Midwest

JLL Arranges $21.2M Loan for Acquisition of Milwaukee-Area Apartment Community

by Kristin Harlow July 26, 2021

WEST ALLIS, WIS. — JLL Capital Markets has arranged a $21.2 million loan for the acquisition of Six Points Apartments in West Allis, just west of Milwaukee. Built in phases between 2007 and 2010, the property features 178 units averaging 1,038 square feet. Amenities include a clubhouse, rooftop deck, business center, fitness center and heated underground parking. Brian Walsh of JLL led the team that represented the borrower, Spaulding Group. Prime Finance provided the three-year, floating-rate loan.

July 26, 2021

Development Indiana Industrial Midwest Wisconsin

HSA Commercial Begins Development of Three Spec Warehouses Totaling 855,748 SF in Indiana, Wisconsin

by Kristin Harlow July 26, 2021

PLAINFIELD, IND. AND CUDAHY AND BRISTOL, WIS. — HSA Commercial Real Estate has begun development of three warehouses totaling 855,748 square feet in metro Indianapolis and southeast Wisconsin. All of the developments are being built on a speculative basis. The first building is Gateway Industrial VI within the Gateway Business Park in Plainfield, a western suburb of Indianapolis. The 278,148-square-foot warehouse is the sixth building that HSA has developed in the 55-acre industrial park since 2004. Scheduled for completion in late 2021, it will feature a clear height of 32 feet, 28 truck docks and 621 parking spaces. The second project will span 130,600 square feet at 4850 S. Pennsylvania Ave. in Cudahy, a southern suburb of Milwaukee. The building, which replaces a vacant structure, is slated for delivery in June 2022. It will feature a clear height of 32 feet, 13 truck docks and 102 parking spaces. Lastly, HSA is developing its third warehouse within Bristol Highlands Commerce Center in Bristol, about 40 miles south of Milwaukee. The 447,000-square-foot building is scheduled for completion in early 2022. It will feature a clear height of 36 feet, 73 truck docks and ample parking for employees. Premier Design + Build Group …

July 26, 2021

Acquisitions Industrial Midwest Ohio

Faropoint Acquires 80,000 SF Industrial Facility in Cincinnati

by Kristin Harlow July 26, 2021

CINCINNATI — Faropoint has acquired an 80,000-square-foot industrial facility in Cincinnati for an undisclosed price. The building sits on 5.5 acres at 10021 Commerce Drive. Built in 1979, the single-tenant property features clear heights ranging from 16 to 20 feet, as well as two dock-high doors and three drive-in doors. The tenant uses the space for both manufacturing and distribution. Rod MacEachen and Jared Wagoner of SqFt Commercial represented Faropoint in the transaction. AIC Ventures was the seller. Founded in 2012, Memphis, Tenn.-based Faropoint owns more than 250 industrial properties totaling over 20 million square feet.

July 26, 2021

Acquisitions Michigan Midwest Office

Keystone Brokers Sale of 33,662 SF Office Building in Farmington Hills, Michigan

by Kristin Harlow July 26, 2021

FARMINGTON HILLS, MICH. — Keystone Commercial Real Estate has brokered the sale of Federated Financial Center in Farmington Hills, a northwest suburb of Detroit. The sales price was undisclosed. Located at 30955 Northwestern Highway, the 33,662-square-foot office building will serve as the corporate headquarters of Happy’s Pizza, which is the parent company of Savvy Sliders. Greg Newman of Keystone worked with Happy’s to identify the location for the new headquarters, which is slated for occupancy this fall. The three-story building was constructed in 1987, according to LoopNet. Federated Financial Center Inc. sold the property to Blackstone 13 LLC.

July 26, 2021

Civic Development Michigan Midwest

Granger Construction Breaks Ground on $70M Justice Complex in Mason, Michigan

by Kristin Harlow July 23, 2021

MASON, MICH. — Granger Construction has broken ground on a new $70 million justice complex in Mason, about 15 miles south of Lansing. BKV Group designed the 169,472-square-foot project, which will be situated at the intersection of Buhl and Cedar streets. Plans call for a new Ingham County sheriff’s office, correctional facility and district court facilities. The project is being built adjacent to the existing justice complex, which will remain in operation throughout construction. Completion is slated for early 2023. Michigan-based consultants on the project include Fleis & VandenBrink, which is providing site civil engineering, surveying and landscape architecture, and Matrix Consulting Engineers, which provided the building engineering concepts.

July 23, 2021

Development Indiana Industrial Midwest

Dayton Street Partners Acquires Land in Northwest Indiana, Plans 538,038 SF Spec Industrial Project

by Kristin Harlow July 23, 2021

PORTAGE, IND. — Dayton Street Partners LLC has acquired a 42-acre site in Portage with plans to develop a three-building speculative industrial project spanning 538,038 square feet. The development will be known as DSP Crossroads Portage. Corey Chase and Chris Hill of Newmark represented the undisclosed seller. Upon closing, the duo will be retained to market the buildings for lease or sale on behalf of Dayton Street. A timeline for construction was not released.

July 23, 2021

Acquisitions Midwest Nebraska Office

Lockwood Development Purchases One Valmont Plaza Office Asset in Omaha for $26.8M

by Kristin Harlow July 23, 2021

OMAHA, NEB. — Lockwood Development has purchased One Valmont Plaza, an office property with two Class A buildings totaling 173,692 square feet in Omaha, for $26.8 million. One building rises four stories and spans 64,335 square feet, while the other rises six stories and totals 109,357 square feet. They are part of the First National Bank Business Park. Steve Sheppard of CBRE represented Lockwood in the sale. Lee Pedersen of CBRE represented the undisclosed seller.

July 23, 2021

Development Illinois Industrial Midwest

Bridge Industrial to Build 200,000 SF Project in Suburban Chicago

by Kristin Harlow July 23, 2021

DES PLAINES, ILL. — Bridge Industrial has acquired a 12-acre site with an existing industrial building in Des Plaines. The developer plans to build Bridge Point Des Plaines, a roughly 200,000-square-foot industrial project. The acquisition of the site was completed as part of a sale-leaseback transaction with Nu-Way Industries, a precision metal product design and fabrication company. Under terms of the transaction, Bridge will acquire an existing building from Nu-Way and retain the company as a tenant. Nu-Way will then conduct a search for a new facility. Once Nu-Way vacates the building, Bridge will demolish the facility and begin construction on a new industrial property. Plans call for a clear height of 36 feet, 36 exterior docks, two drive-in doors and parking for 264 cars. Rick Daly of Darwin Realty/CORFAC International brokered the sale.

July 23, 2021

Acquisitions Midwest Ohio Retail

Next Realty Acquires 67,000 SF Retail Center in Cincinnati

by Kristin Harlow July 23, 2021

CINCINNATI — An affiliate of Next Realty LLC has acquired the Kings Automall Shopping Center, a 67,000-square-foot retail center in Cincinnati. The property is home to tenants such as Planet Fitness, Mirage Restaurant, Play it Again Sports, Salon Concepts, Penn Station, LensCrafters, Samarkand Food Market, Kings Ford, Queens Nails and Your CBD Store. There is currently one 1,400-square-foot vacancy. The acquisition marks Next’s first purchase in Cincinnati. The seller and sales price were undisclosed.

July 23, 2021

Illinois Loans Midwest Office

Newmark Arranges $147.5M Loan for Refinancing of Chicago Office Complex

by Kristin Harlow July 22, 2021

CHICAGO — Newmark has arranged a $147.5 million loan for the refinancing of President’s Plaza in Chicago. The Class A office complex spans 830,789 square feet and is located on West Bryn Mawr Avenue. The property recently underwent a $20 million renovation. Amenities include a lounge with a bar, pool tables and TVs, as well as a café, outdoor terrace and a fitness center operated by Midtown Fitness. Jordan Roeschlaub, Dustin Stolly, Chris Kramer, Nick Scribani, Eden Abraham and Ben Kroll of Newmark arranged the loan with Bank of America. Angelo Gordon Real Estate and Glenstar Properties were the borrowers.

July 22, 2021

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