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Midwest

DevelopmentMidwestOfficeWisconsin

Kraus-Anderson to Construct New Headquarters for Enerpac Tool Group in Downtown Milwaukee

by Kristin Harlow

MILWAUKEE — The Milwaukee office of Kraus-Anderson Construction will build the new corporate headquarters for Enerpac Tool Group in downtown Milwaukee. Currently located in Menomonee Falls, Enerpac will be relocating to the former ASQ Center at 648 N. Plankinton Ave. The building will be renamed Enerpac Center. The global manufacturer of industrial tools will occupy 50,000 square feet on the fourth floor. Approximately 130 employees will relocate downtown. American Society for Quality will continue to house its headquarters in the building. Creative Business Interiors provided full interior architectural design services. Enerpac’s space will feature a research and testing lab, open collaborative spaces, large conference rooms and offices. Plans also call for a fitness studio, eat-in café and updated restrooms. A full interior demolition of existing spaces will begin in early March and will combine the fourth floors of the existing north and south buildings, which are currently separate. Construction is slated to begin in late April and to be completed in late 2024 or early 2025.

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AcquisitionsHealthcareIndianaMidwest

Sila Realty Trust Acquires Inpatient Rehabilitation Facility in Brownsburg, Indiana, for $39M

by Kristin Harlow

BROWNSBURG, IND. — Sila Realty Trust Inc. has acquired an inpatient rehabilitation facility in Brownsburg, a northwest suburb of Indianapolis, for $39 million. Capital Growth Medvest was the seller. The property is fully leased to Community Health Network Rehabilitation Hospital West, a joint venture between Community Health Network (CHN) and Lifepoint Rehabilitation, a business unit of Lifepoint Health. CHN is a nonprofit health system with more than 200 sites of care and facilities throughout central Indiana, including six acute care hospitals totaling approximately 1,150 beds. Lifepoint is a national healthcare provider with 62 community hospitals and over 30 rehabilitation and behavioral health facilities across 29 states. The recently constructed facility in Brownsburg began accepting patients in May 2023, and serves as the third inpatient rehabilitation facility operated by the joint venture in the greater Indianapolis area. The property totals 56,000 square feet with 40 beds. The facility focuses on acute rehabilitation and recovery for patients who suffer from stroke, traumatic brain injury, spinal cord injury, complex neurological disorders, orthopedic conditions, multiple traumas, amputation and other injuries. The two-story building is situated on 12.2 acres.

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LoansMidwestMinnesota

National New Markets Fund Invests $17.5M for Bongard Creameries Expansion in Minnesota

by Kristin Harlow

CHANHASSEN, MINN. — National New Markets Fund LLC (NNMF), an affiliate of Los Angeles-based SDS Capital Group, has invested $17.5 million of its New Markets Tax Credit (NMTC) allocation into Chanhassen, Minn.-based Bongards Creameries. Bongards is a farmer-owned co-op that relies on its 267 member farms to provide milk for its cheese and whey products. As a result of the investment, Bongards will be able to increase its capacity from 4.1 million pounds of milk per day to 5.4 million pounds per day. Bongards will add an estimated 22 new full-time jobs to its existing base of 143 employees. Member farms are anticipated to add up to 260 full-time farm jobs to their existing 1,000 employees. The NNMF investment utilizes capital from the NMTC program, created by Congress in 2000 and administered by the U.S. Treasury Department. Investment groups such as NNMF compete to be selected to receive NMTC awards each year. The selected “allocatees” in turn sell the tax credits to institutional investors. The proceeds from the tax credit sale are then used as part of the investment into projects benefiting low-income communities. Bongards received the NNMF allocation as part of a complex $81 million NMTC financing package. Dudley …

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MidwestOfficeOhio

Farbman Group to Manage 508,397 SF Fifth Third Center in Downtown Cleveland

by Kristin Harlow

CLEVELAND — Farbman Group has taken over management of the 508,397-square-foot, 27-story Fifth Third Center in downtown Cleveland. The Class A office building is situated near the city’s historic Superior Avenue. Tenants include Fifth Third Bank, McDonald Hopkins, HWH Architects Engineers Planners, Brouse McDowell and more. Farbman manages more than 30 million square feet of office, retail, multifamily, student housing and industrial space throughout the Midwest.

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AcquisitionsIowaMidwestMultifamily

NAS Investment Solutions Purchases 120-Unit Multifamily Property in Des Moines

by Kristin Harlow

DES MOINES, IOWA — NAS Investment Solutions has purchased Broadway Apartments in Des Moines for an undisclosed price. Built in 2015, the multifamily property rises three stories with 120 units averaging 875 square feet. Amenities include an updated clubhouse, fitness center, playground, dog park and theater room. Adventureland Amusement Park, Prairie Meadows Racetrack & Casino and Outlets of Des Moines are within two miles of the property.

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DevelopmentMidwestMultifamilyWisconsin

Inland Closes $27M Capital Raise for 261-Unit Luxury Apartment Complex in Milwaukee’s Historic Third Ward

by Kristin Harlow

MILWAUKEE — Inland Venture Partners LLC (IVP), the private equity real estate arm of Inland Real Estate Investment Corp., has completed a more than $27 million capital raise for a joint venture multifamily development in Milwaukee. The 261-unit luxury apartment project was consummated through one of Inland’s joint venture partners, Kaeding Development Group LLC. IVP purchased the land parcel at 245 Harbor Drive in the city’s Historic Third Ward, and construction began in March 2023. Leasing is expected to begin in January 2025. The property will feature a pool, patio, dog park, parking garage and other amenities. Construction financing closed in March 2023 in sequence with the construction start, according to Rod Curtis, president of IVP. “The $27 million equity portion of the capital stack was initially backstopped by corporate funding, and as we raised capital from accredited investors, corporate funding was replaced by investor equity. The remaining portion was funding by a third-party construction loan,” he says.

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DevelopmentIllinoisIndustrialMidwest

CRG to Develop 66,552 SF Spec Industrial Facility Adjacent to O’Hare International Airport

by Kristin Harlow

FRANKLIN PARK, ILL. — CRG has unveiled plans to develop The Cubes at ORD, a 66,552-square-foot speculative industrial facility in the Chicago suburb of Franklin Park. The project will be situated on 4.3 acres at 3901 Fleetwood Drive immediately southeast of O’Hare International Airport. The multimodal facility, which will feature direct access to I-294 and the airport, will accommodate small and mid-size users looking for Class A space in the submarket. Completion is slated for the fourth quarter. The Cubes at ORD will offer the same modern features as CRG’s other Cubes-branded facilities, including ESFR sprinkler systems, high-efficiency LED lighting, 20 exterior docks, two drive-in doors, 11 trailer storage spaces and parking for 70 vehicles. CRG’s parent company, Clayco, will serve as the builder. CRG affiliate Lamar Johnson Collaborative is the architect. Brian Colson and Brian Pomorski of Avison Young will market the project for lease. Avison Young also represented CRG in the purchase of the land, while Michael Caprile of CBRE represented the sellers.

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AcquisitionsData CentersIllinoisIndustrialMidwest

Cawley Brokers Sale of 14-Acre Land Assemblage in Itasca, Illinois

by Kristin Harlow

ITASCA, ILL. — Cawley Commercial Real Estate has brokered the sale of 12 parcels of land totaling 14.2 acres in Itasca for an undisclosed price. Located on Marino Court, the site had long been a coveted location for developers over the past decade, with multiple unsuccessful attempts to secure the parcels. Andrew Maletich of Cawley worked on the deal for 27 months to secure contracts for all the parcels, overseeing the annexation and rezoning of the site into the Village of Itasca. He ultimately brokered the sale of the property, which sold to a large data center company.

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LoansMichiganMidwestMultifamily

Bernard Financial Group Secures $4.2M Loan for Refinancing of Multifamily Property in Sterling Heights, Michigan

by Kristin Harlow

STERLING HEIGHTS, MICH. — Bernard Financial Group (BFG) has arranged a $4.2 million loan for the refinancing of a 231-unit multifamily property in Sterling Heights, a northern suburb of Detroit. Dennis Bernard and Joshua Bernard of BFG arranged the loan on behalf of the borrower, One Durham LP. Symetra Life Insurance Co. was the lender.

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LoansMichiganMidwestMultifamily

PACE Loan Group Arranges $4M in C-PACE Financing for Short-Term Rental Condos in Traverse City, Michigan

by Kristin Harlow

TRAVERSE CITY, MICH. — PACE Loan Group has arranged nearly $4 million in C-PACE financing for The Boardwalk, a short-term rental condominium project under construction in Traverse City. The property is being built in two phases. The first phase, which features 42 units with first-floor retail space, received $1.7 million in early 2023 and is slated for completion in March. The second phase, which features 48 units, received $1.8 million and is scheduled for completion in the second quarter. The project is utilizing modular construction methods. The senior lender for both C-PACE loans was a local credit union. The PACE proceeds will be used to finance energy conservation and renewable energy measures, including increased building insulation, Energy Star windows, high-efficiency HVAC and plumbing fixtures, and LED lighting. The renewable and energy conservation measures are expected to save $120,140 annually in the payback period of 13.5 years. The Boardwalk marks the fourth PACE project in Grand Traverse County and the 76th in the state of Michigan. The PACE program is administered in a public-private partnership through Lean & Green Michigan. C-PACE, or Commercial Property Assessed Clean Energy, is a financing tool that provides long-term, low-cost construction financing for new and existing …

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