Midwest

Related Midwest Underway on $44.8M Affordable Housing Renovation Project in Springfield, Illinois

by Kristin Harlow January 30, 2024

SPRINGFIELD, ILL. — Related Midwest is underway on the renovation of Poplar Place, a 100-unit affordable housing community in Springfield. The waitlist is now open for the community, and the first rental homes are available for lease. Working with the City of Springfield and the Springfield Housing Authority, Related Midwest and general contractor LR Contracting Co. is in the process of transforming Poplar Place, which was constructed in 1950, into a modern community comprising 100 units with single-family and duplex floor plans. The $44.8 million redevelopment includes de-densifying the existing property and fully rehabbing a total of 75 buildings. Plans also call for a 2.5-acre great lawn, a new community center, playground, management office and walking paths. The affordable residences range from two to four bedrooms, with monthly rents between $800 and $925. The units are income-restricted, with qualified incomes ranging between $41,760 and $78,660 based on household size. Evan Lloyd Architects served as architect for the redevelopment.

January 30, 2024

Acquisitions Indiana Industrial Midwest

Colliers Brokers Sale of 81,600 SF Industrial Building in South Bend, Indiana

by Kristin Harlow January 30, 2024

SOUTH BEND, IND. — Colliers has brokered the sale of an 81,600-square-foot industrial building in South Bend for an undisclosed price. The property is located at 6851 Enterprise Drive. Alex Cantu and Alex Davenport of Colliers represented the sellers, Brennan Investment Group and Farallon Capital. A private investor was the buyer. JB Products Inc., a plumbing and heating equipment supplier, has fully occupied the building for nearly 25 years. The building serves as the company’s headquarters and distribution hub for its sales representatives across the country. The facility features 9,000 square feet of office space, a clear height of 24 feet, four dock doors and ample employee parking.

January 30, 2024

Illinois Leasing Activity Life Sciences Midwest

Mattiq Signs 17,377 SF Lease at Fulton Labs in Chicago

by Kristin Harlow January 30, 2024

CHICAGO — Mattiq has signed a 17,377-square-foot at the Fulton Labs life sciences campus in Chicago’s Fulton Market. The clean chemistry company will occupy space on the sixth floor of 400 North Aberdeen. Mattiq is scheduled to move into the space in September and will focus on growing its electrochemical solutions portfolio to bring cost-competitive, low-carbon chemical products to market. Dan Lyne of CBRE represented ownership, Trammell Crow Co., in the lease. Max Zwolan and Scott Brandwein of JLL represented the tenant. Fulton Labs totals 725,000 square feet across two buildings.

January 30, 2024

Acquisitions Content Partner Development Features Industrial Lee & Associates Loans Midwest Multifamily Northeast Office Retail Southeast Texas Western

Property Owners Recalibrate Expectations Following Financing Challenge, Shifting Vacancy Rates

by Sarah Daniels January 30, 2024

High costs, modulating occupancies and a lack of financing options reshaped the industrial, office, retail and multifamily sectors in the fourth quarter of 2023, signaling the determining factors for 2024, according to Lee & Associates’ 2023 Q4 North America Market Report. The industrial sector saw stabilizing tenant demand — the number of new buildings delivered increased in the fourth quarter, while new construction starts slowed. Meanwhile, the office sector’s struggles deepened as more than half of the office leases signed pre-2020 approach their expiration by 2026. With low-rate loans maturing into a high-rate environment, the factors troubling the office sector seem insurmountable in this decade. In the retail market, low vacancies did not lead to booming construction in that sector in the last quarter of 2023 — financing costs plus land and labor costs have hampered new development in spite of high demand. Finally, the health of multifamily markets is tied closely to geography. Sun Belt multifamily properties and their Midwest and Northeastern market counterparts are seeing reversals from the multifamily trends of 2021: formerly fast-growing Sun Belt markets are experiencing slowed rent growth or rent decline, while rent growth for slower-growing, major North and Midwestern metros has grown steadily. Lee & Associates …

January 30, 2024

Illinois Leasing Activity Midwest Retail

Five New Retail Tenants to Open at Deer Park Town Center in Suburban Chicago

by Kristin Harlow January 29, 2024

DEER PARK, ILL. — Five new tenants are opening at Deer Park Town Center in the northwest Chicago suburb of Deer Park. Victoria’s Secret has already opened its 4,965-square-foot store next to Pottery Barn. Clean Juice, which offers organic and fresh cold-pressed juices and smoothies as well as sandwiches and salads, is opening this spring. The Clean Juice location will span 1,371 square feet and will be owned and operated by local franchisee Joe Carmosino. Also debuting this spring is The Shade Store, a custom window treatment company that will occupy 1,550 square feet, and Aerie, a clothing retailer that will open a 4,500-square-foot store. This fall, Ancho & Agave will open a Mexican restaurant. The Deer Park Town Center location marks the brand’s fifth restaurant in Illinois and will total 8,750 square feet with a patio and center bar. Deer Park Town Center is an outdoor lifestyle shopping center managed by JLL that features more than 60 retail, restaurant and service brands.

January 29, 2024

Indiana Industrial Leasing Activity Midwest

Bintelli Signs 150,000 SF Industrial Lease in Jeffersonville, Indiana

by Kristin Harlow January 29, 2024

JEFFERSONVILLE, IND. — Bintelli, a Charleston-based low speed vehicle manufacturing company, has signed a 150,000-square-foot industrial lease at River Ridge Commerce Center in Jeffersonville, a city in southern Indiana along the Ohio River. Ashley Jackrel and Matt Ryder of Avison Young represented Bintelli. The duo provided consulting services, location strategy support, labor analytics, economic development incentives and supply chain and distribution planning. Dustin Coffman of PRG Commercial Property Advisors assisted with local site selection. Bintelli plans to invest more than $4 million into the Jeffersonville area and create approximately 67 new jobs with the expansion. The company manufactures golf carts, shuttles, vehicles, parts and accessories.

January 29, 2024

Leasing Activity Midwest Ohio Restaurant Retail

PBR Cowboy Bar + Smokehouse to Open at Easton Town Center in Columbus, Ohio

by Kristin Harlow January 29, 2024

COLUMBUS, OHIO — Professional Bull Riders (PBR) and Live! Hospitality & Entertainment have unveiled plans to open a PBR Cowboy Bar + Smokehouse at Easton Town Center in Columbus. Set to open early this year, the bar marks the 15th location for the brand nationwide and the first in Ohio. The Easton Town Center location will total 8,400 square feet with a media wall for viewing all major sporting events, multiple bars, private VIP booths, an outdoor patio, stage and mechanical bull. Easton Town Center, a shopping destination with more than 250 stores, restaurants and entertainment venues, is located within the larger Easton mixed-use development. Steiner + Associates manages and leases Easton Town Center.

January 29, 2024

Acquisitions Illinois Industrial Midwest

DarwinPW Realty/CORFAC International Brokers Sale of 93,911 SF Industrial Building in Chicago

by Kristin Harlow January 29, 2024

CHICAGO — DarwinPW Realty/CORFAC International has brokered the sale of a 93,911-square-foot industrial building located at 5841 W. Dickens Ave. in Chicago. The sales price was undisclosed. Terry Lynch of DarwinPW represented the seller, JLO Metal Products. The buyer, Elite Auto Corp., will repurpose the former manufacturing facility into a car sales business. The building is a World War II-era manufacturing facility that has heavy power and bus ducts along with four docks and one drive-in door. Steve Kohn of Avison Young represented Elite Auto Corp., which is expanding from its location in Chicago’s Logan Square neighborhood.

January 29, 2024

Acquisitions Development Illinois Leasing Activity Midwest Retail

Fortec Purchases Former School District Headquarters in Barrington, Illinois, Inks Lease with Nest Schools

by Kristin Harlow January 29, 2024

BARRINGTON, ILL. — Fortec, a Miami-based real estate development company focused on educational projects, has purchased the former Barrington School District headquarters in suburban Chicago for $695,000. Fortec is investing an additional $2.8 million in remodeling the building and creating an adjacent playground. The developer has signed a 17-year lease with The Nest Schools, an early childhood education operator with over 50 locations nationwide. The Nest Schools is slated to open this summer and will serve approximately 200 children ages six weeks to 12 years. Milo Spector of Northmarq represented Fortec in the transaction. Jennifer Hopkins and Olivia Czyzynski of SVN Chicago Commercial represented the seller, the Board of Education of Barrington Community Unit School District Number 220. The Barrington School District utilized the 12,413-square-foot property from the early 1970s until 2019.

January 29, 2024

Hospitality Loans Midwest Missouri

Driftwood Capital Receives $60.5M Loan for Refinancing of Margaritaville Resort in Osage Beach, Missouri

by Kristin Harlow January 26, 2024

OSAGE BEACH, MO. — Driftwood Capital has received a $60.5 million loan for the refinancing of the Margaritaville Lake Resort, Lake of the Ozarks. The 520-room resort is located in Osage Beach, a central Missouri city situated along the Lake of the Ozarks. Located at 494 Tan Tar A Drive, the property includes a full-service marina, championship golf course, indoor water park, spa and seven restaurants and bars. Driftwood acquired the asset in 2017 and rebranded it from the Tan-Tar-A Resort into a Margaritaville hotel. Michael Weinberg and Scott Wadler of Driftwood worked with Alec Fox of Berkadia to secure the loan through Goldman Sachs Bank USA and Starwood Mortgage Capital. The five-year loan features interest-only payments for the full term.

January 26, 2024

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