Midwest

Next Realty Completes Disposition of 30,000 SF Retail Building in Chicago

by Kristin Harlow June 9, 2022

CHICAGO — An affiliate of Next Realty LLC has sold Nagle Plaza in Chicago for an undisclosed price. Walgreens anchors the 30,000-square-foot retail building, which is located along Nagle Avenue. Additional tenants include City Edge Dental and Ankle & Foot Specialists. Sean Sharko and Austin Weisenbeck of Marcus & Millichap represented Next in the sale. The property represented a value-add investment for Next, which initially acquired the defaulted first mortgage note and ultimately obtained fee title to the property. Next completed lease-up of the building earlier this year. The buyer was not provided.

June 9, 2022

Illinois Market Reports Midwest Midwest Market Reports Multifamily

Downtown Chicago Multifamily Market Roars Back

by Kristin Harlow June 9, 2022

By Mike Drew, Structured Development As a longtime developer of multifamily, commercial and mixed-use properties in Chicago, I can tell you we’ve never seen anything like the last few years. From the highs of the pre-pandemic multifamily construction boom to the lows of the first year of COVID-19 lockdowns — when downtown emptied out — to today, it’s been a rollercoaster ride. But the multifamily sector has ultimately proved resilient and is roaring back stronger than ever. Here’s a look back at the past three years and a glimpse of three projects we broke ground on during the pandemic: Schiller Place, Big Deahl and Harrison Row. Early pandemic exodus For the years 2019-2021, developers were expected to build 9,000 apartment units in downtown Chicago, according to Integra Realty Resources. This figure was lower than the expected 10,700 units because of rising construction costs and uncertainty around property taxes, but still strong. Average rents for downtown Class A rental communities were $3.31 per square foot, per Integra, and occupancy was a robust 94.9 percent. When the pandemic hit nine months later, it greatly slowed that activity. Gov. J.B. Pritzker issued the first stay-at-home order on March 20, 2020, followed by other …

June 9, 2022

Jeff Erxleben interest rates built to rent quote

Build-to-Rent Content Partner Features Leasing Activity Midwest Multifamily Northeast Northmarq Single-Family Rental Southeast Texas Western

Build-to-Rent (BTR) Property Type Offers Positive Demand Outlook

by Sarah Daniels June 9, 2022

By Jeff Erxleben, president, debt & equity at Northmarq Liquidity and an incredibly positive outlook for single-family build-to-rent (BTR) properties is helping to offset some of the turbulence developers are experiencing from rising interest rates. Developers have been ramping up the pace of single-family BTR construction over the past five years with forecasts that call for a record high 60,000 new units to be completed in 2022. That volume shows a steady increase over the 53,000 units completed in 2021 and 49,000 in 2020, according to Northmarq’s recently released Single-Family Build-to-Rent Properties Special Report. Although financing across all property types has been impacted by upward movement in both short- and long-term borrowing rates, the BTR sector is in a good position to shake off those challenges and maintain its growth momentum. Higher construction and financing costs are being offset by rising rents with year-over-year rent increases, that in many areas of the country, are quite substantial. Developers also are finding good access to both debt and equity. The number of lenders that are active in the space is expanding as developers move into new markets and continue to prove out business models and performance with successful lease-up and dispositions. For …

June 9, 2022

Development Industrial Midwest Ohio

Stonemont Financial Group to Build 450,000 SF Spec Industrial Development Near Cleveland

by Kristin Harlow June 8, 2022

WESTFIELD CENTER, OHIO — Stonemont Financial Group has unveiled plans to build a 450,000-square-foot speculative industrial development in Westfield Center near Cleveland. Named Westfield Commerce Park, the Class A facility marks Stonemont’s first speculative development in Northeast Ohio. Plans call for a clear height of 36 feet, cross-dock configuration, 500 car parking spaces, 130 trailer stalls, 65 dock doors and four drive-in doors. Stonemont is the developer, while Pinnacle Bank and PCCP are debt and capital partners. JLL will oversee lease-up. Completion is slated for the first quarter of 2023.

June 8, 2022

Loans Michigan Midwest Multifamily

Seven Hills Realty Trust Originates $31.5M Acquisition Loan for Michigan Apartment Community

by Kristin Harlow June 8, 2022

FARMINGTON HILLS, MICH. — Seven Hills Realty Trust has originated a $31.5 million bridge loan for the acquisition and repositioning of Summit Apartments in the Detroit suburb of Farmington Hills. The 154-unit apartment community is situated along Summit Drive. Seven Hills funded an initial advance of roughly $28.5 million at closing with future advances of up to $3 million available for capital expenditures. The floating-rate loan features a three-year term. Q10|Lutz Financial Services arranged the loan on behalf of the borrower, a joint venture between Andover Real Estate Partners and M Group LLC. Seven Hills is a real estate finance company managed by Tremont Realty Capital, an affiliate of The RMR Group.

June 8, 2022

Acquisitions Healthcare Midwest Missouri

Syndicated Equities Acquires Medical Office Building in Suburban St. Louis for $14.4M

by Kristin Harlow June 8, 2022

FENTON, MO. — Syndicated Equities has acquired a 55,000-square-foot medical office and training facility in the St. Louis suburb of Fenton for $14.4 million. The two-story property is fully leased to SSM Health Care. The company uses the first floor for medical office space, including primary care, pediatrics, behavioral health, internal medicine and an express care clinic. The second floor serves as a training and simulation center for employees. The property is located across the street from one of SSM’s regional hospitals. The acquisition was partially funded with a loan from Huntington National Bank. The seller was not disclosed.

June 8, 2022

Acquisitions Illinois Industrial Midwest

SVN Chicago Arranges Sale of 66,674 SF Industrial Building in Rolling Meadows, Illinois

by Kristin Harlow June 8, 2022

ROLLING MEADOWS, ILL. — SVN Chicago’s industrial team has arranged the sale of a 66,674-square-foot industrial building in the Chicago suburb of Rolling Meadows for nearly $3 million. The buyer will utilize the property, located at 1125 Carnegie St., as a cannabis production facility. The property features clear heights ranging from 16 to 22 feet, five interior docks, one drive-in door and 3,400 square feet of office space. John Joyce of SVN represented the buyer, 11th Level Inc., a cannabis growth company that is licensed by the State of Illinois. Mike Senner and Tom Rodeno of Colliers represented the seller, Adams Plastics.

June 8, 2022

Leasing Activity Midwest Ohio Restaurant Retail

Huey Magoo’s Opens 2,500 SF Restaurant in Englewood, Ohio

by Kristin Harlow June 8, 2022

ENGLEWOOD, OHIO — Huey Magoo’s has opened its first restaurant in the state of Ohio in Englewood, a northern suburb of Dayton. The 2,500-square-foot building, located at 9196 N. Main St., is the 27th restaurant nationwide for the chicken tenders brand. The Englewood restaurant will offer dine-in, take out, curbside pickup and delivery through third-party services Uber Eats and DoorDash. Huey Magoo’s franchisees Tim and Ronda Hobart will operate the restaurant.

June 8, 2022

Development Illinois Midwest Mixed-Use Top Stories

CRG, Shapack Partners to Redevelop Former Bridgford Food Plant in Chicago into 750,000 SF Mixed-Use Project

by Kristin Harlow June 8, 2022

CHICAGO — A joint venture between CRG and Shapack Partners has acquired the former Bridgford Foods Corp. food processing facility in Chicago’s Fulton Market district with plans to redevelop the site into a 750,000-square-foot mixed-use project. The development is slated to feature 250 apartment units, 350,000 square feet of Class A office space, 150 boutique hotel rooms and 40,000 square feet of retail space. Located at 170 N. Green St., the project site spans nearly an entire city block near the Chicago Transit Authority Pink Line and Green Line station at Lake and Morgan streets. CRG’s parent company, Clayco, will serve as general contractor and its subsidiary, Lamar Johnson Collaborative, is the architect. Paige O’Neil and Annie Kwasigroch of Shapack will oversee lease-up of the office and retail space. CRG anticipates that construction could begin as early as this fall. A timeline for completion was not provided. “This location is a tailor-made opportunity to meet the overwhelming trend of flight to quality we are seeing in the city,” says CBRE’s Keely Polczynski, who represented Bridgford in the sale. “Employers are investing in upgraded spaces to boost employee engagement as well as attract and retain talent.” According to CBRE, 60 office …

June 8, 2022

Development Midwest Minnesota Restaurant Retail

Taco Bell Opens New Drive-Thru Prototype in Brooklyn Park, Minnesota

by Kristin Harlow June 7, 2022

BROOKLYN PARK, MINN. — Taco Bell has opened its new and innovative drive-thru prototype in the Minneapolis suburb of Brooklyn Park. Coined Taco Bell Defy, the two-story restaurant features four drive-thru lanes. A proprietary vertical lift transports food items straight from the kitchen to guests. The drive-thru experience at Taco Bell Defy is designed to be two minutes or less. The restaurant was built in partnership with longtime franchisee Border Foods. Minneapolis-based Vertical Works Inc. handled the design of the concept. The project was first announced last year.

June 7, 2022

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