Midwest

KeyBank Provides $74.3M in Construction Financing for Affordable Housing Property in Columbus

by Kristin Harlow June 30, 2022

COLUMBUS, OHIO — KeyBank Community Development Lending and Investment has provided $74.3 million in construction financing for Darby Crossing, an affordable housing property in Columbus. Indianapolis-based Kittle Property Group is the developer. The 11-building property will include 60 one-bedroom units, 92 two-bedroom units, 84 three-bedroom residences, 24 four-bedroom apartments and two cottages. All units will be restricted to residents who earn up to 60 percent of the area median income. Amenities will include a clubhouse, pool house and 48 garage parking spaces. Construction has begun and is slated for completion by August 2025. David Lacki and Greg Deeks of KeyBank structured the financing, which includes a $43.3 million construction loan to be followed by a $31 million private placement loan. Additionally, the Columbus-Franklin County Finance Authority issued $42.2 million in tax-exempt bonds and the Ohio Housing Finance Agency provided $21.3 million in low-income housing tax credits. The development also benefits from a tax abatement based on its location in a Community Reinvestment Area.

June 30, 2022

Affordable Housing Development Midwest Multifamily Nebraska

Annex Group Breaks Ground on $34.4M Affordable Housing Community in Lincoln, Nebraska

by Kristin Harlow June 30, 2022

LINCOLN, NEB. — The Annex Group has broken ground on Union at Middle Creek, a $34.4 million affordable housing community in Lincoln. The property’s 192 units will be designated for residents earning up to 60 percent of the area median income. Amenities will include a clubhouse, fitness center and nature trail. The development, slated for completion in early 2024, marks Annex Group’s first in Nebraska. Project partners include R4 Capital Funding as lending partner and R4 Capital as equity partner. The project team includes Summit LIHTC Consulting, REGA Engineering Group, Wallace Architects and NP Dodge Management Co.

June 30, 2022

Industrial Leasing Activity Michigan Midwest

Axiom Engineered Systems Signs 123,000 SF Flex Industrial Lease in Michigan

by Kristin Harlow June 30, 2022

MUSSEY TOWNSHIP, MICH. — Axiom Engineered Systems has signed a lease for a 123,000-square-foot flex industrial building at 14898 Koehn Road in Mussey Township, about 55 miles north of Detroit. The location will serve as the company’s first in the U.S. The automotive company was founded in Canada in 1987. Matthew Buslepp, Jacob Zammit and Jim Becker of Avison Young represented the tenant. Lee & Associates represented the landlord, an entity doing business as 14898 Koehler Capac LLC.

June 30, 2022

Acquisitions Illinois Industrial Midwest

Timber Hill Group Sells 3.5-Acre Outdoor Storage Facility in Chicago

by Kristin Harlow June 30, 2022

CHICAGO — Timber Hill Group has sold a 3.5-acre outdoor storage and fleet parking property at 4626 W. 42nd St. in Chicago for an undisclosed price. Zenith IOS purchased the property, which is zoned for truck parking and is located near the Cicero Avenue and I-55 interchange. Timber Hill acquired the site in 2017 and added a perimeter fence, gate system and lighting. Brian Vanosky and Tim McCahill of Lee & Associates represented the buyer. Timber Hill is a Chicago-based private equity firm specializing in the acquisition and development of logistics real estate.

June 30, 2022

Leasing Activity Midwest Restaurant Retail Wisconsin

Social Cantina to Open 4,800 SF Restaurant at The Mill at Ironworks Plaza in Wisconsin

by Kristin Harlow June 30, 2022

MISHAWAKA, WIS. — Social Cantina will open a 4,800-square-foot restaurant at The Mill at Ironworks Plaza, an apartment complex in downtown Mishawaka. The Mexican restaurant serves tequilas, fresh margaritas, craft beer and classic Mexican dishes. Finney Hospitality Group owns the restaurant brand. The Mill at Ironworks Plaza, completed in 2019, features 232 luxury apartment units with 13,000 square feet of retail space. Earlier this year, Sun King unveiled plans to open a 6,700-square-foot tap room at the property. Flaherty & Collins Properties, the property owner, is finalizing plans on a second phase that will bring an additional 230 luxury apartment units and riverfront retail space. Construction on Phase II is expected to begin in spring 2023.

June 30, 2022

Arizona Florida Georgia Industrial Kentucky Midwest Missouri North Carolina South Carolina Southeast Tennessee Texas Top Stories Virginia Western

MDH Partners Sells 58-Property Sunbelt Logistics Portfolio Located Across 10 States for $1.3B

by Katie Sloan June 30, 2022

ATLANTA — MDH Partners has sold its 58-property Sunbelt Logistics Portfolio to an undisclosed global institutional investor for $1.3 billion. MDH will retain an ownership stake in the portfolio and will continue to operate the properties. The portfolio spans 9.7 million square feet of industrial space across 10 states, including 11 properties in Georgia; 10 properties in Florida; eight properties in Texas; seven properties each in Arizona and Missouri; four properties each in Tennessee and North Carolina; two properties each in South Carolina and Virginia; and one property in Kentucky. The final two properties include nearly 675,000 square feet of newly constructed buildings in Nashville and Charlotte that were constructed with CarbonCure, a technology for the concrete industry that introduces recycled carbon dioxide into fresh concrete to reduce its carbon footprint. The portfolio consists of modern, state-of-the-art industrial and bulk distribution properties with an average size of 169,000 square feet. The properties feature average clear heights of 30 feet with 130-foot truck courts. The portfolio was 97 percent occupied at the time of sale by more than 100 regional, national and international tenants with an average remaining lease term of 5.7 years. “This diversified portfolio provides immediate scale and operating …

June 30, 2022

Iowa Market Reports Midwest Midwest Market Reports Office

Collaboration, Creativity and Coffee: Reasons Why the Office Still Matters

by Kristin Harlow June 30, 2022

By Chris Curran and Alexa Strickler, R&R Realty Group It’s no secret that the past couple of years have been dramatically different for us all. We’ve had to adjust to new routines, new practices and new ways of getting work done. Some of these new things will be here to stay while others have already receded into memory. No matter the amount of change though, one thing remains the same. That’s the need for human connections and relationships. And, ultimately, that’s what physical office space provides. It seems many organizations are starting to understand just how valuable this connection truly is. Across various submarkets within the Des Moines metro area, companies large and small are returning to in-person work. And it’s not just existing customers returning to their spaces. There has been a marked uptick in office leasing activity in locations ranging from downtown to the western suburbs. From advertising agencies to accounting firms and more, the vacancy rate across the entirety of central Iowa is beginning to be chipped away. Why are so many companies across a wide variety of industries heading back to the office? Well, like we mentioned earlier, there’s a sense of connection and an ability …

June 30, 2022

Development Illinois Industrial Midwest

HIP Begins Development of 540,960 SF Spec Industrial Project in Huntley, Illinois

by Kristin Harlow June 29, 2022

HUNTLEY, ILL. — HIP, a joint venture among affiliates of Craig Realty Group Inc., The Prime Group Inc. and The Capital Cos., has begun development of Huntley Commercial Center in Huntley, a northwest suburb of Chicago. The first phase will be a 540,960-square-foot industrial building that is slated for completion in late 2023. The building will feature a clear height of 36 feet, 357 parking stalls, 90 trailer parking stalls, 100 exterior docks and four drive-in doors. The site features an additional 11 acres that will be developed into a 177,320-square-foot build-to-suit project. Adam Marshall and Mark Deady of Newmark will market the development for lease. Development Solutions Inc. is the general contractor and Ware Malcomb is the architect.

June 29, 2022

Development Healthcare Illinois Midwest

McHugh Construction Breaks Ground on Five-Story Howard Brown Health Clinic in Chicago

by Kristin Harlow June 29, 2022

CHICAGO — McHugh Construction has broken ground on a five-story healthcare facility and medical office for Howard Brown Health, a Midwest-based LGBTQ healthcare organization, in Chicago’s Lakeview neighborhood. The 91,000-square-foot building at 3501 N. Halsted St. will replace a Howard Brown clinic at 3245 N. Halsted St. The project will include first-floor retail space, a mix of clinical and administrative space, underground parking and a rooftop terrace. Completion is slated for 2023. Chicago-based Eckenhoff Saunders is the architect. Howard Brown Health is developing the project in partnership with Inland National Development Co. McHugh Concrete, a sister company of McHugh Construction, is the concrete subcontractor.

June 29, 2022

Loans Midwest Minnesota Multifamily

Colliers Mortgage Originates $14.2M HUD-Insured Loan for Refinancing of Metro Minneapolis Apartments

by Kristin Harlow June 29, 2022

SPRING LAKE PARK, MINN. — Colliers Mortgage has originated a $14.2 million HUD 223(f) loan for the refinancing of Northtown Village Apartments in Spring Lake Park, about 12 miles north of Minneapolis. The 161-unit apartment complex features amenities such as a pool, playground and onsite laundry facilities. The loan features a 35-year term and a 35-year amortization schedule. An entity doing business as Northtown Village LLLP was the borrower.

June 29, 2022

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