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Industrial Retailers, Warehouse Users Rely on Ports, Rails to Provide Variety During Economic Uncertainty

by Sarah Daniels

Amazon recently reconfigured and consolidated its network of warehouses, and many other retailers followed suit. The result? The outlook for industrial real estate, particularly retail warehouses, is now more difficult to interpret. Many retail clients are repositioning their supply chains to help avoid slowdowns and a potential International Warehouse Logistics Association (IWLA) union strike on the West Coast. This change has merged with a corporate need to find additional options for shipping and transport (especially as prices for transportation and industrial rents rise). The demand for industrial space has increased rapidly in less “congested” areas. As economic uncertainty continues, there is a shift towards tertiary markets for industrial real estate. This change provides significant opportunities for industrial investors, says Steve Pastor, VP of global supply chain, and ports/rail logistics/consultant at NAI James E. Hanson, who serves as NAI Global Industrial Council Chair. Investors and developers may be able to take advantage of a pause in a highly competitive field, in tertiary markets that have been traditionally less expensive than major and core markets. Amazon’s Impact News of Amazon’s plans to scale back its acquisition of industrial space (and to sublease its existing property to other retailers) has given some users opportunities …

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DevelopmentMichiganMidwestMultifamilyStudent Housing

Landmark Properties Breaks Ground on Two-Building Student Housing Community Near University of Michigan

by Kristin Harlow

ANN ARBOR, MICH. — Landmark Properties, in a joint venture with Cerca Trova, has broken ground on The Legacy at Ann Arbor, a two-building student housing community located adjacent to the historic Michigan Theater in Ann Arbor. The property will feature a 19-story high-rise building — soon to be the second tallest building in Ann Arbor, according to Landmark — and a mid-rise building located within walking distance of the University of Michigan campus. The community will offer 521 beds across 253 apartments, including 19 affordable housing units, in studio through five-bedroom configurations. Shared amenities will include 4,150 of ground floor retail space, outdoor terraces, study rooms for office work and group learning and a rooftop deck. The project is scheduled for completion in fall 2024.

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IllinoisMidwestRetail

JLL, Poag Shopping Centers Enter Partnership to Acquire, Redevelop Mixed-Use Assets

by Kristin Harlow

CHICAGO — Chicago-based JLL has entered into a strategic partnership with Memphis, Tenn.-based Poag Shopping Centers to acquire and redevelop mixed-use assets. Poag will provide development and redevelopment services for JLL-managed centers across the U.S., while JLL will provide management and operational services to Poag’s 10 open-air lifestyle centers. Poag will partner with JLL on its existing pipeline of redevelopment work and intends to grow this platform as more malls and open-air centers are revamped for today’s changing retail environment. Poag will also work with JLL to answer requests for proposals for large mixed-use developments that integrate retail with a variety of other uses.

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DevelopmentMidwestMissouriMultifamily

Mia Rose Holdings, Midas Capital to Develop 144-Unit Apartment Complex in Lake St. Louis

by Kristin Harlow

LAKE ST. LOUIS, MO. — Mia Rose Holdings and Midas Capital are developing a 144-unit apartment complex in Lake St. Louis, a northwest suburb of St. Louis. Completion is slated for December 2023. Midas Construction is the general contractor and Rosemann & Associates PC is the architect. The property manager will be 2B Residential. Amenities will include a pool, sun deck, outdoor lounge, barbecue area, clubhouse, coffee bar, fitness center and golf simulator. The development’s 60 two-bedroom units and 84 one-bedroom units will be spread across four buildings. The two-bedroom units will average 1,135 square feet while the one-bedroom units will measure approximately 825 square feet.

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IndustrialLeasing ActivityMidwestOhio

DSV Signs 368,537 SF Industrial Lease in Suburban Cleveland

by Kristin Harlow

STREETSBORO, OHIO — Third-party logistics company DSV has signed a 368,537-square-foot industrial lease at a former Best Buy distribution center in the Cleveland suburb of Streetsboro. Located at 9780 Mopar Drive near I-480, the property features 68 docks, two drive-in doors, 14,500 square feet of office space and a clear height of 32 feet. DSV will move into the facility in September. David Stecker of JLL represented ownership, Industrial Logistics Properties Trust, which is managed by The RMR Group. Joe Messina and Dominic Carbonari of JLL represented DSV.

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AcquisitionsHospitalityKansasMidwest

Mission Hill Hospitality Acquires 102-Room Hotel in Lawrence, Kansas

by Kristin Harlow

LAWRENCE, KAN. — Mission Hill Hospitality has acquired the Oread Hotel, a 102-room property adjacent to the University of Kansas in Lawrence. The purchase price and seller were undisclosed. Mission Hill will rebrand the asset as Oread Hotel, Tapestry Collection by Hilton. Tapestry-branded properties are uniquely designed to maintain an independent character from other hotels within the collection. Located at 1200 Oread Ave., the property features 15,000 square feet of meeting space, a full-service restaurant and bar, retail space, two outdoor terraces and a fitness center. The 10-story hotel was originally developed in 2010 with 99 hotel rooms and nine condominium units. Plans call for the conversion of three condo units into hotel suites. Additional improvements will be made to bathrooms, furnishings and public space. The transaction marks the 24th acquisition for Mission Hill since the company was launched in 2021. Mission Hill is a KSL Capital Partners portfolio company that is focused on select-service and extended-stay hotel investing.

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DevelopmentIllinoisLoansMidwestOfficeTop Stories

JLL Arranges $215.1M Financing for Canal Station Office Redevelopment in Chicago’s West Loop

by Jeff Shaw

CHICAGO — JLL has arranged $215.1 million in financing for the redevelopment of 801 S. Canal St., a 684,000-square-foot office building in Chicago’s West Loop neighborhood. The borrower is New York City-based 601W Cos. Once completed, the creative office space will be rebranded as Canal Station. The redeveloped property will feature open floorplates and continuous glass windows on its exterior. Amenities will include a fitness center, tenant lounge, conference center, outdoor terraces and lobby. The building will offer 376 parking spaces. JLL represented the borrower in securing the senior loan through Bank OZK and a mezzanine loan and preferred equity through Lionheart Strategic Management LLC on behalf of Milestone Asset Management. 601W Companies’ development portfolio in Chicago consists of The Old Post Office, Prudential Plaza and Aon Center. Keith Largay, Lucas Borges and Ryan Sullivan led the JLL Capital Markets team representing the borrower. Other office tenants in Chicago’s West Loop neighborhood include Uber, Walgreens and Home Chef. The property is further benefited by Chicago’s vast transportation network with access to interstates 90, 94, 290 and 55 and four L Train lines. The redevelopment of Canal Station will continue the transformation of the West Loop and will be a sister property …

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DevelopmentIndianaIndustrialMidwest

Lauth, Covington to Build 2 MSF Industrial Park at Former Ford Site in Indianapolis

by Kristin Harlow

INDIANAPOLIS — Lauth Group Inc. and Covington Group Inc. have formed a joint venture to acquire and redevelop the former Ford Visteon site at 6900 English Ave. in Indianapolis. The 150-acre industrial park will be named Thunderbird Commerce Center. Plans call for up to 2 million square feet of build-to-suit and speculative space with rail access along the western side of the property. Mark Writt and Nikki Leahy of CBRE are marketing the project for lease.

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DevelopmentMidwestMissouriMultifamily

Draper and Kramer Opens Moda at The Hill Apartment Community in St. Louis

by Kristin Harlow

ST. LOUIS — Draper and Kramer Inc. has opened Moda at The Hill, a 225-unit apartment community in The Hill neighborhood of St. Louis. The four-story building offers a mix of one- and two-bedroom units ranging from 600 to 1,200 square feet. Monthly rents start at $1,373. Amenities include lounge areas, a fitness center, game room, coworking spaces, pet care facilities, a dog park, courtyard, pool, grilling stations, fire pits and garage parking. Moda at The Hill is part of a larger 11-acre master plan led by Draper and Kramer that also includes single-family homes by McBride Homes and a community park space.

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DevelopmentIllinoisMidwestMultifamily

Ryan Breaks Ground on 200-Unit Luxury Apartment Complex in Suburban Chicago

by Kristin Harlow

ELMHURST, ILL. — Ryan Cos. US Inc. has broken ground on Vyne on Haven, a 200-unit luxury apartment complex in Elmhurst. The transit-oriented development is located at 102 Haven Road. Units will range from 600 to 1,500 square feet. Amenities will include a 13,000-square-foot outdoor deck with a pool, cabanas, grilling stations and outdoor heaters, a sixth-floor sky lounge, fitness center, clubroom, coworking space, dog spa and dog run. Ryan A+E Inc. designed the six-story, 320,000-square-foot building. Ryan is the developer and general contractor for the project and will manage the property upon completion, which is slated for 2024.

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