Midwest

KeyBank Provides $11.3M in Financing for New Affordable Seniors Housing Project in Cleveland

by Kristin Harlow October 31, 2023

CLEVELAND — KeyBank Community Development Lending and Investment (CDLI) has provided $11.3 million in 9 percent tax credit equity to finance the new construction of Garrett Square Apartments in Cleveland. The 49-unit affordable seniors housing community will be situated in the city’s Glenville neighborhood. The four-story building will be reserved for seniors age 55 and older. The project will be partially subsidized with 19 units supported by 20-year project-based vouchers through Cuyahoga Metropolitan Housing Authority. The project site is currently home to a parking lot and vacant retail building, which will be razed prior to development. The borrower and developer is Volker Development Inc., and Marous Brothers Construction is the general contractor. The Famicos Foundation will serve as the property manager. Famicos will also offer supportive services such as financial literacy, cooking classes, gardening programs, emergency preparedness workshops, food delivery and distributions, neighborhood events, healthcare referrals, tax preparation and access to its legal clinic, Famicos CARES. Derek Reed and Greg Kiger of KeyBank CDLI structured the tax credit equity and debt financing. KeyBank is providing a $9 million construction loan and a $2.3 million permanent loan. Additional permanent financing sources include secondary soft loans of $1.7 million provided through the …

October 31, 2023

Acquisitions Illinois Midwest Retail

NewMark Merrill Acquires Two Retail Centers in Chicago

by Kristin Harlow October 31, 2023

CHICAGO — NewMark Merrill Cos. Inc. has acquired Pulaski Promenade and Midway Square in Chicago for undisclosed prices. Pulaski Promenade totals 122,710 square feet and is situated on 10.5 acres along Pulaski Road. The center is fully leased to tenants such as Marshalls, Shoe Carnival, Ross Dress for Less, PetSmart, Ulta and Carter’s. DRA/Pine Tree was the seller. Midway Square totals 55,332 square feet and is located at the corner of Pulaski Road and South Archer Avenue. The center is 92 percent leased to tenants such as Dollar Tree, Chase Bank, T-Mobile and Sally’s Beauty. TRC Retail was the seller. With these two acquisitions, NewMark Merrill now owns and operates six properties in metro Chicago representing more than 1.5 million square feet and over $220 million in value. The company plans to make various upgrades to both Pulaski Promenade and Midway Square. Sandy Sigal, Jim Patton, Brad Pearl, Sandra Kist and Susan Rorison represented NewMark Merrill on an internal basis. Rick Drogosz of Mid-America and Danny Spitz and Jason St. John of Greenstone Partners represented the sellers.

October 31, 2023

Development Industrial Midwest Missouri

Keystone Construction Breaks Ground on 131,000 SF Industrial Headquarters for Tubular USA in Suburban St. Louis

by Kristin Harlow October 31, 2023

CHESTERFIELD, MO. — Keystone Construction Co. has broken ground on a 131,000-square-foot headquarters and manufacturing facility for Tubular USA in Chesterfield, a western suburb of St. Louis. Tubular is a supplier of in-line galvanized pipe and tubing. The project is located within Phase II of Spirit Valley Business Park. The new facility will replace Tubular’s two existing buildings in Weldon Spring, Mo. The project team includes Gray Design Group, Stock & Associates Consulting Engineers Inc. and Knapp Engineering. Completion is slated for June 2024. Keystone built the infrastructure for the first phase of the 50-acre Spirit Valley Business Park in 2008 and has since constructed 11 buildings within the business park.

October 31, 2023

Illinois Industrial Loans Midwest Self-Storage

Gantry Arranges $8M Loan for Refinancing of Self-Storage Facility in Chicago

by Kristin Harlow October 31, 2023

CHICAGO — Gantry has arranged an $8 million permanent loan to refinance existing debt on a self-storage facility in Chicago’s South Loop. The property at 605 S. Wabash Ave. was formerly a parking structure, but now encompasses 1,184 self-storage units across five stories and 95,000 square feet. The property is under new management, operating as Extra Space Storage. Andy Bratt and Sean Kuang of Gantry arranged the loan on behalf of the borrower, a private real estate investor. An insurance company provided the five-year, fixed-rate loan.

October 31, 2023

Development Kansas Midwest Retail

Whole Foods Market to Open New 45,791 SF Store in Overland Park, Kansas, in November

by Kristin Harlow October 30, 2023

OVERLAND PARK, KAN. — Whole Foods Market is scheduled to open a new 45,791-square-foot store in Overland Park on Wednesday, Nov. 15. The new store at 11900 Metcalf Ave. serves as the relocation of the existing Overland Park store at 6621 W. 119th St. that opened in 2007. The new location is about 10,000 square feet larger and features an upgraded coffee bar along with increased seating capacity. The new store’s product assortment features more than 750 local items from the greater Kansas area. On opening day, customers can enjoy live music, local samples and complimentary coffee.

October 30, 2023

Acquisitions Illinois Lee & Associates Midwest Office

Lee & Associates Brokers $3.5M Sale of 106,380 SF Office Building in Schaumburg, Illinois

by Kristin Harlow October 30, 2023

SCHAUMBURG, ILL. — Lee & Associates has brokered the sale of a 106,380-square-foot office building in the Chicago suburb of Schaumburg for $3.5 million. The five-story property is located at 930 National Parkway adjacent to Woodfield Mall. The building was originally constructed in 1989 for Cellular One and later occupied by Cingular and AT&T. Tony Russo and Ryan Freed of Lee & Associates represented the seller, Somoha LLC. The buyer, National India Hub Foundation, is a national Indian-American organization focused on local community outreach and volunteering. The buyer plans to convert the property into a multipurpose community center. Plans call for a charity clinic, conference rooms, indoor sports center, auditorium, donation center and event space.

October 30, 2023

Development Illinois Industrial Midwest

Principle Construction Underway on 100,000 SF Spec Warehouse in Mount Prospect, Illinois

by Kristin Harlow October 30, 2023

MOUNT PROSPECT, ILL. — Principle Construction is underway on a 100,000-square-foot speculative warehouse in the Chicago suburb of Mount Prospect. Stotan Industrial is the developer. The project at 350 N. Wolf Road will feature a clear height of 32 feet, two drive-in doors, 96 parking spaces, 28 trailer spaces and 12 docks. Principle demolished a former Comcast office building on the site that had sat vacant for some time. Completion of the new warehouse is slated for the end of November. Harris Architects is the project architect.

October 30, 2023

Illinois Midwest

New Commercial Real Estate Firm, Evoke Partners, Launches in Chicago

by Kristin Harlow October 30, 2023

CHICAGO — Two real estate professionals, Ra’eesa Motala and Geoffrey Kasselman, have launched Evoke Partners, a new company focused on commercial real estate, energy and technology. Motala is the firm’s president and Kasselman is the CEO. The firm is based in Chicago with an office in Minneapolis and plans for more locations to follow. Evoke has five early-stage development projects with an aggregate value of more than $100 million in the Midwest and Western U.S.

October 30, 2023

Development Illinois Midwest Office

Krusinski Begins Interior Renovation Project for 6,400 SF Comcast Office in Rockford, Illinois

by Kristin Harlow October 30, 2023

ROCKFORD, ILL. — Krusinski Construction Co. has begun an interior renovation project for a 6,400-square-foot Comcast office in Rockford. After a partial demolition, the renovated space will feature multiple offices, meeting rooms, open office areas with workstations, a server room, break room, wellness room, restrooms, an interior vestibule and new doors. Completion is slated for January.

October 30, 2023

Colorado Company News Healthcare Midwest Top Stories Western Wisconsin

Healthpeak Properties, Physicians Realty Trust Agree to $21B Merger

by Taylor Williams October 30, 2023

DENVER AND MILWAUKEE — Two healthcare REITs, Denver-based Healthpeak Properties (NYSE: PEAK) and Milwaukee-based Physicians Realty Trust (NYSE: DOC), have agreed to enter into an all-stock merger agreement that is valued at roughly $21 billion. Under the terms of the agreement, each share of Physicians Realty Trust common stock will be converted into 0.674 of a share of newly issued Healthpeak common stock. The combined entity will feature a portfolio of roughly 52 million square feet of healthcare assets. On a pro-forma basis, Healthpeak and Physicians Realty Trust shareholders will own approximately 77 percent and 23 percent of the combined company, respectively. The deal is expected to close during the first half of next year. Of the combined 52 million square feet, about 40 million would consist of outpatient healthcare facilities in major gateway markets like Nashville, Atlanta, Dallas, Houston, Phoenix and Denver. Healthpeak CEO Scott Brinker will lead the newly formed company in conjunction with a board of directors comprised of eight existing Healthpeak directors and five existing Physicians Realty Trust directors, including current CEO John Thomas. In detailing the reasons behind the merger, executives from both companies noted that Healthpeak Properties and Physicians Realty Trust have overlapping footprints in …

October 30, 2023

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