Midwest

Colliers Mortgage Provides $12.5M HUD-Insured Construction Loan for Minneapolis Affordable Housing Project

by Kristin Harlow August 11, 2022

MINNEAPOLIS — Colliers Mortgage has provided a $12.5 million HUD 221(d)(4) loan for the construction of Greenway Apartments in Minneapolis. The 86-unit affordable housing community will rise five stories at the intersection of 11th and 12th avenues, directly adjacent to the north side of the Midtown Greenway in the Midtown Phillips neighborhood. In addition to underground parking, the property will feature tow lobbies, common area laundry, a roof deck, fitness room, bike repair area, conference room, community room, playground, outdoor promenade and patio space with grills. Reuter Walton Development was the borrower for the 40-year loan. Income restrictions for the units were not provided.

August 11, 2022

Acquisitions Illinois Industrial Midwest

Dayton Street Partners Sells Two Industrial Facilities in Chicago to Brookfield Properties

by Kristin Harlow August 11, 2022

CHICAGO — Dayton Street Partners (DSP) has sold two industrial facilities in Chicago to Brookfield Properties for an undisclosed price. The first property, located at 2501 W. Fulton St., spans 42,000 square feet. Constructed in 1956, the building features a clear height of 16 feet, two internal docks, one overhead door and parking for 50 cars. DSP acquired the asset in 2019 and renovated the parking lot, painted the warehouse and installed LED lighting. Shortly after, DSP leased the building to Vienna Beef Ltd. The second property, located at 1827 W. Hubbard St., spans 33,000 square feet and features a clear height of 14 feet, two loading docks, one drive-in doors and parking for 34 cars. Built in 1960, the facility is currently vacant. DSP acquired the property in 2020 and updated the façade and parking lot.

August 11, 2022

Industrial Market Reports Midwest Midwest Market Reports Ohio

Low Vacancy, Increasing Rents Boost Cleveland Industrial Market

by Kristin Harlow August 11, 2022

By Alec Pacella, NAI Pleasant Valley The Cleveland industrial market enjoyed a strong first half of 2022, characterized by record-low vacancy rates, brisk new construction and increased rental rates and sales prices. Although the market has made several headlines over the first six months, many of these trends began several years ago and the pandemic only accelerated the activity level amongst several key sectors. Market wide, the average vacancy rate was just over 4 percent at the mid-year mark, which is a slight decrease from the 4.5 percent rate at the end of last year. By most accounts, this is a record-low level and represents a decrease of two full percentage points over the last five years. The most popular submarket, the Southeast, which encompasses favored industrial locations such as Solon, Twinsburg, Streetsboro and Aurora, finished the first half with a slightly higher rate of 4.4 percent. However, this market has also seen significant new construction, including a predominance of speculative projects. The submarket with the lowest vacancy rate is the Southwest, which stretches from Middleburg Heights through Medina, checking in at 3.7 percent. At the other end was the downtown submarket. Characterized by a significant amount of older properties, …

August 11, 2022

Acquisitions Hospitality Illinois Midwest

Marcus & Millichap Brokers $19.2M Sale of Hotel Portfolio in Suburban Chicago

by Kristin Harlow August 10, 2022

ELGIN AND ALGONQUIN, ILL. — Marcus & Millichap has brokered the sale of a three-property hotel portfolio in Chicago’s western suburbs for $19.2 million. The assets include a Comfort Suites and a Country Inn and Suites in Elgin, as well as a Holiday Inn Express in Algonquin. The 78-room Comfort Suites was built in 2006, while the 98-room Country Inn and Suites was constructed in 2000. The Holiday Inn Express was built in 2001 and features 86 rooms. Ebrahim Valliani and Michael Klar of Marcus & Millichap represented the seller, a Chicago-based investment group. The duo also secured two separate buyers, a Wisconsin-based investment group and a local investor. All three properties are expected to undergo improvements in the coming months.

August 10, 2022

Acquisitions Civic Michigan Midwest

Dominion Negotiates Sale of Former Law School Campus in Auburn Hills, Michigan

by Kristin Harlow August 10, 2022

AUBURN HILLS, MICH. — Dominion Real Estate Advisors has negotiated the sale of the former Western Michigan University/Thomas M. Cooley Law School campus in Auburn Hills for an undisclosed price. The 132,745-square-foot property is located at 2630 Featherstone Road. Eric Banks, Jim Mitchell, Andrew Boncore and David Depodesta of Dominion brokered the transaction. The buyer, FANUC Robotics, plans to expand the campus and spend $86 million to build a new 655,000-square-foot manufacturing facility. FANUC will utilize the existing building for its administrative, engineering, and research and design departments. The university’s current law school is located at 300 S. Capitol Ave. in Lansing.

August 10, 2022

Acquisitions Midwest Office Ohio

Quantum Arranges $13.1M Sale of Office Building in Warrensville Heights, Ohio

by Kristin Harlow August 10, 2022

WARRENSVILLE HEIGHTS, OHIO — Quantum Real Estate Advisors Inc. has arranged the $13.1 million sale of a 45,422-square-foot office building in Warrensville Heights, an eastern suburb of Cleveland. Constructed as a build-to-suit for advertising agency Marcus Thomas in 2011, the property was renovated in 2021. Daniel Waszak of Quantum represented the buyer, a Miami-based private investor. A metro Cleveland-based developer was the seller.

August 10, 2022

Illinois Leasing Activity Midwest Office

Crafty Signs 12,000 SF Office Lease in Chicago

by Kristin Harlow August 10, 2022

CHICAGO — Crafty, a company that assists workplaces in managing food, beverages and supplies, has signed a 12,000-square-foot office lease at 205 W. Wacker in Chicago. Headquartered in downtown Chicago, Crafty is expanding its footprint. The firm previously occupied 3,500 square feet in the West Loop neighborhood. Brian McDonnell and Bill Sheehy of CBRE represented Crafty in the lease transaction.

August 10, 2022

Acquisitions Healthcare Midwest Ohio

Cooper Group Brokers $1.8M Sale of Medical Office Building in Cleveland

by Kristin Harlow August 10, 2022

CLEVELAND — The Cooper Commercial Investment Group has brokered the sale of a single-tenant medical office building in Cleveland for nearly $1.8 million. Cleveland Clinic occupies the property. Dan Cooper of Cooper Group represented the seller, a Florida-based private investor. The California-based buyer purchased the property at the full asking price, which represents a cap rate of 6.5 percent.

August 10, 2022

Denver Lee & Associates Second Quarter Economic Rundown

Content Partner Features Industrial Leasing Activity Lee & Associates Life Sciences Midwest Multifamily Northeast Office Retail Southeast Texas Western

Lee & Associates’ Second-Quarter 2022 Economic Rundown by Sector

by Sarah Daniels August 10, 2022

Rising interest rates, inflation and general economic uncertainty altered the patterns and outlooks for the industrial, office, retail and multifamily sectors across the United States. As Lee & Associates’ recent Q2 2022 North America Market Report reveals, certain sectors like industrial and multifamily, that were white hot last year, have begun to cool slightly. Meanwhile, retail is making historic gains in the face of decreasing interest in ecommerce. The full Lee & Associates report is available (with further breakdowns of factors like vacancy rates, market rents, inventory square footage and cap rates by city) here. The analysis below provides an overview of four major commercial real estate sectors alongside economic factors impacting each. Industrial Overview: Record Low Supply, Rent Growth Demand for industrial space eased slightly from its record-setting growth of last year but remained strong through for the first half of 2022 as annualized rent growth moved into double digits and the overall vacancy rate fell to 3.9 percent, a record low. Net absorption through June totaled 192.2 million square feet. It was the second highest two-quarter total on record and more than the 170 million square feet of tenant growth for all of 2019. It was exceeded only by 297.8 …

August 10, 2022

Acquisitions Hospitality Midwest Minnesota Missouri

Three Walls Capital Purchases Hotel Portfolio in Minnesota, Missouri

by Kristin Harlow August 9, 2022

EAGAN, MINN. AND FENTON AND ST. CHARLES, MO. — Three Walls Capital (TWC) has purchased a three-property hotel portfolio in Minnesota and Missouri for an undisclosed price. The hotels include the 89-room Staybridge Suites Eagan Airport in Eagan, the 94-room Extended Stay America St. Louis Fenton in Fenton, and the 94-room Candlewood Suites St. Louis St. Charles in St. Charles. Aimbridge Hospitality will manage the assets on behalf of TWC. Aimbridge manages more than 65 properties owned by TWC, which plans to acquire and develop 35 extended-stay hotels over the next 18 to 24 months.

August 9, 2022

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