Midwest

Bridge Industrial Acquires Land in Mundelein, Illinois, for Development of 320,196 SF Spec Industrial Project

by Kristin Harlow September 16, 2021

MUNDELEIN, ILL. — Bridge Industrial has acquired land at 290 Townline Road in Mundelein, a northern suburb of Chicago. The developer plans to build Bridge Point Mundelein, a 320,196-square-foot speculative industrial project. Plans call for 271 car parking stalls, 101 trailer parking stalls, two drive-in doors and a clear height of 36 feet. Located in the Lake County submarket, the infill project offers direct access to the four-way intersection at I-94 and Route 60. Construction is scheduled to begin immediately with completion slated for the third quarter of 2022. Whit Heitman, Sam Badger and Jared Paff of CBRE brokered the land sale.

September 16, 2021

Development Illinois Industrial Midwest

PCCP, Transwestern to Build 173,400 SF Spec Industrial Facility in North Aurora, Illinois

by Kristin Harlow September 16, 2021

NORTH AURORA, ILL. — A joint venture between PCCP and Transwestern Development Co. is building a 173,400-square-foot speculative industrial facility in North Aurora along the I-88 corridor. Construction is scheduled to begin in October with completion slated for the second quarter of 2022. Situated on nine acres at 950 Ice Cream Drive, the Class A building will feature a clear height of 36 feet, 42 trailer parking stalls, car parking and exterior docks. Transwestern Development currently has 34 industrial projects totaling 18.4 million square feet under construction or in pre-development stages nationwide.

September 16, 2021

Acquisitions Kansas Midwest Office

LANE4 Purchases 83,000 SF Office Building in Overland Park, Kansas

by Kristin Harlow September 16, 2021

OVERLAND PARK, KAN. — A group of private investors led by LANE4 Property Group has purchased an 83,000-square-foot office building in Overland Park for an undisclosed price. Located at 4551 W. 107th St., the three-story property is fully leased. Allied National Inc., a third-party administrator in the health insurance and benefits industry, occupies the majority of the building. Kessinger Hunter represented the undisclosed seller in the transaction.

September 16, 2021

Illinois Leasing Activity Midwest Office

Cooley Signs 30,000 SF Office Lease at Bank of America Tower in Chicago

by Kristin Harlow September 16, 2021

CHICAGO — Law firm Cooley has signed a 30,000-square-foot office lease at Bank of America Tower in Chicago. Cooley is slated to relocate from its current coworking space to the new property in the second quarter of 2022. Developed by Howard Hughes Corp. and Riverside Investment & Development Co., Bank of America Tower is located at 110 N. Wacker St. It rises 55 stories and spans 1.5 million square feet. Other tenants at the building include HPS Capital Partners, Longshore Capital Partners, Chartwell Financial Advisory and SE Capital. Cooley launched its Chicago office in May of this year.

September 16, 2021

Midwest Minnesota Mixed-Use Office Retail Top Stories

Joint Venture Receives $250M in Financing for 1.2 MSF Dayton’s Redevelopment Project in Downtown Minneapolis

by Katie Sloan September 16, 2021

MINNEAPOLIS — The Telos Group and 601W Cos. have received $250 million in financing for The Dayton’s Project, a historic redevelopment of 700 Nicollet Mall in downtown Minneapolis. The 12-story property was previously occupied by Dayton’s department store, which rebranded as Macy’s in 2004 before closing its doors in 2017. The 1.2 million-square-foot project will include office space, 200,000 square feet of dining and retail, and a 45,000-square-foot food hall and market. Office amenities will include a rooftop terrace with views of the Minneapolis skyline, private lounge and library spaces, and a 10,000-square-foot, state-of-the-art health club. Over the past few months, the development has been at the center of legal drama between developer 601W Cos. and Monarch Alternative Capital, which holds the mezzanine loan on the project, according to reports by Twin Cities Business (TCB). 601W sued Monarch in June of this year, with Monarch countering through the advertisement of a foreclosure sale of 601W’s equity interests in the property under technical default for not meeting leasing obligations, according to TCB. Hennepin County District Judge Susan Burke granted 601W a temporary injunction to secure new financing, thereby stopping the foreclosure sale that had been set for Aug. 23. Jaime Fink, …

September 16, 2021

Industrial Market Reports Midwest Midwest Market Reports Office Ohio Retail

Commercial Real Estate Fundamentals Stay Steady in Akron, Ohio

by Kristin Harlow September 16, 2021

By Jerry Fiume, SVN Summit Commercial Real Estate Advisors You’ve heard it before. In Akron, everything is earned, and nothing is given. No quote better represents the fabric of the City of Akron, Summit County and Northeast Ohio. Aside from an unstoppable work ethic, the other key characteristic of our marketplace is one of steady consistency. Our pricing is steady, our cap rates are steady and our opportunities are steady. With that said, there is a renaissance underway in our area. Akron is experiencing residential growth driven by a 15-year, 100 percent residential tax abatement program for all new residential and multifamily construction. This also applies to recent rehabilitation work, helping Akron stand out as a competitive and attractive place to invest in real estate. Plus, increased residential investment will continue to attract more commercial investment. Akron has made a significant investment in its downtown neighborhood, spurring significant residential, retail and office growth. The city invested $30 million to facelift Main Street, including several significant mixed-use projects like The Bowery and the 159, creating a better-looking, more walkable downtown that is becoming a premier place to live. Hundreds of new apartments have been constructed in former office buildings, and hundreds …

September 16, 2021

Midwest Retail Wisconsin

Kohl’s Plans to Hire 90,000 Seasonal Associates

by Kristin Harlow September 15, 2021

MENOMONEE FALLS, WIS. — Kohl’s says it is looking to add approximately 90,000 seasonal associates to meet demand and support company growth, including staff for its newly opened e-commerce fulfillment center in Etna, Ohio; four new stores opening this fall; and beauty associates for the all-new Sephora at Kohl’s experience in 200 stores. New this year, hourly store, distribution center and e-commerce fulfillment center associates will be eligible to receive a bonus ranging from $100 to $400 for working with Kohl’s through the holiday season. The Menomonee falls-based retailer will host two upcoming national hiring events. Kohl’s operates more than 1,100 stores in 49 states.

September 15, 2021

Affordable Housing Development Michigan Midwest Multifamily

Woda Cooper Opens $11M Affordable Housing Project in Grand Rapids

by Kristin Harlow September 15, 2021

GRAND RAPIDS, MICH. — Woda Cooper Cos. Inc. has opened an $11 million affordable housing project named Seven45 Stocking Apartments at 745 Stocking Ave. in Grand Rapids. Residents must earn between 30 and 80 percent of the area median income to qualify for the development. The 50-unit property includes three first-floor units that offer an office suite or retail storefront for residents to utilize for their work. Those spaces were leased to three entrepreneurs, including one resident that operates a beauty bar and two others that work in digital marketing and business services. Amenities include a playground, fitness center, community room and laundry facilities. There are five units with features for those with disabilities. The Michigan State Housing Development Authority provided affordable housing tax credits to support financing for the project. Affordable housing investor CREA provided equity financing. Cedar Rapids Bank & Trust provided the first mortgage and Wells Fargo provided a construction loan. PCI Design Group was the project architect and Sol Consulting + Design served as sustainability consultant. Woda Cooper’s construction division served as the general contractor and the company’s management division will oversee leasing and day-to-day operations.

September 15, 2021

Indiana Loans Midwest Multifamily

Eastern Union Arranges $9.7M Bridge Loan for Indianapolis Apartment Complex

by Kristin Harlow September 15, 2021

INDIANAPOLIS — Eastern Union has arranged a $9.7 million bridge loan to facilitate the acquisition of Meridian Towers in Indianapolis. The 195-unit apartment complex is located at 3710 N. Meridian St. and dates to the 1950s. Michael Wyne of Eastern Union arranged the loan with assistance from Boruch Mandel of Eastern Equity Advisors, an affiliate of Eastern Union. The borrower was a joint venture between New York City-based Crown Capital Ventures and Toronto-based Whitestone Capital. The lender was not disclosed.

September 15, 2021

Leasing Activity Michigan Midwest Retail

Burlington to Open 26,928 SF Store at Maple Hill Pavilion in Kalamazoo, Michigan

by Kristin Harlow September 15, 2021

KALAMAZOO, MICH. — Burlington Stores has signed a lease to open a 26,928-square-foot store at Maple Hill Pavilion in Kalamazoo. The retailer will occupy space adjacent to Hobby Lobby. ShopOne Centers REIT Inc. owns Maple Hill Pavilion, which is home to tenants such as Marshalls, Old Navy, Five Below and Ulta. Burlington plans to open this fall and will offer men’s, women’s, children’s and baby apparel, along with footwear, home décor and pet supplies.

September 15, 2021

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