Midwest

BGO Launches Move-In Ready Offices in Chicago, Nationwide

by Kristin Harlow September 1, 2023

CHICAGO — BGO has launched Move-In Ready Offices (MIRO) to provide small and medium-sized businesses with immediate access to adaptable workspaces. Current MIRO suites range from 1,000 to 18,000 square feet and offer immediate occupancy and flexible lease terms. BGO currently has MIRO suites available in Chicago, New York, Boston, San Francisco and Washington, D.C. The firm plans to deliver more prebuilt suites across its entire U.S. office portfolio. Gensler and Michaelis Boyd designed the spaces. MIRO offers both private workstations and collaboration spaces. Tenants also benefit from access to amenity centers, townhalls and various perks. As of June 30, BGO had $83 billion of assets under management.

September 1, 2023

Affordable Housing Development Midwest Multifamily Ohio

Woda Cooper, IMPACT Community Action Break Ground on 102-Unit Affordable Housing Community in Ohio

by Kristin Harlow September 1, 2023

WHITEHALL, OHIO — Woda Cooper Cos. Inc. and co-developer IMPACT Community Action have broken ground on The Enclave on Main, a 102-unit affordable housing community in Whitehall, an eastern suburb of Columbus. Located at 3540 E. Main St., the project will offer one-, two- and three-bedroom layouts. Units will be restricted for residents who earn 30 to 80 percent of the area median income. There will also be several units adapted for those with mobility challenges and sight or hearing disabilities. Amenities will include a community room with kitchenette and a management office for an onsite community manager. There will also be dedicated space for assisting residents with supportive services such as case management, workforce development and employment training, emergency assistance and financial literacy to be coordinated by IMPACT. The Ohio Housing Finance Agency (OHFA) provided a tax-exempt bond issuance and allocated 4 percent Low-Income Housing Tax Credits and soft funds to the development through its bond gap financing program. Alliant Capital invested in the tax credits to provide equity financing. CF Bank will provide a permanent mortgage and construction loan, through the purchase of the tax-exempt bonds issued by OHFA. Franklin County is providing an additional soft mortgage through …

September 1, 2023

Acquisitions Midwest Minnesota Multifamily Retail

JLL Arranges $8.5M Sale of Historic Apartment, Retail Building in Duluth, Minnesota

by Kristin Harlow September 1, 2023

DULUTH, MINN. — JLL Capital Markets has arranged the $8.5 million sale of Canal Park Square in Duluth. The property comprises 29 apartment units along with retail space in the city’s Canal Park neighborhood. Originally constructed in 1886, the building underwent a redevelopment in 2015 to convert the second-story office space into luxury apartments. Units average 835 square feet, and amenities include a clubroom and fitness center. Retailers include 310 Pub, Green Mill, Love Creamery, Cloud 9 Bistro, Canal Park Liquor and Rue 48 Salon. Devon Dvorak, Mox Gunderson, Dan Linnell, Josh Talberg and Adam Haydon of JLL represented the seller, Sherman Associates. The buyer was undisclosed.

September 1, 2023

Loans Midwest Minnesota Multifamily

JLL Arranges $68.9M in Construction Financing for Apartment Community in Suburban Minneapolis

by Kristin Harlow August 31, 2023

EDEN PRAIRIE, MINN. — JLL Capital Markets has arranged joint venture equity and construction financing totaling $68.9 million for Golden Triangle Station, a 237-unit apartment community in the Golden Triangle neighborhood of Eden Prairie. Greco and Eagle Ridge Partners were the borrowers. JLL arranged a $47 million construction loan through a regional bank and $21.9 million in joint venture equity from Amstar Group. Slated to break ground this fall, the project will include 315 underground parking spaces. Units will come in studios, one-, two- and three-bedroom layouts. Amenities will include an outdoor pool, spa, theater room, clubroom, private dining and pickleball courts. As part of Eden Prairie’s inclusionary zoning, roughly 25 percent of the units will be rented at 50 and 80 percent of the area median income. As a result, the project has received support from city staff, including the approval of a tax-increment financing structure. Josh Talberg, Scott Loving, Matthew Schoenfeldt, Colin Ryan, Dan Linnell and Mox Gunderson made up the JLL team representing the borrower.

August 31, 2023

Industrial Kansas Leasing Activity Midwest

Panasonic Leases 509,760 SF at Flint Commerce Center in De Soto, Kansas

by Kristin Harlow August 31, 2023

DE SOTO, KAN. — Panasonic Energy has leased 509,760 square feet of industrial space at Building C within Flint Commerce Center in De Soto, about 30 miles southwest of Kansas City. The 1 million-square-foot building is under construction and slated for completion in summer 2024. The 370-acre flint Commerce Center can accommodate users ranging from 200,000 to 2 million square feet. Flint Development is the developer. Mark Long, John Hassler and Scott Bluhm of Newmark Zimmer represented Flint in the lease with Panasonic.

August 31, 2023

Development Midwest Multifamily Wisconsin

M&R Development Opens 2929 on Mayfair Luxury Apartment Complex in Suburban Milwaukee

by Kristin Harlow August 31, 2023

WAUWATOSA, WIS. — M&R Development has opened 2929 on Mayfair, a 258-unit luxury apartment complex in the Milwaukee suburb of Wauwatosa. M&R co-developed the project with Campbell Capital Group. RMK Management is the property manager. Located at 2929 N. Mayfair Road, the property is just down the street from The Mayfair Collection, a 69-acre mixed-use development. Illinois-based M&R has now opened three apartment communities in Wisconsin in the last three years. Units at 2929 on Mayfair range from 453 to 1,282 square feet. Monthly rents range from $1,250 to $2,610. A three-story clubhouse is at the center of the community with an adjoining courtyard and outdoor pool. The shared spaces include an entertainment kitchen, coffee bar, lounge, fitness center, yoga room, business center with private conference rooms and workstations, a pet washing station and package room. There is also a three-level parking garage with car wash and electric vehicle charging stations.

August 31, 2023

Acquisitions Indiana Industrial Midwest

CBRE Brokers $13.4M Sale of Building 4 Within Mount Comfort Logistics Center in Greenfield, Indiana

by Kristin Harlow August 31, 2023

GREENFIELD, IND. — CBRE has brokered the $13.4 million sale of Building 4 within Mount Comfort Logistics Center in Greenfield, an eastern suburb of Indianapolis. The building totals 120,336 square feet and is a build-to-suit warehouse for U.S. AutoForce, a wholesale automotive tires, parts and lubricants distributor. Built in 2021, the property features a clear height of 30 feet, 22 dock doors, two drive-in doors and ample car and trailer parking. Kevin Foley and Jared Scaringe of CBRE Investment Properties represented the seller, Ambrose Property Group. Gary Stache, Chris Martin and Bill Maher of CBRE Investment Properties represented the private California-based buyer, which completed a 1031 exchange.

August 31, 2023

Industrial Kansas Leasing Activity Midwest

Iconex Renews 88,461 SF Industrial Lease at Cambridge Business Park in Kansas City

by Kristin Harlow August 31, 2023

KANSAS CITY, KAN. — Iconex, a provider of label solutions and paper receipts, has renewed its 88,461-square-foot industrial lease at Cambridge Business Park in Kansas City. Copaken Brooks owns Cambridge Business Park, which totals 13 buildings and 464,521 square feet of light industrial and office space. There are more than 45 long-standing tenants at the property. Iconex has been a tenant since 2007. Its new lease goes through 2030. John Stafford of Colliers represented Iconex, while Jeremiah Dean represented Copaken Brooks on an internal basis.

August 31, 2023

Industrial Market Reports Midwest Midwest Market Reports Minnesota

Minneapolis Industrial Market Remains Strong Despite Current Debt Challenges

by Kristin Harlow August 31, 2023

By David Berglund, JLL The Minneapolis-St. Paul industrial real estate market continues to show strength as tenant demand and leasing activity keep vacancies low and absorption steady. In the second quarter of 2023, there were more than 4 million square feet of leasing and 523,641 square feet of net absorption, which pushed vacancy rates down slightly to 3.6 percent. In addition, roughly 800,000 square feet of speculative development was removed from the market. Currently, there is just 2.7 square foot of available space for every square foot of tenant demand. Year-to-date absorption was nearly 2 million square feet, led by the Northwest submarket with nearly 1.3 million square feet of that total since January. The Northwest submarket has been leading in absorption in four of the past six quarters. Asking rents increased to $6.21 per square foot and first-year rents continued to climb to $9.13 per square foot, reflecting an 11.5 percent growth over 2022. With very low vacancy and limited supply coming, we are continuing to see favorable conditions for landlords in the Twin Cites industrial market. New high-water marks for rents will likely continue into 2024. Investment sales, however, tapered off significantly as the impact of several incremental …

August 31, 2023

Industrial Kansas Leasing Activity Midwest

Standard Motor Products Leases 574,732 SF Industrial Building at Hunt Midwest’s Heartland Logistics Park in Kansas

by Kristin Harlow August 30, 2023

SHAWNEE, KAN. — Standard Motor Products has leased Building II at Hunt Midwest’s Heartland Logistics Park in Shawnee. The global manufacturer and distributor of premium automotive parts will relocate from Edwardsville, Kan., to the 574,732-square-foot facility. The new space provides the tenant with 200,000 more square feet than its current footprint. The 113-acre Heartland Logistics Park will support more than 1 million square feet of industrial space. Plans call for a third building totaling 846,450 square feet and a fourth building spanning 187,200 square feet. The project team for Building II included Renaissance Infrastructure Consulting for civil engineering, Finkle + Williams Architecture for building design and Brinkmann Constructors as the general contractor. Louis Pascuzzi and Mark Long of Newmark Zimmer represented Standard Motor Products in the lease. Ed Elder and John Stafford of Colliers are handling leasing of the park.

August 30, 2023

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