Midwest

MOBRIDGE, S.D. — The North Dakota office of Kraus-Anderson has begun a $36 million expansion and renovation of Mobridge Regional Hospital and Clinics in Mobridge, a city in South Dakota situated along the Missouri River. The campus includes a 25-bed critical access hospital, four federally certified rural health clinics, a 24-bed assisted living and seniors housing center and a rural ambulance service. The expansion project will include a new patient wing, surgery suite and ambulance garage, as well as 63,000 square feet of upgrades to the hospital’s emergency room department, surgery suite, imaging, dining area and support offices. Davis Partnership Architects is the project architect. Completion is slated for spring 2025.

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NORTHLAKE, ILL. — Cresa Chicago has arranged the sale-leaseback of a 48,340-square-foot warehouse located at 11697 W. Grand Ave. in Northlake, a western suburb of Chicago. The building features a clear height of 24 feet, six docks and two drive-in doors. Ed Lowenbaum, George Mack and Mike Duncan of Cresa represented the seller, CTL Global Inc., which provides fulfillment and logistics solutions. Faropoint Ventures LLC purchased the asset for an undisclosed price. Faropoint’s Jordan Kovalsky led the firm’s in-house acquisition team. CTL constructed the facility in 2003.   

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LANSING, MICH. — Detroit Wing Co. has leased a 1,900-square-foot space at 6527 S. Cedar St. in Lansing for a new restaurant location. Based in Eastpointe, Detroit Wing Co. opened in 2015 and offers homemade wings and 19 signature sauces. Jack Brown, Troy Yensen and Brandon Hess are franchising the new restaurant. Jeff Ridenour and Shawn O’Brien of Colliers Lansing represented the landlord, Wolverine Development Corp., which redeveloped the property about five years ago. Detroit Wing Co. will be situated next to a Tropical Smoothie Café location and is expected to open in late July.

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Sephora

MENOMONEE FALLS, WIS. — Kohl’s (NYSE: KSS) has announced plans to increase its investment in brick-and-mortar with the addition of 100 new, smaller-format locations over the next four years in previously untapped markets.  This expansion follows the pilot of 20 stores featuring the company’s smaller-format design, which averages around 35,000 square feet versus the traditional 80,000-square-foot iteration. In June, the Menomonee Falls-based company will be opening a smaller-format shop in Bonney Lake, Wash., and in the fall, stores are set to open in San Angelo, Texas; Morgantown, W.Va.; Tacoma, Wash.; and Lenox, Mass. Alongside the addition of these new locations, Kohl’s will be modernizing its existing 1,165-store portfolio by transforming the flow of its interiors to include dedicated discovery zones with products from diverse- and female-owned companies.  The company will also be expanding its partnership with beauty retailer Sephora through the addition of 850 of its Sephora at Kohl’s shop-in-shops by 2023. Sephora at Kohl’s shops, which typically occupy 2,500 square feet toward the front of the store, offer an expanded collection of the San Francisco-based retailer’s make-up, skin- and hair-care, and fragrance offerings.  Kohl’s has also announced plans to roll-out omnichannel initiatives over the next year, including the ability …

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Wichita experienced considerable retail and restaurant expansion throughout 2021, with other new stores planned for 2022. The two biggest new players to Wichita include Top Golf at 29th Street and Greenwich Road, now under construction, and Scheel’s entering the market with a new 220,000-square-foot store to be located in the former Sears space at Towne East Square. Top Golf is anticipated to open in late 2022, spurring more retail activity on North Greenwich.  Furniture stores have been actively backfilling big boxes, including Bob Mills who took the former Michael’s, and Wichita Furniture, a strong regional player, taking the former 100,000-square-foot Kmart building on West Kellogg/US-54. Discount stores have continued to find a way to open more locations to increase their footprints in the market, both new construction and conversion of former retail spaces. Ollie’s Bargain Outlet opened its west store at Central and Ridge roads, and is also opening a store at Brittany Center.    Quick-service restaurants (QSRs) have been active, including two new locations opening in 2022 for Dunkin’ and several new Dutch Bros Coffee locations as they enter the market as well in late 2022 and 2023. Tropical Smoothie Café opened a location last year and Smoothie King …

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Ana Ramos Small Balance Lending Quote

Capitalizing on a changing marketplace and employing technology to streamline processes are essential strategies in helping small balance clients meet their goals. Ana Ramos, managing director and regional production head at Walker & Dunlop, emphasizes the importance of speed, creativity and using technology to assist in mortgage lending processes. She also emphasizes the centrality of teamwork, company ethos and technology to put a big emphasis on small balance loans. Walker & Dunlop defines “small loan” as up to $15 million for multifamily properties with five or more units. These clients are usually composed of smaller individual investors who need attention and education when it comes to mortgage lending. “It’s really hard for a large producer to think small, but it’s really easy for small producer to think big,” Ramos says. “It’s difficult for producers who are accustomed to institutional lending, with its higher fees and complex vesting structures to consider the credit parameters that are necessary in small balance loans. Small loans is a niche type of mortgage lending, and it only works if you have a company within a company, like Walker & Dunlop with its dedicated small loan team that works together through application, underwriting and closing.” Tech’s …

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CHICAGO — EQ Office, the U.S. office portfolio company wholly owned by Blackstone, has completed its more than $500 million renovation of Chicago’s Willis Tower. The 110-story tower is now certified LEED Platinum and is the largest building in the U.S. to achieve that designation, according to EQ Office. Part of the transformation is Catalog, a 300,000-square-foot retail, dining and entertainment destination at the base of the tower. The name Catalog is a nod to the Sears Roebuck Co. and its printed catalog. Designed by Gensler, Catalog features restaurants such as Tortazo by Rick Bayless, Shake Shack, Joe & the Juice, Foxtrot, Starbucks, Brown Bag Seafood Co., Do-Rite Donuts & Chicken, Sushi-San and Sweetgreen. Kindling, a two-story restaurant concept from Chicago’s 50/50 Group, as well as Urbanspace, a food hall, are both slated to open in late summer or early fall. A 30,000-square-foot outdoor terrace sits atop Catalog. The Skydeck observatory at Willis Tower also underwent a renovation through partnerships with exhibit design firms Thinc and SOM. An interactive “best of Chicago” museum-like exhibit celebrates the personality, history and neighborhoods of Chicago. Gensler designed the building’s new exterior façade at the base. SKB Architecture and Design handled the design of …

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KOKOMO, IND. — Stellantis N.V. and Samsung SDI have formed a joint venture with plans to invest more than $2.5 billion to build an electric vehicle battery manufacturing plant in Kokomo, about 50 miles north of Indianapolis. The facility is expected to become operational in 2025 with an initial annual production capacity of 23 gigawatt hours. The total capacity is expected to increase further as demand for Stellantis electric vehicles is expected to rise, according to a news release. The joint venture says the project will create 1,400 new jobs in Kokomo and surrounding areas. Construction is expected to begin later this year.

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WEST JEFFERSON, OHIO — Stonemont Financial Group and The Pizzuti Cos. are co-developing a 1.1 million-square-foot speculative industrial project in West Jefferson, about 18 miles west of Columbus. Stonemont will acquire the facility upon completion, which is scheduled for the end of this summer. Named West Jeff One, the Class A project sits directly off I-70. The development features 209 car parking spaces, 110 trailer parking spaces and a clear height of up to 40 feet. The project marks Atlanta-based Stonemont’s first in the Columbus area.

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AURORA, ILL. — BH Management Services has acquired Legacy at Fox Valley in Aurora for an undisclosed price. The 272-unit apartment community was built in 1998. The property recently underwent renovations to the amenities, major building systems and more than half of the unit interiors. Amenities include a clubhouse, event kitchen, outdoor heated pool, dog park and volleyball court. John Jaeger and Justin Puppi of CBRE represented the seller, White Oak Partners.

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