Midwest

Nassimi Realty Acquires Two Shopping Centers in Illinois, Ohio for $30M

by Kristin Harlow November 8, 2023

NILES, ILL. AND GARFIELD HEIGHTS, OHIO — Nassimi Realty has acquired two shopping centers in Illinois and Ohio for approximately $30 million. The two properties total about 500,000 square feet. Four Flaggs, a 326,084-square-foot center, is situated at the southeast corner of Golf Road and Milwaukee Avenue in Niles, a northern suburb of Chicago. The property is 75 percent leased to tenants such as Fresh Farms, Marshalls, PetSmart, Old Navy, JoAnn, Five Below and Ashley Furniture. Ben Wineman and Rick Drogosz of Mid-America Real Estate Corp. represented the seller, IRC Retail Centers/DRA Advisors. The property was managed by Pine Tree. Turney Town Plaza is located on Turney Road in Garfield Heights, a southern suburb of Cleveland. Tenants include Dave’s Market, Advance Auto Parts and Sherwin-Williams. Seller information was not provided.

November 8, 2023

Illinois Leasing Activity Life Sciences Midwest

Illinois Tech Leases 34,295 SF at Fulton Labs in Chicago

by Kristin Harlow November 8, 2023

CHICAGO — Illinois Institute of Technology (Illinois Tech) has leased 34,295 square feet at Fulton Labs in Chicago. Trammell Crow Co. (TCC) is the owner and developer of the property. Illinois Tech will occupy the entire seventh floor of the wet lab facility at 400 N. Aberdeen St. The facility will serve as the university’s first off-campus move to a commercial research hub. Illinois Tech expects to take occupancy by late summer 2024. Illinois Tech researchers will focus on biomedical and biological engineering, including sensors, separation science and electrochemical energy materials along with more biology-focused research such as therapeutics development. Dan Lyne of CBRE represented TCC, while Max Zwolan and Scott Brandwein of JLL represented Illinois Tech. Perkins & Will designed the new space for Illinois Tech. Power Construction will serve as general contractor for the build-out. Fulton Labs totals 725,000 square feet across two buildings.

November 8, 2023

Market Reports Michigan Midwest Midwest Market Reports Multifamily

Robust Multifamily Fundamentals Boost Market Appeal of Grand Rapids

by Kristin Harlow November 8, 2023

By Scott Nurski and Kevin O’Reilly, NAI Wisinski Great Lakes The Grand Rapids multifamily investment sales market has experienced reduced volume year-to-date, but the fundamentals remain strong. West Michigan, especially Grand Rapids, is affordable, with abundant high-paying employment opportunities and a high quality of life. In the words of author Malcolm Gladwell, “I love Grand Rapids. Why doesn’t everyone live in Grand Rapids?” Unlike many major markets, the construction pipeline here is slow and steady, with little risk of oversupply. While multifamily sales volume is down across the board, Grand Rapids remains a desirable location for owners and operators alike. Multifamily fundamentals Annualized rent growth continues to normalize from the wild parabolic rise seen nationwide due to the pandemic and associated market disruptions. It currently stands at 5.1 percent, according to third-quarter data from CoStar for Kent County (30 units and above). This figure is a solid uptick from the second-quarter 2023 figure of 3.2 percent. The market generally is returning to the 3 to 5 percent range typically seen during pre-pandemic norms. Occupancy improved slightly from 95.2 percent in the second quarter of 2023 to 95.4 percent in the third quarter of 2023. However, it has been gradually declining …

November 8, 2023

Midwest Ohio Retail

SITE Centers to Spin Off Convenience Retail Assets into Separate Publicly Traded REIT

by Kristin Harlow November 7, 2023

BEACHWOOD, OHIO — SITE Centers Corp. (NYSE: SITC), a Beachwood-based owner of open-air shopping centers in suburban communities, has approved a plan to spin off its convenience retail assets into a separate publicly traded REIT to be named Curbline Properties Corp. (CURB). According to SITE Centers, the spin-off creates the first and only public REIT exclusively focused on convenience assets, which generally consist of a row of unanchored shops that are positioned on the curb line of well-trafficked intersections. The tenants within these centers cater to daily convenience trips. Examples include Starbucks, Darden, JPMorgan Chase, Verizon and Chipotle. “The convenience sector offers attractive, inflation-protected returns driven by high renewal and retention rates and limited operating capital expenditures,” states SITE Centers. There are more than 68,000 unanchored assets in the U.S., according to ICSC, with over $40 billion of assets traded between 2018 and 2022. The median asset size of the CURB portfolio as of Sept. 30 was 20,000 square feet, with 91 percent of base rent generated by units less than 10,000 square feet. Since launching its convenience strategy in 2019, the company has amassed a portfolio of 61 wholly owned properties. As of Sept. 30, the CURB portfolio was …

November 7, 2023

Development Midwest Missouri Office

Clayco to Relocate St. Louis-Area Offices to 230,000 SF Building in Berkeley, Missouri

by Kristin Harlow November 7, 2023

BERKELEY, MO. — Clayco, a full-service development, architecture, engineering and construction firm, is relocating its St. Louis offices and operations center to a redeveloped 230,000-square-foot building within NorthPark Development in Berkeley, a northwest suburb of St. Louis. Clayco currently maintains multiple offices in Overland and Clayton, Mo., and will relocate 580 St. Louis-based team members to the new facility, which is located at 8640 Evans Ave. The new office will be able to accommodate over 1,000 employees, as the company expects to expand in the coming years. While Clayco’s corporate headquarters will remain in Chicago, the Berkeley office will serve as the home of many of the company’s design-build functions, including operations, business unit leadership, architecture, process engineering, safety, IT, marketing, finance/accounting and talent management. Clayco subsidiaries, Concrete Strategies, Clayco Design & Engineering and Consolidated Distribution Co., will be headquartered in the new office. Clayco and its real estate development subsidiary, CRG, have partnered with Missouri’s Department of Economic Development and Missouri Development Finance Board as well as the City of Berkeley to facilitate the move. As part of an incentive proposal from the state, Clayco will retain its existing Missouri workforce and is committed to creating at least 400 …

November 7, 2023

Development Illinois Midwest Multifamily

Optima Completes 100-Unit Luxury Apartment Complex in Wilmette, Illinois

by Kristin Harlow November 7, 2023

WILMETTE, ILL. — Optima Inc. has completed Optima Verdana, a 100-unit luxury apartment complex in the Chicago suburb of Wilmette. The property is 72 percent leased. The property features one-, two- and three-bedroom layouts and penthouse configurations ranging from 660 to 2,790 square feet. Monthly rents range from approximately $3,000 to nearly $12,000. Designed by David Hovey Sr. and David Hovey Jr., the community features a seventh-floor sky deck. The rooftop common area features a sun deck, barbecues, herb gardens, a bocce court, fire pits, party room, game room, sauna and heated lap pool with retractable glass walls designed for year-round use. Indoor amenities can be found on the building’s first floor and include a pickleball/basketball court, fitness center, yoga studio, massage rooms, sports lounge, golf simulator, kids’ playroom, dog run, library lounge and work-from-home spaces. The community is slated to achieve Two Green Globes certification via the use of bird-friendly glass, eco-friendly induction cooktops and outdoor electric grills. Optima Verdana features the Chicago-area debut of Optima’s propriety exterior vertical landscaping system, which includes plants staying green year-round and promoting evaporative cooling, air purification, noise reduction and stormwater detention.

November 7, 2023

Development Midwest Missouri Multifamily

Brinkmann Constructors Tops Out 152-Unit Apartment Community in Kirkwood, Missouri

by Kristin Harlow November 7, 2023

KIRKWOOD, MO. — Brinkmann Constructors has topped out The James, a 152-unit apartment community in the western St. Louis suburb of Kirkwood. High Street Residential, the residential subsidiary of Trammell Crow Co., is the developer. The five-story project will feature 285 parking spaces and 7,000 square feet of retail space. Amenities will include a pool, courtyard, entertainment lounge, fitness center, pet spa, work-from-home spaces and coffee bar. The project team includes ESG Architecture and Design. Greystar is handling property management and leasing efforts, which are currently underway. Monthly rents start at $1,583, according to the property’s website. Completion is slated for January.

November 7, 2023

Leasing Activity Midwest Office Ohio

Civil and Environmental Consultants Expands Office Lease in Toledo, Ohio, to 16,000 SF

by Kristin Harlow November 7, 2023

TOLEDO, OHIO — Civil and Environmental Consultants Inc. (CEC) has expanded its office lease at One Seagate in Toledo by an additional 4,000 square feet. The company now occupies 16,000 square feet at the 725,000-square-foot office building, which is owned by AmTrust RE. One Seagate features a lobby lounge, café, auditorium and shared conference space. CEC is an engineering and environmental consulting firm that provides services across various disciplines such as air quality, civil engineering, ecological science and waste management. Stephanie Kuhlman of NAI Harmon Group represented CEC. Anne Holker, Mike Abernathy and Jason Westendorf represented AmTrust RE on an internal basis along with Harlan Reichle of Reichle/Klein Group.

November 7, 2023

Acquisitions Content Partner Development Features Industrial Leasing Activity Lee & Associates Midwest Multifamily Northeast Office Retail

Lee & Associates: Slowing Absorption, Rent Growth Put Brakes on New Development for Most Real Estate Types, Though Retail Sector Shines

by Sarah Daniels November 7, 2023

Slower absorption and rent growth plagued industrial, office and multifamily asset classes across the United States in the third quarter, as outlined in Lee & Associates’ 2023 Q3 North America Market Report. Some regional exceptions were able to buck the overdevelopment trend, but retail was the only property type to avoid the quarter’s shift toward rising vacancy rates. High interest rates, slower rent growth and fear of overbuilding have contributed to lower construction starts in every sector. The full Lee & Associates report is available — including breakdowns of factors like detailed vacancy rates, inventory square footage, cap rates outlined city by city, market rents and more — here. The analysis below provides an overview of industrial, office, retail and multifamily real estate sectors alongside sector trends, economic background as well as geographic exceptions within each property type. Industrial Overview: Absorption Continues Slowing, Inventories to Spike Demand for industrial space remained positive in the United States in the third quarter, but growth this year has lost steam compared to strong net absorption totals of the last two years. U.S. net growth in the third quarter totaled 29.9 million square feet compared to 94 million square feet for the same period last year. …

November 7, 2023

Acquisitions Indiana Midwest Multifamily

CBRE Arranges Sale of 196-Unit Apartment Complex in Carmel, Indiana

by Kristin Harlow November 6, 2023

CARMEL, IND. — CBRE has arranged the sale of VER at Proscenium, a 196-unit apartment complex in the Indianapolis suburb of Carmel. The sales price was undisclosed. Located at 1225 Veterans Way and completed in 2021, the property features studio, one- and two-bedroom floor plans. Amenities include a pool, fitness center, pet spa, virtual sports simulator, coworking space and resident beer tab. The community’s retail space is home to Wahlburgers, 101 Beer Kitchen and Lux Lab Hair + Body. Steve LaMotte Jr., Dane Wilson and Ross Wettersten of CBRE represented the undisclosed seller. Sterling Group was the buyer.

November 6, 2023

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