Midwest

Annex Group Underway on $23M Workforce Housing Community in Bloomington, Indiana

by Kristin Harlow January 14, 2022

BLOOMINGTON, IND. — The Annex Group has closed on funding and started construction of The Annex of Bloomington, a $23 million workforce housing community in Bloomington. The 102-unit, two-building property will be situated within an area called the University Village Downtown Character Overlay District. Completion is slated for spring 2023. The project team includes general contractor Gilliatte General Contractors Inc., architect KTGY and engineer Smith Design Group Inc. Star Financial Bank provided $18.1 million in funding. Bloomington has a high population of renters, and the student population of Indiana University puts a strain on the market, according to Kyle Bach, CEO of Annex. Bach says this new project is in response to the need for housing in the area. A percentage of the units are restricted for residents earning below 120 percent of the area median income.

January 14, 2022

Illinois Industrial Leasing Activity Midwest

Meade, Central States Trucking Sign Leases at Industrial Park in Chicago

by Kristin Harlow January 14, 2022

CHICAGO — Meade Inc. and Central States Trucking have signed leases to occupy space at a three-building industrial park located at 2217 S. Loomis St. in Chicago. Dayton Street Partners owns the property, which is now fully leased. Meade will occupy 25,326 square feet while Central States Trucking will lease 4,000 square feet. Kevin Segerson and Philip DeBoer of CBRE and Peter Poulos of Peter J. Real Estate represented the tenants.

January 14, 2022

Development Illinois Midwest Multifamily

McHugh Construction Underway on Platform 4611 Apartment Project in Chicago

by Kristin Harlow January 13, 2022

CHICAGO — McHugh Construction has started building Platform 4611, a nine-story apartment building in Chicago’s Uptown neighborhood. The project includes 200 units and 9,000 square feet of ground-floor retail space. The developers are The John Buck Co. and Free Market Ventures. Pappageorge Haymes Partners is the architect. Levels two through eight will include a mix of studio, one- and two-bedroom units, while the top floor will include four three-bedroom penthouse units and a host of building amenities. Plans call for touchless entry, reservable office space on each floor, a fitness center and a rooftop amenity floor with coworking space and an outdoor terrace. Completion is slated for late 2022 or early 2023. The name Platform 4611 is a nod to the project’s transit-oriented nature. The Wilson Chicago Transit Authority (CTA) train station is located across the street.

January 13, 2022

Acquisitions Midwest Minnesota

Ryan Cos. Sells 11-Building Medical Office Portfolio Across Six States

by Kristin Harlow January 13, 2022

MINNEAPOLIS — Minneapolis-based Ryan Cos. US Inc. has sold a portfolio of 11 medical office buildings to Harrison Street for an undisclosed price. The fully leased buildings total 500,778 square feet and are located in Florida, Illinois, Minnesota, North Carolina, North Dakota and Wisconsin. Ryan developed all of the facilities. Ryan’s healthcare real estate management team will continue managing the properties under the new ownership. John Nero, Ben Appel, Jay Miele, Michael Greeley, Ron Ott and Adam Goss of Newmark represented Ryan in the sale.

January 13, 2022

Loans Michigan Midwest

Bernard Financial Group Arranges $44.4M Construction Loan for Parking, Mobility Center in Detroit

by Kristin Harlow January 13, 2022

DETROIT — Bernard Financial Group (BFG) has arranged a $44.4 million construction loan for a parking and mobility center under development in Detroit’s Corktown neighborhood. Dennis Bernard and Joshua Bernard of BFG arranged the loan with Waterway Capital LLC. An entity doing business as Corktown Mobility Hub LLC was the borrower. Further details were not provided.

January 13, 2022

Development Healthcare Illinois Midwest

IMPACT Strategies Completes Construction of Three-Story Medical Office Building in O’Fallon, Illinois

by Kristin Harlow January 13, 2022

O’FALLON, ILL. — IMPACT Strategies has completed construction of the 50 West Office Building in O’Fallon, about 18 miles east of St. Louis. The three-story building, located near the HSHS St. Elizabeth’s Hospital campus, will house the practice of Dr. Joshua Wilson of Advanced Vision Care as well as SSM Physical Therapy. TR,i Architects designed the 36,000-square-foot property. Construction took less than 12 months.

January 13, 2022

Indiana Loans Midwest Multifamily

Berkadia Arranges $17.3M Loan for Refinancing of Indianapolis Multifamily Property

by Kristin Harlow January 13, 2022

INDIANAPOLIS — Berkadia has arranged a $17.3 million Freddie Mac loan for the refinancing of Creekside Square in Indianapolis. The 192-unit, garden-style multifamily property was built in 1994. Amenities include a clubhouse, playground, covered parking and onsite management. Located at 5836 Hunnewell Drive, the property offers convenient access to both I-65 and I-465. Jason Brown and Austin Katai of Berkadia arranged the seven-year loan, which features a 30-year amortization schedule. Indianapolis-based Zidan Management Group Inc. was the borrower.

January 13, 2022

Industrial Market Reports Midwest Midwest Market Reports Missouri

Available Land, Developer Talent Boost Kansas City’s Industrial Scene

by Kristin Harlow January 13, 2022

2021 was a historic year for Kansas City industrial real estate. The local market size eclipsed 300 million square feet of space, representing the 16th-largest industrial market in the U.S. Class A building inventory is nearly 44 million square feet, ranking 15th in the nation. Of the industrial building inventory, 14.4 percent is Class A, ranking ninth-highest in the country, suggesting the inventory that we have is quality compared with other U.S. markets. Capital markets are firm influencers with soft voices. Nationally, the amount invested is a record high. Rental rate growth is at an all-time high and investors are confident that this growth will sustain. While you may not read about where capital is being deployed, the institutional development and investment activity provide the output to see where institutions have comfort. Cap rates in the Kansas City area broke records and saw compression in the last year of 50 to 150 basis points depending on the asset class. This is a result of investors seeking return and believing in the long-term strength of tier II industrial markets and yield premium afforded in these markets compared with gateway cities. Well-positioned assets traded with cap rates in the low to …

January 13, 2022

Development Industrial Midwest Nebraska

R&R Realty Group to Build 1.3 MSF Spec Industrial Park in Omaha’s Sarpy County

by Kristin Harlow January 12, 2022

OMAHA, NEB. — R&R Realty Group has unveiled plans to build R&R Commerce Park South, an industrial park that will eventually consist of six buildings totaling more than 1.3 million square feet. The speculative development will be located on the southeastern corner of 156th Street and Schram Road in Omaha’s Sarpy County. The first two buildings are slated for completion by the end of this year. Plans call for a 286,000-square-foot warehouse and a 151,840-square-foot warehouse. Iowa-based R&R has also built R&R Commerce Park, a four-building development in Omaha that broke ground in 2018.

January 12, 2022

Acquisitions Indiana Midwest Retail

JLL Brokers Sale of 150,163 SF Shopping Center in Fort Wayne, Indiana

by Kristin Harlow January 12, 2022

FORT WAYNE, IND. — JLL Capital Markets has brokered the sale of Apple Glen Crossing in Fort Wayne for an undisclosed price. The 150,163-square-foot property is an open-air power center anchored by Best Buy and Dick’s Sporting Goods. Apple Glen Crossing is 94 percent leased. Additional tenants include Shoe Carnival, PetSmart, Ulta Beauty, Cali Nails and Sports Clips. Built in 2000, the property sits on 17 acres along Apple Glen Boulevard. Amy Sands, Clinton Mitchell, Michael Nieder and Tim Murry of JLL represented the seller, Brixmor Property Group. Berengaria Development, the real estate arm of Marcus Investments LLC, was the buyer.

January 12, 2022

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