Midwest

TWG Breaks Ground on $12M Affordable Housing Community in Muncie, Indiana

by Kristin Harlow January 24, 2022

MUNCIE, IND. — Developer TWG has broken ground on River Bend Flats, a $12 million affordable housing community in Muncie, about 50 miles northeast of Indianapolis. The three-story, 60-unit project will be located at 1800 Burlington Drive. Units will be reserved for renters earning up to 60 percent of the area median income. Amenities will include a clubhouse and playground. Completion is slated for spring 2023. The project was made possible with support from the City of Muncie and low-income housing tax (LIHTC)credits from the Indiana Housing and Community Development Authority.

January 24, 2022

Acquisitions Midwest Ohio Retail

Cooper Group Brokers Sale of 11,746 SF Retail Center in Cincinnati

by Kristin Harlow January 24, 2022

CINCINNATI — Cooper Commercial Investment Group has brokered the sale of Meadows Plaza in Cincinnati for an undisclosed price. The 11,746-square-foot retail center is fully leased to tenants such as Harper’s Point Eye Associates, Allstate Insurance, Reliable Staffing and AnyLabTestNow. Dan Cooper of Cooper Group represented the seller, a metro Cincinnati-based private investor. A West Coast-based buyer purchased the property for the full price, representing a cap rate of 7.6 percent.

January 24, 2022

Development Industrial Ohio Top Stories

Intel Plans $20B Investment for Two Computer Chip Factories Near Columbus, Ohio

by Julia Sanders January 21, 2022

NEW ALBANY, OHIO — Santa Clara, Calif.-based Intel has unveiled plans to invest more than $20 billion to build two new computer chip factories. The campus will be located in New Albany, approximately 18 miles northeast of Columbus. Construction is scheduled to begin at the end of 2022 for the start of production in 2025. The two semiconductor fabrication plants, or “fabs,” will be situated on nearly 1,000 acres in Licking County. The project site can accommodate a total of eight chip factories. At full buildout, the total investment in the site could increase to as much as $100 billion over the next 10 years. The project is the largest single private-sector investment in Ohio’s history, according to Intel. Ohio will be home to Intel’s first new manufacturing site location in 40 years. Additionally, Air Products, Applied Materials, LAM Research and Ultra Clean Technology have announced plans to establish a physical presence in the region to support the buildout of the site, with more companies expected to join the project in the future. “Building this semiconductor mega-site is akin to building a small city, which brings forth a vibrant community of supporting services and suppliers,” says Keyvan Esfarjani, Intel senior …

January 21, 2022

Acquisitions Illinois Midwest Multifamily

JVM Realty Acquires 297-Unit Luxury Apartment Community in Itasca, Illinois

by Kristin Harlow January 21, 2022

ITASCA, ILL. — JVM Realty Corp. has acquired The Residences at Hamilton Lakes in Itasca, a northwest suburb of Chicago. The purchase price and seller were not released. The 297-unit luxury apartment community is located at 1133 N. Arlington Heights Road. Built in 2017, the property rises four stories with studio, one-, two- and three-bedroom floorplans. Amenities include a fitness center, pool, gourmet kitchen, outdoor patio space, theater and a rejuvenation center complete with a hot tub, steam room and sauna. This is the sixth acquisition for JVM Realty in the Chicagoland area. The company’s portfolio consists of 19 communities across four states.

January 21, 2022

Illinois Loans Midwest Mixed-Use

ACRES Provides $30.5M Acquisition Loan for Development Site in Chicago’s Fulton Market

by Kristin Harlow January 21, 2022

CHICAGO — ACRES Capital Corp. has provided a $30.5 million loan for the acquisition of a 19-acre parcel located at 1200 Fulton St. in Chicago’s Fulton Market. The borrower, Fulton Street Cos., plans to develop the site into two office and retail buildings totaling 749,250 square feet as well as a 380-unit apartment tower. Steve Skok of Berkadia arranged the loan, while Justin Seitenbach of ACRES originated the loan.

January 21, 2022

Acquisitions Healthcare Industrial Midwest Minnesota

CBRE Brokers $14.8M Sale of Medical Office, Industrial Building in St. Paul

by Kristin Harlow January 21, 2022

ST. PAUL, MINN. — CBRE has brokered the sale of University Crossing in St. Paul for $14.8 million. The 84,150-square-foot medical office and industrial technology building is located at 2200 University Ave. The fully leased property was built in 1990. Judd Welliver, Sonja Dusil, Ryan Watts, Bentley Smith and Tom Holtz of CBRE represented the seller, Essjay Investments Co. LLC. Capital Partners LLP was the buyer.

January 21, 2022

Michigan Midwest Office

Oxford Cos. Launches Equity-for-Rent Office Program for Startup Companies in Ann Arbor

by Kristin Harlow January 21, 2022

ANN ARBOR, MICH. — Oxford Cos. has launched the Oxford Instant Office Simple Agreement for Future Equity (OXIO SAFE) program aimed at helping Ann Arbor startups utilize office space with minimal upfront costs. Oxford says the program will provide a pathway for startups to lease office space without the significant financial risk that comes with entering a traditional commercial real estate lease. Qualified startups can receive up to one year of rent in exchange for a simple agreement for future equity. Open to startups that are currently working with a local incubator or economic development organization in the area, OXIO SAFE leases are available for six to 12 months for move-in ready office suites. Ann Arbor is home to one of the fastest growing startup hubs in the nation, according to Desai Accelerator, a professional business accelerator created in partnership with the University of Michigan. Oxford Cos. is a fully integrated real estate company offering services in property management, commercial and residential leasing, commercial construction and investments.

January 21, 2022

Acquisitions Illinois Midwest Retail

Marcus & Millichap Arranges $6.5M Sale of Walgreens-Occupied Property in Suburban Chicago

by Kristin Harlow January 21, 2022

ROMEOVILLE, ILL. — Marcus & Millichap has arranged the sale of a Walgreens-occupied property in the Chicago suburb of Romeoville for $6.5 million. The 24-hour store is positioned at the entrance to Carillon, a master-planned retirement community. Brian Parmacek and Mitchell Kiven of Marcus & Millichap marketed the property on behalf of the seller, a developer. Benjamin Kohl of Marcus & Millichap secured and represented the buyer, an out-of-state private investor. Frank Montalto and Dean Giannakopoulos of Marcus & Millichap Capital Corp. obtained acquisition financing on behalf of the buyer.

January 21, 2022

Development Illinois Industrial Midwest

Ridgeline Property Group Unveils Plans for 416-Acre Logistics Park in Minooka, Illinois

by Kristin Harlow January 20, 2022

MINOOKA, ILL. — Ridgeline Property Group has unveiled plans to develop I-80 Logistics Park, a 416-acre logistics and rail park in Minooka, about 13 miles southwest of Joliet. The site can support more than 7 million square feet of Class A industrial space. Ridgeline plans to break ground on the first building this spring. The 1.1 million-square-foot facility will feature a clear height of 40 feet, 241 exterior docks, four drive-in doors, 766 car parking stalls and 434 trailer stalls. Completion is slated for the third quarter of 2023. Ben Harris of Ridgeline’s Chicago office will lead the project. Matthew Stauber and Jim Estus of Colliers will market the development for lease.

January 20, 2022

Development Illinois Industrial Midwest

CRG, Venture One Break Ground on 897,000 SF Industrial Build-to-Suit in University Park, Illinois

by Kristin Harlow January 20, 2022

UNIVERSITY PARK, ILL. — CRG and Venture One Real Estate have broken ground on an 897,000-square-foot industrial build-to-suit for Central Steel & Wire Co. (CS&W) at Gateway 57 Business Park in University Park, a southern suburb of Chicago. The new facility will serve as the headquarters and operations hub for CS&W, which is a metals distributor and fabricator. The project is the third development within Gateway 57, a 355-acre industrial park located at the southeast corner of Steger and Central roads. Clayco will serve as the design-builder, Lamar Johnson Collaborative will serve as architect and Jacob & Hefner Associates is the civil engineer. Dirk Riekse, Jordan Rovito and Sean Henrick of Cushman & Wakefield represented CS&W, while Jason West and Ryan Klink of Cushman & Wakefield represented the developers. Completion is slated for spring 2023.

January 20, 2022

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