Midwest

SRS Arranges $2.6M Ground Lease Sale for Bubba’s 33 Restaurant in Avon, Indiana

by Kristin Harlow June 22, 2023

AVON, IND. — SRS Real Estate Partners has arranged the $2.6 million ground lease sale for a 7,000-square-foot restaurant occupied by Bubba’s 33 in Avon, about 13 miles west of Indianapolis. The newly constructed property has a 15-year triple-net lease that is corporate guaranteed by parent company Texas Roadhouse Inc. Founded in 2013, Bubba’s 33 is an expanding sister brand of Texas Roadhouse. Morgan Merrill and Sarah Shanks of SRS represented the seller, Texas Roadhouse Inc. A California-based private investor was the buyer. The sales price represented a cap rate of 5.45 percent.

June 22, 2023

Industrial Iowa Market Reports Midwest Midwest Market Reports

Tenant Demand Remains Strong for Des Moines Industrial Space

by Kristin Harlow June 22, 2023

By Jeremy Spillman and Corey Sedrel, Capstone Commercial In a setting where I-80 and I-35 intersect to make up one of the busiest truck traffic intersections in the Midwest, Des Moines is well positioned to harness the power of manufacturing in Iowa to support several larger Midwest cities such as Chicago, Minneapolis, Kansas City, St. Louis and Omaha. As we see change in our global supply chains, manufacturers and distributors look to states like Iowa to support these changing environments where we see these organizations moving away from the just-in-time model to just-in-case. The transition to a just-in-case supply chain model began to form due to several supply chain-related issues we encountered during the pandemic. This led to higher demand for additional warehousing to be constructed. Availability of large cube warehousing had been historically tight in Iowa since 2012 where most years carried vacancy rates of 2.5 to 4.5 percent annually. During 2022, there was 2.97 million square feet of warehouse/distribution space delivered to meet the increase in demand of rising inventories. “From the construction standpoint, supply chain issues are subsiding, but there are still longer than normal lead times for certain trades and equipment. These lead times are still …

June 22, 2023

Content Partner Development Features Leasing Activity Midwest NAI Northeast Retail Southeast Texas Western

Retailers Eager to Expand Despite Higher Rental Rates, Development Slowdowns

by Sarah Daniels June 22, 2023

Retailers, developers and leasing agents who attended the ICSC LAS VEGAS 2023 conference in May left the show cautiously upbeat about the state of retail. It was only the second consecutive gathering since the pandemic shut down the annual show in 2020 and 2021, and many brands made known their intent to remain in expansion mode, especially fast-casual restaurants, car washes, coffee shops, auto parts stores, entertainment concepts and medical services. The only obstacle stopping them at this point is the higher rental rates that they may have to pay as a consequence of higher construction costs, says George Macoubray, vice president of retail brokerage for NAI Elliott in Portland, Oregon. “A lot of these concepts are doing well,” declares Macoubray, whose Northwest Retail Advisors team represents landlords and regional and national tenants throughout Oregon and Washington. “We’ll see how far these tenants can go in terms of what they pay to fill new projects, but the enthusiasm and willingness to grow is definitely there.” Practicing Vigilance The same can’t be said for ICSC conference attendees who are on the capital markets side of the business. Higher interest rates have fueled a bid-ask spread between buyers and lenders, while regulatory …

June 22, 2023

Development Industrial Midwest Missouri

Contegra Breaks Ground on First Building at $129M Lakeside Logistics Center in St. Peters, Missouri

by Kristin Harlow June 21, 2023

ST. PETERS, MO. — Contegra Construction has broken ground on the first of five planned buildings at Lakeside Logistics Center, a $129 million industrial project in St. Peters, a northwest suburb of St. Louis. NorthPoint Development is developing the 190-acre project. The first building, slated for completion by the end of this year, will total 490,000 square feet. It will feature a clear height of 36 feet, 51 dock doors, seven drive-in doors, four office spaces and parking for 490 cars and 134 trailers. Lakeside Logistics Center will ultimately consist of up to five speculative buildings totaling 1.6 million square feet.

June 21, 2023

Acquisitions Illinois Midwest Multifamily Seniors Housing

Senior Lifestyle Acquires Four Seniors Housing Communities in Metro Chicago

by Kristin Harlow June 21, 2023

ILLINOIS — Senior Lifestyle has acquired four seniors housing communities in metro Chicago for an undisclosed price. The properties include Aspired Living of La Grange, Aspired Living of Westmont, Aspired Living of Prospect Heights and Aspired Place of Lake Zurich. The communities offer a variety of living options such as assisted living, memory care and supportive living residences. Each property offers exclusive programming and gourmet dining options.

June 21, 2023

Acquisitions Illinois Industrial Midwest

Colliers Brokers Sale of I-88 Gateway Logistics Center in Aurora, Illinois

by Kristin Harlow June 21, 2023

AURORA, ILL. — Colliers has brokered the sale of the I-88 Logistics Center in Aurora for an undisclosed price. Built on a speculative basis by Opus North Development in 2015, the 604,556-square-foot facility features a clear height of 32 feet and parking for 63 trailers. At the time of sale, the property was fully leased to Ryder Logistics, whose lease runs through 2027. Jeff Devine and Steve Disse of Colliers represented the seller, an institutional real estate advisor. An undisclosed financial institution purchased the asset.

June 21, 2023

Acquisitions Midwest Office Wisconsin

Marcus & Millichap Negotiates $3.4M Sale of Office Building in Racine, Wisconsin

by Kristin Harlow June 21, 2023

RACINE, WIS. — Marcus & Millichap has negotiated the $3.4 million sale of Warwick Business Court in Racine, about 30 miles south of Milwaukee. The 24,500-square-foot office building is situated on Warwick Way. At the time of sale, the property was 89 percent occupied and anchored by three medical tenants. The building was constructed in 2000 and renovated within the last three years. Brett Rodgers, Frank Roti and Alex Sacks of Marcus & Millichap represented the seller, a limited liability company. The team also secured and represented the buyer, a private investor.

June 21, 2023

Acquisitions Illinois Industrial Midwest

Entre Commercial Realty Arranges Sale of 101,323 SF Industrial Building in Spring Grove, Illinois

by Kristin Harlow June 21, 2023

SPRING GROVE, ILL. — Entre Commercial Realty has arranged the sale of a 101,323-square-foot industrial building in Spring Grove, a city in Northeast Illinois. The building sits on 10 acres at 3106 N. Route 12. Spring Grove-based All-Rite Spring Co. acquired the facility with plans to consolidate operations from multiple buildings. Dan Jones, Dan Benassi and Sam Deihs of Entre represented the buyer. The sales price and seller were undisclosed.

June 21, 2023

Development Indiana Industrial Midwest

Walmart Opens 2.2 MSF Fulfillment Center Near Indianapolis

by Kristin Harlow June 20, 2023

MCCORDSVILLE, IND. — Walmart has opened a new 2.2 million-square-foot fulfillment center in McCordsville, about 20 miles northeast of Indianapolis. The project marks Walmart’s largest fulfillment center to date and will enable the retailer to fulfill more orders via next- or two-day shipping. More than 1,000 Walmart associates will work at the fulfillment center. Walmart employs more than 43,000 associates in Indiana.

June 20, 2023

Civic Development Indiana Midwest

Clayco Breaks Ground on $78M Terminal Expansion, Renovation Project at Fort Wayne International Airport

by Kristin Harlow June 20, 2023

FORT WAYNE, IND. — Clayco has broken ground on a $78 million expansion and renovation project for the East Terminal at Fort Wayne International Airport in Indiana. An expansion of the West Terminal wrapped up in May. Mead & Hunt is the architect. In addition to the renovation and expansion, the project also includes relocating all airline gates and passenger boarding bridges to the second level; expanding the TSA security checkpoint area; relocating the airport restaurant; and creating a new frequent flyer lounge. Work will also include new and improved public areas, including additional restrooms, new meter and greeter space, expanded circulation areas and vertical transportation. Plans also call for updating the existing baggage claim and rental car areas. Clayco will demolish existing interior and structural components to expand the building outward and vertically over the first floor, and expand the building to include a new east concourse. Completion is slated for June 2025.

June 20, 2023

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