Midwest

Walker & Dunlop Arranges $69.5M in Construction Financing for 1.3 MSF Industrial Project in Metro Columbus

by Kristin Harlow April 26, 2023

MARYSVILLE, OHIO — Walker & Dunlop has arranged $69.5 million in construction financing for a 1.3 million-square-foot industrial facility in the Columbus suburb of Marysville. The property is a build-to-suit for Scotts Lawn Care, a full-service landscaping company specializing in commercial and residential lawn services. The project site at 12575 Industrial Parkway is minutes away from Scotts’ national headquarters. Chad Kiner and AJ Mangan of Walker & Dunlop arranged the financing on behalf of the developer, Crawford Hoying. Centennial Bank was the lender.

April 26, 2023

Development Hospitality Midwest Missouri

Midas Completes $47M Residence Inn by Marriott Hotel in Clayton, Missouri

by Kristin Harlow April 26, 2023

CLAYTON, MO. — Midas Enterprises has completed a $47 million Residence Inn by Marriott hotel in the St. Louis suburb of Clayton. The project is the first new hotel to open in the city in 30 years, according to Midas. The extended-stay hotel rises 12 stories with 170 rooms. The development includes a second-floor lounge and ballrooms, 3,300 square feet of second-level meeting space with an outdoor terrace and bar, complimentary breakfast, a 1,500-square-foot fitness center and guest laundry. Investors included Hermann Cos. and Peoples Bank. The project team included SSC Engineering, CECO Concrete Construction Inc. and Castle Contracting LLC. Midas deployed all four of its divisions — Midas Capital, Midas Construction, Midas Hospitality and Midas Development — to complete the project.

April 26, 2023

Development Industrial Midwest Missouri

Hillman Opens 305,000 SF Distribution Center in Belton, Missouri

by Kristin Harlow April 26, 2023

BELTON, MO. — Hillman Solutions Corp., a provider of hardware products and merchandising solutions, has opened a new 305,000-square-foot distribution center in Belton, a southern suburb of Kansas City. The Cincinnati-based company is relocating from a facility in Rialto, Calif. Doug Cahill, chairman, president and CEO of Hillman, says having a distribution center located in the Kansas City area will be optimal for logistics because 85 percent of the U.S. population can be reached in one to two business days by truck.

April 26, 2023

Illinois Loans Midwest Multifamily Seniors Housing

Greystone Provides $13.7M HUD-Insured Loan for Refinancing of Supportive Living Facility in Crestwood, Illinois

by Kristin Harlow April 26, 2023

CRESTWOOD, ILL. — Greystone has provided a $13.7 million HUD-insured loan for the refinancing of The Pointe at Kilpatrick in Crestwood, about 24 miles southwest of Chicago. Built in 2003, the 122-bed supportive living facility features amenities such as a community room, living room, therapy room, barber shop, courtyard, children’s play area, private dining room and resident laundry rooms. Eric Rosenstock of Greystone originated the financing on behalf of the undisclosed borrower. The fixed-rate loan features a 35-year term.

April 26, 2023

Acquisitions Indiana Midwest Restaurant Retail

Marcus & Millichap Brokers $3.2M Sale of Restaurant Property in Fort Wayne, Indiana

by Kristin Harlow April 26, 2023

FORT WAYNE, IND. — Marcus & Millichap has brokered the $3.2 million sale of a 9,500-square-foot restaurant property occupied by Biaggi’s Ristorante Italiano in Fort Wayne. The freestanding, net-leased building is located at 4010 W. Jefferson Blvd. It was constructed as a build-to-suit for the restaurant in 2001. Damien Yoder and Madison Harman of Marcus & Millichap’s Yoder-Harman Group represented the seller, a California-based family trust. An in-state lender provided acquisition financing on behalf of the buyer, an Indiana-based family office. Biaggi’s operates 16 restaurants in eight states. There are six years remaining on its lease at the Fort Wayne property.

April 26, 2023

Development Midwest Missouri Office

Copaken Brooks to Renovate, Rebrand Several Office Buildings in Kansas City

by Kristin Harlow April 25, 2023

KANSAS CITY, MO. — Owner Copaken Brooks has unveiled plans to renovate and reposition several downtown Kansas City office buildings, including Town Pavilion, 1201 Walnut, 1200 Grand and the Harzfeld’s Building. Town Pavilion, the 38-story, 802,000-square-foot building located at 1100 Main St. has been renamed 1111 Main. The Harzfeld’s Building, 1201 Walnut and 1111 Main are now known as the Skyline Collection. A new professionally staffed fitness center with locker rooms is scheduled to open in May at 1111 Main and will be available to all Skyline Collection tenants. RJ Trowbridge, Jeff Kembel, Patrick Meraz and Avery Comeau of JLL will serve as the office leasing team for the buildings, which total more than 1.4 million square feet. Copaken Brooks retains the ground-level retail leasing and the property management duties of the portfolio.

April 25, 2023

Affordable Housing Development Indiana Midwest Multifamily

Woda Cooper Opens 60-Unit Affordable Housing Community in Plainfield, Indiana

by Kristin Harlow April 25, 2023

PLAINFIELD, IND. — Woda Cooper Cos. has opened Harper’s Crossing, a 60-unit affordable housing community in the Indianapolis suburb of Plainfield. The $13.4 million development is situated in an opportunity zone and received a tax abatement from the city. The Indiana Housing & Community Development Authority awarded housing tax credits used to generate equity financing, enabling rents to be maintained at affordable levels. Six of the units are accessible for those with physical disabilities. Amenities include free Wi-Fi, a community room, laundry room, fitness center, playground and patio. Monthly rents range from $345 to $1,095 depending on the size of the unit and income restriction. The community is reserved for those who earn up to 80 percent of the area median income. Syndicator RBC Community Investments (RBCCI) provided primary financing through an equity investment by Huntington National Bank in a RBCCI-sponsored fund. In addition to the equity investment, Huntington National Bank also provided a construction loan. Cedar Rapids Bank & Trust provided the first mortgage. Indianapolis-based Cripe was the project architect, BWI LLC served as general contractor and Sol Design + Consulting was the sustainability consultant. Woda Cooper’s management division will perform day-to-day property management and leasing.

April 25, 2023

Illinois Leasing Activity Midwest Restaurant Retail

Sancerre Leases 7,000 SF in Chicago’s Fulton Market for New Restaurant

by Kristin Harlow April 25, 2023

CHICAGO — Sancerre Hospitality has signed a 7,000-square-foot, ground-floor retail lease at 1045 On Fulton in Chicago’s Fulton Market. The space will serve as the Chicago-based restaurant group’s newest establishment in the city. Fulton Street Cos. and Intercontinental Real Estate Corp. own 1045 On Fulton, which is a 150,000-square-foot office building with 7,000 square feet of retail space. The property opened in 2021. Sancerre recently named Joe Flamm as culinary director and he will oversee culinary affairs for the new restaurant, whose concept is yet to be determined. Sancerre, which expects to open the new restaurant in early 2024, also operates Rose Mary and BLVD Steakhouse, which are located down the street from 1045 On Fulton. Cal Wessman represented ownership on an internal basis.

April 25, 2023

Acquisitions Midwest Minnesota Multifamily

Marcus & Millichap Brokers $1.7M Sale of Multifamily Property in Bemidji, Minnesota

by Kristin Harlow April 25, 2023

BEMIDJI, MINN. — Marcus & Millichap has brokered the $1.7 million sale of Kestrel Pines Townhomes in Bemidji, a city in northern Minnesota. Constructed in 2005, the rental townhome property consists of 30 units and is located at 906 26th St. NW. The units feature individual garages, patios and washers and dryers. Chris Collins and Evan Miller of Marcus & Millichap represented the buyer and seller, both of which were limited liability companies.

April 25, 2023

Leasing Activity Midwest Retail Wisconsin

Starbucks to Open Three New Locations in Wisconsin

by Kristin Harlow April 25, 2023

DE PERE, VERONA AND BROOKFIELD, WIS. — Starbucks has signed three new retail leases in Wisconsin. The retailer leased 2,200 square feet at 1347 S. Broadway in De Pere, just south of Green Bay. In the second deal, Starbucks inked a lease for 2,200 square feet at 233 Wild Cat Way in Verona, a southwest suburb of Madison. Additionally, the retailer leased 2,200 square feet at 21755 E. Moreland Blvd. in the Milwaukee suburb of Brookfield. Tony Colvin of Mid-America Real Estate represented Starbucks in each of the leases. The landlords in the respective deals were Heritage Holdings 1373 LLC, West Verona Capital LLC and Garni LLC.

April 25, 2023

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