Midwest

Woda Cooper Begins Construction of 90-Unit Breton Grove Affordable Housing Community in Grand Rapids

by Kristin Harlow October 19, 2023

GRAND RAPIDS, MICH. — Woda Cooper Cos. Inc. has begun construction on Breton Grove, a 90-unit affordable housing community to be built in two phases in Grand Rapids. The groundbreaking event featured an announcement about the new statewide Contractor Assistance Program (CAP), which is spearheaded by the Michigan State Housing Development Authority. CAP is aimed at increasing the number of those who are newly trained and employed in the construction workforce and to help contractors and emerging developers increase their capacity for larger contracts and projects. Woda Cooper is working with trained apprentices from the program on the construction of Breton Grove over the next two years. Both phases of the project will be designated for residents who earn 30 to 80 percent of the area median income, with 33 integrated Permanent Supported Housing units for residents facing homelessness. The project will consist of two buildings, each with one- and two-bedroom units. Each building will include a community room with kitchenette and onsite management and supportive service offices. Community Rebuilders, a Grand Rapids-based nonprofit, will coordinate the supportive services. Several units will be adapted for those with mobility challenges and/or sight and hearing disabilities. The City of Grand Rapids approved …

October 19, 2023

Acquisitions Midwest Minnesota Retail

Cleeman Realty Group Brokers $5.1M Sale of Retail Property Net Leased to Hy-Vee in Fairmont, Minnesota

by Kristin Harlow October 19, 2023

FAIRMONT, MINN. — Cleeman Realty Group has brokered the $5.1 million sale of a 54,740-square-foot retail property net leased to Hy-Vee in Fairmont, a city in southern Minnesota. The property sits on five acres at 907 S. State St. Grocer Hy-Vee has operated at the location since 1991 and added a gas station and convenience store in 2011. Jeremy Scheer of Cleeman represented the undisclosed buyer. The seller was also undisclosed.

October 19, 2023

Market Reports Midwest Midwest Market Reports Nebraska Office

Surge in Sublease Space Puts Pressure on Omaha Office Market

by Kristin Harlow October 19, 2023

By Mike Rensch, Investors Realty The Omaha office market is facing an increasing amount of sublease space, which is having a significant impact on what spaces tenants prefer to lease right now. This is directly affecting all aspects of the overall office market as well. As the second quarter came to a close, the direct vacancy rate was 7.4 percent, compared with 7.6 percent in the second quarter of 2022. With that said, those numbers do not paint the whole picture because they do not account for the amount of sublease space on the market. The availability rate (which includes direct space and sublease space available) was at 9.8 percent compared with 8.4 percent in the second quarter of 2022. We see this trend continuing for the time being as companies grapple with whether or not to bring their employees back to the office. At the end of the second quarter, there was 841,000 square feet of sublease space available in Omaha, up from 723,000 square feet at the end of the second quarter of 2022. This represents a 14 percent increase in sublease space over the past year. It reached its peak of 919,000 square feet of available …

October 19, 2023

Acquisitions Illinois Midwest Multifamily

Interra Realty Brokers $17.5M Sale of Chicago Apartment Building

by Kristin Harlow October 18, 2023

CHICAGO — Interra Realty has brokered the sale of a 60-unit apartment building in Chicago’s Lakeview East neighborhood for $17.5 million. Located at 528 W. Oakdale Ave., the building includes 20 studios, 36 one-bedroom units and four two-bedroom units. Constructed in 1970, the property has undergone a full modernization over the past 18 months that added new finishes and upgrades to amenity spaces, including a fitness center, package room, additional laundry room and outdoor seating. Craig Martin and Joe Smazal of Interra represented the buyer, Beal Properties, and the seller, Horizon Realty Group.

October 18, 2023

Acquisitions Indiana Midwest Office Retail

Government Investment Partners Acquires Three Office, Retail Buildings in Indianapolis for $14M

by Kristin Harlow October 18, 2023

INDIANAPOLIS — Government Investment Partners (GIP) has acquired three office and retail buildings located near Monument Circle in downtown Indianapolis for roughly $14 million. The adjacent properties are located at 2 N. Meridian St., 20 W. Washington St. and 24 W. Washington St. The primary tenant is the Indiana Department of Health, which recently signed a 10-year lease extension for the entire 161,400 square feet of office space across all three buildings for its headquarters. The ground-floor retail space is leased to Bank of America, T-Mobile and Taco Bell Cantina, which recently signed a 2,860-square-foot lease to occupy the former Sugarfire Smokhouse space. There is 12,000 square feet of available retail and restaurant space, including the former homes of Rock Bottom Brewery and Pearings Café. Alex Cantu, Alex Davenport and Rachel Patten of Colliers represented the sellers, Two North Meridian Co. and John Goodman. Goodman will have a continued role with the properties as a consultant to GIP. Founded in 2016, GIP is a real estate investment, development and management firm specializing in properties leased to federal, state and local government entities. The firm’s portfolio now totals more than 30 buildings in 18 states.

October 18, 2023

Affordable Housing Development Midwest Minnesota Multifamily

Lupe Development Partners, Wall Cos. Plan to Demolish Former Minneapolis Public Works Building, Replace it with Affordable Housing

by Kristin Harlow October 18, 2023

MINNEAPOLIS — Lupe Development Partners and Wall Cos. are planning to demolish the former Minneapolis Public Works storage building at 3501 E. 44th St. The developers plan to build a 90-unit affordable housing building in its place. The project is still pending final approval from the Minneapolis City Council, but construction is expected to begin in spring 2024 if the remaining financing is secured. Named Snelling Yards, the community will feature three- and four-bedroom units. Of the total units, 26 will be reserved for residents who earn up to 30 percent of the area median income (AMI) and 39 will be reserved for those who earn up to 50 percent AMI. Additionally, 13 units will be designated for veterans experiencing homelessness. Snelling Yards is a joint venture with Ecumen, which owns the adjacent 100-unit affordable seniors housing development, The Hillock. Lupe and Wall were granted development rights to the property in 2017. The project has received more than $2 million from the City of Minneapolis Affordable Housing Trust Fund and another $1.2 million from Hennepin County’s Affordable Housing Incentives Fund and Environmental Response Fund. The project is currently advancing through the Metropolitan Council’s Livable Communities Demonstration Account grant process.

October 18, 2023

Development Industrial Midwest Ohio

NorthPoint Development Underway on Two-Building Fairfield Trade Center in Suburban Cincinnati

by Kristin Harlow October 18, 2023

FAIRFIELD, OHIO — NorthPoint Development is underway on Fairfield Trade Center in Fairfield, about 25 miles north of Cincinnati. The project comprises two buildings totaling 304,364 square feet and 313,833 square feet, respectively. Completion is slated for the second quarter of 2024. Doug Whitten of CBRE is handling leasing of the development, which is situated in proximity to major transportation arteries.

October 18, 2023

Acquisitions Midwest Restaurant Retail Wisconsin

Marcus & Millichap Arranges $2.3M Sale of Chipotle-Occupied Property in Somers, Wisconsin

by Kristin Harlow October 18, 2023

SOMERS, WIS. — Marcus & Millichap has arranged the $2.3 million sale of a 2,361-square-foot retail property occupied by Chipotle in Somers, a southern suburb of Milwaukee. Constructed this year, the net-leased building is located at 3671 Market Lane and features a 400-square-foot patio as well as a drive-thru. Nicholas Kanich of Marcus & Millichap represented the seller, a development group based in Wisconsin. The asset sold to a Minnesota-based buyer completing a 1031 exchange.

October 18, 2023

Loans Midwest Missouri Multifamily

Colliers Mortgage Provides $11M Loan for Refinancing of Multifamily Property in Union, Missouri

by Kristin Harlow October 17, 2023

UNION, MO. — Colliers Mortgage has provided an $11 million Fannie Mae loan for the refinancing of Hummingbird Heights, a 108-unit multifamily property in Union, about 50 miles southwest of St. Louis. The garden-style community is comprised of 21 buildings. Adrian Hartman of Colliers originated the loan on behalf of the borrower, an entity doing business as Hummingbird Heights LLC. According to Colliers, the refinancing enabled ownership to recoup a portion of equity deployed during development, reposition conventional debt to nonrecourse freeing up future development borrowing capabilities, and boost cash flow due to the longer amortization and interest-only period.

October 17, 2023

Acquisitions Industrial Midwest Ohio

NK Parts Acquires Industrial Facility in Sidney, Ohio, for $6.5M

by Kristin Harlow October 17, 2023

SIDNEY, OHIO — NK Parts has acquired the former Norcold headquarters facility at 600 Kuther Road in Sidney, about 40 miles north of Dayton. The purchase price was $6.5 million. Sidney-based NK Parts currently occupies a 785,000-square-foot facility at 777 Kuther Road. Specializing in logistics and supply chain management, NK caters specifically to the automotive industry. The additional 205,000 square feet from the Norcold building will alleviate some of NK’s space constraints and enable them to better serve their clients, according to Industrial Property Brokers, which brokered the deal. NK plans to make improvements to the electrical system and parts of the roof that require replacement. The tenant expects to take occupancy in November. Tim Echemann and Conrad Echemann of Industrial Property Brokers represented NK in the transaction. “The opportunity for NK to acquire a 205,000-square-foot building right across the street from its existing operations is nothing short of incredible,” says Tim Echemann. “This expansion couldn’t have come at a better time, especially considering the escalating demands from NK’s customers for more space.”

October 17, 2023

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