Midwest

High Demand Buoys Kansas City Industrial Market

by Kristin Harlow January 12, 2023

By John Hassler, Newmark Zimmer At the close of 2022, Kansas City’s industrial property market hit heights that would have been unimaginable only a decade prior. While Kansas City ranks as the 31st-largest MSA in the United States by population, it is the 16th-largest market nationally based on industrial square footage with nearly 315 million square feet of total inventory. Further, Kansas City ranks 10th nationally in the percentage of annual net absorption as compared with its market size and has added an impressive 62.5 million square feet of newly developed square footage over the last 10 years. Many factors have contributed to the market’s growth trajectory including the nation’s most geo-central location (a two-day truck drive to 85 percent of the continental U.S. population), the confluence of five Class-1 railroads (with four area intermodal centers), the intersection of four of the nation’s busiest interstates (including I-35 and I-70), an available and reasonably priced workforce, an abundance of industrial development sites in pro-development communities, and an experienced, well-capitalized concentration of developers headquartered in the area. Kansas City has leveraged those various logistical and strategic advantages at a perfect time to capitalize on an all-time high in industrial space demand with …

January 12, 2023

Jeff Rinkov Brokerage Expansion Lee & Associates

Company News Content Partner Features Lee & Associates Midwest Northeast Southeast Texas Western

Lee & Associates Maintains Expansion Strategy Despite Choppy Economic Waters

by Sarah Daniels January 12, 2023

Against the backdrop of higher interest rates and the collapse of commercial real estate investment transactions, large brokerages have begun to reduce staff and other expenses to weather growing uncertainty over property values. But executives at Lee & Associates Commercial Real Estate Services consider it an ideal environment to continue an expansion that has added more than ten new locations over the last few years. Earlier this month, Lee & Associates announced the opening of an office in Baton Rouge, La. In November, they opened an office in Calgary, Alberta. In the same month, a satellite office in Nashville, Tenn. transitioned to a freestanding office, a designation that provides brokers in the office with the opportunity to fully benefit from the Lee & Associates capital structure — namely, to participate in funding the brokerage’s future growth and reaping the potential rewards. Those additions followed new office expansions in downtown Los Angeles, San Francisco and Omaha, Neb., earlier in the year. The Southern California-based brokerage anticipates announcing two more openings in early 2023, eventually increasing its footprint to around 90 locations from more than 70 today, says Jeffrey Rinkov, CEO of Lee & Associates. “We see some of our competitors cutting …

January 12, 2023

Development Loans Midwest Multifamily Wisconsin

JLL Capital Markets Secures $73.8M in Construction Financing for Multifamily Project in Madison, Wisconsin

by Jeff Shaw January 11, 2023

MADISON, WIS. — JLL Capital Markets has secured $73.8 million in construction financing for the development of Baker’s Place, a 206-unit, mass-timber apartment project in Madison. The financing included a $21.2 mezzanine debt investment from Pearlmark Mezzanine Realty Partners V LP, and a senior loan provided by Bank OZK. Mike Brady and Phil Galligan of JLL represented the borrowers, Wisconsin-based developers The Neutral Project and Compass Properties, as advisors in the project capitalization. Mark Witt of Pearlmark arranged the mezzanine financing. Upon completion, the property will comprise 14 stories, including 8,400 square feet of retail space. Plans for the development include green roofs, exposed mass timber, enhanced ventilation and natural materials, which are estimated to reduce carbon emissions by 42 percent relative to conventional construction techniques. Completion is scheduled for March of 2025.

January 11, 2023

Loans Midwest Minnesota Multifamily Seniors Housing

Ziegler Closes $47M Financing for Construction of Seniors Housing Community in Corcoran, Minnesota

by Jeff Shaw January 11, 2023

CORCORAN, MINN. — Specialty investment bank Ziegler has closed on $47 million in financing for Saint Therese of Corcoran LLC, and its sponsor, Saint Therese, for the construction of a new senior living community in Corcoran, about 30 miles northwest of Minneapolis. The financing is comprised of $18.2 million of Series 2022AB and $28.8 million of Series 2023 Senior Living Revenue Notes placed with Bremer Bank. Proceeds of the notes, along with other available funds, will be used to finance the construction of Saint Therese of Corcoran, fund interest on the notes, and pay certain costs of issuance associated with the financing. Saint Therese is a Catholic senior living organization originally organized in 1965 as a single-site nursing home in New Hope, Minn. Now based in St. Louis Park, Minn., Saint Therese has grown across the Minneapolis-St. Paul metropolitan area as a provider of housing and supportive services with nearly 1,000 units offering independent living, assisted living, memory care, skilled nursing, inpatient/outpatient therapy, community wellness, and other related services. Saint Therese team members annually provide services to more than a dozen senior living locations for approximately 3,250 Minnesotan seniors. Saint Therese is the sponsor of the new senior living community, …

January 11, 2023

Acquisitions Illinois Midwest Retail

Kimco Sells Retail Center in Suburban Chicago for $20.5M

by Jeff Shaw January 11, 2023

BATAVIA, ILL. — Kimco has sold Wind Point Shopping Center, a 274,282-square-foot retail center located in Batavia, a western suburb of Chicago. PMAT acquired the property for $20.5 million. Amy Sands, Clinton Mitchell and Michael Nieder of JLL arranged the transaction on behalf of Kimco. Built in 1999, the retail center was 72.5 percent occupied at the time of sale. Aldi and Hobby Lobby anchor the property. Other tenants include Kohl’s, Office Max, Petland, Chili’s, Mattress Firm, AT&T and Swordfish Sushi.

January 11, 2023

Acquisitions Midwest Ohio Retail

Marcus & Millichap Brokers Sale of 130,000 SF Retail Property Near Dayton, Ohio

by Jeff Shaw January 11, 2023

EATON, OHIO — Marcus & Millichap has brokered the sale of Eaton Center, a 130,483-square-foot retail property located about 25 miles west of Dayton in Eaton. Kroger has anchored the property for 30 years. Additional tenants include retailers such as Tactor Supply and Autozone, both of which have occupied space at the center for 25 years, and several restaurants. The property was approximately 70 percent occupied at the time of sale. The sale was brokered by investment sales team Patton-Wiles-Fuller Group of Marcus & Millichap’s Columbus office, including First Vice President CJ Jackson and Senior Managing Director Erin Patton. Senior Managing Directors Scott Wiles and Craig Fuller of Marcus & Millichap’s Cleveland office marketed the property on behalf of the seller, a Cincinnati-based private ownership group. Patton-Wiles-Fuller Group also procured the out-of-state fund that purchased the property.

January 11, 2023

Acquisitions Industrial Midwest Ohio Self-Storage

Versal Arranges Sale of 561-Unit Self-Storage Facility in Dayton, Ohio

by Jeff Shaw January 11, 2023

DAYTON, OHIO — Versal has arranged the sale of Storage Sense, a 561-unit self-storage property located in Dayton. Originally built as a single-tenant retail center, the facility comprises 65,495 square feet. Bill Bellomy, Michael Johnson, Logan Foster and Hugh Horne of Versal represented the seller, Delaware-based Cobblestone Capital. The team also procured the buyer, Nevada-based Amerco Real Estate Co. The sales price was not disclosed.

January 11, 2023

Illinois Loans Midwest Multifamily

Berkadia Arranges $10.6M PACE Construction Loan for Multifamily Project in Suburban Chicago

by Kristin Harlow January 10, 2023

TINLEY PARK, ILL. — Berkadia has arranged a $10.6 million PACE construction loan for The Magnuson, a 144-unit, ground-up multifamily project in the Chicago suburb of Tinley Park. Jason Bond of Berkadia arranged the loan through PACE Loan Group on behalf of the borrower, Illinois-based One Magnuson Lane LLC. Matthew McCormack represented PACE Loan Group on an internal basis. The Illinois Energy Conservation Authority NFP assisted in closing the financing. The property is currently under construction, but a timeline for completion was not provided. The project will consist of four four-story buildings and a clubhouse. Introduced in Illinois in 2019, C-PACE provides long-term, fixed-rate funding to private building owners for energy efficiency, renewable energy, water conservation, electric vehicle charging and resiliency projects to be installed in both existing and new commercial properties. The C-PACE efforts at The Magnuson are expected to provide roughly $311,000 in savings over the 30-year financing term, while also saving more than 2.3 million gallons of water per year.

January 10, 2023

Development Industrial Midwest Wisconsin

Greywolf Partners Completes Development, Lease-up of 122,038 SF Industrial Building in Madison

by Kristin Harlow January 10, 2023

MADISON, WIS. — Greywolf Partners Inc. has completed the development and lease-up of a 122,038-square-foot industrial building in Madison. The tenant is Uniek Inc., a designer, manufacturer and supplier of home décor products. The property is located at 6305 Ronald Reagan Ave. within the Center for Industry and Commerce business park. The building features a clear height of 32 feet, 20 exterior loading docks, four drive-in doors and LED lighting. Corporate Contractors Inc. served as the general contractor for the building, which was built on a speculative basis. JSD Professional Services provided civil and landscaping engineering, while JAKnetter Architects provided architectural services. Steve Turner of Greywolf Brokerage, a division of Greywolf Partners, represented the landlord in the lease with Uniek.

January 10, 2023

Acquisitions Midwest Retail Wisconsin

Colliers Brokers $3.2M Sale of Retail Center in Plover, Wisconsin

by Kristin Harlow January 10, 2023

PLOVER, WIS. — Colliers has brokered the $3.2 million sale of a retail center in Plover, a city in central Wisconsin. The 23,000-square-foot property was 95 percent leased at the time of sale. Adam Connor and Heather Dorfler of Colliers represented the seller, a subsidiary of MLG Capital’s Legacy Fund. The duo also procured the out-of-state buyer, which used a California-based bank for acquisition financing.

January 10, 2023

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