INDIANAPOLIS — IWG, a provider of flexible workspaces, has unveiled plans to open a new location in Indianapolis. The company cites growing demand for hybrid working and flexibility for companies of all sizes. The new location will be situated in the College Park neighborhood of Indianapolis near Highway 465. IWG is opening the vast majority of its new locations in partnership with commercial real estate owners, developers and franchisee investors.
TAYLOR AND STERLING HEIGHTS, MICH. — Advance Auto Parts has signed leases to open two new locations in Michigan. The auto parts retailer inked a lease for 20,250 square feet in the Taylor Commons shopping center in Taylor as well as 20,226 square feet at the Clinton Valley shopping center in Sterling Heights. Larry Siedell and Tjader Gerdom of Gerdom Realty & Investment represented the tenant. Eric Unatin of Mid-America Real Estate Group represented the landlord in the Sterling Heights lease.
By Jeff Karger, JLL There’s no doubt that the office market today is much different than what it was five years ago. Employers across the nation have had to adjust their work models, time and time again, to meet the needs of their employees — and those in Grand Rapids are no exception. As landlords, employers and employees adapt to these changes, it’s important to understand the direction of the office market. Below, check out five factors that are defining it. 1. A flight to quality Like many other cities across the nation, Grand Rapids is experiencing a resounding flight to quality. Employers are seeking Class A and trophy spaces to appeal to their employees and offer them an experience, rather than just a cubicle to work in. Some of these office features can include free fitness centers, onsite cafés, coffee shops and restaurants, outdoor terraces and more. Plus, according to JLL research, 59 percent of employees expect to work at a company that supports their health and well-being. Interestingly enough, employees prioritize this over salary — a key reason why companies and landlords alike are investing in amenitized spaces with up-to-date HVAC systems, exercise classes and healthy food options. …
ELK GROVE VILLAGE, ILL. — Westmount Realty Capital has sold a portfolio of 21 light industrial buildings totaling 757,557 square feet in the Chicago suburb of Elk Grove Village. The sales price and buyer were undisclosed. Westmount owned the portfolio for three years. The portfolio is 97 percent leased to 107 tenants. The buildings were constructed between the late 1960s and late 1970s. Westmount now owns and manages 58 industrial buildings totaling 5.4 million square feet across the Chicago market.
FREEPORT, ILL. — Mid-America Real Estate Corp. has brokered the sale of Freeport Plaza in Freeport, a city in northern Illinois. The sales price was undisclosed. A 62,500-square-foot Cub Foods grocery store anchors the 87,846-square-foot shopping center, which is 87 percent leased. Cub Foods recently extended its lease to 2027. Rick Drogosz and Emily Gadomski of Mid-America represented the seller, a REIT. CRE Pro was the buyer.
Marcus & Millichap Capital Corp. Arranges $11.4M Acquisition Loan for Wisconsin Multifamily Property
PORT WASHINGTON, WIS. — Marcus & Millichap Capital Corp. (MMCC) has arranged an $11.4 million loan for the acquisition and renovation of Harbor Ridge Apartments in Port Washington, about 27 miles north of Milwaukee. The 112-unit multifamily property is located on Westport Drive. Michael Hughes of MMCC arranged the five-year loan, which features two years of interest-only payments, a 4.75 percent interest rate and an 80 percent loan-to-value ratio. The lender was undisclosed.
CEDAR FALLS, IOWA — Capstone Equity & Structured Finance has structured $9.9 million in joint venture equity to facilitate the acquisition and repositioning of Park @ Nine23 in Cedar Falls near Waterloo. Built in phases between 1974 and 1994, the 424-unit apartment community is situated on 21 acres. The asset was roughly 97 percent leased at the time of the loan closing. Bryse Toothaker and Charlie Rimkus of Capstone raised the equity on behalf of the borrower, a partnership between Chicago-based ARTISAN Capital Group and Benedict Realty Group. The buyer plans to make upgrades to the unit interiors and common areas. The undisclosed seller had owned the property for decades. Des Moines-based West Bank provided financing. ARTISAN Management Group will oversee operations.
GAHANNA, OHIO — The Cooper Commercial Investment Group has negotiated the $2.5 million sale of a restaurant property occupied by McDonald’s in Gahanna, a northeast suburb of Columbus. Constructed in 2011, the building serves as an outparcel to the Hunter’s Ridge shopping center. Dan Cooper of Cooper Group represented the seller, a private investment group based in Florida. Cooper also procured the undisclosed buyer. The asset sold at full list price, representing a cap rate of 3.5 percent and $540 per square foot.
MINNEAPOLIS — JLL Capital Markets has brokered the sale of Gaar Scott Historic Lofts in the North Loop neighborhood of Minneapolis for an undisclosed price. The property was originally built in 1885 and converted into multifamily units in 2001 with the assistance of historic tax credits. The six-story property features one-bedroom units with an average size of 900 square feet. There are also 4,000 square feet of commercial space. Dan Linnell, Mox Gunderson, Josh Talberg and Adam Haydon of JLL represented the seller, Gaar Scott LP. Matthew Lawton, Scott Loving and Britta Lund of JLL arranged acquisition financing on behalf of the buyer, FPA Multifamily. North American Banking Co. provided the three-year, fixed-rate loan.
CHICAGO — Baum Realty Group LLC has arranged the sale of the Flat Iron Arts Building in Chicago’s Wicker Park neighborhood for $19.7 million. The historic property spans 63,333 square feet and is located at the intersection of Milwaukee, North and Damen avenues. The building houses artist studios. Patrick Forkin and Vivian Perez of Baum represented the seller, a local property owner. The buyer was undisclosed.