Midwest

General Motors, LG Joint Venture Receives $2.5B Loan for Construction of Three Battery Cell Manufacturing Facilities

by Kristin Harlow February 6, 2023

OHIO, MICHIGAN AND TENNESSEE — Ultium Cells LLC, a joint venture between General Motors and LG Energy Solutions, has received a $2.5 billion loan from the U.S. Department of Energy (DOE) Loan Programs Office (LPO). The loan will help finance the construction of three new lithium-ion battery cell manufacturing facilities in Warren, Ohio; Lansing, Mich.; and Spring Hill, Tenn. JLL assisted the DOE in the credit risk evaluation of the project structure, including the allocation of risk, the strength of construction, supply and purchase contracts. JLL also negotiated the loan terms and conditions. The construction projects are expected to create more than 11,000 jobs. The three new facilities will manage battery cell production to respond to the growing U.S. consumer demand for electric vehicles. The transaction marks LPO’s first closed loan exclusively for a battery cell manufacturing project under the Advanced Technology Vehicles Manufacturing program. In October, the federal government launched the American Battery Materials Initiative to grow the end-to-end battery supply chain alongside $2.8 billion in grants from the DOE.

February 6, 2023

Acquisitions Midwest Ohio Retail

JRW Realty Negotiates Sale of 115,777 SF Shopping Center in Columbus

by Kristin Harlow February 6, 2023

COLUMBUS, OHIO — JRW Realty has negotiated the sale of Walnut Creek Plaza in Columbus for an undisclosed price. An 86,608-square-foot Giant Eagle grocery store anchors the 115,777-square-foot shopping center. There are also 13 additional retail and healthcare tenants. Nathan Webb of JRW Realty sourced the buyer, one of JRW’s exclusive institutional buyers. CBRE represented the undisclosed seller.

February 6, 2023

Acquisitions Michigan Midwest Office Retail

Colliers Brokers Sale of 24,000 SF Historic Building in Detroit

by Kristin Harlow February 6, 2023

DETROIT — Colliers has brokered the sale of the historic Grand Army of the Republic (GAR) building in Detroit for an undisclosed price. The 24,000-square-foot property is located at 1942 Grand River Ave. Newgar LLC sold the asset to Joe Barbat of Barbat Holdings. Benji Rosenzweig and Ben Hubert of Colliers represented both parties in the transaction. The building currently houses a restaurant, office and event space. The buyer intends to convert the property into strictly event space with a new steakhouse on the ground floor to replace the old Parks & Rec Diner and Republic Tavern restaurants. The GAR building opened in 1901 as a place for the city’s Civil War veterans to gather. The GAR is a nationwide organization founded in 1866.

February 6, 2023

Leasing Activity Midwest Missouri Office

Kadean Construction to Relocate St. Louis Office to Sunset Hills, Missouri

by Kristin Harlow February 6, 2023

SUNSET HILLS, MO. — In April, Kadean Construction will move its St. Louis office from Fenton to Sunset Hills. The contractor will occupy roughly 10,500 square feet within Laumeier Office Park Building 4 after an approximately $1.2 million renovation and buildout is completed. Kadean’s architecture team is leading the design of the new space with assistance from eddy Design Group. The move comes as Kadean’s office staff has grown from 20 employees to 36 over the past 15 months. The new office will feature conference rooms, training areas and collaboration space. Kadean is also finalizing a lease for roughly 4,600 square feet of warehouse space in the Westport area to relocate and accommodate its expanding storage needs. Kadean also has an office in Kansas City. Total company employment now stands at 85. The construction firm has grown from $85.2 million in revenue in 2019 to an estimated $340 million in 2022.

February 6, 2023

Acquisitions Illinois Midwest Multifamily

Interra Realty Arranges $5.2M Sale of Apartment Building in Chicago

by Kristin Harlow February 6, 2023

CHICAGO — Interra Realty has arranged the sale of a 42-unit apartment building located at 4070 N. Kenmore Ave. in Chicago’s Buena Park neighborhood for $5.2 million. All of the units are studios and were recently renovated. Originally constructed in 1929, the property was fully occupied at the time of sale. Joe Smazal of Interra represented the private local seller as well as the buyer, a local private investor. As part of the transaction, the buyer assumed the existing loan on the asset.

February 6, 2023

Illinois Leasing Activity Midwest Office

Tishman Speyer Secures Lease Renewals with Katten, Chubb at Chicago Office Tower

by Kristin Harlow February 3, 2023

CHICAGO — Tishman Speyer has secured lease renewals with Katten and Chubb at 525 West Monroe Street in Chicago’s West Loop. Law firm Katten was among the first companies to commit to the 25-story office building upon its completion in 1983. Katten will maintain its headquarters across 204,000 square feet. As part of the lease negotiation, Tishman Speyer will create two new outdoor terraces for Katten’s exclusive use. Chubb, a publicly traded property and casualty insurance company, has been based at the office property for more than two decades. The firm signed a lease for 92,032 square feet and will consolidate its local workforce from three downtown Chicago offices into a newly designed space. Tishman Speyer is finalizing a major renovation of 525 West Monroe, including a new outdoor plaza, entrances and lobby. Designed by Michaelis Boyd Associates and MDEAS, the hospitality-inspired lobby incorporates a variety of seating areas for gathering, working and dining. Tishman Speyer is also introducing The Foyer, an all-day café concept created in partnership with Infuse Hospitality. The Foyer, which will include a bar and table service plus outdoor seating, will serve breakfast and lunch, grab-and-go offerings, craft coffee and curated cocktails to building occupants and …

February 3, 2023

Acquisitions Midwest Multifamily Wisconsin

CBRE Arranges Sale of 784-Unit Multifamily Portfolio in Metro Milwaukee

by Kristin Harlow February 3, 2023

MILWAUKEE — CBRE has arranged the sale of an 11-property multifamily portfolio totaling 784 units in metro Milwaukee for an undisclosed price. The portfolio includes: Sunburst Apartments and Howard Green Apartments in Greenfield; Newbury Place Apartments in Oak Creek; and 376 units across eight assets in Shorewood and Milwaukee. A 2,520-square-foot building leased to Einstein Bros. Bagels in Shorewood was also included in the sale. Patrick Gallagher, Matson Holbrook and Gretchen Richards of CBRE represented the seller, Blankstein Enterprises and several affiliated entities. Blankstein is a family-owned investment and property management firm established in Milwaukee in 1932. Katz Properties was the buyer.

February 3, 2023

Development Indiana Industrial Midwest

Mohr Capital Expands Indiana Logistics Park by 1 MSF

by Kristin Harlow February 3, 2023

WHITELAND, IND. — Mohr Capital has expanded its Mohr Logistics Park in Whiteland with an additional building totaling more than 1 million square feet. More than 540,000 square feet is leased, and the remaining 513,000 square feet is under final lease negotiations. Mohr anticipates full occupancy by this summer. Mohr has another 1.5 million square feet currently under construction, and is pursuing build-to-suits for another 1.2 million square feet. The master plan calls for nearly 7 million square feet within the industrial park. The project team includes Pepper Construction, Curran Architecture and American Structurepoint. Mark Writt of CBRE is the leasing agent.

February 3, 2023

Acquisitions Midwest Missouri Retail

Hanley Investment Group Brokers Sale of 20,400 SF Retail Property in Metro St. Louis

by Kristin Harlow February 3, 2023

O’FALLON, MO. — Hanley Investment Group Real Estate Advisors has brokered the sale of a 20,400-square-foot retail property in O’Fallon within metro St. Louis for an undisclosed price. Named Shops on K, the center is located at 2376-2400 Highway K. The property is fully leased to Aaron’s, Advance America Cash Advance, American Family Insurance, Cloud 9 Massage, Stallone’s Formal Wear, Pottery Hollow, a dance academy, dog groomer and fitness center. Constructed in 1997, the building is situated next to a Target and Kohl’s-anchored shopping center. Jeff Lefko and Bill Asher of Hanley, in association with ParaSell Inc., represented the seller, a St. Louis-based private owner. The buyer was a private investor from metro Nashville.

February 3, 2023

Leasing Activity Midwest Ohio Retail

CASTO Unveils New Retail Tenants at Hamilton Quarter in Columbus, Ohio

by Kristin Harlow February 3, 2023

COLUMBUS, OHIO — CASTO has unveiled new retail tenants for the Hamilton Quarter mixed-use development in Columbus. The new tenants include DiBella’s Subs, Torchy’s Tacos, KEMBA Financial Credit Union and Bath & Body Works. Located at the interchange of Hamilton Road and State Route 161, Hamilton Quarter is a 200-acre project. Plans call for 600,000 square feet of office space, 1 million square feet of retail, restaurant and entertainment space, and a hotel. The project is a joint venture between Casto, Daimler, The New Albany Co. and Capitol Square Ltd.

February 3, 2023

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