Midwest

Migration to Central Texas Fuels Austin Multifamily Market

by Haisten Willis March 6, 2015

Austin continues to be one of the hottest multifamily markets in the country due to its exceptional economic and population growth. According to Angelou Economics, Austin gained 39,100 jobs in 2014, a growth rate of 4.5 percent. In the 12 months ending in November 2014, Austin experienced an unemployment rate of 3.9 percent, well below the national average of 5.6 percent, according to numbers published by the U.S. Bureau of Labor Statistics. Fueled largely by the city’s increased hiring in the tech sector, Austin had an in-migration of 66,000 people in 2014, a growth rate of 3.5 percent. The city attracts residents from all over the country due to the low cost of living, the University of Texas college atmosphere, the beautiful hill country setting, and internationally renowned events such as Austin City Limits, Formula 1 Grand Prix and ESPN’s Summer X-Games to name a few. Supported by technology, creative industry jobs and the seat of state government, the Austin MSA was recently ranked No. 2 on Forbes magazine’s list of “America’s Fastest Growing Metros,” down from the No. 1 position the city held for the previous four years. The U.S. Census Bureau estimates Austin will exceed 2 million residents …

March 6, 2015

Midwest Minnesota Mixed-Use

Trammell Crow Co. Acquires Site for New Mixed-Use Development in Minneapolis

by Danielle Everson March 5, 2015

MINNEAPOLIS — High Street Residential, the residential subsidiary of Trammell Crow Co., has acquired a nearly two-acre site for the construction of a 164-unit, six-story, Class A mixed-use building in Minneapolis. The residential complex will replace an existing restaurant and associated surface parking lot fronting the West Lake Corridor. Construction is expected to begin during the second quarter and ready for occupancy in the third quarter of 2016. 3118 W. Lake will include a contemporary studio, alcove, one-, two- and three-bedroom apartments with views of the surrounding Lake Calhoun and the Minneapolis Skyline. The commercial portion of the development will include 5,000 square feet of indoor restaurant space and an outdoor patio space. ESG Architects will serve as the project architect. A joint venture between Continuum Construction and Big D Construction will serve as the general contractor. Jerry Ebert, senior vice president of construction, will oversee the development of the project on behalf of High Street Residential and Trammell Crow Co.

March 5, 2015

Indiana Industrial Midwest

Ozburn-Hessey Logistics Signs 450,000 SF Industrial Lease in Plainfield, Ind.

by Danielle Everson March 5, 2015

PLAINFIELD, IND. — Transpacific Development Co. (TDC) has executed a lease with Ozburn-Hessey Logistics (OHL) for 450,000 square feet of distribution space at 2450 Stanley Road in Plainfield. TDC acquired the newly-constructed building in 2013. The building features a 32-foot ceiling height, 40 dock doors in a cross-dock configuration, T-5 lighting and three entrances. With this transaction, OHL now leases three full buildings from TDC in the Plainfield submarket. Jeb Atkinson, Jess Andrews, Brian Camp and Doug McDowell of ProVenture represented OHL in the lease. Steve Schwegman of JLL assisted in the lease transaction. Michael Weishaar and Luke Wessel of DTZ represented the landlord.

March 5, 2015

Healthcare Illinois Midwest

Reed Construction to Build 20,000 SF Riverside Medical Center in Frankfort, Ill.

by Danielle Everson March 5, 2015

FRANKFORT, ILL. — Reed Construction will build Riverside Medical Center, a new 20,000-square-foot medical office building for Riverside Healthcare in Frankfort. The property will be located on a 25-acre site at the corner of US 45 and Steger Road. The single-story masonry medical office facility will feature metal panels and a curtain wall glazing system. The medical space will include exam rooms, CT imaging, EKG facilities and infusion bays for Riverside Healthcare, a healthcare system serving the needs of patients throughout the counties of Kankakee, Iroquois, Will and Grundy. Reed Construction will also complete more than 20 acres of site improvements and infrastructure for future development on the property. Scott Pickands and Cy Rangel are the project executives overseeing the project on behalf of Reed Construction. Jack Sbertoli of Reed Construction is leading the project team, which is scheduled to begin construction in April with completion slated for end of the year. Proteus Group is providing the architectural services.

March 5, 2015

Illinois Industrial Midwest

Brennan Investment Group Acquires Industrial Building in Lake Forest, Ill.

by Danielle Everson March 5, 2015

LAKE FOREST, ILL. — Brennan Investment Group, in a joint venture with Goldman Sachs, has acquired an industrial property located at 13970 Laurel Drive in Lake Forest. This property will be added to the 23-building, 4.68 million-square-foot portfolio Brennan and Goldman Sachs acquired in late 2014. The properties are located within the greater Chicago Metropolitan area and were purchased from Mirvac Industrial Trust, an Australian public REIT. Further details of the transaction were not disclosed.

March 5, 2015

Industrial Midwest Wisconsin

DTZ Barry Arranges 14,508 SF Industrial Lease in New Berlin, Wis.

by Danielle Everson March 5, 2015

NEW BERLIN, WIS. — DTZ Barry has arranged the lease of a 14,507-square-foot industrial space in New Berlin. Industrial Automations Solutions Inc. (IAS), an engineering company, will occupy space located at 5125 S. Towne Center. Kevin Barry of DTZ Barry represented IAS in the lease.

March 5, 2015

Illinois Market Reports Midwest Midwest Market Reports Retail

Several Factors Keeping Retail Construction in Check Across Metro Chicago

by Danielle Everson March 5, 2015

Mid-America Real Estate’s annual Chicagoland Shopping Center Report shows construction completions totaled 2.4 million square feet in 2014, a slight uptick from the 2.26 million square feet completed in 2013. Looking ahead, 2015 should yield a little over 2 million square feet, which will likely prove to be within the normal range for development going forward. However, this is significantly less than the 8.3 million square feet completed in 2007. One of the primary causes of this decline is the demand for new shopping center space in the suburbs is primarily limited to single users, predominately grocery stores. While the demand for multi-tenant retail developments in urban markets remains high, the barriers to entry are significant. Consider, for example, that of the combined 26 new projects delivered in 2014 and planned for 2015, only one project, Regency Centers’ Shops on Main in Schererville, Indiana, is a suburban project built to accommodate more than one big-box retailer. Anchored by Gordmans, Shops on Main is also home to DSW, Home Goods, Ross, Pier 1 Imports and a planned Whole Foods. All of the remaining suburban projects are limited to single users such as Walmart/Sam’s Club, Target, Mariano’s or Meijer. The mid-sized boxes …

March 5, 2015

Illinois Loans Midwest Retail

Cohen Financial Arranges $9M Acquisition Loan for Retail Property in Barrington, Ill.

by Danielle Everson March 4, 2015

BARRINGTON, ILL. — Cohen Financial has arranged a $9 million acquisition loan for The Shops at Flint Creek, an upscale retail shopping center located at 500 N. Hough St. in Barrington. Heinen’s Grocery Store anchors the shopping center, which is fully leased. Dan Rosenberg of Cohen Financial’s Chicago office secured the fixed-rate CMBS loan, which is structured with a 10-year term and a 75 percent loan-to-value ratio. Rosenberg secured the loan with Citigroup Global Markets Inc. The borrower is a venture of Next Realty, a national owner of retail properties.

March 4, 2015

Indiana Industrial Midwest Ohio

DTZ Sells Two Industrial Properties for $8.3M

by Danielle Everson March 4, 2015

MASON, OHIO AND NORTH VERNON, IND. — DTZ has brokered the $8.3 million sale of two single-tenant industrial properties located in Mason and North Vernon. The Cincinnati Fan property, situated on 17.6 acres, is located at 7697 Snider Road in Mason, northeast of Cincinnati. The 122,898-square-foot industrial manufacturing facility was sold to Robinson & Sons LLC for $4.7 million. Cincinnati Fan and Ventilator will continue to operate in the property. In the other transaction, Agracel Inc. acquired a manufacturing facility in North Vernon from Martinrea Industries. The 140,960-square-foot building, situated on 11.5 acres, sold for $3.6 million. Martinrea Industries, a Tier I automotive supplier, will continue to operate in the facility on a long-term lease. DTZ’s capital markets and industrial leasing teams represented owners Cincinnati Fan and Martinrea Industries in both investment sales transactions.

March 4, 2015

Illinois Industrial Midwest

Entre Arranges $2M Sale of 40,180 SF Industrial Property in Elmhurst, Ill.

by Danielle Everson March 4, 2015

ELMHURST, ILL. — Entre Commercial Realty has arranged the $2 million sale of a 40,180-square-foot industrial property in Elmhurst. Jimenus, a distributor of steel rule dies, tools, jigs, boards and fixtures, purchased the property located on 1.8 acres at 727 Larch Ave. The firm is relocating to this space from 220 Gateway Drive in Bensenville, Ill. The property features 18-foot ceiling heights, four docks and 3000 amp of power. Improvements planned for the building include 4,000 square feet of newly designed office with additional upgrades to the exterior facade and landscaping starting in spring of 2015. The facility is located off York Road along the Eisenhower Expressway, with access to I-290, I-294 and the O’Hare submarkets. John Gazzola and Mike Gazzola of Entre Commercial Realty represented Jimenus. Mark Barbato of Nicolson Porter & List represented the seller.

March 4, 2015

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