TOLEDO, OHIO — Friedman Real Estate has negotiated the sale of a 2,410-square-foot retail property occupied by Minuteman Car Wash in Toledo for an undisclosed price. The car wash, located at 5020 Monroe St., was built in 1971 and renovated in 2022. Marc Hildenbrand and Jordan Friedman of Friedman represented the buyer and seller, neither of which were disclosed.
FLINT, MICH. — Metro Infusion Center has signed a seven-year, 2,435-square-foot medical office lease at 1321 S. Linden Road in Flint. The tenant is an infusion and injection therapy provider with more than 160 locations nationwide. Jim Mitchell of Dominion Real Estate Advisors and Michele Rosenblum of Lee & Associates represented the landlord, LSPV Cornerstone, an affiliate of Versa Development Co.
CLEVELAND — KeyBank Institutional Advisors and KeyBank Community Development Lending and Investment (CDLI) have provided $30 million in financing to The Cleveland Foundation (TCF) for the construction of the 95,000-square-foot Midtown Collaboration Center in Cleveland. The center will be adjacent to TCF headquarters. KeyBank provided a $23.7 million loan, while KeyBank CDLI provided a $6.3 million equity investment in New Market Tax Credits. Partners in the project include Case Western Reserve University (CWRU), University Hospitals (UH), the Cleveland Institute of Art (CIA), Hyland Software and the Economic & Community Development Institute (ECDI). The center will house CRWU’s new Center for Population Health Research, UH’s new Diabetes Research and Wellness Center, CIA’s new interactive media lab, Hyland Software’s training center, ECDI’s small business administration lending center and women’s resource center, as well as a brewery and community-led music venue.
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.
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.
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.
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.
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, …
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 …
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.
