Midwest

Triage Staffing Expands Omaha Headquarters, Purchases 100,000 SF Building

by Kristin Harlow March 30, 2022

OMAHA, NEB. — Triage Staffing, a healthcare staffing firm based in Omaha, is expanding its corporate headquarters to 100,000 square feet. John Maaske and Tyler Pieper, Triage’s founders, purchased the building at 13609 California St. along with a group of investors. The building more than triples Triage’s current space. Architect Leo A. Daly has started the design process and is planning a major overhaul of the building’s interior. Renovations will begin in August, with occupancy slated for February 2023. Triage was founded in 2006 with four employees. The company expects to hire its 500th employee sometime this year.

March 30, 2022

Acquisitions Industrial Midwest Minnesota

JLL Brokers $9.8M Sale of Minnesota Industrial Portfolio

by Kristin Harlow March 30, 2022

FRIDLEY AND MONTICELLO, MINN. — JLL Capital Markets has brokered the sale of a two-building industrial portfolio in Fridley and Monticello for $9.8 million. Foundation Building Materials occupies both properties, which total 92,008 square feet and feature more than 150,000 square feet of outside storage space. David Berglund and Colin Ryan of JLL represented the undisclosed seller. Steve Nelson of Hoyt Properties co-brokered the deal. Lincoln Property Co. was the buyer.

March 30, 2022

Civic Development Midwest Minnesota

Kraus-Anderson Completes $9M Meat Science Laboratory at University of Minnesota

by Kristin Harlow March 30, 2022

ST. PAUL, MINN. — Kraus-Anderson has completed Phase III of the Andrew Boss Laboratory of Meat Science on the St. Paul campus of the University of Minnesota. The $9 million project, which began in May 2019, was conducted in multiple phases in order to allow portions of the building to be occupied during construction. The four-story, 14,283-square-foot project completes the replacement of all mechanical and electrical systems building-wide. BWBR Architects designed the project, while University Services Capital Project Management served as project manager. The meat processing facility contains research and teaching labs, a stadium-seating presentation classroom, a meat and dairy consumer salesroom and offices.

March 30, 2022

Data Centers Development Industrial Midwest Missouri

Meta to Build $800M Data Center in Kansas City

by Kristin Harlow March 29, 2022

KANSAS CITY, MO. — Meta Platforms Inc., formerly known as Facebook Inc., plans to build a nearly 1 million-square-foot data center in Kansas City. Meta will invest more than $800 million for the project, which will support up to 100 jobs. The facility is expected to be operational in 2024. The data center will be located in Golden Plains Technology Park, a 5.5 million-square-foot data center campus. The site will be supported by 100 percent renewable energy. Meta plans to use the Data Center Sales Tax Exemption Program, a tool that incentivizes the location and expansion of data centers in the state of Missouri.

March 29, 2022

Indiana Loans Midwest Multifamily

Berkadia Arranges $91M Acquisition Loan for Indianapolis Apartment Community

by Kristin Harlow March 29, 2022

INDIANAPOLIS — Berkadia has arranged a $91 million loan for the acquisition of The Whit in downtown Indianapolis. The 334-unit apartment community is located at 307 N. Pennsylvania St. Amenities include a pool, fitness center, courtyard and dog park. The property also features an attached 540-space parking garage and 10,687 square feet of retail space, which is leased to 16 Bit Bar+Arcade and MassageLuXe. Jason Brown and Austin Katai of Berkadia arranged the five-year loan through a debt fund lender. The borrower was Indiana-based Zidan Management Group Inc.

March 29, 2022

Hospitality Loans Midwest Minnesota

Colliers Mortgage Provides $14.9M Loan for Construction of New Hotel in St. Paul, Minnesota

by Kristin Harlow March 29, 2022

ST. PAUL, MINN. — Colliers Mortgage | Commercial Finance has provided a $14.9 million loan for the construction of Courtyard by Marriott-Gateway St. Paul. The 120-room hotel will be situated across from the Xcel Energy Center, a downtown arena. The Xcel Energy Center is home to more than 150 sporting and entertainment events each year. Loan terms and the borrower were not disclosed.

March 29, 2022

Acquisitions Illinois Midwest Multifamily Student Housing

Interra Realty Brokers $5.2M Sale of Student Housing Property in Chicago

by Kristin Harlow March 29, 2022

CHICAGO — Interra Realty has brokered the sale of The Loyola, a 49-bed student housing property in Chicago’s Rogers Park neighborhood, for nearly $5.2 million. Completed in August 2021, the four-story building is located along West Loyola Avenue. The property, which includes 1,500 square feet of retail space, was built on the site of former office and storage space for the Chicago Waldorf School. The property was 25 percent leased at the time of sale and 60 percent pre-leased for the upcoming fall semester. Residents have access to a community room, fitness center and rooftop deck. Craig Martin of Interra represented the undisclosed seller and procured the all-cash buyer, who owns and operates student living communities locally.

March 29, 2022

Acquisitions Midwest Ohio Retail

Marcus & Millichap Negotiates $2.2M Sale of Rite Aid-Occupied Property in Sandusky, Ohio

by Kristin Harlow March 29, 2022

SANDUSKY, OHIO — Marcus & Millichap has negotiated the $2.2 million sale of an 11,325-square-foot property net leased to Rite Aid in Sandusky, a city in northern Ohio located along Lake Erie. The property is located at 334 W. Perkins Ave. Rite Aid has roughly six years remaining on its lease. Erin Patton, Scott Wiles and Craig Fuller of Marcus & Millichap represented the Ohio-based private seller as well as the buyer, a Michigan-based limited liability company.

March 29, 2022

Outdoor Hospitality quote from Jesse Pine, NAI

Content Partner Features Hospitality Loans Midwest NAI Northeast Southeast Texas Western

Outdoor Hospitality Properties Draw Greater Investment Interest Following Rapid Growth During the Pandemic

by Sarah Daniels March 29, 2022

Where do people go to “get away from it all” — especially when the world shuts down? Many seek relaxation and recreation in the great outdoors. Interest in camping — especially the subset of high-end camping often referred to as “glamorous camping” or “glamping” — grew steadily in the years before the pandemic. The arrival of COVID and the desire for socially distanced vacations created a rapid increase in demand and revenue. The result for commercial real estate has been a large increase in the number of investors interested in outdoor hospitality properties. “Before 2020, the trend was already very strong; the pandemic just accelerated it,” says Sean Wood, associate broker at NAI Outdoor Hospitality Brokers. Wood cites the Kampgrounds of America (KOA) 2021 Annual North American Camping Report: “From 2014 to 2018, there was consistent growth of about 2 million new households per year getting into camping across North America. From 2018 to 2019, we saw a jump from 39.2 million to 41.9 million households that went camping. And then in 2020, we saw an explosion in interest: from 41.9 million households to 48.2 million households camping each year.” The specialists at NAI Outdoor Hospitality Brokers expect this renewed …

March 29, 2022

Loans Michigan Midwest Multifamily

Dwight Capital Provides $31M in Bridge Financing for Two Multifamily Communities in Michigan

by Kristin Harlow March 28, 2022

SOUTHFIELD, MICH. — Dwight Capital has provided $31 million in bridge financing for two multifamily communities in Southfield. In the first transaction, Dwight provided $14 million for Legacy Place, a 173-unit condominium rental property. Loan proceeds were used to facilitate the acquisition and renovation of 112 units. Legacy Place, which consists of more than 44 two-story buildings, features some of the largest units in Southfield. Amenities include a swimming pool, garage parking, onsite management and nearly 20 acres of walking grounds. In the second transaction, Dwight provided a $17 million acquisition loan for Carlyle Tower Apartments, a neighboring 175-unit property that consists of a 10-story building on five acres. The undisclosed borrower plans to invest in interior and exterior upgrades. Adam Sasouness of Dwight originated the loans through the firm’s commercial mortgage REIT, Dwight Mortgage Trust. Marvin Jeremias of Crossmark Capital arranged the loans, terms of which were not provided.

March 28, 2022

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