Midwest

I-70 Logistics Center Trades Hands in Suburban Columbus

by Kristin Harlow August 17, 2023

ETNA, OHIO — The I-70 Logistics Center, located at 9157 Mink St. SW in the Columbus suburb of Etna, has traded hands for an undisclosed price. Hines Global Income Trust Inc. was the buyer. The 700,000-square-foot property is fully leased to a third-party logistics provider and features a clear height of 40 feet. The facility offers convenient access to two rail providers, reaching roughly 60 percent of the North American population within a one-day drive. Ed Halaburt and Ross Bratcher of JLL represented the seller, Core5 Industrial Partners.

August 17, 2023

Iowa Loans Midwest Multifamily

Colliers Mortgage Provides $4.9M Acquisition Loan for Multifamily Property in Pleasant Hill, Iowa

by Kristin Harlow August 17, 2023

PLEASANT HILL, IOWA — Colliers Mortgage has provided a $4.9 million Fannie Mae loan for the acquisition of Riverwood Apartments in Pleasant Hill, an eastern suburb of Des Moines. The 69-unit multifamily property features one-, two- and three-bedroom floor plans. Brett Olson and Matt Halberg of Colliers originated the 10-year loan on behalf of the undisclosed borrower.

August 17, 2023

Leasing Activity Midwest Retail Wisconsin

Planet Fitness Signs Two New Leases in Metro Milwaukee

by Kristin Harlow August 17, 2023

MILWAUKEE AND BROOKFIELD, WIS. — Planet Fitness has signed two new retail leases in metro Milwaukee. The first lease is for 12,995 square feet at 121 W. Oklahoma Ave. in Milwaukee. PJR Properties LLC is the property landlord. The second lease is for 26,975 square feet at the Shops on Bluemound, which is located at 16085 W. Bluemound Road in Brookfield. An entity doing business as HHAMB LLP is the landlord. Adam Dreier and Tony Colvin of Mid-America Real Estate represented the tenant in both leases.

August 17, 2023

Acquisitions Hospitality Midwest Wisconsin

Marcus & Millichap Arranges Sale of 50-Room Hotel, Restaurant Building in Sturtevant, Wisconsin

by Kristin Harlow August 17, 2023

STURTEVANT, WIS. — Marcus & Millichap has arranged the sale of a 50-room hotel and restaurant building located at 910 S. Sylvania Ave. in Sturtevant, a southern suburb of Milwaukee. The sales price was undisclosed. The buyer, a private investor, plans to rebrand the property as a Super 8 by Wyndham hotel. Ebrahim Valliani and Michael Klar of Marcus & Millichap represented the buyer and the seller, a private investor. Chris Gomes, Allan Miller and Todd Lindblom of Marcus & Millichap also assisted in closing the deal.

August 17, 2023

Illinois Industrial Lee & Associates Market Reports Midwest Midwest Market Reports

New Construction Deliveries Bring Chicago’s Industrial Market Down from the Clouds

by Kristin Harlow August 17, 2023

By John Cassidy and Calvin Gunn, Lee & Associates If you love a good groundbreaking photo — full of shiny shovels, hard hats and smiling development teams — you may be disappointed this year, for all the best reasons. With Chicago’s most recent wave of speculative industrial projects currently being delivered, the market now actually has space to offer industrial tenants — a refreshing change from the past few years. With construction costs and interest rates continuing to rise and credit availability shrinking, many developers with ties to Chicago are pausing new projects as exit cap rates are becoming more difficult to predict. At the same time, market fundamentals are starting to cool from the pandemic-era eruption of demand. The good news: Chicago’s industrial market may be down from the clouds, but it’s still historically quite healthy. Vacancy rate in perspective According to Lee & Associates of Illinois’ second-quarter industrial snapshot, construction deliveries caused the Chicago industrial vacancy rate to tick upward for the second consecutive quarter. However, a 3.68 percent vacant market is still considered a historically low vacancy environment. As a comparison, that vacancy rate measured about 12 percent at the end of 2009 and 6.6 percent in …

August 17, 2023

Bohler Content Partner Features Industrial Midwest Mixed-Use Multifamily Northeast Retail Southeast Texas Western

Improved Land Surveys, Due Diligence Can Ensure Development Project Success

by Sarah Daniels August 17, 2023

Due diligence — particularly land surveying — can be a slow, cumbersome process if a project lacks strong guidelines based on the owner or developer’s particular needs. It can be easy to overprepare for the wrong site or underprepare for the succession of steps needed for the right site. REBusiness spoke to two land surveying experts, Billy Logsdon, divisional director of surveying, and Tom Teabo, associate and regional survey manager. Both work for Bohler, a land development consulting and site design firm, and both have strong insights on how to incorporate each step in the due diligence process elegantly within a well-planned approach. Due diligence such as American Land Title Association (ALTA) surveys and gathering topographic information can be time-consuming and expensive steps — making it beneficial to fit their timing into the larger project in a way that reflects the client’s needs — from the purchase of land to development completion. Logsdon and Teabo highlight the importance of streamlining the survey process and getting owners and developers better results based on their desired outcomes, often starting with the information already available about the site early in the process. REBusiness: What is slowing down survey due diligence, in your experience, and do …

August 17, 2023

Build-to-Rent Development Midwest Single-Family Rental Wisconsin

Heyday Opens 170-Unit Build-to-Rent Community in Sun Prairie, Wisconsin

by Kristin Harlow August 16, 2023

SUN PRAIRIE, WIS. — Heyday has opened the first phase of Heyday Sun Prairie, a 170-unit build-to-rent community in the Madison suburb of Sun Prairie. Homes feature attached garages with electric vehicle charging outlets, private patios, keyless entry and green spaces. Monthly rents range from $1,700 for one-bedroom homes to $2,800 for three-bedroom homes. New leases include a six-month membership to nearby Sun Prairie Athletic Club. Daniel Management Group is the property manager.

August 16, 2023

Development Industrial Midwest Ohio

CRG Begins Development of 250,020 SF Spec Distribution Center in Etna, Ohio

by Kristin Harlow August 16, 2023

ETNA, OHIO — CRG and an affiliate of its capital partner, LXP Industrial Trust, have begun development of a 250,020-square-foot speculative distribution center in Etna, an eastern suburb of Columbus. The project is known as Building D at The Cubes at Etna 70, a 305-acre industrial park near I-70. Building D will feature a clear height of 36 feet, 62 trailer stalls, 32 dock positions and a 60-foot speed bay. The property offers a 15-year, 100 percent tax abatement. Contegra Construction is the general contractor, and Lamar Johnson Collaborative is the architect. The industrial park has three remaining pad-ready sites. The Cubes is a North American industrial brand owned and developed by CRG.

August 16, 2023

Affordable Housing Development Midwest Minnesota Multifamily

Lupe Development, Wall Cos. Open 143-Unit Affordable Housing Community in Minneapolis

by Kristin Harlow August 16, 2023

MINNEAPOLIS — Lupe Development and Wall Cos. have opened The Flats at Malcolm Yards, a 143-unit affordable housing community in Minneapolis. A grand opening celebration will take place Thursday, Aug. 17. The project is the latest addition to the new Malcolm Yards neighborhood, following The Market, an urban food hall, and The Station, a 210-unit market-rate apartment project. The Flats features a mix of studios, one- and two-bedroom units, all of which are reserved for residents who earn 60 percent or less of the area median income. Amenities include underground parking, a fitness center, business center, coffee bar and sky lounge with views of the Minneapolis skyline. The development is situated near the Green Line LRT station and the University of Minnesota transitway. The project received funding support from the City of Minneapolis Affordable Housing Trust Fund and the Minnesota Department of Employment and Economic Development as well as Hennepin County’s Affordable Housing Incentive Fund, Transit Oriented Development Program and Environmental Response Fund. Other investors include Allianz Life and R4 Capital, which was the tax-exempt lender.

August 16, 2023

Development Industrial Midwest Missouri

Hunt Midwest Breaks Ground on 203,899 SF Industrial Build-to-Suit Project for Community Wholesale Tire in Kansas City

by Kristin Harlow August 16, 2023

KANSAS CITY, MO. — Hunt Midwest has broken ground on a 203,899-square-foot industrial build-to-suit project for Community Wholesale Tire at Hunt Midwest Business Center in Kansas City. The facility will feature a clear height of 32 feet, 60 trailer parking spaces, 190 vehicle parking spaces and a 190-foot-deep truck court. Completion is slated for the end of the year. The project team includes civil engineer Olsson and Associates, general contractor GPS-KC and H2B Architects. Austin Baier and Mike Mitchelson of CBRE represented Hunt Midwest. Located just east of I-435, Hunt Midwest Business Center totals 2,500 acres. Community Wholesale Tire maintains facilities in nine states across the Midwest, serving more than 4,500 tire dealers.

August 16, 2023

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