Midwest

SRS Brokers $1.8M Sale of Retail Center in Parma, Ohio

by Kristin Harlow January 24, 2023

PARMA, OHIO — SRS Real Estate Partners has brokered the $1.8 million sale of Parma Shoppes, an 8,000-square-foot retail center in Parma, a suburb just south of Cleveland. Built in 2005 and located at 7406 Broadview Road, the property is 80 percent leased to Buffalo Wild Wings, Verizon, Domino’s and Bank of America. Patrick Nutt and William Wamble of SRS represented the seller, RPS Capital. A California-based private investor purchased the asset. The sales price represents a cap rate of 6.9 percent.

January 24, 2023

Development Illinois Midwest Office

Western Specialty Contractors to Complete Restoration of Curtain Wall at Chicago’s Accenture Tower

by Kristin Harlow January 23, 2023

CHICAGO — Western Specialty Contractors-Chicago Facades Branch will complete a restoration of the curtain wall at Accenture Tower in Chicago. KBS owns the 42-story Class A office building, which totals nearly 1.5 million square feet. The property, completed in 1987 and formerly known as 500 West Madison, features 80,000 square feet of retail space and sits above the Ogilvie Transportation Center. The restoration of the curtain wall, a project expected to continue through 2025, includes the removal and replacement of the original 35-year-old sealants on the entire 588-foot building’s curtain wall and bridge over Canal Street. A curtain wall system on a building’s façade helps prevent leaks and protects against inclement weather. Project costs were not provided.

January 23, 2023

Acquisitions Illinois Midwest Retail

Mid-America Brokers Sale of 17,343 SF Retail Property in Chicago’s River North

by Kristin Harlow January 23, 2023

CHICAGO — Mid-America Real Estate Corp. has brokered the sale of Huron & Wells, a 17,343-square-foot retail property in Chicago’s River North neighborhood. The sales price was undisclosed. A newly renovated CVS store anchors the property. Additional tenants include aesthetic dermatology clinic Laser Away, Japanese restaurant Cocoro and fitness concept Vibez Fit. Joe Girardi and Emily Gadomski of Mid-America represented the Chicago-based private seller. Josh York of Syndicated Equities represented the California-based 1031 exchange buyer.

January 23, 2023

Illinois Industrial Leasing Activity Midwest

MAI Fulfillment Signs 247,000 SF Industrial Lease in Elgin, Illinois

by Kristin Harlow January 23, 2023

ELGIN, ILL. — MAI Fulfillment has signed a 247,000-square-foot industrial lease at 2500 Galvin Drive in Elgin. MAI provides order processing, warehousing services and fulfillment solutions for its clients. The building features a clear height of 30 feet and 36 truck docks. Mike Berkowitz of Entre Commercial Realty represented the tenant. Steve Bass of NAI Hiffman represented the landlord, High Street Logistics Properties.

January 23, 2023

Acquisitions Indiana Midwest Northmarq Retail

Northmarq Arranges $5.2M Sale of Retail Center in Southwest Indiana

by Kristin Harlow January 23, 2023

VINCENNES, IND. — Northmarq has arranged the $5.2 million sale of Kimmell Crossing, a 44,962-square-foot retail center in Vincennes, a city in Southwest Indiana. Located on Kimmell Road and built in 1997, the property was fully leased to 10 tenants at the time of sale. Some of the tenants include Dollar Tree, Maurices, Sally Beauty Supply, T-Mobile and CATO. Ryan Roedersheimer of Northmarq represented the seller, DPPM Management, which acquired the asset in early 2022 from Regency Properties. A local investor completing a 1031 exchange was the buyer.

January 23, 2023

Loans Michigan Midwest Multifamily Student Housing

Archway Capital Provides $4M Loan for Refinancing of Student Housing Portfolio in Ann Arbor

by Kristin Harlow January 23, 2023

ANN ARBOR, MICH. — Archway Capital has provided a $4 million loan for the refinancing of a three-property student housing portfolio serving the University of Michigan in Ann Arbor. The portfolio totals 60 units. The borrower has owned the portfolio for more than 40 years. The two-year loan features a 50 percent loan-to-value ratio.

January 23, 2023

Development Industrial Michigan Midwest Ohio Top Stories

General Motors to Invest $918M Across Four U.S. Manufacturing Plants

by Taylor Williams January 23, 2023

DETROIT — General Motors Co. (NYSE: GM) has announced plans to invest $918 million in capital improvements at four of its U.S. manufacturing plants. The initiative is designed to elevate the company’s production capacity for full-size trucks and sport utility vehicles while also establishing facilities that support the growth of GM’s electric vehicle (EV) divisions. The Detroit-based automotive giant is committing a total of $795 million to two of its Michigan facilities that will support the production of small-block V-8 engines. The company is investing $579 million at its plant in Flint, and the remaining $216 million will be allocated to GM’s facility in Bay City, where parts such as camshafts and connecting rods that support these engines will be assembled. GM is also investing $55 million in its manufacturing operations in Defiance, Ohio. Of this sum, $47 million will be used to prepare the facility for the manufacture of block castings to support future V-8 engine programs. In addition, GM will construct an $8 million casting development cell for future EV initiatives. Lastly, the company has earmarked $68 million for upgrades to its manufacturing facility in Rochester, New York. At this location, GM plans to invest $12 million to …

January 23, 2023

Acquisitions Affordable Housing Illinois Midwest Multifamily Seniors Housing

Standard Communities Acquires Two Affordable Seniors Housing Properties in Metro Chicago

by Kristin Harlow January 20, 2023

CHICAGO — Standard Communities led a public-private partnership that acquired two affordable seniors housing properties in metro Chicago. Standard plans to make $46 million in renovations. According to Crain’s Chicago Business, Standard paid $110 million for the communities, but the total cost of the deal adds up to $192 million including the renovations, fees, reserves and other expenses. The transaction extends and preserves the affordability of the communities for 30 years. The properties include the 145-unit Commonwealth Apartments at 2757 N. Pine Grove Ave. in Chicago’s Lincoln Park neighborhood as well as the 321-unit Greenleaf Apartments at 502 Kildeer Drive in Bolingbrook. Planned renovations include updated kitchens and bathrooms, new energy-efficient appliances, flooring and communal spaces at each property. New amenities will include walking parks, pickleball courts, fitness centers, business rooms and meeting rooms. Greenleaf Apartments will receive solar panels on the roofs. Standard is financing the energy improvements in partnership with Commonwealth Edison’s Multifamily Energy Savings Program. Standard completed the acquisition in partnership with the Illinois Housing Development Authority and the U.S. Department of Housing and Urban Development, utilizing the Low-Income Housing Tax Credit program and long-term Housing Assistance Payments contracts.

January 20, 2023

Civic Development Midwest Minnesota

Ryan to Build New Basketball, Hockey Arena at University of St. Thomas in Minnesota

by Kristin Harlow January 20, 2023

ST. PAUL, MINN. — Ryan Cos. US Inc. will build the new Lee and Penny Anderson Arena at the University of St. Thomas in St. Paul. Ryan A+E Inc., Ryan’s design studio, is collaborating with Crawford Architects on the design of the multi-purpose arena and practice facilities, which will serve as the new home for the men’s and women’s hockey and basketball programs. The private university is transitioning to NCAA Division I athletics from Division III. The arena will also host commencement ceremonies, academic convocations, conferences, career fairs and other events for the university and broader community. Meyer Borgman Johnson will provide structural engineering services and IMEG Engineers will provide mechanical, electrical and plumbing engineering. Construction is scheduled to begin in 2024 and be completed in fall 2025. The university received a $75 million gift from Lee and Penny Anderson for the project. Lee Anderson sold APi Group, a conglomerate of construction and fire-protection businesses, for $3.5 billion in 2019, according to the Star Tribune.

January 20, 2023

Loans Michigan Midwest Multifamily

Berkadia Provides $33.8M Acquisition Loan for Multifamily Portfolio in Midland, Michigan

by Kristin Harlow January 20, 2023

MIDLAND, MICH. — Berkadia has provided a $33.8 million Freddie Mac loan for the acquisition of a three-property multifamily portfolio totaling 449 units in Midland, a city in central Michigan. The communities within the portfolio include Mulberry Apartments, Robin Oaks and Perrine Pointe. According to Apartments.com, Mulberry Apartments and Robin Oaks were built in the late 1960s, while Perrine Pointe was constructed in 1945. Aaron Moll of Berkadia originated the loan on behalf of the buyer, Michigan-based LG Capital. Income Property Organization was the seller. Loan terms were not provided.

January 20, 2023

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