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InterFace Panelists Tout Kansas City Market’s Strengths, Highlight Ways to Contain Costs

by Kristin Harlow

For industrial developers and owners, Kansas City is an easy sales pitch right now.  “Two years ago, we had to scrounge around [for capital partners] trying to get phone calls returned. Now, they’re calling us saying they’re ready to see what we’ve got,” said Nick Cook, a development manager with Panattoni Development Co. “You’re always trying to sell a story to these folks. And Kansas City is a pretty easy one to sell right now. When it comes to speculative development, we’re feeling bullish.”  Cook’s remarks came during the developers, owners and investors panel at the InterFace Kansas City Industrial conference, which took place Tuesday, Aug. 18 at the Intercontinental Kansas City at the Plaza. Robert Ciston, a senior principal with BRR Architecture, moderated the discussion.  Editor’s note: InterFace Conference Group, a division of France Media Inc., produces networking and educational conferences for commercial real estate executives. To sign up for email announcements about specific events, visit www.interfaceconferencegroup.com/subscribe. Fellow panelist Grant Harrison, executive vice president of development with VanTrust Real Estate, also expressed a bullish mindset on Kansas City and said he wants to get in front of the next wave of development. In contrast, there are some markets where Harrison does not …

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DevelopmentIndustrialMidwestOhio

Walmart Plans $300M Fulfillment Center in Metro Cincinnati

by Kristin Harlow

TURTLECREEK TOWNSHIP, OHIO — Walmart Inc. plans to invest more than $300 million in a new fulfillment center in Turtlecreek Township within metro Cincinnati, creating more than 300 new jobs. REDI Cincinnati, in partnership with JobsOhio, announced the project following Walmart’s purchase of nearly 100 acres in Warren County. The new facility, located at 760 Encore Drive, will specialize in fulfilling larger, non-sortable items, including televisions, furniture and other oversized merchandise. Walmart says the facility will help it deliver more items faster while supporting the continued growth of its next-day delivery network. Walmart maintains an existing fulfillment operation at 650 Gateway Blvd. in Monroe, which employs more than 200 associates and will continue operating.

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AcquisitionsMidwestMinnesotaMultifamily

Waterton Acquires 453-Unit Apartment Community in Woodbury, Minnesota

by Kristin Harlow

WOODBURY, MINN. — Waterton has acquired City Walk at Woodbury, a 453-unit apartment community in the Twin Cities suburb of Woodbury. The property comprises two four-story residential buildings, heated indoor parking garages, a clubhouse and 24,000 square feet of retail space. Waterton will execute a value-add program to enhance the residences, hallways and common areas. Built in phases in 2005 and 2011, City Walk at Woodbury features one-, two- and three-bedroom floor plans. The clubhouse includes an indoor pool, hot tub, sauna, game room, golf simulator, business center, children’s room and a fitness center with a yoga studio and spin room. Residents also have access to community kitchens, club lounges and coworking spaces.

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IowaLoansMidwestMultifamily

Dwight Capital Provides $60M HUD-Insured Loan for Refinancing of Iowa Multifamily Property

by Kristin Harlow

DAVENPORT, IOWA — Dwight Capital has provided a $60 million HUD 223(f) loan for the refinancing of Birchwood Grove, a newly developed 194-unit townhome community in Davenport. The rental property includes 56 two- and three-story buildings along with a separate community building that houses a clubhouse, leasing office and 4,800 square feet of ground-floor commercial space. Loan proceeds will retire existing debt, cover closing costs, fund a replacement reserve for future capital improvements and enable the borrower to draw on equity accumulated since the original construction financing. Josh Hoffman and Jonathan Pomper of Dwight Capital originated the financing on behalf of the borrower, Kevin Dolan of Dolan Homes LLC.

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Leasing ActivityMidwestOfficeOhio

JLL Negotiates New Headquarters Lease for Northwest Bank in Dublin, Ohio

by Kristin Harlow

DUBLIN, OHIO — JLL has negotiated a 15-year lease for 75,000 square feet of office space and 8,000 square feet of ground-floor retail space at Bridge North in Dublin. The tenant is Northwest Bank, a subsidiary of Northwest Bancshares Inc. The lease encompasses the development’s entire office component, with Northwest Bank expected to relocate its corporate headquarters from Easton by the first half of 2029. Clayton Davis of JLL represented Northwest Bank, which plans to more than double its central Ohio workforce to 300 employees by the time it moves into the new headquarters. Bridge North, owned by Daimler Group, is a mixed-use development that will feature office, retail and other uses.

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IllinoisLeasing ActivityMidwestOfficeTop Stories

Morningstar to Relocate Headquarters to Chicago’s Thompson Center, Inks 275,000 SF Lease

by Kristin Harlow

CHICAGO — Morningstar Inc. (NASDAQ: MORN), a provider of independent investment insights, has unveiled plans to relocate its global headquarters to the Thompson Center in Chicago’s Loop. Morningstar will co-anchor the building alongside owner Google and will occupy more than 275,000 square feet. The company plans to move to the property in late 2028. The lease marks Chicago’s largest downtown office transaction in 2026 to date, according to Morningstar, which has been headquartered in Chicago since its founding over 40 years ago. Morningstar currently employs over 1,500 people in Chicago. Located at 171 N. LaSalle St., the Thompson Center is one of the city’s highest-profile revitalization projects. Google announced plans to acquire the 1.2 million-square-foot property in 2022 and recently shared new design renderings for the renovation. The all-electric building will feature direct access to public transit, large floor plates, a 17-story atrium with food-and-beverage and retail offerings, as well as onsite employee amenities. Famed Chicago architect Helmut Jahn designed the Thompson Center, which opened in 1985 as the State of Illinois Center. The property was later renamed to honor Illinois Gov. James R. Thompson. Alongside its headquarters move, Morningstar plans to donate $5 million over the next five years …

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IllinoisIndustrialLoansMidwestWisconsin

Darwin Investment Group Receives $130M Refinancing for Industrial Portfolio in Chicago, Southeast Wisconsin

by Kristin Harlow

CHICAGO — Darwin Investment Group has received a $130 million refinancing for a 39-building industrial portfolio totaling more than 2 million square feet across the greater Chicago area and Southeast Wisconsin. A dedicated middle market real estate team within Wells Fargo Commercial Banking provided the financing. In conjunction with the refinancing, Darwin Investment Group principals George Cibula and Matthew Lewandowski acquired the 49 percent ownership interest held by their partners, bringing Cibula and Lewandowski’s ownership of the portfolio to 100 percent. The 39 properties are home to more than 225 tenants. Lewandowski, Erin Cibula and Patricia Liston facilitated the refinancing and ownership consolidation on behalf of Darwin. Paul Mokhatas, Anu Agarwal and Paul Crusen led the Wells Fargo team.

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DevelopmentHospitalityKansasMidwest

Midas Hospitality Opens 261-Room, Dual-Branded Hotel at Lenexa City Center in Kansas

by Kristin Harlow

LENEXA, KAN. — Midas Hospitality has opened a new dual-branded AC Hotel and Residence Inn by Marriott with 261 rooms at Lenexa City Center. Developed and operated by Midas, the project also includes 11,000 square feet of ground-floor retail space. Copaken Brooks is marketing that space for lease. The AC Hotel features 132 rooms with onsite dining and meeting space. The Residence Inn features 129 apartment-style suites designed for longer stays with fully equipped kitchens and complimentary breakfast. Lenexa City Center is a 200-acre mixed-use district.

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AcquisitionsIllinoisIndustrialMidwest

Entre Commercial Realty Brokers Sale of 142,370 SF Industrial Facility in Plainfield, Illinois

by Kristin Harlow

PLAINFIELD, ILL. — Entre Commercial Realty has brokered the sale of a 142,370-square-foot industrial facility in Plainfield. Situated on 20 acres, the freestanding property features 19 loading docks, two drive-in doors, approximately 11,000 square feet of office space, heavy power and eight private rail spurs. A local transportation company purchased the building with plans to utilize it as its new corporate headquarters. Mike DeSerto, Cory Kay and Elisabeth Lazzara of Entre represented the buyer, while Colliers represented the undisclosed seller.

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AcquisitionsIllinoisMidwestRetail

TEI Acquires Retail Property on Jeweler’s Row in Chicago for $3.9M

by Kristin Harlow

CHICAGO — Time Equities Inc. (TEI) has acquired 33 South Wabash Avenue in Chicago for $3.9 million. Located in the heart of South Loop along historic Jeweler’s Row, the property offers 38 feet of frontage on Wabash Avenue at the base of a 360-unit luxury condominium building, which is also home to the School of the Art Institute of Chicago. Currently fully leased, the 7,400-square-foot, three-unit retail property is home to Goddess & the Baker, Reckless Records and Prasino. Ami Ziff and Jonathan Kim represented TEI on an internal basis. Mitchell Kiven of Marcus & Millichap represented the seller, Newcastle Investors.

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