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CivicDevelopmentMidwestMinnesota

Kraus-Anderson Completes Additions at Three Marshall County Central Schools in Minnesota

by Kristin Harlow

NEWFOLDEN AND VIKING, MINN. — Kraus-Anderson has completed construction on additions at three Marshall County Central school buildings in Newfolden and Viking within northwest Minnesota. In August 2022, the Marshall County Central community voted and passed an $18.9 million building referendum to add needed space to support students and programs. A 93,559-square-foot project at Marshall County Central High School featured five new classrooms, a cafeteria, secondary gym, weight room, support spaces, commons and bus loop. Newfolden Elementary received a new library, music room, outdoor basketball court and staff/visitor parking lot. A 17,842-square-foot project at Viking Elementary involved a new secure entrance, front office, music room, kitchen office and storage. Remodeling created a school nurse office, library, larger staff lunchroom and additional space for preschool. Widseth Architects designed all three projects.

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IllinoisLoansMidwestMultifamily

Marcus & Millichap Capital Corp. Arranges $2.6M Acquisition Loan for Multifamily Property in Aurora, Illinois

by Kristin Harlow

AURORA, ILL. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $2.6 million loan for the acquisition of a 34-unit multifamily property located at 1 S. View St. in Aurora. Michael Hughes of MMCC arranged the loan through a local credit union on behalf of the borrower, a real estate development company. The five-year loan features a 7.39 percent interest rate with a 30-year amortization schedule. The property features a mix of studio to two-bedroom units and is located four blocks from downtown.

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100M Chicago
DevelopmentFeaturesHeartland Feature ArchiveMidwestMultifamilyMultifamily & Affordable Housing Feature Archive

Construction Sector Braces for Dry Spell in New Apartment Development

by Jeff Shaw

— By Lynn Peisner — Developers and owners are optimistic a slowdown in construction over the next two years will help boost occupancies and rents by cutting into the market-rate supply overhang. This may be good news for owners of existing assets, but it’s less than ideal for those who make a living in the construction business. Or so it would seem.  Most construction leaders are unfazed by an impending drought in new development. Some firms say they will rely on other sectors of commercial building to sustain them through the lull in apartment projects. Overall, the consensus among builders is that multifamily remains a secure line of business due to the high cost of owning a single-family home and a shortage of affordable housing.  Construction Companies Adapt  The National Association of Home Builders (NAHB) expects multifamily starts this year to total 342,000, down 28 percent from 2023. The recent peak was in 2022 when construction starts totaled 547,000.  In its U.S. Real Estate Market Outlook 2024, CBRE concluded that this decline in construction starts means that new deliveries annually will be reduced to less than half the current level by 2026. “The pace of multifamily construction starts has slowed this …

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DevelopmentHealthcareMidwestMinnesota

Kraus-Anderson Completes $70M Surgery Expansion at Riverwood Healthcare Center in Aitkin, Minnesota

by Kristin Harlow

AITKIN, MINN. — The Bemidji office of Kraus-Anderson has completed a $70 million surgical addition and expansion at Riverwood Healthcare Center in central Minnesota’s Aitkin. Designed by DSGW Architects, the project features a 72,000-square-foot surgery addition. The hospital’s new surgery space consists of approximately 60,500 square feet of new surgical departments, including six operating rooms, two large procedure rooms, three endoscopy rooms, 25 prep and recovery rooms, a post-anesthesia care unit, sterile processing and staff support. Additionally, there is about 12,000 square feet of clinical space for general surgery, neck, back and spine, urology and ENT, as well as a front entrance and lobby to support the new surgical program. Construction began in August 2022.

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IllinoisLeasing ActivityMidwestRetail

DINX Social Club to Open 23,000 SF Pickleball, Golf Club in Highland Park, Illinois

by Kristin Harlow

HIGHLAND PARK, ILL. — DINX Social Club has leased space to open its first location at 1931 Skokie Valley Road in the Chicago suburb of Highland Park. The 23,000-square-foot venue is slated to open this winter. DINX will offer six regulation-sized pickleball courts, three Trackman iO golf simulator lounges, a multi-tap self-serve pour wall from Pour My Beer, café food offerings from Hometown Coffee & Juice, dining and social lounges, a VIP room, member locker rooms and a pro shop. Chris Bobowski of Cushman & Wakefield represented DINX in the lease.

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AcquisitionsKansasMidwestMultifamilySeniors Housing

SLIB Arranges Sale of 65-Unit Seniors Housing Community in DeSoto, Kansas

by Kristin Harlow

DESOTO, KAN. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Hillside Village, a seniors housing community in DeSoto, about 20 miles southwest of Kansas City. Hillside Village features 38 assisted living units and 27 skilled nursing units, totaling 95 licensed beds. The seller was a local owner exiting the business, and the buyer was a public company based in California. The sales price was undisclosed. Ryan Saul, Nick Cacciabando and Jeff Binder led the transaction for SLIB.

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AcquisitionsMichiganMidwestMultifamily

Marcus & Millichap Brokers $3.3M Sale of Multifamily Property in Wyoming, Michigan

by Kristin Harlow

WYOMING, MICH. — Marcus & Millichap has brokered the $3.3 million sale of Gardentown Apartments in Wyoming near Grand Rapids. The 40-unit multifamily property, built between 1966 and 1968, consists of four buildings. The asset was 90 percent occupied at the time of sale. Chase Gilewski and Chris Futo of Marcus & Millichap represented the seller. Steve Chaben, broker of record in Michigan, assisted in closing the transaction. The buyer is planning to invest significant capital on both interior and exterior renovations. Both the buyer and seller completed 1031 exchanges.

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AcquisitionsIllinoisMidwestRestaurantRetail

First Western Properties Negotiates Sale of Restaurant Building in Des Plaines, Illinois

by Kristin Harlow

DES PLAINES, ILL. — First Western Properties has negotiated the sale of a restaurant building located at 1440 Rand Road in the Chicago suburb of Des Plaines. The sales price and seller were undisclosed. The property, located at the corner of Rand and River roads, sold to a restaurant operator with multiple locations.

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DevelopmentMidwestOfficeOhio

Skanska to Build $164M Office Building for Medpace in Cincinnati

by Kristin Harlow

CINCINNATI — Skanska will build a $164 million office building for Medpace, a clinical research company, in Cincinnati. The project involves a 562,000-square-foot, nine-story building featuring a six-story office tower atop a three-floor parking garage and conference center. The building will be constructed on the existing Medpace campus. Completion is slated for March 2027.

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DevelopmentIllinoisMidwestRestaurantRetail

Brixmor Begins $53M Redevelopment of Westridge Court Shopping Center in Naperville, Illinois

by Kristin Harlow

NAPERVILLE, ILL. — Brixmor Property Group (NYSE: BRX) has begun a $53 million redevelopment and reconfiguration of Westridge Court shopping center in the Chicago suburb of Naperville. Plans call for a new restaurant and entertainment district to be branded Block 59 at the corner of Route 59 and Aurora Avenue. The 91,000-square-foot project will include the construction of multiple outparcels for brands such as The Cheesecake Factory, Yard House, Ruth’s Chris Steak House, Piccolo Buco by Cooper’s Hawk, Shake Shack, Stan’s Donuts, First Watch, Fresh Fin, Crisp & Green and Velvet Taco. The dining lineup will join currently open Lazy Dog Restaurant and furniture retailer Walter E. Smithe. Plans call for an open-air central plaza that will serve as a public gathering space and host community events year-round surrounded by new outdoor restaurant patios. The project will also include a new valet area, wayfinding signage, landscaping, energy-efficient lighting and improved pedestrian and vehicular circulation. Westridge Court is anchored by The Fresh Market, Ulta Beauty, Hollywood Palms Cinema and the newly announced Wayfair Outlet. Construction began with the demolition of an underutilized two-story building in July. New restaurants are slated to start opening in spring 2025. Businesses will remain open during …

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