Midwest

Flack Global Metals Inks 6,000 SF Office Lease in Chicago’s Fulton Market

by Kristin Harlow September 8, 2023

CHICAGO — Flack Global Metals (FGM) has signed a 6,000-square-foot office lease at 345 N. Morgan in Chicago’s Fulton Market. Owned and developed by Sterling Bay, the boutique office building is now more than 90 percent leased. FGM will be relocating its current office from 20 N. Clark St. and nearly doubling its square footage. The 11-story building is located just south of Metra’s Union Pacific West line and includes retail space on the ground floor. Sterling Bay began construction of the 200,000-square-foot property in August 2021, and completed it in September 2022. Amenities include private outdoor terraces, a top-floor bar and lounge, roof deck, fitness and wellness center, and conference rooms. Other tenants include HAVI Group, Wellington Management, Allsteel, Humanscale and JSI. Liz McCleary of CBRE represented FGM, while Austin Lusson and Daniella Hemsley represented Sterling Bay on an internal basis.

September 8, 2023

Acquisitions Build-to-Rent Indiana Midwest Single-Family Rental

CenterSquare Acquires 80-Unit Build-to-Rent Community Under Construction in Westfield, Indiana

by Kristin Harlow September 7, 2023

WESTFIELD, IND. — CenterSquare has acquired Casey Corner, an 80-unit build-to-rent townhome community that is under construction in Westfield, a northern suburb of Indianapolis. The acquisition of completed homes will occur in stages as the project is built. The final deliveries are slated for February 2024. Units average 1,750 square feet with three bedrooms and attached two-car garages. The seller and purchase price were undisclosed.

September 7, 2023

Development Illinois Industrial Midwest

Missner Group, Realterm Complete Development of 130,354 SF Spec Industrial Building in Chicago

by Kristin Harlow September 7, 2023

CHICAGO — A joint venture between The Missner Group and Realterm has completed development of a 130,354-square-foot speculative industrial building in Chicago. The Class A facility is located at 1032 W. 43rd St. within the Chicago Stockyards. The Missner Group also served as general contractor for the project, which features a clear height of 32 feet, 26 exterior docks, two drive-in doors, a 276-space parking area and 20 dedicated trailer stalls. Atom Banana, a fruit wholesaler based in Illinois, leased 61,000 square feet of the building prior to completion. The Missner Group will complete the tenant build-out and intends to start construction in the fourth quarter. The project marks the final of three developments for Realterm and Missner’s joint venture. The project team included Cornerstone Architects and engineer Spaceco Inc. Larry Goldwasser, Colin Green and Michelle Maguire of CBRE served as the leasing agents.

September 7, 2023

Acquisitions Healthcare Midwest Ohio

Marcus & Millichap Arranges $1.6M Sale of DaVita-Occupied Property in Cincinnati

by Kristin Harlow September 7, 2023

CINCINNATI — Marcus & Millichap has arranged the $1.6 million sale of a 6,640-square-foot property occupied by DaVita in Cincinnati. The net-leased building is located at 6929 Silverton Ave. near Mercy Health Hospital. Austin Weisenbeck, Sean Sharko and Daniel Chumbley of Marcus & Millichap represented the seller, a limited liability company. The asset sold to an out-of-state buyer.

September 7, 2023

Healthcare Leasing Activity Michigan Midwest

Gem Health & Wellness Signs 10-Year Lease at Meadowbrook Medical Center in Novi, Michigan

by Kristin Harlow September 7, 2023

NOVI, MICH. — Dr. Kuzdak, who will operate his practice under the name Gem Health & Wellness, has signed a 10-year lease for 1,781 square feet at Meadowbrook Medical Center in Novi. The tenant is a family physician and primary care doctor. Eric Banks and James Mitchell of Dominion Real Estate Advisors LLC represented the tenant and the undisclosed landlord.

September 7, 2023

Acquisitions Midwest Retail Wisconsin

Club Car Wash Purchases Two Acres in Sheboygan, Wisconsin

by Kristin Harlow September 7, 2023

SHEBOYGAN, WIS. — Club Car Wash has purchased two acres at 4433 Vanguard Drive in Sheboygan, about 57 miles north of Milwaukee. The purchase price was undisclosed. Joe Kleiman and Adam Dreier of Mid-America Real Estate represented the buyer. The seller was an entity doing business as 4433 Vanguard Outlots LLC.

September 7, 2023

Development Healthcare Life Sciences Michigan Midwest Top Stories

Joint Venture Plans $439M Inpatient Rehabilitation Hospital, Research Facility in Detroit

by Katie Sloan September 7, 2023

DETROIT — The Gilbert Family Foundation, Henry Ford Health and Shirley Ryan AbilityLab have announced plans for the development of a $439 million inpatient rehabilitation hospital and research facility in Detroit. The project will be an expansion of the existing Henry Ford Health and Michigan State University Health Sciences campus. Plans for the project include a 125,000-square-foot inpatient tower, which will be constructed at the corner of West Grand Boulevard and John C. Lodge Freeway. The facility will offer 72 beds, with three floors of the building occupied by rehabilitation care provider Shirley Ryan AbilityLab. The rehabilitation floors will provide inpatient care for those recovering from strokes, traumatic brain injuries, spinal cord injuries and other conditions. The Gilbert Family Foundation has provided $10 million fund to increase access to rehabilitation care for low-income residents in Detroit. The building is scheduled for completion in 2029. The development will also include a new research building on Henry Ford Health’s East Campus. The project will house the Nick Gilbert Neurofibromatosis Research Institute, a facility dedicated to finding a cure for neurofibromatosis. The property is scheduled for completion in 2027. The building will be the first brick-and-mortar development to be solely dedicated to neurofibromatosis …

September 7, 2023

Market Reports Midwest Midwest Market Reports Minnesota Retail

Strong Regional Economy Propels Minneapolis Retail Market

by Kristin Harlow September 7, 2023

By Tricia Pitchford and Amy Senn, Mid-America Real Estate A strong regional economy continues to propel the retail real estate market in Minneapolis heading into the fall. Unemployment remains lower than the national average, though up from last year’s remarkable sub-2 percent. New jobs are being created at a nice clip. At the same time, retail real estate space is tight, with limited new construction. Well-located spaces are being re-tenanted quickly. The same is generally true for B and C locations. Rents are flat to increasing. Higher construction costs continue to hamper tenant expansion. Although the macroeconomy is slowing, consumers are proving resilient, with a large appetite (pun intended) for quick-service restaurants and personal services, in particular. Where’s the most action? Suburban trade areas are seeing most of the activity across the metro area. Maple Grove, Woodbury, Edina and Roseville are among the strongest submarkets. A couple of urban trade areas, namely the North Loop warehouse district and Northeast Minneapolis, stand out for their growing appeal as arts, entertainment and dining districts. (Yes, we have hipsters in the Twin Cities.) Generally infill and redevelopment opportunities are more time-consuming and costly to execute than ground-up development, but that’s not stopping the …

September 7, 2023

Development Midwest Multifamily Wisconsin

McShane Completes Construction of 302-Unit Hackney House Apartment Community in Oconomowoc, Wisconsin

by Kristin Harlow September 6, 2023

OCONOMOWOC, WIS. — McShane Construction Co. has completed construction of Hackney House Apartments, a 302-unit apartment community in Oconomowoc, a western suburb of Milwaukee. Mandel Group developed the 20-building property, which consists of 18 garden-style buildings and two townhome buildings. Amenities include a 4,000-square-foot clubhouse with a fitness center and gourmet kitchen, outdoor pool, outdoor kitchen, pet spa, event lawn, car wash and dog parks. The development was funded in part through HUD 221(d)(4) financing. BSB Design was the project architect.

September 6, 2023

Loans Midwest Minnesota Multifamily

Marcus & Millichap Arranges $13.6M Loan for Refinancing of Minnesota Multifamily Property

by Kristin Harlow September 6, 2023

LAKE ELMO, MINN. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $13.6 million loan for the refinancing of The Fields at Arbor Glen in Lake Elmo, an eastern suburb of the Twin Cities. The age-restricted property was recently built and features a mix of one- and two-bedroom units in the main building as well as nine townhouse duplex units. Michael Hughes of MMCC arranged the five-year, fixed-rate loan with an interest rate of 5.85 percent and interest-only payments for six months. The loan features a 30-year amortization schedule and a 65 percent loan-to-value ratio. A local credit union provided the loan.

September 6, 2023

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