Midwest

Opus Begins Construction of Two Additional Spec Buildings at Liberty Heartland Logistics Center in Missouri

by Kristin Harlow October 13, 2022

LIBERTY, MO. — The Opus Group has begun construction of two additional speculative buildings within Liberty Heartland Logistics Center in Liberty, a northeast suburb of Kansas City. The two-building project is a joint venture between Opus and Washington Capital Management Inc. A 572,000-square-foot building at 1401 Shepherd Road will feature a clear height of 36 feet, four drive-in doors, 76 dock doors, 152 stalls for trailer parking and 547 vehicle parking stalls. A 240,000-square-foot building at 1501 Shepherd Road will feature a clear height of 32 feet, two drive-in doors, 32 dock doors, 67 trailer parking stalls and 259 vehicle parking stalls. Completion is slated for summer 2023. Opus is the developer, design-builder, architect and structural engineer. Michael VanBuskirk, Mark Long, John Hassler and Scott Bluhm of Newmark Zimmer are marketing the buildings for lease.

October 13, 2022

Affordable Housing Indiana Midwest Multifamily

Merchants Capital Closes $180M Fund to Help Support 2,400 Affordable Housing Units in 12 States

by Kristin Harlow October 13, 2022

CARMEL, IND. — Indiana-based Merchants Capital has closed Merchants Capital Tax Credit Equity Fund X LP. The fund represents the company’s second and largest national multi-investor fund with a total capital raise of $180 million from 15 institutional investors. The fund will infuse equity into 18 affordable housing properties that will create or preserve more than 2,400 affordable housing units in 12 states. The properties are in California, Texas, North Carolina, Connecticut, Missouri, Indiana, Ohio, Michigan, Illinois, Pennsylvania, Mississippi and Oregon.

October 13, 2022

Acquisitions Illinois Midwest Office

JLL Brokers $19.2M Sale of Office, Retail Building in Chicago Slated for Apartment Conversion

by Kristin Harlow October 13, 2022

CHICAGO — JLL Capital Markets has brokered the $19.2 million sale of 65 East Wacker Place, a 222,728-square-foot office and retail building in Chicago. The buyer, Intersection Realty Group, plans to convert a portion of the property into apartment units. Constructed in 1928, the 24-story building is recognized by the National Register of Historic Places and is currently 46 percent leased. Morton’s Steakhouse occupies floors one and two of the building. Sam DiFrancesca, Patrick Shields, Jaime Fink and Bruce Miller of JLL represented the seller, a New York-based investment firm. The team also procured the buyer.

October 13, 2022

Development Midwest Missouri Retail

Topgolf Underway on Construction of Second Location in Metro St. Louis

by Kristin Harlow October 13, 2022

ST. LOUIS — Topgolf is underway on the construction of its new venue in Midtown St. Louis. The location marks Topgolf’s second in the greater St. Louis market, following one in Chesterfield. Completion is slated for late 2023. Situated within view of the Gateway Arch, the three-level venue will feature 102 outdoor hitting bays along with a full-service restaurant and bar. Guests will also enjoy an outdoor patio, rooftop terrace and private event space. Topgolf acquired the land for the venue from Saint Louis University. The new Topgolf location is part of the 400-acre development area guided by the St. Louis Midtown Redevelopment Corp. (STLMRC). Saint Louis University formed STLMRC in partnership with SSM Health five years ago in effort to spearhead the development of new entertainment, recreational and community facilities.

October 13, 2022

Acquisitions Hospitality Michigan Midwest

Marcus & Millichap Arranges Sale of 62-Room Quality Inn Hotel in Marshall, Michigan

by Kristin Harlow October 13, 2022

MARSHALL, MICH. — Marcus & Millichap has arranged the sale of the 62-room Quality Inn hotel in Marshall, about 47 miles south of Lansing. The sales price was undisclosed. Built in 1997, the property sits on two acres at 204 Winston Drive. Ebrahim Valliani and Michael Klar of Marcus & Millichap represented the seller, a private investor. The duo, along with colleague Steve Chaben, represented the buyer, a New York-based limited liability company. Marcus & Millichap’s Allan Miller and Chris Gomes were also listed on the deal as supporting brokers.

October 13, 2022

Illinois Market Reports Midwest Midwest Market Reports Multifamily

Lack of Multifamily Supply in Chicago Market Is Catalyst for High Rents

by Kristin Harlow October 13, 2022

By Tyler Hague, Colliers A colleague of mine recently had to move out of her West Loop apartment quickly and she faced a conundrum: how much am I willing to pay for a one-bedroom apartment in Chicago? The unfortunate answer: not even close to the $2,700 per month rent she was continually being asked to pay. She ended up renting a studio. The average price for a one-bedroom apartment in the central business district is $2,478 per month, a figure that has grown 9.5 percent in the last year alone and equates to a $235.41 year-over-year rental increase, according to Yardi Matrix. It also translates to a national housing insecurity crisis, not just a local and presumed urbanized problem, and one that has been exacerbated by many of the detrimental housing laws and zoning regulations that exist in Chicago today. Whether it is aldermanic privilege, the Affordable Requirements Ordinance (ARO) or general NIMBYism, it is clear rent is too darn high — and it isn’t the entrepreneurial real estate professional’s doing but rather a major (and obvious) supply dilemma. This summer, for the first time in U.S. history, median rent costs in major cities surpassed $2,000 per month, according to …

October 13, 2022

Development Illinois Midwest Retail

PENN Entertainment to Build $185M Casino at Rock Run Crossings in Joliet, Illinois

by Kristin Harlow October 12, 2022

JOLIET, ILL. — PENN Entertainment has unveiled plans to build Hollywood Casino Joliet at the Rock Run Crossings development in Joliet. Construction is expected to begin in late 2023, subject to local regulatory approval. The project has an estimated budget of $185 million and will combine gaming, dining and 10,000 square feet of meeting and event space. The land-based casino will replace PENN’s riverboat casino in Joliet. Cullinan Properties owns Rock Run Crossings, which spans 310 acres and 1 million square feet.

October 12, 2022

Development Industrial Midwest Missouri

Contegra Underway on 390,943 SF Spec Distribution Center at Blue River Commerce Center in Kansas City

by Kristin Harlow October 12, 2022

KANSAS CITY, MO. — Contegra Construction Co. is underway on a new distribution center at Blue River Commerce Center in Kansas City. The 390,943-square-foot, speculative property marks the fourth of seven planned buildings at the 226-acre industrial campus, which was launched by NorthPoint Development in 2021. The new building will feature 24 dock doors, two drive-in doors, a clear height of 40 feet, 3,000 square feet of office space and a 3,000-square-fot mezzanine served by two stairways. Completion is slated for the end of this year.

October 12, 2022

Loans Midwest Multifamily Ohio

Northmarq Arranges Two Loans Totaling $6.7M for Refinancing of Multifamily Properties in Cincinnati

by Kristin Harlow October 12, 2022

CINCINNATI — Northmarq has arranged two loans totaling $6.7 million for the refinancing of three multifamily properties in Cincinnati. Madison & Riddle Apartments is a two-property portfolio totaling 72 units. The loan is fully amortized over 25 years. Sutton Place Apartments consists of 59 units and is fully occupied. The seven-year loan features two years of interest-only payments and a 30-year amortization schedule. Noah Juran of Northmarq arranged the loans through a life insurance company.

October 12, 2022

Acquisitions Illinois Industrial Midwest

Blue West Capital Brokers Sale of 75,000 SF Warehouse in Arcola, Illinois

by Kristin Harlow October 12, 2022

ARCOLA, ILL. — Blue West Capital has brokered the $2.4 million sale of a 75,000-square-foot warehouse occupied by MasterBrand Cabinets in Arcola, a city in central Illinois. The tenant, which recently exercised an early lease extension option, stores raw materials at the property prior to them being assembled at a manufacturing plant 12 miles west in Arthur. Zach Wright and Robert Edwards of Blue West Capital represented the seller, a Midwest-based private equity real estate company. A local 1031 exchange investor was the buyer.

October 12, 2022

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