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IndustrialMarket ReportsMidwestMidwest Market ReportsOhio

Location, Business-Friendly Climate Propel Columbus Industrial Market

by Kristin Harlow

By Dan Wendorf, JLL The industrial landscape in Columbus is not just thriving — it’s breaking records. As highlighted in JLL’s fourth-quarter 2023 Columbus Industrial Insights Report, 2023 marked another milestone year for the market. With over 19 million square feet under construction and surpassing 2022’s nearly 7 million-square-foot total, Columbus has solidified its position as a national industrial hub.  The report also showed total vacancy increased 3.8 percent year over year due to 15.7 million square feet of speculative completions, which finished the year at 30 percent leased. Although a modest uptick, Columbus continues to diversify its industrial scene from exclusively being known as once a “logistics and parcel delivery hub” to now being recognized for its growth in advanced manufacturing and data centers.  As exemplified by investments from Facebook, Google and Meta, the market has evolved into a multifaceted industrial powerhouse. In particular, investments in microchip factories have stimulated the need for additional warehousing from suppliers, and this trend is expected to continue in the coming year. This article explores how Columbus has become a key player in industrial development, factors motivating businesses to move their operations to central Ohio and what’s in the pipeline to keep an …

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AcquisitionsIllinoisMidwestMultifamily

Wingspan Development Sells Sixteen30 Luxury Multifamily Property in Plainfield, Illinois

by Kristin Harlow

PLAINFIELD, ILL. — Wingspan Development Group has sold Sixteen30, a 284-unit luxury multifamily property in Plainfield, about 40 miles southwest of Chicago. Continental Properties was the buyer. The sales price was roughly $78 million, according to CoStar. Located at 14750 Wallin Drive and opened in August 2021, Sixteen30 features eight garden-style buildings surrounding a 7,500-square-foot clubhouse and pool. Designed by Eleni Interiors, the clubhouse features a great room, coffee bar, fitness center, yoga studio, coworking space, demonstration kitchen, pet spa and package room. Units range from 600 to 1,500 square feet. Sixteen30 was 95 percent occupied at the time of sale. The acquisition marks the 10th community in Illinois for Continental Properties.

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AcquisitionsMidwestMinnesotaMultifamily

CBRE Brokers Sale of 191-Unit Berkshire Central Apartment Complex in Blaine, Minnesota

by Kristin Harlow

BLAINE, MINN. — CBRE has brokered the sale of Berkshire Central, a 191-unit apartment complex in Blaine, a northern suburb of Minneapolis. The sales price was undisclosed. Built in 2017, the property features a range of studio, one- and two-bedroom units averaging 889 square feet. Amenities include a lounge, kitchen, garden, fitness center, yoga studio and pool. Keith Collins, Ted Abramson and Abe Appert of CBRE represented the seller, BMIRF Central LLC. Sentinel Management Co. was the buyer.

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AcquisitionsIllinoisMidwestOffice

Stream Realty Partners Negotiates Sale of 247,000 SF Office Building in Chicago’s West Loop

by Kristin Harlow

CHICAGO — Stream Realty Partners has negotiated the sale of 400 South Jefferson, a 247,000-square-foot office building in Chicago’s West Loop. The eight-story property is located at the intersection of Jefferson and Van Buren streets. Originally constructed in 1946 for the Newman-Rudolph Lithographing Co., the building underwent extensive renovations in 2013. Amenities include a town hall space, in-building parking for 80 cars, a rooftop deck, lounge and locker rooms. Mark Bâby and Patrick Russo of Stream represented the seller, Office Properties Income Trust. Jeff Skender and Craig Cassell of Cushman & Wakefield represented the buyer, The Chicago School. The RMR Group was the property manager.

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LoansMidwestMinnesotaMultifamilySeniors Housing

Colliers Mortgage Provides $20.9M HUD Loan for Construction of Seniors Housing Community in Minnesota

by Kristin Harlow

MAPLEWOOD, MINN. — Colliers Mortgage has provided a $20.9 million HUD loan for the construction of The American Cooperative on Lake Phalen in Maplewood, an eastern suburb of the Twin Cities. The 56-unit cooperative is designed for residents age 62 and older. The property will be built on the north shore of Lake Phalen between Keller and Phalen regional parks and golf courses. Units will range from 1,200 to 1,900 square feet, and amenities will include a fitness center, rooftop deck, shared garden space, clubroom, underground heated parking and storage units. The loan features a 40-year term and amortization.

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AcquisitionsHealthcareMidwestMinnesotaWisconsin

Transwestern Arranges Sale of Three-Property Medical Office Portfolio in Minnesota, Wisconsin

by Kristin Harlow

MINNESOTA AND WISCONSIN — Transwestern Real Estate Services has arranged the sale of a three-property medical office portfolio totaling 50,853 square feet in Minnesota and Wisconsin. The sales price was undisclosed. The first building is 2380 Rosemary Way in Lino Lakes, Minn. The property totals 12,411 square feet. The second asset is 525 N. Knowles Ave. in New Richmond, Wis. The building totals 19,537 square feet. Also in the portfolio is 2950 Curve Crest Blvd. in Stillwater, Minn. The property totals 18,905 square feet. All of the buildings are fully leased. Frank Richie, Mike Salmen and Erik Coglianese of Transwestern represented the buyer, Hammes Partners. Dean Williamson and Ross Hedlund of Frauenshuh Inc. represented the seller on an internal basis.

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AcquisitionsIllinoisMichiganMidwest

Wintrust Agrees to Acquire Macatawa Bank for $510.3M

by Kristin Harlow

ROSEMONT, ILL. AND HOLLAND, MICH. — Wintrust Financial Corp. (NASDAQ: WTFC) and Macatawa Bank Corp. (NASDAQ: MCBC) have entered into a definitive merger agreement for Wintrust to acquire Macatawa in an all-stock transaction valued at $510.3 million. Macatawa is the parent company of Macatawa Bank, a Michigan state-chartered bank that is headquartered in Holland, Mich., and operates a network of 26 full-service branches. Macatawa, which was founded in 1997, had approximately $2.7 billion in assets, $2.4 billion in deposits and $1.3 billion in loans as of Dec. 31. The purchase price of $14.85 per share represents a nearly 50 percent premium to Macatawa’s closing stock price on Monday, April 15. The transaction is subject to approval by banking regulators, approval of Macatawa’s shareholders and other customary closing conditions. The transaction is expected to close in the second half of 2024. Rosemont, Ill.-based Wintrust, which maintains approximately $57 billion in assets, operates 15 community bank subsidiaries with over 170 banking locations in the greater Chicago and southern Wisconsin markets.

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DevelopmentMichiganMidwestMixed-Use

Bedrock Tops Off Construction of Hudson’s Project Site in Detroit, Signs GM as Tenant

by Kristin Harlow

DETROIT — Developer Bedrock has topped off construction of its Hudson’s site project in downtown Detroit. Meanwhile, General Motors Co. plans to leave Renaissance Center for the new development in 2025, according to Crain’s Detroit Business. The project marks Detroit’s largest ground-up development in the past 50 years, according to the developer. Upon completion, the property will house more than 1.5 million square feet of retail, office, dining, hospitality, residential and event space. Construction will continue in a phased approach. Bedrock recently announced on its social media platforms that the name of the development is now Hudson’s Detroit. Construction of the project on the former J.L. Hudson’s department store site began in 2017. Setbacks such as unanticipated underground obstructions and design changes have pushed the development well beyond its original schedule, reports Crain’s. Originally proposed to be 734 feet, the tower now rises 680 feet. GM’s current home, the RenCen, is the tallest building in Detroit and has suffered since the pandemic. Bedrock and GM plan to spend the next year analyzing what to do with the 5.5 million-square-foot property, according to Crain’s.

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AcquisitionsMidwestOfficeOhio

Namdar Realty Group, Mason Asset Management Acquire 1.3 MSF Office Tower in Cleveland

by Kristin Harlow

CLEVELAND — Namdar Realty Group and Mason Asset Management have acquired 200 Public Square, a 1.3 million-square-foot office tower in Cleveland. Originally built for BP America in 1985, the building has undergone recent improvements. The buyers aim to enhance the property’s appearance, amenities, atrium and aging infrastructure. The building currently has 357,767 square feet of available office space being marketed for lease by Colliers. Chase Johnson and Caleb Riebe of Cushman & Wakefield arranged $45.7 million in acquisition financing through a life insurance company.

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DevelopmentMidwestMissouriMultifamilySeniors Housing

Midas Construction Underway on $37.8M Viva Bene Active Adult Community in St. Peters, Missouri

by Kristin Harlow

ST. PETERS, MO. — Midas Construction is underway on Viva Bene, a $37.8 million active adult community in the St. Louis suburb of St. Peters. Developed by Avenue, the 161-unit luxury property is located at 101 Viva Bene Circle. Amenities include a pool, fitness center, wellness hub, coworking spaces, outdoor spaces and pickleball and bocce ball courts. Greystar is the property manager. Completion is slated for this fall.

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