Midwest

Cushman & Wakefield Brokers Sale of 125-Unit Build-to-Rent Community in Princeton, Indiana

by Kristin Harlow June 8, 2023

PRINCETON, IND. — Cushman & Wakefield has brokered the sale of Circle Point Villas in Princeton, a city in Southwest Indiana. The sales price was undisclosed. The build-to-rent (BTR) community features 125 homes that average 1,220 square feet. Construction of the 19-acre development concluded this year. George Tikijian, Hannah Ott and Cameron Benz of Cushman & Wakefield represented the seller, Reinbrecht Homes. The asset sold to a joint venture between JMF Capital and Yellowstone Property Group. The deal marks the first investment sale of a purpose-built BTR community in Indiana, according to Cushman & Wakefield.

June 8, 2023

Acquisitions Illinois Industrial Midwest

Conor Commercial Sells 151,677 SF Executive Commerce Center in Prospect Heights, Illinois

by Kristin Harlow June 8, 2023

PROSPECT HEIGHTS, ILL. — Conor Commercial Real Estate, with its partner Globe Corp., has sold Executive Commerce Center in Prospect Heights, a northwest suburb of Chicago. The sales price was undisclosed. The 151,677-square-foot industrial building was developed in 2020 and fully leased in 2021. Syncreon, a third-party logistics provider for Samsung, leased the west half of the building for warehouse and distribution space. Plitek, a local manufacturer of precision die cut components and converted materials, leased the east half for its company headquarters and manufacturing facility. The building features a clear height of 32 feet, 35 truck docks, two drive-in doors and a 60-foot speed bay. Ed Halaburt and John Huguenard of JLL represented Conor, while Mike Sedjo, Jack Brennan and Ben Dickey of CBRE served as Conor’s leasing brokers. McShane Construction Co. and Ware Malcomb made up the design-build team. Wintrust provided construction financing.

June 8, 2023

Acquisitions Midwest Ohio Retail

Dowd Cos. Arranges Sale-Leaseback of Two Children of America Schools in Ohio for $6.9M

by Kristin Harlow June 8, 2023

COLUMBUS AND MAINEVILLE, OHIO — The Dowd Cos. has arranged the sale-leaseback of two Children of America schools in Ohio for $6.9 million. The properties at 8360 N. High St. in Columbus and 8261 Rivers Bend Drive in Mainesville total 21,949 square feet. Children of America is a childcare operator headquartered in Delray Beach, Fla. The company maintains more than 65 locations in 15 states with 13 new schools in development. John Dowd and Theresa Johnson of Dowd Cos. represented Children of America in the sale. The all-cash buyer completed a 1031 exchange. The transaction represented a cap rate of 7 percent.

June 8, 2023

Kansas Leasing Activity Midwest Office

SnapIT Solutions Signs 5,894 SF Office Lease in Overland Park, Kansas

by Kristin Harlow June 8, 2023

OVERLAND PARK, KAN. — Technology solutions company SnapIT Solutions has signed a 5,894-square-foot office lease at Financial Plaza III in Overland Park. Owned by Group RMC and located at 6900 College Blvd., Financial Plaza III features amenities such as onsite food service, conferencing facilities, covered parking and more. Anné Erickson of JLL represented SnapIT.

June 8, 2023

Acquisitions Michigan Midwest Net Lease Office Top Stories

The Herrick Co. Acquires 21-Story Office Tower in Downtown Detroit for $150M

by Katie Sloan June 8, 2023

DETROIT — The Herrick Co. has acquired a 21-story office tower at 2025 Woodward Ave. in downtown Detroit for $150 million. Locally based architecture firm Neumann Smith designed the 421,481-square-foot building, which was delivered in fall 2022 and acts as a headquarters for Huntington National Bank’s (NASDAQ: HBAN) commercial division. The bank fully occupies the property on a triple-net-lease basis. The building features ground-floor retail space, including a Huntington Bank branch; 10 floors of structured parking; a cafe; and a rooftop terrace with space for movies or sporting events to be projected on the side of the tower. The deal is the largest building acquisition to close in Detroit since the start of the COVID-19 pandemic, according to Crain’s Detroit Business. The seller was not disclosed. Huntington acquired TCF Financial Corp. in 2020 for $22 billion. The combined company operates more than 1,000 branches in 11 states. The bank’s stock price closed at $11.42 per share on Wed. June 7, down from $13.10 one year ago. The Herrick Co. is a national real estate investment firm that has completed more than $6 billion in transactions. The company focuses on acquiring single-tenant buildings net leased to office, industrial and retail users, …

June 8, 2023

Illinois Market Reports Midwest Midwest Market Reports Multifamily

Chicago’s Multifamily Sector Boasts Healthy Occupancy Rates, Strong Rent Growth

by Kristin Harlow June 8, 2023

By Mark Stern, JLL Chicago’s multifamily sector currently enjoys strong market fundamentals highlighted by healthy occupancy rates and continued rental rate growth. The current core apartment rents average over $4 per square foot, which is higher than previous peak pricing. After the pandemic, rental rates between late 2021 to 2022 recorded 10 to 15 percent growth, which is substantially ahead of the historical norms. Currently, the Chicago rental market is experiencing more stable rent growth in the 3 to 4 percent range. Chicago remains one of the most affordable major markets to rent an apartment when looking at the current average effective rents as a percentage of median household income. This affordability will allow owners to continue to push rental rates in the future. One of the major factors leading to strong operating fundamentals in the Chicago market is the lack of new supply. The supply in Chicago is currently 1 percent of the inventory, which is quite low in comparison to other markets where there could be as much as 10 to 12 percent of the inventory under construction. In the city, there are just over 7,000 units under construction slated for delivery between 2023 and 2024. The majority …

June 8, 2023

Development Industrial Michigan Midwest

GM to Invest $1B in Two Manufacturing Facilities in Flint, Michigan

by Kristin Harlow June 7, 2023

FLINT, MICH. — General Motors Co. (NYSE: GM) has unveiled plans to invest more than $1 billion in two of its manufacturing facilities in Flint — Flint Assembly and Flint Metal Center. The investments will be utilized to prepare the plants for the production of internal combustion engine (ICE) heavy-duty trucks. At Flint Assembly, GM will invest $788 million for a body shop building expansion, general assembly conveyor expansion and new tooling and equipment. At Flint Metal Center, GM will invest $233 million for new stamping dies as well as press refurbishments and new equipment. GM has announced more than $1.7 billion in investments for Flint-area operations in 2023.

June 7, 2023

Development Illinois Midwest Multifamily

Related Midwest Opens 300-Unit Luxury Apartment Tower in Chicago’s Fulton Market District

by Kristin Harlow June 7, 2023

CHICAGO — Related Midwest has opened The Row Fulton Market, a 300-unit luxury apartment tower located at 164 N. Peoria St. in Chicago’s Fulton Market District. Designed by Morris Adjmi Architects, the building rises 43 stories. Units range from 617 to 1,933 square feet. A select number of premium penthouse residences on floors 42 and 43 range from 2,358 to 3,418 square feet. Monthly rents start at $2,705. The penthouses start at $15,250 per month. Twenty percent of the units are designated as affordable housing. The Row features 22,600 square feet of amenity spaces, including an entertainment suite, gathering room, workspace options, fitness center, wellness studio and children’s play area. MAWD designed the interiors. The sixth floor features a 13,800-square-foot landscaped deck with a pool, grilling kitchens, fire pits and hammocks. The Row offers a range of services, including a 24-hour concierge, door attendant, move-in coordination, housekeeping and dog-walking services. Residents also have access to valet dry cleaning, package service, bike storage and 144 parking spaces, 12 of which are electric vehicle charging stations.

June 7, 2023

Acquisitions Illinois Industrial Midwest Retail

JLL Brokers $11.5M Sale of Retail, Industrial Building in Skokie, Illinois

by Kristin Harlow June 7, 2023

SKOKIE, ILL. — JLL Capital Markets has brokered the $11.5 million sale of a 123,519-square-foot retail and industrial building in Skokie. Built in 1976 and renovated in 2013, the property is located at 3450 W. Touhy Ave. XSport Fitness is the anchor tenant at the fully occupied building. Other tenants include Skokie Cash & Carry and Howard Packaging. The property features three interior docks, four drive-in doors, an 84-space parking garage and a clear height of 30 feet. Michael Nieder of JLL represented the seller, CenterPoint Properties Trust. Skokie-based Bernard Capital Investment Partners was the buyer.

June 7, 2023

Leasing Activity Midwest Ohio Restaurant Retail

Two New Tenants Open at Greene Town Center in Beavercreek, Ohio

by Kristin Harlow June 7, 2023

BEAVERCREEK, OHIO — Two new tenants have opened at The Greene Town Center in Beavercreek, an eastern suburb of Dayton. Off Par Golf & Social and Taste of Belgium join the more than 100 stores and restaurants at The Greene. Off Par Golf & Social is an indoor golf simulator facility and event venue that totals 5,800 square feet. There are seven state-of-the-art simulators as well as a full-service bar that offers local restaurant food options. Taste of Belgium is a dining concept from a Cincinnati-based restaurant group that specializes in Belgium-inspired cuisine. The menu features traditional dishes such as waffles, frites and mussels. The 3,800-square-foot restaurant also offers a full-service bar. Developed in 2006 by Olshan Properties, The Greene totals 1.1 million square feet.

June 7, 2023

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