Midwest

PENN Entertainment Breaks Ground on $185M Hollywood Casino Joliet at RockRun Collection in Illinois

by Kristin Harlow December 20, 2023

JOLIET, ILL. — PENN Entertainment has broken ground on the $185 million Hollywood Casino Joliet at RockRun Collection in Joliet. The casino will anchor RockRun Collection, a 1 million-square-foot mixed-use development that is under construction. Cullinan Properties is the owner and developer for the 310-acre project. The land-based casino will feature approximately 850 slots and 44 live table games, including a baccarat room, retail sportsbook, bars and restaurants, and an approximately 10,000-square-foot event center with meeting areas. There will also be roughly 1,330 parking spaces. PENN expects to create 450 construction jobs and 515 permanent jobs at Hollywood Casino Joliet. The development will take about 24 months to construct. RockRun Collection is slated to include 570 apartment units, 500 hospitality rooms, 150,000 square feet of office space, 500,000 square feet of retail and restaurant space, an outdoor amenity area and entertainment space.

December 20, 2023

Illinois Midwest Multifamily

Origin Investments: Variable-Rate Loans Reaching Maturity Will Spawn Unique Investment Opportunities in 2024

by Kristin Harlow December 20, 2023

CHICAGO — An analysis from Origin Investments (Origin) predicts a tumultuous 2024, with concerns of a recession and elevated interest rates likely to continue. Despite this, the Chicago-based real estate fund manager expects next year to bring unique opportunities for multifamily investors to secure protected positions in the capital structure and enhance investment returns. “The volume of variable-rate bank loans — made when the Secured Overnight Financing Rate was 0 percent and the 10-year Treasury note yield was below two percent — coming due in 2024 will create a generational opportunity in senior debt and preferred equity investments,” explains David Scherer, co-CEO of Origin. “Despite uncertainties, it remains a mistake to stay out of the multifamily investment market in 2024.” Origin predicts that rent growth will stabilize to historic norms in 2024. The analysis theorizes that the negative rent growth some markets — such as Austin, Texas — experienced in 2023 was likely due to oversupply, and will reverse by January 2025. The report also indicates that long-term demand and absorption of apartments and rental homes is likely to remain strong for several years, as the U.S. is facing a shortage of between 5.5 million and 6.8 million housing units. …

December 20, 2023

Affordable Housing Development Illinois Midwest Multifamily Seniors Housing

Evergreen Completes $31.5M Bellwood Senior Apartments Affordable Community in Metro Chicago

by Kristin Harlow December 20, 2023

BELLWOOD, ILL. — Evergreen Real Estate Group has completed Bellwood Senior Apartments, an 80-unit affordable seniors housing community in Bellwood, a western suburb of Chicago. The $31.5 million project replaces a former Walgreens store that had been vacant for nearly five years. The four-story development offers 76 one-bedroom and four two-bedroom apartments for seniors age 62 or older with incomes at or below 60 percent of the area median income (AMI). Evergreen says the building is 40 percent leased and will reach full occupancy in the next few months. Weese Langley Weese Architects designed the project. F.H. Paschen served as general contractor on the development. Financial partners for Bellwood Senior Apartments include the Illinois Housing Development Authority as the tax credit issuer (both Low-Income Housing Tax Credits and Illinois Affordable Housing Tax Credits) and subordinate funds provider; the Village of Bellwood, which provided a TIF loan; Bank of America, which is the investor and construction loan lender; Hudson Housing Capital, which syndicated the tax credits; Cook County, which provided HOME funds; and the ComEd Energy Efficiency Program.

December 20, 2023

Industrial Leasing Activity Midwest Ohio

Newmark Negotiates 211,443 SF Industrial Lease in North Jackson, Ohio

by Kristin Harlow December 20, 2023

NORTH JACKSON, OHIO — Newmark has negotiated a 211,443-square-foot industrial lease at 500 S. Bailey Road in North Jackson, about 60 miles southeast of Cleveland. A large solar manufacturing company signed a long-term lease to occupy the entire building. Terry Coyne of Newmark represented ownership, STAG Industrial Inc., which is renovating the building. The property features 201,476 square feet of manufacturing/warehouse space, 9,967 square feet of office space, a clear height of 35 feet, 19 loading docks, one drive-in door and a 245-car parking lot.

December 20, 2023

Acquisitions Illinois Midwest Multifamily

Interra Realty Brokers $9.6M Sale of Apartment Building in Chicago’s Lincoln Park

by Kristin Harlow December 20, 2023

CHICAGO — Interra Realty has brokered the $9.6 million sale of a 28-unit apartment building in Chicago’s Lincoln Park neighborhood. Located at 1900-16 N. Lincoln Ave., the property features a mix of studio, one- and two-bedroom units. The building, constructed in 1906, underwent a capital improvement program for new appliances, countertops, cabinets and floors. Joe Smazal of Interra represented the buyer, Chicago-based ICM Properties. He also represented the local private seller. The property was fully occupied at the time of sale.

December 20, 2023

Acquisitions Midwest Office Ohio

ICP Acquires Sherwin-Williams R&D Campus in Warrensville Heights, Ohio, Plans Redevelopment

by Kristin Harlow December 19, 2023

WARRENSVILLE HEIGHTS, OHIO — Industrial Commercial Properties (ICP) has acquired the research and development (R&D) campus of The Sherwin-Williams Co. in Warrensville Heights, an eastern suburb of Cleveland. The purchase price was undisclosed. The 105-acre property includes several buildings. Sherwin-Williams has entered into a short-term sale-leaseback agreement with ICP, which plans to repurpose some of the smaller commercial structures on the site while it finalizes redevelopment plans for the R&D building and adjacent acreage. The property will soon be vacated by Sherwin-Williams, which is building a new R&D center in Brecksville and a new headquarters in downtown Cleveland.

December 19, 2023

Acquisitions Illinois Midwest Retail

Northpond Launches $200M Investment Partnership Targeting Unanchored Neighborhood Retail Centers

by Kristin Harlow December 19, 2023

CHICAGO — Chicago-based real estate investor and operator Northpond Partners has partnered with a southeast U.S. pension fund to form Northpond Retail Partners, a $200 million investment vehicle. The fund will target the acquisition of unanchored neighborhood retail centers with an initial focus across the Southeast and select Sunbelt markets. As an all-cash buyer, the partnership will target properties housing convenience, necessity and service-oriented tenants. Categories typically include food and beverage, medical, fitness, and health and beauty. Northpond says the multi-tenant properties ideally contain smaller spaces ranging from 1,000 to 5,000 square feet per tenant.

December 19, 2023

Acquisitions Industrial Midwest Ohio

MAG Capital Partners Buys 117,704 SF Cleveland Industrial Facility in Sale-Leaseback

by Kristin Harlow December 19, 2023

CLEVELAND — In a sale-leaseback transaction, MAG Capital Partners has acquired a 117,704-square-foot industrial facility in Cleveland. The purchase price was undisclosed. A global IT solutions and endpoint management company was the seller. Located at 4371 Pearl Road, the property was fully redeveloped in 2018. There are 38 drive-in doors and ceiling heights ranging from 14 to 21 feet. Blair Wood and Kevin Joseph of WWM Real Estate represented the seller.

December 19, 2023

Leasing Activity Midwest Minnesota Office

McKnight Foundation Signs 50,000 SF Office Lease in Minneapolis

by Kristin Harlow December 19, 2023

MINNEAPOLIS — The McKnight Foundation has signed a new 20-year office lease at 921 Washington Ave. South in Minneapolis. The tenant will occupy the entire 50,000-square-foot property. Mike Salmen, Eric Rapp and Reed Christianson of Transwestern Real Estate Services represented ownership, STF Holdings LLC. The McKnight Foundation’s current office totals 38,577 square feet at 710 S. Second St. The new lease commences in February 2025. The building will undergo significant renovations to modernize the space and meet the climate and energy goals of the foundation. Updates will include a state-of-the-art HVAC system that will reduce onsite energy use while offsetting demand on the electrical grid, as well as electric vehicle car charging stations. Julie Kimble of KimbleCo represented the tenant in the lease negotiations.

December 19, 2023

Kansas Leasing Activity Midwest Retail

The Other Place Opens at Mission West Shopping Center in Kansas

by Kristin Harlow December 19, 2023

MISSION, KAN. — The Other Place, an American sports grill and pizzeria, has opened at Mission West Shopping Center in Mission, a southern suburb of Kansas City. The tenant occupies the 4,050-square-foot space at 6522 Martway St. that was formerly home to Italian Delight. David Block, Max Kosoglad and Darren Siegel of Block & Co. Inc. Realtors represented ownership in the lease. The Other Place was founded in 1970 in Cedar Falls, Iowa. This location marks the fourth in the greater Kansas City area. There are also eight locations in Iowa. Mission West totals approximately 87,000 square feet.

December 19, 2023

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