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IndianaIndustrialMidwestOffice

JLL Arranges Lease of 764,000 SF Flex Property in Fort Wayne, Indiana

by Christina Cannon

FORT WAYNE, IND. — JLL has arranged the lease of a 764,000-square-foot flex facility in Fort Wayne. The building is located at 2909 Pleasant Center Road, and VEREIT is the landlord. The building was built in 1994 and is a former Nestle distribution center. The property features 8,400 square feet of cooler space, 17,725 square feet of office space and is expandable to more than 1 million square feet. The asset has 66 front-load dock doors and parking for 300 trailers and 144 cars. Steve Schwegman and Brian Seitz of JLL represented the landlord in the transaction. Greg Pink of Bradley Cos. represented the tenant.

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HealthcareMidwestNebraska

Darland Construction Breaks Ground on Expansion, Remodeling of Hospital in Nebraska

by Christina Cannon

WAYNE, NEB. — Darland Construction Co. has broken ground on an expansion and remodeling project for Providence Medical Center located in Wayne, approximately 45 miles southwest of Sioux City, Iowa. Highlights of the project include a new emergency entrance, a new ambulance garage, 20 new patient rooms and the relocation of the pharmacy, X-ray lab, and administration offices. The expansion will add 9,150 square feet and will provide more space in the labor and delivery rooms. Completion of the renovation and expansion is slated for 2017. Avant Architects is serving as the primary architect on the project.

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IndianaMidwestRetail

Mid-America Brokers Sale of 4,935 SF Retail Facility in Indianapolis

by Christina Cannon

INDIANAPOLIS — Mid-America Real Estate Corp. has brokered the sale of a multi-tenant building in Indianapolis for an undisclosed price. Providence Development purchased the 4,935-square-foot Lawrence Commons from Sitehawk Retail Real Estate. Tenants in Lawrence Commons include Jimmy John’s, Wok N Roll and Orange Leaf. LA Fitness and Family Dollar shadow anchor the property. Carly Gallagher and Rick Drogosz of Mid-America represented the seller and were the sole brokers in the transaction.

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IndianaMidwestMultifamily

UMH Properties Acquires Three Manufactured Home Communities in Indiana for $36.1M

by Christina Cannon

ELKHART, NAPPANEE AND WEST LAFAYETTE, IND. — UMH Properties Inc. has closed on the second portion of its previously disclosed agreement to purchase six manufactured home communities. This tranche consisted of three communities located in Indiana for a total purchase price of $36.1 million. The three communities contain 1,254 developed home sites situated on 316 acres. The average occupancy rate for these communities is 56 percent. Freehold, N.J.-based UMH Properties is a public equity REIT that owns and operates 98 manufactured home communities with approximately 17,800 developed home sites.

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KansasMidwestOffice

Onward Investors Acquires Three Office Buildings for $13.2M in Overland Park, Kansas

by Christina Cannon

OVERLAND PARK, KAN. — Onward Investors has acquired Executive Centre in Overland Park for $13.2 million. The acquisition from Invesco Real Estate consists of three office buildings totaling 220,000 square feet. The buildings are currently 85 percent occupied. Tenants include UPS and Federated Insurance. The assets are located at 10881-10901 Lowell Ave. CBRE represented the seller.

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MidwestOhioRetail

Marcus & Millichap Arranges $1.4M Sale of 3,482 SF Retail Building in Ohio

by Christina Cannon

STEUBENVILLE, OHIO — Marcus & Millichap has arranged the $1.4 million sale of a 3,482-square-foot property in Steubenville, approximately 70 miles south of Youngstown. The building is currently net leased by AT&T. Located at 2114 Sunset Blvd., the building is situated on an outparcel in front of a Kroger. The seller, a developer, sold the asset to a California-based private investor. Arthur Kaplan and Lisa Sickinger of Marcus & Millichap represented the seller.

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IllinoisIndustrialMidwestOffice

Darwin Realty Brokers Sale of Three Flex Buildings Totaling 101,903 SF in Chicago Suburb

by Christina Cannon

BROADVIEW, ILL. — Darwin Realty has brokered the sale of three flex buildings in Broadview, a western Chicago suburb. Real Trucking, a subsidiary of Real Group LLC acquired the assets from an undisclosed seller. The facilities total 101,903 square feet. The first building is a 59,343-square-foot facility located at 2001 W. Cermak Road. This asset sold for $1.9 million. The second property is located at 2900 S. 21st Ave. and is 25,600 square feet. The building sold for $995,000 and features three drive-in doors and 18-foot clear heights. The third facility at 2100 W. 21st Street is 16,950 square feet. This asset also has three drive-in doors and 18-foot clear heights. Real Trucking paid $595,000 for the building. Dan Fanelli of Darwin represented both parties in the transaction.

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MidwestMinnesotaRetail

Mid-America Brokers Sale of 62,308 SF Retail Center Near Minneapolis

by Christina Cannon

SHOREWOOD, MINN. — Mid-America Real Estate Corp. has brokered the sale of Shorewood Village Shopping Center in Shorewood, a southwestern suburb of Minneapolis. Kraus-Anderson Realty Co. purchased the 62,308-square-foot retail center for an undisclosed amount. Tenants in the retail center include Dollar Tree, True Value, Caribou Coffee and Great Clips. Shorewood Village is shadow anchored by Cub Foods. Mark Robinson and Joe Girardi of Mid-America represented the seller, a local private investor. Kraus-Anderson Realty Co. was self-represented.

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Market ReportsMichiganMidwestMidwest Market ReportsOffice

Resurgence of Downtown Grand Rapids Is Occurring on Many Fronts

by Christina Cannon

Downtown Grand Rapids is booming with commercial real estate activity, and it’s coming from many directions. The combination of new residential units, restaurants, bars and a variety of entertainment options is leading people to not only live downtown, but also work and play downtown. Activity in the downtown office market — including office leases, new mixed-use construction and new retail — has increased over the last couple of years, and there is no sign of it slowing down. The overall office vacancy rate in the central business district (CBD) decreased from 9.4 percent in the first quarter to 8.25 percent in the second quarter. While Class A office space has performed well in recent quarters, there was a slight increase in the vacancy rate during the second quarter. As for Class B space, we observed a sizable decrease in the vacancy rate, from 10.1 percent in the first quarter to 8.5 percent in the second quarter. As a whole, the CBD office market experienced positive absorption of 74,293 square feet during the second quarter. Rental rates stabilized in the second quarter after increasing for the past several quarters. Meanwhile, some new construction and planned construction is hitting the market at …

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IndianaIndustrialLoansMidwestMinnesotaOffice

Associated Bank Provides Two Loans Totaling $35.2M for Projects in Indiana and Minnesota

by Christina Cannon

COLUMBUS, IND. AND MAPLE GROVE, MINN. — Associated Bank has provided two loans totaling $35.2 million for projects in Indiana and Minnesota. In the first project, LandMark Group Cos. took out a construction loan for a 391,355-square-foot manufacturing and distribution facility in Columbus, Ind. The second loan for $6.9 million was awarded to an affiliate of Westminster Capital to acquire and reposition a 97,368-square-foot office building located at 6820 N. Wedgewood Road in Maple Grove, Minn. The Class A building, built in 2005, was originally developed as a build-to-suit regional operations center with a commercial cafeteria for The Hartford, a Fortune 500 company. The investment and insurance giant consolidated operations at an existing office in Bloomington, Minn., and did not extend its lease. Edward Notz, senior vice president of Associated Bank, managed the transactions.

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