Midwest

Like Football Team, Detroit Retail Sector Roars Back

by Kristin Harlow February 2, 2023

By Evan Lyons, Encore Real Estate Investment Services Looking back on 2022, it could be said that Detroit’s economic performance last year mirrored that of the city’s tenacious Detroit Lions’ football season. Both were mired in doubt, plagued by volatility and sustained by grit, yet beyond all expectation, when the clock ran down, both proved the naysayers wrong. Just as the Lions surprised doubters by finishing their season at 9-8 and beating their divisional rivals, the Green Bay Packers, Detroit surpassed expectations by outpacing the national jobs growth rate of 5.8 percent at mid-year 2022 with a rate of 8.6 percent year-over-year. Gains in employment and wages are expected to continue over the next few years, according to a University of Michigan study. The city bolstered its “offensive line” with new store openings and new construction throughout the urban core. Stadiums and parks were filled again, fueled by crowd-pleasing events and programing, including Belle Isle parks’ notorious, over-waxed giant slide, which went viral and gained infamy last year for catapulting riders who dared venture a ride. Detroit also scored points in visits to leisure and hospitality establishments during the past 12 months. Visits increased by 50 percent from June …

February 2, 2023

Content Partner Features Midwest Northeast Southeast Texas Walker & Dunlop Western

Consumers’ Financial Resilience Offers Bright Spot Amid Recession Fears

by Sarah Daniels February 2, 2023

By Willy Walker, CEO of Walker & Dunlop Fed’s Recent Mistakes In a recent Walker Webcast, “Most Insightful Hour in CRE with Dr. Peter Linneman” part of our ongoing webinar series, renowned economist Dr. Linneman and I discussed his views on monetary policy, inflation and what the economic and commercial real estate landscape looks like for 2023. Throughout the past year, the Federal Reserve has been raising the federal funds rate faster than we have ever seen. This, of course, has led to a drastic increase in the cost of borrowing, the likes of which haven’t been seen in decades. In just one year, the effective federal funds rate has increased from 0.08 percent in February 2022, all the way to a target range of 4.5 to 4.75 percent in February 2023. This has led many to believe that the Fed has considerably overshot where rates should be since the market wasn’t given ample time to react to each rate hike. This rapid increase in interest rates has reduced lending activity in terms of new loans, leading to a sharp decline in demand for real estate, as well as major price corrections. Additionally, the rapid rise in borrowing costs has …

February 2, 2023

Development Illinois Industrial Midwest

Alston Completes Construction of 1.4 MSF Distribution Center for Medline in Grayslake, Illinois

by Kristin Harlow February 1, 2023

GRAYSLAKE, ILL. — Alston Construction Co. has completed a 1.4 million-square-foot distribution center for Medline in Grayslake, a city in Northeast Illinois. The facility is estimated to be the largest medical-grade distribution center in the United States, according to the project’s architect, Ware Malcomb. The final phase of development was a 2,700-square-foot office buildout for Medline’s Sterile Procedure Trays Division. The project features a 60,000-square-foot automated storage and retrieval system that picks and packages items and places them onto crates. The facility also features a main office area, receiving and shipping offices, and a temperature-controlled room. Employees have access to a break area with billiards and foosball tables as well as sleep rooms and quiet areas. Medline, a privately held manufacturer and distributor of medical supplies, requires its facilities to be LEED-certified.

February 1, 2023

Industrial Leasing Activity Midwest Wisconsin

Phelps Pet Products Signs 179,000 SF Industrial Lease in Janesville, Wisconsin

by Kristin Harlow February 1, 2023

JANESVILLE, WIS. — Phelps Pet Products, a manufacturer of specialty dog treats, has signed a 179,000-square-foot industrial lease at 400 W. Venture Drive in Janesville, a city in southern Wisconsin. The brand-new building features 18 loading docks, 25 trailer parking stalls and 175 car parking spaces. Michael Prost and Sergio Chapa of Newmark represented the tenant. The name of the landlord was not disclosed.

February 1, 2023

Indiana Loans Midwest Retail

Ariel Property Advisors Arranges $8.2M in Financing for Shopping Center Renovation, Expansion in Indiana

by Kristin Harlow February 1, 2023

LAFAYETTE, IND. — Ariel Property Advisors has arranged an $8.2 million refinance loan and line of credit for the renovation and expansion of a 160,000-square-foot shopping center in Lafayette. The expansion will accommodate one of the tenants, a government agency, that needed a larger space. Eli Weisblum and Paul McCormick of Ariel arranged the loan, which features a 6.5 percent fixed interest rate, a 25-year amortization schedule and a 65 percent loan-to-value ratio. The lender and borrower were not provided.

February 1, 2023

Acquisitions Illinois Midwest Retail

Marcus & Millichap Brokers $2.3M Sale of BP-Occupied Gas Station in Suburban Chicago

by Kristin Harlow February 1, 2023

DOWNERS GROVE, ILL. — Marcus & Millichap has brokered the $2.3 million sale of a BP-occupied gas station property in the Chicago suburb of Downers Grove. The asset is located at 2231 Maple Ave. just east of Highway 355. Timothy Nichols, Nicholas Kanich and Mitch Grant of Marcus & Millichap represented the seller, a locally based limited liability company. Nichols secured the buyer, also a locally based limited liability company.

February 1, 2023

Development Industrial Midwest Minnesota

Kraus-Anderson Completes Expansion, Renovation of Maintenance Facility for Ulland Brothers in Minnesota

by Kristin Harlow February 1, 2023

ALBERT LEA, MINN. — Kraus-Anderson has completed an expansion and renovation of Ulland Brothers’ maintenance facility at 2501 E. Main St. in Albert Lea, a city in southern Minnesota. Ulland Brothers is an excavating and paving contractor. Designed by DSGW Architects, the project features a 20,000-square-foot addition that houses a new wash bay, ancillary shop, repair bay, warehouse space, loading and receiving dock, welding bay, two welding rooms and a mechanical mezzanine. A 2,650-square-foot interior renovation of the existing facility consists of a new spare parts room, battery room, mechanical room and bathroom. The building also received exterior upgrades.

February 1, 2023

Acquisitions Illinois Midwest Multifamily

JVM Acquires 149-Unit Apartment Community in Suburban Chicago

by Kristin Harlow January 31, 2023

WHEATON, ILL. — JVM Realty Corp. has acquired Courthouse Square, a 149-unit apartment community in the western Chicago suburb of Wheaton. The purchase price was undisclosed. Located at 250 S. Naperville Road, Courthouse Square was built in 2016 and consists of two six-story buildings. Amenities include a pool and sundeck, concierge service, package receiving, fitness center and yoga studio, event room, outdoor deck, heated indoor garage parking, pet wash and bike repair stations. With this latest acquisition, JVM now owns and manages eight apartment communities in Illinois and 23 throughout the Midwest. Kevin Girard, Mark Stern, Zach Kaufman and Avi Schiffman of JLL represented the undisclosed seller.

January 31, 2023

Loans Michigan Midwest Retail

Marcus & Millichap Arranges $4.7M Acquisition Loan for Retail Property in Northville, Michigan

by Kristin Harlow January 31, 2023

NORTHVILLE, MICH. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $4.7 million loan for the acquisition of a 28,780-square-foot retail property occupied by Fresh Thyme Market in Northville, a northwest suburb of Detroit. Constructed in 2015 as a build-to-suit for the grocery store, the building is located at 15480 Sheldon Road. Chad O’Connor of MMCC arranged the loan on behalf of the undisclosed borrower. The 10-year loan features a fixed interest rate of 5.37 percent, a 30-year amortization schedule and a 45 percent loan-to-value ratio.

January 31, 2023

Development Indiana Industrial Midwest Self-Storage

Holladay Properties Converts Industrial Site in South Bend into Self-Storage Facility

by Kristin Harlow January 31, 2023

SOUTH BEND, IND. — Holladay Properties is converting an industrial site at 850 Marietta St. in South Bend into a 39,990-square-foot self-storage facility. Store Space Self Storage will manage the facility, which is slated to open in the second quarter. The property will feature four buildings with 183 climate-controlled units and 165 drive-up units. Store Space will provide day-to-day operations, call center support, marketing, branding and technology solutions. Holladay expects to partner with Store Space on additional locations.

January 31, 2023

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