roll out more planes over time. Amazon’s Prime Air hub at CVG will support Amazon’s fleet of Prime Air cargo planes by loading, unloading and sorting packages. “We’ve worked hard to ensure CVG is a great place to do business, and we couldn’t be more pleased that Amazon recognized …

February 2, 2017

Market Reports Midwest Midwest Market Reports Ohio

Cincinnati, Dayton Closing the Gap: Why the Push to Merge the MSAs is a Winning Strategy

by Kristin Harlow February 2, 2017

The tale of two Ohio cities — Cincinnati and Dayton — is a story of growth. It takes less than an hour to travel between Cincinnati and Dayton. The two metros sit about 55 miles apart along Interstate 75, and that distance is slowly getting shorter. Since 2000, the cities have been growing together along the I-75 corridor, with significant growth over the past five years. The northern suburbs of Cincinnati have experienced exponential growth over the last 20 years stemming from the development of Union Centre Boulevard in 2000 in West Chester Township. Now, West Chester is the second largest community in the Cincinnati metropolitan statistical area (MSA). Only the City of Cincinnati is larger. Suburban growth is catalyst New developments continue to spur Cincinnati’s northern growth along I-75. In 2015, Liberty Center, a mixed-use retail, office and housing development, opened in Liberty Township north of the fast-expanding West Chester. The development is another example of a growing trend to bring urban-style amenities, such as live, work and play environments to the suburbs. Although much of the I-75 corridor is industrial, the growing suburbs led to the significant increase in the amount of office and retail space in the …

February 2, 2017

Indiana Midwest Office

CBRE Arranges Sale of 591,387 SF Office Park in Carmel, Indiana

by Kristin Harlow February 1, 2017

CARMEL, IND. — CBRE Group Inc. has arranged the sale of Hamilton Crossing office park in Carmel, immediately north of Indianapolis. The sales price was not disclosed. The 44-acre office park is located along U.S. 31. The property consists of six buildings and 591,387 square feet. The Class A office space is 88 percent occupied. An affiliate of Group RMC purchased the buildings. Duke Realty owned five of the buildings, while Bankruptcy Estate of ITT Educational Services was the owner of the sixth building. Dan Richardson, David Funke and Paul Lundstedt of CBRE brokered the transaction.

February 1, 2017

Industrial Midwest Nebraska

Darland Completes Dr. Pepper-Snapple Warehouse in Omaha, Nebraska

by Kristin Harlow February 1, 2017

OMAHA, NEB. — Darland Construction Co. has completed a 73,173-square-foot warehouse for Dr. Pepper Snapple Group in Omaha. The facility features 14 truck bays, two maintenance bays, a vending machine repair shop and 7,350 square feet of office space. John Maderak of Darland served as project manager. Avant Architects served as architect.

February 1, 2017

Healthcare Midwest Office Wisconsin

Hammes Unveils Plans for Headquarters in Downtown Milwaukee

by Kristin Harlow February 1, 2017

MILWAUKEE — Brookfield, Wis.-based Hammes Co. has unveiled plans to move its headquarters to downtown Milwaukee in early 2018. Hammes will occupy the top two floors of a five-story office building the company is developing in the Park East corridor. The development is located at North Water and East Knapp streets. The first phase of construction will cost approximately $27 million, according to Milwaukee Business Journal. A second phase would add an additional office building.

February 1, 2017

Loans Midwest Ohio Retail

Integra Arranges $17.5M Bridge Loan for Acquisition of Retail Property in Elyria, Ohio

by Kristin Harlow February 1, 2017

ELYRIA, OHIO — Integra Real Estate Capital has arranged a $17.5 million bridge loan for the acquisition of Midway Market Square in Elyria, about 23 miles west of Cleveland. The 224,330-square-foot shopping center is positioned along Interstate 80. Built in 2001, Giant Eagle anchors the center, which includes other tenants such as Dick’s Sporting Goods, Jo-Ann Fabrics & Crafts and Pet Supplies Plus. Meyer Perlman of Integra secured the three-year loan on behalf of a New York-based investment group through a balance-sheet lender.

February 1, 2017

Midwest Missouri Retail

McGrath Completes $1.3M Renovation of Retail Property in Bridgeton, Missouri

by Kristin Harlow February 1, 2017

BRIDGETON, MO. — McGrath & Associates has completed a $1.3 million renovation of a Montgomery Bank in Bridgeton, about 24 miles northwest of St. Louis. The construction included a redesign of the branch and the addition of an AT&T retail store. McGrath’s renovation of the 5,100-square-foot building included exterior finishes and ACM panels, modern interior finishes, drive-thru lanes and canopy, new HVAC air handlers, and utility services. Verve Design Studio was the architect.

February 1, 2017

Midwest Office Ohio Top Stories

Millennia Housing Development Buys Key Center, Marriott Hotel in Cleveland for $267.5M

by Nellie Day February 1, 2017

CLEVELAND — Millennia Housing Development has purchased the 1.3 million-square-foot Key Center office tower and adjacent 400-room Marriott Hotel in Cleveland for $267.5 million. The property is located at 127 Public Square and includes a parking structure. Key Center was built in 1991 and is 57 stories tall. The tower houses the headquarters of Key Bank and BakerHostetler law firm, among other tenants. The office tower was 82 percent leased at the time of sale. The seller, Columbia Property Trust (NYSE: CXP), had previously announced its plans to exit the Cleveland and Houston markets. Columbia has completed $1.2 billion of dispositions since January 2016 and $3.3 billion since January 2012. The firm will use proceeds from these sales to reinvest in high-barrier-to-entry markets such as New York City and San Francisco. “Key Center is the most recognizable icon on the Cleveland skyline, and we were determined to take a patient approach in order to identify the right buyer for this significant asset,” says Nelson Mills, CXP’s president and CEO. “Our diligence has now been rewarded, allowing us to exit the Cleveland market at a price within our expectations and accelerate our focus on high-barrier markets.” Columbia Property Trust owns and …

February 1, 2017

Loans Midwest Minnesota Multifamily

Dougherty Provides $28.6M HUD Refinancing for Multifamily Property in Minneapolis

by Kristin Harlow January 31, 2017

MINNEAPOLIS — Dougherty Mortgage LLC has provided a $28.6 million HUD loan for the refinancing of The Grain Belt, a multifamily property in Minneapolis. The property consists of two buildings and 150 units. Situated on the site of the former Orth and Grain Belt Breweries, the buildings were constructed in 2014. The office/clubhouse was built in 1892 and previously used as the office for the Grain Belt Brewery. The building is listed on the National Register of Historic Places. Dougherty’s Minneapolis office arranged the 35-year, fully amortizing loan for the borrower, Orth-Grain Belt LLC.

January 31, 2017

Illinois Midwest Multifamily Seniors Housing

Evergreen Real Estate Opens $24M Seniors Housing Property in Aurora, Illinois

by Kristin Harlow January 31, 2017

AURORA, ILL. — Evergreen Real Estate Group has opened Aurora St. Charles Senior Living in Aurora. The 60-unit independent living facility is located at 400 E. New York St. Formerly St. Charles Hospital, the historic building was transformed into a residential community as part of a $24 million redevelopment that began in December 2015. The community includes a mix of studio, one- and two-bedroom floor plans. Amenities include a large community room, fitness room, walking paths and community gardens. The building had been vacant since 2010. Evergreen Real Estate Group collaborated with Invest Aurora, Northern Lights Development Corp., the City of Aurora, Illinois Housing Development Authority (IHDA) and Illinois Department of Commerce and Economic Opportunity, along with several private lenders and investors, to secure the financing and tax credits needed to fund the $24 million rehabilitation. Approximately $3 million was obtained through the River Edge Redevelopment Zone program, which was created in 2006 to incentivize riverfront development in Aurora and other Illinois cities. The balance of the project’s development cost was covered by a combination of federal historic tax credits, low-income housing tax credits allocated by IHDA and private financing.

January 31, 2017

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