Midwest

Mogharebi Group Arranges Sale of 180-Unit Multifamily Property in Ralston, Nebraska

by Kristin Harlow July 20, 2023

RALSTON, NEB. — The Mogharebi Group has arranged the sale of Fireside Village, a 180-unit apartment community in Ralston, a southern suburb of Omaha. The sales price was undisclosed. Built in 1972, the property is comprised of 11 buildings. About one-third of the units have been renovated. Amenities include a sauna, fitness center, playground, dog park, business center and laundry facilities. The community was 75 percent occupied at the time of sale. The Mogharebi Group represented the seller, a Colorado-based private investment group. The buyer, ARTISAN Capital Group, plans to rebrand the property as Wildewood Commons. The transaction represents the seller’s exit and the buyer’s entry into the Nebraska market. As part of the sale, the buyer assumed an agency loan with five years remaining on its term.

July 20, 2023

Industrial Loans Michigan Midwest

iBorrow Provides $15.6M Loan for Refinancing of Cold Storage Facility in Taylor, Michigan

by Kristin Harlow July 20, 2023

TAYLOR, MICH. — iBorrow has provided a $15.6 million loan for the refinancing of a 238,575-square-foot cold storage facility in Taylor, a southwest suburb of Detroit. The borrower, a national industrial real estate firm, acquired the asset in 2021 and made substantial improvements. The property, now fully occupied, features a clear height of 27 feet, 25 dock doors, two drive-in doors, parking for 100 cars, 40 trailer spaces and a new concrete parking lot. The borrower intends to make further improvements to the facility, which is situated near Norfolk Southern rail service, the Detroit Metropolitan Wayne County Airport and I-94.

July 20, 2023

Affordable Housing Loans Midwest Multifamily Ohio Seniors Housing

KeyBank Structures $9.9M in LIHTC Equity for Affordable Seniors Housing Project in Cleveland Heights

by Kristin Harlow July 20, 2023

CLEVELAND HEIGHTS, OHIO — KeyBank Community Development Lending and Investment has structured $9.9 million in Low Income Housing Tax Credit (LIHTC) equity to finance the conversion of the Margaret Wagner Senior Apartments in Cleveland Heights into 80 low-income seniors housing units. The project will create 20 new units through the adaptive reuse of the first floor of Margaret Wagner House and preserve 60 units on the upper floors. Built in 1960 as a nursing home by the Benjamin Rose Institute on Aging, the facility features a HUD 202 Project Rental Assistance Contract subsidy for all of its units. In addition to creating 20 new units, the project will also renovate existing units with updated kitchens and bathrooms, improved accessibility, central air conditioning, elevator modernization, new roofing and site improvements. The project’s total cost is $18.7 million. Additional funding comes from a HUD 202 Capital Advance, Cuyahoga County HOME and Affordable Housing Gap funding, Affordable Housing Program Grant funding through the Federal Home Loan Bank of Boston and seller financing. CHN Housing Partners and Benjamin Rose, both of which are Cleveland-based organizations, are co-developing the project. Derek Reed of KeyBank structured the LIHTC tax credit equity investment and Tara Miller served …

July 20, 2023

Development Industrial Midwest Minnesota

Kraus-Anderson Completes 17,200 SF Rental Store for Ziegler Cat in Dayton, Minnesota

by Kristin Harlow July 20, 2023

DAYTON, MINN. — Kraus-Anderson has completed construction of a 17,200-square-foot rental store for Ziegler Cat at 18171 Territorial Road in Dayton, a far north suburb of Minneapolis. One of Caterpillar’s largest dealers in North America, Ziegler is expanding its equipment sales, rental and repair services in central Minnesota. Ziegler sells and services Cat construction, paving, forestry, mining equipment, trucks, generators and industrial engines. Designed by CNH Architects, the two-story property replaces a former building.

July 20, 2023

Market Reports Michigan Midwest Midwest Market Reports

Commercial Real Estate Values Are in Flux

by Kristin Harlow July 20, 2023

By Anthony Sanna, Integra Realty Resources The commercial real estate (CRE) market is facing a time of uncertainty and anxiety as we move further into 2023. A variety of factors are contributing to investor sentiment being low, including the threat of higher interest rates impacting commercial loans, fears of a declining CRE market, and concerns about recessionary pressures, inflation and a liquidity crisis currently taking shape. The question on everyone’s mind is where values are going and what trends we can expect in the coming months. Signs of a softening market National data analytics firms are already reporting a 10 percent value decline across most asset classes, except for industrial real estate. While this indicates there is downward pressure on pricing, it’s important to remember that appraisal data is somewhat backward-looking and may lag behind current pricing trends. Additionally, tracking recent transactions from six to nine months ago may not represent the boots on the ground experience happening at this very moment. Admittedly, appraisers are rear-view mirror-focused (tracking transactions) while the actual market is windshield-focused (future transactions). Despite this, recent examples in daily work indicate a downward pricing trend. Recent purchase contracts have been re-traded and amended, often with lower …

July 20, 2023

Development Illinois Industrial Midwest

Olympus Design and Development Breaks Ground on $65M Logistics Campus in Suburban Chicago

by Kristin Harlow July 19, 2023

SCHAUMBURG, ILL. — Olympus Design and Development has broken ground on a $65 million logistics campus in the Chicago suburb of Schaumburg. The four-building development will house headquarters office, warehouse and distribution space for Experior Global & Transport as well as one speculative office and industrial building for other users. David Haigh of NAI Hiffman represented Experior in the acquisition of the property. Completion is slated for the fourth quarter of 2024. The campus will feature a 24-hour surveillance system, parking for 800 trucks and trailers, a fully equipped gas station and convenience store, and a truck sales and repair shop to be operated by Experior.

July 19, 2023

Development Illinois Industrial Midwest

Meridian Design Build Completes 258,720 SF Spec Industrial Building in West Chicago

by Kristin Harlow July 19, 2023

WEST CHICAGO, ILL. — Meridian Design Build has completed construction of Dupage Crossings, a 258,720-square-foot speculative industrial building in West Chicago. Stotan Industrial and Stonemont Financial Group developed the facility, which is located on 17 acres at 348 Charles Court. The property features a clear height of 36 feet, 32 loading docks, four drive-in doors, 212 auto parking spaces and 46 trailer parking stalls. Harris Architects and civil engineer Spaceco made up the project team. Brian Kling and Reed Adler of Colliers are marketing the building for lease. The project was 66 percent leased shortly after completion.

July 19, 2023

Illinois Leasing Activity Life Sciences Midwest

Two Tenants Expand Leases Within Fulton Labs in Chicago

by Kristin Harlow July 19, 2023

CHICAGO — Two tenants have expanded their leases within Fulton Labs, a 725,000-square-foot, two-building life sciences development in Chicago. The Chan Zuckerberg Biohub Chicago, a biomedical research institute launched by Priscilla Chan and Mark Zuckerberg, signed a lease for 28,200 square feet at 400 N. Aberdeen St. The tenant initially signed a lease earlier this year at Fulton Labs’ other building, which is located at 1375 W. Fulton St. Since there is no further space at 1375 W. Fulton, the biohub will move into a new space at 400 N. Aberdeen in the first quarter of 2024, and temporarily occupy space in a science-ready lab suite at 1375 W. Fulton until then. Venture accelerator Portal Innovations is expanding its lease from 6,000 to 55,000 square feet at 400 N. Aberdeen. ESG Architects, CRB Group and Power Construction are completing the interior build-outs for both tenants. Dan Lyne of CBRE represented ownership, Trammell Crow Co.

July 19, 2023

Development Midwest Minnesota Retail

Drive Shack to Open 20,265 SF Puttery Minneapolis This Friday

by Kristin Harlow July 19, 2023

MINNEAPOLIS — Drive Shack Inc., an owner and operator of golf-related leisure and entertainment businesses, will open Puttery Minneapolis this Friday, July 21. Located in the city’s North Loop, the adults-only, 20,265-square-foot venue features several bar and lounge areas as well as three nine-hole putting courses. Each putting course has its own theme. At the Minneapolis location, the themes include: art museum, conservatory and library. Each course features décor reminiscent of its theme. Puttery currently operates in The Colony, Texas; Charlotte, N.C.; Washington, D.C.; Houston; Chicago; and Pittsburgh.

July 19, 2023

Development Healthcare Midwest South Dakota

Kraus-Anderson Completes Construction of $2.4M Dialysis Center in Huron, South Dakota

by Kristin Harlow July 19, 2023

HURON, S.D. — Kraus-Anderson has completed construction of a new $2.4 million dialysis center at Huron Regional Medical Center in Huron, a city in eastern South Dakota. Designed by Wold Architects, the 4,165-square-foot project features a 12-bay dialysis unit, including two isolation treatment rooms. The project replaces an outdated dialysis suite. Kraus-Anderson’s scope of work also included a new water system and utilities, a generator and updates to the exterior façade. The center is located at 172 4th St. SE.

July 19, 2023

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