WYOMING, MICH. — 3 Gatos Brewery has opened its first location within Chateau Centre at 1760 44th St. in Wyoming, a southern suburb of Grand Rapids. At 3 Gatos Brewery, the food and beer are influenced by Brazilian and German cultures. The founders, Linus and Renata De Paoli, named the brewery after their three cats. Rod Alderink of NAI Wisinski of West Michigan represented the undisclosed landlord. Todd Roesler of Keller Williams GR East represented the tenant.
By Jason Krug, Berkadia Sunbelt states are top of mind for multifamily investors these days, as COVID-19 has accelerated the trend of renters leaving major cities in search of more space and a better cost of living. Of course, the allure of sunshine and warm weather is hard to compete with, but cities across the Midwest are also seeing a spike in interest from renters and investors and chief among them is Detroit. There has been overwhelming interest in multifamily opportunities in and around the city, as investors looking for yield move beyond core and core-plus markets in search of real value deals, which Detroit has aplenty. So, what’s driving this interest, and why should more investors be paying attention to Detroit? There are a few key reasons. Solid fundamentals Limited supply of new units being delivered across the state will continue to drive organic rent growth. As is the case across the country, there is a shortage of housing throughout Detroit and the metro area. Although Detroit’s population growth is smaller compared to the South and Southeast, the region has a fraction of the units coming out of the ground as the South and Southeast, paving the way for …
BROOKLYN PARK, MINN. — Taco Bell is building a restaurant with a new drive-thru concept in Brooklyn Park, a suburb of Minneapolis. Construction is underway on the 3,000-square-foot, two-story restaurant. Completion is scheduled for summer 2022. Known as Defy, the new restaurant concept was developed in partnership with Minneapolis-based Vertical Works Inc., a design company that works with quick-serve restaurants, retailers and healthcare tenants. In 2020, Border Foods, one of the largest privately held Taco Bell franchisees in America, enlisted Vertical Works to create a new restaurant design. With Defy, Taco Bell and Border Foods will partner on their 230th restaurant and 82nd new restaurant build. The concept reimagines the traditional drive-thru experience with four lanes, three of which are dedicated to mobile or delivery order pickups. This way, customers who order via the Taco Bell app or third-party delivery services can skip the line. The drive-thru lanes are situated below the restaurant kitchen. Additionally, digital check-in screens enable mobile order customers to scan in their order via a unique QR code. Food is delivered in a contactless manner via a proprietary lift system. The Defy footprint is smaller or equal to existing Taco Bell store footprints. There will be …
OCONOMOWOC, WIS. — Wangard Partners has selected Greenfire to build its new Olympia Fields Apartments in Oconomowoc, about 34 miles west of Milwaukee. The development will include 178 luxury apartment units along with a pool and clubhouse. Seven buildings will house a variety of unit sizes, including studios, one-, two- and three-bedroom floor plans. The project will be built on the site of the former Olympia Resort, which is currently being demolished. Construction is expected to begin in October with completion slated for fall 2022. Kahler Slater will serve as architect and R.A. Smith as civil engineer.
GROVEPORT, OHIO — The Pizzuti Cos. and development partner Olympus Ventures LLC are underway on the construction of Hamilton Road One Distribution Center, a 324,000-square-foot industrial building in central Ohio’s Groveport. The development team is undertaking the project on a speculative basis. Located on Hamilton Road, the site provides convenient access to I-270 and I-70. The building will feature a clear height of 32 feet, 57 dock doors, four grade doors, 212 auto parking spaces and 64 trailer parking spaces. Completion is slated for December. Jeff Lyons of CBRE is marketing the project for lease.
CINCINNATI — Vision & Beyond Capital Investments has acquired Clifton Colony, a 297-unit multifamily property in Cincinnati’s Clifton neighborhood. The purchase price was undisclosed. The buyer plans to invest $5 million to install new HFAC, windows and landscaping. The development will continue to serve the workforce housing population. No tenants will be displaced while renovations are underway. Monthly rents start at $610. Vision & Beyond says it plans to implement nominal rent increases for units as they are renovated.
WAUWATOSA, WIS. — IRA Capital has purchased an 11,200-square-foot ambulatory surgery center in Wauwatosa, about six miles west of Milwaukee. The purchase price was not disclosed. The property is fully occupied by Wauwatosa Surgery Center, a partner of Surgical Care Affiliates (SCA). The facility offers various outpatient services, including anesthesiology, general surgery and orthopedic surgery. IRA acquired the building in a sale-leaseback that was structured with SCA, which operates 230 ambulatory surgery centers across 35 states.
KANSAS CITY, KAN. — Taurus Investment Holdings LLC, a global private equity real estate firm, has acquired a light industrial portfolio in Kansas City for $55.2 million. Comprised of 20 buildings and more than 715,000 square feet, the portfolio will expand Taurus’ industrial platform to encompass 196 buildings totaling over 13 million square feet. Seller information and specific properties were not disclosed.
ROSELLE, ILL. — M&T Realty Capital Corp. has provided a $27.2 million HUD-insured loan for the refinancing of a 247-unit apartment complex in Roselle, a suburb of Chicago. The property name and specific details were undisclosed. Bob Kaplan and Carole Stafford of M&T’s Baltimore office originated the 35-year loan, which features an 80 percent loan-to-value ratio and a fixed interest rate of 2.4 percent. Len Deering of Deering Commercial Mortgage LLC arranged the loan.
CHICAGO — Kiser Group has negotiated the sale of a 40-unit multifamily property located at 5301 N. Ashland Ave. in Chicago’s Andersonville neighborhood for $5 million. The building, comprised of 26 studio units and 14 one-bedroom units, went under contract in four days at the full asking price. Andy Friedman and Jake Parker of Kiser represented both the buyer, a local investor, and the seller, an unnamed family trust.
