Midwest

Kraus-Anderson Begins $2M Renovation for Modist Brewing in Minneapolis

by Kristin Harlow March 24, 2023

MINNEAPOLIS — Kraus-Anderson has begun a $2 million renovation project for Modist Brewing Co. in Minneapolis. Designed by Perkins & Will, the 7,000-square-foot renovation of Modist’s existing North Loop building will add new offices, a brewing lab and event space. There will be a two-story event space along with a pre-function bar and waiting area. Kraus-Anderson is working in partnership with J. Benson, a minority business enterprise contractor. Completion is slated for mid-July. Modist Brewing is located at 505 N. 3rd St. within the city’s warehouse district.

March 24, 2023

Development Illinois Midwest Multifamily

Finger Cos. Opens 373-Unit Luxury Apartment Complex in Schaumburg, Illinois

by Kristin Harlow March 23, 2023

SCHAUMBURG, ILL. — The Finger Cos. has opened The Quin, a luxury apartment complex rising four stories with 373 units in the Chicago suburb of Schaumburg. Located at 2450 Plum Grove Road, the property offers floor plans ranging from 691 to 1,394 square feet. All floor plans include private balconies, with some offering dens for home offices or storage. Monthly rents start at $1,950. Amenities include resident lounges, a golf simulator room, fitness center, business center, pet grooming room, package room, landscaped green space and two outdoor pools.

March 23, 2023

Leasing Activity Midwest Missouri Office

Hoefer Welker to Relocate Headquarters to Kansas City’s Country Club Plaza

by Kristin Harlow March 23, 2023

KANSAS CITY, MO. — Architecture and design firm Hoefer Welker is relocating its corporate headquarters to 46 Penn Centre within the Country Club Plaza in Kansas City. The firm expects to take occupancy of its self-designed, 26,229-square-foot office on the 14th floor in June. Hoefer Welker also served as architect for 46 Penn Centre, which was completed in 2020. Hoefer Welker’s new office will include a living room, kitchen, two cafes, a terrace, design lab and multiple collaborative areas and conferencing spaces. The design firm spent the past 13 years at its current Leawood, Kan., headquarters. Prior to that, Hoefer Welker maintained an office at Country Club Plaza. Block Real Estate Services owns 46 Penn Centre, which rises 15 stories.

March 23, 2023

Leasing Activity Midwest Missouri Retail

CBL Welcomes New Retailers at West County Center in St. Louis

by Kristin Harlow March 23, 2023

ST. LOUIS — CBL & Associates Properties Inc. has unveiled the names of the retailers opening this spring and summer at West County Center in St. Louis. ALDO, a men’s and women’s footwear company with a French fashion perspective, will open on the first level near Nordstrom in April. The Back Store, which sells mattresses, pillows and accessories, will also open on the first floor in April. Da Picky Vegan, which offers a wide variety of vegetarian and vegan menu items, will open in the food court on the second level in April. Outdoor retailer Gearhead Outfitters will open on the first floor between Nordstrom and Macy’s this summer. Golden Gems, a lifestyle brand that designs and sells accessories, apparel, stationery goods and home décor, will open near Macy’s in April. Love Sac, which opened last year in the common area on level two, is opening a new store on the first floor near Nordstrom this summer. Offline by aerie, which sells activewear, will open near Nordstrom this summer.

March 23, 2023

Acquisitions Midwest Missouri Multifamily Northmarq

Northmarq Brokers $10.1M Sale of Multifamily Property in Republic, Missouri

by Kristin Harlow March 23, 2023

REPUBLIC, MO. — Northmarq has brokered the $10.1 million sale of Pinewood Park and Spring Hills in Republic, about 13 miles southwest of Springfield. The 133-unit multifamily property is located at 1600 Windmill Way. Built in 2002, the garden-style community features floor plans that range from 758 to 1,130 square feet. Amenities include a pool, sundeck, package service and laundry facilities. Dominic Martinez, Parker Stewart, Alex Malzone and Anthony Martinez of Northmarq represented the seller, a regional investor. A Midwest-based private investor was the buyer.

March 23, 2023

Development Healthcare Midwest Wisconsin

Kraus-Anderson to Build 9,000 SF Health Clinic at Olympia Fields in Oconomowoc, Wisconsin

by Kristin Harlow March 23, 2023

OCONOMOWOC, WIS. — The Milwaukee office of Kraus-Anderson will build a new VA healthcare clinic at Olympia Fields in Oconomowoc. Designed by Plunkett Raysich Architects, the 9,000-square-foot clinic will be leased by the U.S. Department of Veterans Affairs. The facility will feature reception and waiting areas, exam rooms, women’s health exam areas, mental health services, consultation rooms, telehealth services and a conference room. Wangard Partners, a Milwaukee-based real estate investment firm, is the developer and manager. Wangard is the developer behind Olympia Fields, a mixed-use project that includes The Locklyn apartment community and a Sendiks Food Market. The site will also feature a hotel, medical offices, commercial space and a recreational bike trail. Construction on the VA clinic is expected to begin in May and be completed in December.

March 23, 2023

Illinois Market Reports Midwest Midwest Market Reports Office

Suburban Chicago Office Landlords Still Face Tough Times

by Kristin Harlow March 23, 2023

By Mark Kolar, Cresa There’s been a lot of news recently about the financial pressures facing suburban Chicago commercial office landlords who have financed their office buildings via commercial mortgage-backed securities (CMBS) loans. While the financial challenges these buildings face continue to grab the headlines, there is a much less visible yet greater amount of privately funded commercial office landlords that could be facing dire financial changes over the next couple of years. These privately funded loans that originated through major banks and insurance companies are seeing just as much, if not more, stress than their CMBS counterparts. Collectively we’re seeing significant systemic issues for all Chicago commercial office landlords with no clear path to a solution in sight. In suburban Chicago, about 13 percent of commercial office loans are financed by CMBS loans with the majority of loan debt financed through local financial institutions, private investment funds and insurance companies. While details on these loans is not as readily available as their CMBS counterparts, many office landlords are confronting similar challenges. Both CMBS and privately funded commercial landlords and their lenders are facing a host of capital challenges that revolve around systemic changes in leasing activity, increasing costs of …

March 23, 2023

Pavlov Media Diversifying the Technology Workforce

Content Partner Features Midwest Multifamily Northeast Pavlov Media Southeast Texas Western

How a Fiber Provider to Multifamily Housing Is Diversifying the Technology Workforce

by Sarah Daniels March 23, 2023

It’s little wonder that the fiber optic business is booming. American appetites for high-speed, high-volume Internet connectivity have skyrocketed in recent years, making fiber essential to provide Internet service across commercial property types. Employment for the linemen who build out and maintain those networks will grow 6 percent between 2021 and 2031, while telecommunications equipment installation jobs in general will expand to an even greater 8 percent, according to projections from the Bureau of Labor Statistics. Factor in the ongoing exodus of skilled workers from all trades as more of the nation’s Baby Boomers enter retirement, and many broadband providers may struggle to fill job openings in the coming years. That’s one of the reasons Pavlov Media, a Champaign, Ill.-based Internet service provider, is partnering with a Texas university to put students on career paths in fiber technology. Its partner in this endeavor, Prairie View A&M University, was founded in 1876 and is the second oldest public institution of higher education in Texas and one of the earliest 1890 Land Grant Institutions. Because it is a historically black institution, the program will be helping to address a longstanding need for greater diversity, equity and inclusiveness (DEI) in the technology sector. …

March 23, 2023

Development Michigan Midwest Multifamily

Bedrock Begins Pre-Leasing $300M Book Tower Redevelopment Project in Downtown Detroit

by Kristin Harlow March 22, 2023

DETROIT — Bedrock has begun pre-leasing the Book Tower in downtown Detroit. The seven-year, $300 million redevelopment project is nearing completion. The 500,000-square-foot, 38-story building has been converted into 220 apartment units, 117 ROOST apartment hotel units and 52,000 square feet of retail, office and dining space. Located at 1265 Washington Blvd., Book Tower will also offer coworking, meeting and event space. Originally built in 1926 by the Book Brothers, Book Tower was the tallest building in Detroit at the time of completion. Bedrock acquired the Louis Kamper-designed, Italian Renaissance Revival-style building in 2015. The building was in a state of disrepair after sitting vacant for more than a decade. Bedrock’s project team included New York-based architecture firm ODA for architecture and interior renovation, Detroit-based Brinker/Christman for construction and Kraemer Design Group for historic preservation. Amenities include an indoor-outdoor lounge, a 3,000-square-foot coworking space, fitness center, entertaining suite and 300-space parking garage. The Rotunda is a three-story, marble-arched atrium that serves as the entrance to the property and features an original 1920s skylight. A portion of the units will be reserved as affordable housing for persons making at or below 80 percent of the area median income.

March 22, 2023

Loans Midwest Multifamily Ohio

KeyBank Provides $50M Loan for Refinancing of Downtown Cleveland Apartment Building

by Kristin Harlow March 22, 2023

CLEVELAND — KeyBank Real Estate Capital (KBREC) has provided a $50 million Freddie Mac loan for the refinancing of The Lumen in downtown Cleveland. The luxury apartment building rises 34 stories with 318 units. Built in 2020, the property is the largest multifamily project completed in downtown Cleveland in 40 years, according to KBREC. Rob Garrison and Anthony Tavrell of KBREC structured the fixed-rate loan, which features five years of interest-only payments. The borrower, Playhouse Square, will use the loan to refinance the existing debt.

March 22, 2023

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