Midwest

Avenue-One

How Avenue One is accelerating the next generation of retail growth in Omaha. By Abby Cox Retail has a simple rule: Follow the people. In Omaha, Nebraska, the people have been moving west, and as new neighborhoods, businesses and households reshape the city’s increasingly affluent western edge, the demand for places to shop, eat and gather has followed close behind. Now, at the intersection of 192nd Street and the Dodge Expressway, that growth is converging in Omaha’s most ambitious retail development to date. Avenue One is being designed as more than a collection of stores — it’s a new retail destination built around the idea that Omaha’s next generation of growth deserves a retail environment to match it. Avenue One is the long-awaited realization of a vision from Omaha-based JSP Development, which assembled the 200-acre site over more than two decades. When the first piece of ground was purchased, 192nd Street was a two-lane gravel road. Now, that same street is six lanes, with the Dodge Expressway seeing more than 72,000 cars per day. Average household income exceeds $200,000, resulting in some of the strongest demographics in the Midwest.  JSP Development and Poag Development Group are leading development, while JLL …

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CLARKSVILLE, IND. — Northmarq has brokered the sale of The Bend Apartments, a 312-unit luxury apartment community in Clarksville. Built in 2023, the property features one-, two- and three-bedroom units. Amenities include a pool, fitness center, clubhouse, ping pong and shuffleboard tables, onsite parking and a dog park. Bobby Schiavone, Jordan Arand and Adam Klenk of Northmarq represented the seller, a regional multifamily developer. The buyer was a private investor.

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CANAL WINCHESTER, OHIO — JLL Capital Markets has arranged the sale of Canal Pointe Industrial Park, an 825,322-square-foot industrial portfolio in Canal Winchester near Columbus. Delivered in 2023, the property consists of two distribution facilities, including a 450,696-square-foot cross-dock facility and a 374,626-square-foot rear-load building. Both feature clear heights of 36 feet, ESFR fire protection systems, LED lighting, modern loading configurations and substantial parking for trailers and passenger vehicles. The portfolio is fully leased to three tenants operating in the logistics and electrical distribution industries. A global transportation and logistics provider occupies more than 80 percent of the portfolio’s rentable area. Ed Halaburt, Kurt Sarbaugh, Sean Devaney and Ross Bratcher of JLL represented the seller.

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SIOUX FALLS, S.D. — Baldwin Supply, an independently owned Midwest distributor of industrial components and supplies, is tripling the size of its Sioux Falls branch to more than 50,000 square feet. Since opening in 2001, Baldwin’s Sioux Falls branch at 908 E. Amidon St. has grown into a regional hub serving customers throughout South Dakota, neighboring western states, southwest Minnesota and northwest Iowa. The branch serves OEM and MRO customers across the aggregate, agriculture, construction, food-and-beverage, manufacturing, meat and poultry, and mining industries. The expansion project will provide additional warehouse and office space, enabling Baldwin to stock deeper local inventory. Additional features include a dedicated customer training center and a new indoor truck pull-through with an overhead crane system. Reynolds Construction Management is leading construction, which is slated for completion in early 2027.

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JOHNSTOWN, OHIO — CBRE has negotiated the $15.6 million sale of a newly developed truck stop and convenience store property occupied by 7-Eleven (Speedway) in Johnstown near New Albany. The 4,816-square-foot property sits at the entrance to the 9,000-acre New Albany International Business Park. 7-Eleven occupies the asset under a new 15-year triple-net lease. CBRE’s Melissa Marshall, Ian Schroeder and David McNevin represented the buyer, a private investor based in southern California. The seller was an Ohio-based commercial real estate developer.

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COLUMBUS, OHIO — Cronheim Mortgage has arranged $27 million in refinancing across two transactions secured by four fully occupied industrial buildings totaling 929,119 square feet in Columbus. The new loans increased total proceeds by $7.5 million from the prior financing. Dev Morris and Andrew Stewart placed the financing with one of Cronheim’s correspondent insurance companies. The two loans feature 20-year terms with the interest rates resetting every five years. The larger transaction, a $20.5 million loan, is secured by three buildings totaling 770,569 square feet on Fisher Road. A $6.5 million loan is for a 158,550-square-foot facility at 4545 Groves Road.

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INDIANAPOLIS — Colliers has negotiated a 599,152-square-foot industrial lease renewal at 8677 Logo Court in Indianapolis. Jason Speckman of Colliers represented ownership, Link Logistics. Billy Powers, Jimmy Cohoat, Romy Zeid and Tucker Forbes of Colliers represented the undisclosed tenant. Built in 1991, the property sits on nearly 26 acres and features a clear height of 28 feet, cross-docked configuration and 6,400-amp, three-phase electrical service.

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LIBERTYVILLE, ILL. — Associated Bank has provided a $16.5 million loan toward the $22 million acquisition of Eleven5 Lake Apartments in Libertyville. The property features 34 units, 41 parking spaces and 25,147 square feet of commercial space. The apartments were 97 percent occupied at the time of acquisition. The commercial space is fully leased to five tenants: TLP Management, Egg Harbor Café, Shakou, The Board Room and Casa Bonita. Daniel Barrins of Associated Bank managed the loan arrangements and closing. Philip Galligan, Annie Thomas, Merrick Evans and Patricia Heminger of JLL arranged the debt on behalf of the undisclosed sponsor.

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GLENDALE, WIS. — Hanley Investment Group Real Estate Advisors has arranged the sale of Cornerstone Shopping Center, a 13,308-square-foot retail center located in the North Shore trade area across from Bayshore, a mixed-use destination. Jeff Lefko and Bill Asher of Hanley, in association with ParaSell Inc., represented the seller, a private investor from North San Diego County. The buyer was SW Neighborhood Centers IV, an affiliate of Alabama-based commercial real estate firm Shannon Waltchack. The two-building property in Glendale was fully occupied at the time of sale. Built in 2003, the center is home to four tenants: Wild Fork Foods, Pearle Vision, Panera Bread and Vivo Infusion.

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TROY, MICH. — Marcus & Millichap Capital Corp. (MMCC) has arranged $25 million in financing for the acquisition of a 62,364-square-foot retail property in Troy. Todd Phillips of MMCC arranged the loan through a national bank. It features a seven-year term, 6.1 percent interest rate and 30-year amortization period. The property, located near I-75, is home to several national restaurants and retailers.

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