Midwest

Sartorius Opens $100M Center of Excellence for Bioanalytics in Ann Arbor, Michigan

by Kristin Harlow June 10, 2024

ANN ARBOR, MICH. — The life sciences group of Sartorius has opened its new Center of Excellence for bioanalytics in Ann Arbor. Sartorius invested about $100 million for the state-of-the-art facility, consolidating existing sites and functions in Ann Arbor. The number of employees at the 130,000-square-foot property is expected to double over time. The facility houses a modern manufacturing and services area, biology labs, a warehouse, office and training spaces and a Customer Interaction Center. Sartorius will develop and manufacture a range of bioanalytical instruments at the site. Sartorius provides bioanalytical solutions that are used in the discovery and development of biopharmaceutical drugs. The company employs about 2,600 people at 12 sites in North America.

June 10, 2024

Affordable Housing Development Michigan Midwest Multifamily

Magnus Capital Partners Begins Development of 202-Unit Workforce Housing Community in West Michigan

by Kristin Harlow June 10, 2024

HOLLAND, MICH. — Magnus Capital Partners has begun development of HōM Flats at 24 East, a 202-unit workforce housing development in western Michigan’s Holland. The three-building property will feature more than 13,000 square feet of retail space, including an onsite childcare center and suites reserved for locally owned businesses. Amenities will include a pickleball court, fitness studio, coworking lounge, café, indoor and outdoor play areas, art studio, package delivery area, pet-washing stations, indoor bike storage, rooftop terraces, walking paths and dog parks. Leasing is expected to begin in 2026. HōM Flats is the workforce housing platform of Magnus. Residents have access to monthly event programming like financial literary classes, art programs and career services. Hooker DeJong Inc. is the project architect, and Rhode Construction will serve as general contractor. Merchants Capital arranged more than $81 million in financing for the project, which is financed through private and public funding sources, including a 4 percent Low-Income Housing Tax Credit (LIHTC) allocation from Michigan State Housing Development Authority. Merchants Capital provided $14.2 million in LIHTC equity and a $27.9 million Freddie Mac unfunded forward tax-exempt loan. Merchants Bank provided a $31 million construction loan and $8 million equity bridge loan.

June 10, 2024

Development Indiana Midwest Office

WaterFurnace Breaks Ground on 173,000 SF Headquarters Expansion in Fort Wayne, Indiana

by Kristin Harlow June 10, 2024

FORT WAYNE, IND. — WaterFurnace International, a geothermal and water source heating and cooling solutions provider, has broken ground on a 173,000-square-foot expansion of its headquarters in Fort Wayne. The $14 million project will more than double the current size of the property. The entire facility will continue to be heated and cooled by WaterFurnace geothermal heat pumps that draw from the renewable energy of its existing pond. WaterFurnace says its expansion comes on the heels of two record-breaking years, driven by a growing demand for renewable energy technologies and the currently available 30 percent federal tax credit for geothermal systems.

June 10, 2024

Acquisitions Illinois Midwest Multifamily

Interra Realty Brokers $3.1M Sale of Three-Property Multifamily Portfolio in Chicago

by Kristin Harlow June 10, 2024

CHICAGO — Interra Realty has brokered the sale of a three-property, 18-unit multifamily portfolio on Chicago’s Northwest Side for $3.1 million. The six-flat buildings, located at 8622 W. Berwyn Ave., 8657 W. Berwyn Ave. and 5240 N. Oakview Ave., were all built in 1969. Patrick Kennelly, Paul Waterloo and Nathan Zito of Interra represented the seller, a local partnership. Jay Chandran of Jay C. Realty represented the buyer, a local partnership.

June 10, 2024

Acquisitions Michigan Midwest

Dominion Arranges Sale of 58,675 SF Former Training Center in Farmington, Michigan

by Kristin Harlow June 10, 2024

FARMINGTON, MICH. — Dominion Real Estate Advisors LLC has arranged the sale of a 58,675-square-foot former training center in the Detroit suburb of Farmington. Located at 33107 Thomas St., the property was known as the Maxfield Training Center and served as the former Farmington Junior High. James Mitchell of Dominion represented the buyer, Robertson Hillside Townes LLC, which plans to build 53 three-story townhomes on the site. The seller and sales price were undisclosed.

June 10, 2024

Development Illinois Industrial Midwest Top Stories

Wieland Begins $500M Renovation, Expansion of Manufacturing Facility in East Alton, Illinois

by Taylor Williams June 10, 2024

EAST ALTON, ILL. — Wieland, a supplier of copper and copper alloy solutions, has begun renovating and expanding its manufacturing facility in East Alton, located outside of St. Louis near the Illinois-Missouri border. The project is valued at $500 million. The initial phase of the modernization will increase the capacity and quality of copper production at the facility, which was originally constructed in 1916. The development team will revamp building foundations to support new equipment, and the site will be modified to support the use of an overhead crane for equipment setting. Wieland will also undertake upgrades to other facilities, including the furnace, re-cooling system, distribution switchgear, superstructure and controls/commissioning. Following completion of the project, the building structure will feature metal siding and roofing over heavy structural steel. “With copper having an integral role in the energy transition, this endeavor better positions Wieland as a provider of sustainable solutions for our customers’ ever-changing needs,” says Greg Keown, president of Wieland’s rolled products North America division. The project team includes general contractors Graycor Construction Co. and Helmkamp Construction Co., as well as design firms Vestal Corp. and Salas O’Brien. Completion is slated for mid-2028. — Taylor Williams

June 10, 2024

Development Midwest Missouri Multifamily

Thompson Thrift Opens 300-Unit Luxury Apartment Community in Suburban Kansas City

by Kristin Harlow June 7, 2024

RAYMORE, MO. — Thompson Thrift has opened The Depot, a 300-unit luxury apartment community in the Kansas City suburb of Raymore. The property is nearly 30 percent leased. Located at 101 S. Dean Ave., The Depot offers nine three-story buildings with one-, two- and three-bedroom units. Amenities include a 24-hour fitness center, resort-style pool, dog park and speakeasy-inspired clubhouse. The Depot sits adjacent to the Raymore Galleria, a 400,000-square-foot shopping center. Monthly rents start at $1,295. Residents can earn six weeks of free rent if they move in prior to June 30, according to the property’s website.

June 7, 2024

Affordable Housing Illinois Loans Midwest Multifamily Seniors Housing

Berkadia Arranges $17.6M in LIHTC Financing for Affordable Seniors Housing Property in Harvey, Illinois

by Kristin Harlow June 7, 2024

HARVEY, ILL. — Berkadia has arranged a $17.6 million Low-Income Housing Tax Credit (LIHTC) equity investment for the preservation of Jesse Jackson Jr. Senior Housing in Harvey, a southern suburb of Chicago. The 120-unit affordable seniors housing property consists of two three-story buildings that were originally constructed in 2007 and 2011. The one-bedroom units are designated for seniors age 62 and above, with 114 of them set aside for those whose income is at or below 50 percent of the area median income. The remaining six units are for persons with disabilities whose income is at or below 30 percent AMI as part of the Illinois Housing Development Authority’s Statewide Referral Network program. The renovation project will include new roofing, windows, flooring, kitchen appliances, kitchen and bathroom plumbing fixtures, intercom system, nurse call system, smoke detectors, fire extinguishers and new paint. The renovation will also include the installation of solar panels and will receive Renewable Energy Investment Tax Credits under Section 48 of the U.S. Internal Revenue Code. Brian Blanchard and James Grande of Berkadia arranged the financing on behalf of the sponsor, Preservation of Affordable Housing.

June 7, 2024

Acquisitions Healthcare Michigan Midwest

Marcus & Millichap Brokers $9.3M Sale of Medical Office Building in Novi, Michigan

by Kristin Harlow June 7, 2024

NOVI, MICH. — Marcus & Millichap has brokered the $9.3 million sale of Infinity Medical, a 36,338-square-foot medical office building in Novi. The two-story property is fully leased to Rehabilitation Physicians PC and Ascension Medical Group of Michigan. Seth Haron, Ashish Vakhariya and Darin Gross of Marcus & Millichap represented the buyer and seller in partnership with Scott Marcus of RSM Development. The asset sold to Nova Sky Investments LLC, a Michigan-based investment firm.

June 7, 2024

Acquisitions Midwest Ohio Retail

Axiom Realty Acquires 98,385 SF Amherst Shopping Center in Massillon, Ohio

by Kristin Harlow June 7, 2024

MASSILLON, OHIO — Axiom Realty has acquired Amherst Shopping Center, a 98,305-square-foot property in Massillon near Canton. The purchase price and seller were undisclosed. The center was 64 percent occupied at the time of sale. Jonah Warsaw and Jacob Baruch of Legacy Realty Group Advisors brokered the sale. Axiom is finalizing lease negotiations with a national fitness user that will bring occupancy up to 81 percent. Marc’s, a discount grocery and drug store chain with 60 locations in Ohio, has anchored the property since 1995.

June 7, 2024

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