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Midwest

DevelopmentMidwestMissouriMultifamily

Clayco Completes Redevelopment of Former St. Luke’s Hospital in St. Louis into Apartments

by Kristin Harlow

ST. LOUIS — Clayco has completed Delmar DivINe, a redevelopment of the former St. Luke’s Hospital in St. Louis into apartments. Clayco completed the project in partnership with Maxine Clark, the founder of Build-a-Bear Workshop. The 310,000-square-foot building is now home to 150 apartment units, space for 33 nonprofit tenants and retail storefronts along Delmar Boulevard. Amenities include a pool, fitness center, dog park, resident lounge and courtyard. Clayco collaborated with developer CRG, architect Lamar Johnson Collaborative and many local subcontractors. The long-neglected hospital campus was built in 1904.

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Affordable HousingLoansMidwestMultifamilyWisconsin

NewPoint Provides $12M Construction Loan for Affordable Housing Community in Madison

by Kristin Harlow

MADISON, WIS. — NewPoint Real Estate Capital has provided a $12 million loan for the construction of The Flats at 402, a 54-unit affordable housing community in Madison. All the property’s units will be restricted to residents who earn 50 to 60 percent of the area median income. The limestone exterior of an existing two-story commercial property will be repurposed for the construction of the project. An existing parking lot will be demolished and replaced with an underground parking garage. Cesar Diaz of NewPoint originated the loan on behalf of the borrower, Kenosha, Wis.-based Bear Real Estate Group. The Housing Authority of Dane County issued bonds, and National Equity Fund was the Low-Income Housing Tax Credit equity syndicator.

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Leasing ActivityMidwestOfficeWisconsin

Silvercrest Signs 11,194 SF Lease to Open Milwaukee Office at BMO Tower

by Kristin Harlow

MILWAUKEE — Silvercrest Asset Management Group has signed an 11,194-square-foot lease to open a Milwaukee office at BMO Tower. The company will occupy space on the 22nd floor and expects to open in May. Silvercrest, founded in 2002, is an employee-owned investment adviser with more than $27 billion in assets under management. The Milwaukee office joins the company’s other locations in New York, Massachusetts, California, Virginia and New Jersey. Adam Leshowitz and Nick Becker of CBRE represented the tenant in the lease negotiations. Irgens is the owner. Current tenants at BMO Tower include BMO Harris Bank, Michael Best & Friedrich, B.C. Ziegler & Co., Heartland Advisors, Kahler Slater and Andrus Intellectual Property Law LLP.

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Hospitality Hotels NAI Global
Content PartnerDevelopmentFeaturesHospitalityMidwestNAINortheastSoutheastTexasWestern

Economic Headwinds Slow Post-Pandemic Recovery for Select-Service Hotels

by Sarah Daniels

For a little more than a year now, Americans have gone on a collective road trip, making up for time stolen during the lockdowns. In turn, that has fueled a rebound in the hotel industry, which was decimated in 2020 and much of 2021. Revenue per available room (RevPAR), a key measure of hotel profitability, is expected to end 2022 at an average of $93, up nearly 8 percent versus 2019, according to a hotel forecast update in late November by STR, a hospitality research organization based in Hendersonville, Kentucky. Meanwhile, the projected average occupancy of 62.7 percent will mark an increase of 5.1 percentage points over 2021, and the estimated average daily rate (ADR) of $148 will best last year’s number by $23, STR reports. Select service lodging properties in particular are helping to lead the recovery, says Steven J. Martens, chairman of NAI Martens, a Wichita-based commercial real estate brokerage that is one of five brands under the Martens Companies umbrella. “The majority of the midscale and upper midscale assets are very dependent upon leisure travel, and they are seeing a rebound throughout the country,” he adds. “Most good operators with strong hotel brands have seen very healthy …

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Affordable HousingDevelopmentMidwestMinnesotaMultifamily

LS Black Breaks Ground on $71M Affordable Housing Development in Minneapolis

by Kristin Harlow

MINNEAPOLIS — LS Black Development recently broke ground on the $71 million Canvas Apartments affordable housing development in Northeast Minneapolis. The property’s 160 units will all be reserved for residents earning between 30 to 80 percent of the area median income (AMI). The project will feature one-, two- and three-bedroom units, as well as 23,000 square feet of production space, which encompasses both commercial and industrial uses. Completion is slated for spring 2024. The Minneapolis Public Housing Authority is providing 11 project-based Section 8 vouchers for the project. Canvas Apartments is LS Black’s first development project since adding a housing division. The St. Paul, Minn.-based company was formed in April 2020 to build, acquire and own affordable and workforce housing properties. It is a subsidiary of LS Black Constructors, a Minnesota-based construction and development services provider.

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AcquisitionsMidwestMissouriMultifamily

MMG Real Estate Advisors Arranges Sale of 769-Unit Apartment Complex in St. Louis

by Kristin Harlow

ST. LOUIS — MMG Real Estate Advisors has arranged the sale of Gateway at City Park, a 769-unit apartment complex in St. Louis that was formerly known as Cityview. Located in the city’s downtown west neighborhood, the property was built in 1960 and renovated in 2013. Amenities include a CityHive coworking space, covered parking garage, media room, rooftop terrace and two fitness centers. Daniel Wiele and Tom Maloney of MMG represented the seller, Mills Properties, which completed more than $28 million in upgrades. Blue Magma Residential was the buyer.

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AcquisitionsMidwestOhioRetail

Sekulovski Group Brokers $14M Sale of Shopping Center in Steubenville, Ohio

by Kristin Harlow

STEUBENVILLE, OHIO — Sekulovski Group has arranged the $14 million sale of Rural King Plaza, a 215,360-square-foot shopping center located in Steubenville, roughly 40 miles west of Pittsburgh. A Brooklyn-based private investor acquired the property from PICOA Inc. of Los Angeles. Tony Sekulovski of Sekulovski Group brokered the transaction. Anchor Rural King, a farm supply store, occupies 104,230 square feet at the retail center, which was 97 percent leased at the time of sale. Other tenants at the property include Ollie’s and Planet Fitness, which occupy 43,600 and 20,365 square feet, respectively. A 17,000-square-foot Dollar Tree and a Kay Jewelers store also occupy the center.

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AcquisitionsMidwestMissouriMultifamilyNorthmarq

Northmarq Arranges Sale of 208-Unit Multifamily Property in Liberty, Missouri

by Kristin Harlow

LIBERTY, MO. — Northmarq has arranged the sale of Jefferson Park East, a 208-unit multifamily property in the Kansas City suburb of Liberty. Built in 1987, the value-add community is located at 1220 Missouri Court. Jeff Lamott and Gabe Tovar of Northmarq represented the seller, Kansas City-based Maxus Properties. The buyer and sales price were not provided.

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AcquisitionsIllinoisIndustrialMidwest

Colliers Negotiates Sale of 79,869 SF Industrial Building in Maywood, Illinois

by Kristin Harlow

MAYWOOD, ILL. — Colliers has negotiated the sale of a 79,869-square-foot industrial building in Maywood, a western suburb of Chicago. The sales price was undisclosed. Completed in August, the property at 1900 Maywood Drive features a clear height of 32 feet. Built on a speculative basis, the development was leased to The Kroger Co. upon completion. Jeff Devine and Steve Disse of Colliers represented the seller, DSI Development. California-based Pacifica Real Estate was the buyer.

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DevelopmentHealthcareMichiganMidwestTop Stories

Trinity Health Michigan Unveils Plans for $238.2M Hospital in Metro Detroit

by Kristin Harlow

BRIGHTON, MICH. — Trinity Health Michigan has unveiled plans for a replacement hospital in metro Detroit’s Livingston County that will enhance patient access and create an integrated campus of medical and surgical care at its existing medical center in Brighton. The three-year project has a price tag of $238.2 million. The four-story, 174,000-square-foot hospital will consist of 56 acuity adaptable beds, 18 short-stay beds and eight licensed operating rooms. The existing medical center facility will also undergo renovations. Construction is scheduled to begin in early 2023. Acuity adaptable rooms enable patients to stay in one centralized room throughout their entire stay rather than being transferred to other units, while short-stay units are targeted for patients requiring brief hospitalization. The project represents a multi-year effort to relocate inpatient and outpatient services from the aging Trinity Health Livingston hospital in Howell to the campus of Trinity Health Medical Center-Brighton. When complete in 2025, the new hospital will bring together healthcare providers and services to offer a continuum of care in one location for Livingston County and surrounding communities. The new hospital will offer the following medical services: primary care, general medicine, gynecological surgery, urology, cardiology and intensive cardiac rehab, orthopedics, minimally invasive …

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