Midwest

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

Acquisitions Healthcare Midwest Wisconsin

HSA PrimeCare Acquires 16,513 SF Medical Office Building in Wauwatosa, Wisconsin

by Kristin Harlow September 15, 2021

WAUWATOSA, WIS. — HSA PrimeCare, the healthcare real estate division of Chicago-based HSA Commercial Real Estate, has acquired a 16,513-square-foot medical office building in Wauwatosa near Milwaukee. Located at 3040 N. 117th St., the property is 95 percent occupied with approximately 825 square feet of leasable space. Tenants include Ascension Medical Group, which uses the location to provide a range of women’s health services, and Children’s Medical Group, which is owned by Children’s Wisconsin. Both tenants have operated from the building since it opened in 2007. Tom Shepherd and Adam Connor of Colliers International represented the undisclosed seller.

September 15, 2021

Acquisitions Illinois Midwest Multifamily

Pensam Acquires 620-Unit Multifamily Portfolio in Metro Chicago

by Kristin Harlow September 14, 2021

AURORA AND WHEATON, ILL. — Pensam has acquired Aspen Place Apartments in Aurora and Lakeside Apartments in Wheaton for an undisclosed price. The two-property multifamily portfolio totals 620 units. Of the 416 units at Aspen Place, 168 are townhomes with attached garages. Amenities include a clubroom, fitness center, conference room, grilling station and pool. The 204-unit Lakeside features amenities such as a clubhouse, fitness center, conference room, pool and grilling stations. Seller information was not provided. Pensam is a multifamily real estate investment firm managing over $3 billion in assets across its equity and lending platforms.

September 14, 2021

Illinois Industrial Leasing Activity Midwest

Signode Signs 360,709 SF Industrial Lease in Roselle, Illinois

by Kristin Harlow September 14, 2021

ROSELLE, ILL. — Signode has signed a 360,709-square-foot industrial lease at 1600 Central Ave. in Roselle, a northwest suburb of Chicago. Signode, a global manufacturer of packaging and warehouse automation solutions, will open a global flagship facility for its Automation and Packaging Technologies (APT) platform following the completion of tenant improvements at the new site. Originally constructed as a build-to-suit for Sony Corp. in 1994, the building sits on 19 acres and features a clear height of 28 feet, 40 exterior docks and 46 trailer spots. The property is situated within the Turnberry Lakes Business Park, which offers convenient access to I-390 and O’Hare International Airport. Signode will house its APT platform at the new site, including manufacturing for a broad portfolio of equipment and a new, 100,000-square-foot customer experience center. Ron Behm and Jonathan Kohn of Colliers International Chicago represented the landlord, Prologis. Whit Heitman of CBRE represented Signode, which will occupy the entire building.

September 14, 2021

Acquisitions Hospitality Midwest Wisconsin

Jenkins Organization Purchases RV Resort Park in Warrens, Wisconsin

by Kristin Harlow September 14, 2021

WARRENS, WIS. — The Jenkins Organization Inc. (TJO) has purchased The Jellystone Park in the central Wisconsin town of Warrens. The purchase price was undisclosed. With 415 recreational vehicle (RV) sites, 162 park models and 42 tent sites across 130 acres, the park will be the largest within TJO’s portfolio. TJO plans to upgrade the park with enhanced Wi-Fi and cable as well as replace several cabins. Planned additions include gem mining, laser tag and a jumping pad. Over the winter months, TJO will renovate the ranger station, café, activities building and water attractions, and add a Wibit obstacle course. Current amenities at the park include 36 holes of mini golf, a shuffleboard court, wave pool, swimming beach, waterslide, lazy river and racer waterslide. The acquisition marks TJO’s fifth Jellystone Park and ninth RV resort since launching its Great Escapes RV Resorts brand in 2019.

September 14, 2021

Illinois Loans Midwest Office

North Wells Capital Receives $21M Loan for Refinancing of Chicago Office Building

by Kristin Harlow September 14, 2021

CHICAGO — North Wells Capital LLC has received a $21 million loan for the refinancing of 440 North Wells in Chicago’s River North neighborhood. The office and retail building rises eight stories and spans 95,316 square feet at the intersection of Wells and Hubbard streets. The property is currently 97 percent occupied, with the office space anchored by Curo Technologies and the retail space anchored by Ligne Roset. Urban Innovations provides property management, leasing and construction services for the building. North Wells Capital and Urban Innovations have owned and managed the property since 1996. CIBC Bank USA provided the loan, terms of which were undisclosed.

September 14, 2021

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