SPIRITWOOD, N.D. — ADM (NYSE: ADM) has unveiled plans to build a new soybean crushing plant and refinery to meet demand from food, feed, industrial and biofuel customers. Located in Spiritwood, which is about 85 miles west of Fargo, the approximately $350 million complex will have the capacity to process 150,000 bushels of soybeans per day. ADM expects to complete the facility in time for the 2023 harvest. ADM also plans to invest approximately $25 million to expand refining and storage capacity at its crush and refining property in Quincy, Ill. The expanded facility is slated for completion in the second quarter of 2022. ADM is an agricultural origination and processing company based in Chicago.
OWATONNA, MINN. — Kraus-Anderson has begun construction of a new $94 million high school located at 1455 18th St. SE in Owatonna, about 65 miles south of Minneapolis. The project is part of a $112 million district bond referendum, which voters passed in November 2019. Designed by Wold Architects and Engineers, the three-story, 317,000-square-foot school will accommodate 1,600 students. In addition to classrooms, the high school will feature industrial arts labs, an 825-seat auditorium and a large cafeteria space. Plans also call for a 3,451-seat football stadium, four-court gymnasium, eight tennis courts, four soccer fields, two softball fields, two baseball fields, a synthetic turf field, full track and four storage buildings for athletics. Completion is slated for summer 2023.
KANSAS CITY, MO. — Trammell Crow Co. and its capital partner, Clarion Partners LLC, have broken ground on two Class A warehouse and distribution facilities within the KCI Intermodal Business Centre in Kansas City. Located adjacent to the Kansas City International Airport, the buildings will total 676,000 square feet. Completion is slated for the fourth quarter. The first building will span 216,320 square feet with a clear height of 32 feet, 48 dock positions, four private entrances, two drive-up ramp dock doors, parking for 62 trailers and parking for 225 cars. The second building will span 459,680 square feet with a clear height of 36 feet, 88 dock doors, three private entrances, four drive-up ramp dock doors, parking for 110 trailers and parking for 366 cars. Kadean Construction, M+H Architects and Stock & Associates make up the project team. KCI Intermodal Business Centre is a master-planned industrial business park spanning 687 acres. It currently includes six fully built facilities. Plans call for an additional 1.2 million square feet across three buildings.
CINCINNATI — Cushman & Wakefield’s healthcare capital markets team has brokered the sale of Anderson Ferry Plaza in Cincinnati for $4.2 million. The 43,599-square-foot medical office building is located on Anderson Ferry Road. It is more than 87 percent leased to TriHealth Physician Partners, ABC Pediatric Therapy, Clarkson Eye Care and Happy Hangout. Gino Lollio, Scott Niedergang and Travis Ives led the Cushman & Wakefield team that represented the seller, Rialto Capital. Publicly traded healthcare real estate investment trust Community Healthcare Trust Inc. (NYSE: CHCT) was the buyer. As of March 31, the REIT’s portfolio consisted of 147 properties totaling 3.2 million square feet across 33 states.
Shifting behaviors and expectations for consumers, manufacturers and distributors have made industrial space central to the commercial real estate landscape. “This is an asset class that for 25 years of my 39 years in the commercial real estate business was a boring, middle-of-the-road class. But this steady investment has just exploded,” says Jay Olshonsky, president and CEO of NAI Global. Much of the most recent change has been driven by the particulars of the COVID-19 pandemic. Delivery became a way of life for those socially distancing, creating an instant need for more distribution and warehousing centers. Olshonsky explains that the behavioral changes starting in March of 2020 accelerated trends (online shopping, delivery/pickup services and working from home) that might otherwise have taken five or more years to come to fruition. Olshonsky explains that there are still hurdles for this ascendant product type to overcome, but the changes we’ve seen over the last year will remain. Industrial Not a Bubble “Industrial is here to stay,” says Olshonsky. “COVID accelerated trends that already existed, but those trends were already in motion. We’re seeing some changes that are fundamental.” The need for delivery and warehouses is fed by new expectations: “Ecommerce is the …
INDIANAPOLIS — David Simon, CEO and president of Indianapolis-based Simon Property Group (NYSE: SPG), says he is pleased with the company’s first-quarter results and that business has “substantially improved after addressing the impacts from the COVID-19 pandemic.” According to Simon, the mall owner is experiencing cash flow growth, increasing shopper traffic, increasing retailer sales and leasing momentum across its portfolio. Additionally, Simon says it is experiencing similar results in its recently acquired Taubman Realty Group portfolio, and is “encouraged by collective progress in increasing profitability.” Simon reported that its first-quarter revenue fell to $1.2 billion, compared with $1.3 billion the same period a year ago. For the three-month period ending March 31, occupancy at Simon’s U.S. malls and outlet properties totaled 90.8 percent, compared with 94 percent the year prior. Simon’s stock price closed at $126.75 per share Monday, May 10, up from $55.08 per share one year ago. Simon’s global property portfolio is comprised of more than 200 malls and outlet centers. It also owns an 80 percent interest in Taubman Realty Group, which owns 24 retail assets in the U.S. and Asia.
LEAWOOD, KAN. — Torch.AI, a global artificial intelligence firm, has unveiled plans to expand its operations in Leawood and create nearly 500 full-time jobs over five years as part of a $27 million tax incentive package awarded by the Kansas Department of Commerce. The firm plans to hire more than 100 new professionals this year alone. Torch.AI is also making a significant capital investment in collaborative workspaces for its employees. The announcement comes on the heels of Torch.AI’s $30 million raise in Series A funding to accelerate its overall growth strategy. WestCap Group, a San Francisco-based investment firm, led the funding.
GLENVIEW, ILL. — McShane Construction Co. is underway on a 429,524-square-foot addition to the existing warehouse and showroom facility for Abt Electronics in Glenview, about 15 miles northwest of Chicago. The expansion will incorporate two three-story office blocks totaling 22,230 square feet and 407,294 square feet of warehouse space. The office buildout will include trucking offices, security offices, a breakroom and open office space. The warehouse will feature a clear height of 32 feet, and 39 semi-truck docks. Completion is slated for October. Camburas & Theodore is the project architect. Abt is an electronics, appliances and home goods retailer.
CLEVELAND — Evergreen Real Estate Group has acquired Carter Manor Apartments in downtown Cleveland. Evergreen plans to update the 270-unit historic community through an $18 million capital improvement program. Located at 1012 E. Prospect Ave., the 11-story property comprises a mix of studio, one- and two-bedroom units, all of which will be preserved as affordable housing for seniors and disabled individuals. Designed by architect Max Dunning, the building originally opened in 1917 as the 600-room Hotel Winton. The property was redeveloped into apartments in 1971. It also features three commercial tenants, Domino’s, Liberty Labor and Guardian Title & Guaranty Agency. Evergreen Construction Co., an affiliate of Evergreen Real Estate Group, will serve as general contractor on the renovation work. Construction is scheduled to begin in June. Both residential and commercial tenants will remain in place during the renovations. All apartments will receive upgraded kitchens, bathrooms and flooring. Additionally, 14 units will receive accessibility upgrades. Evergreen also plans to modernize three elevators, repair the building façade and parking garage, replace the roof and update major mechanical systems. The common areas will receive a community kitchen and new paint and flooring. Completion is slated for December 2022. The acquisition and renovation was …
PEWAUKEE, WIS. — Associated Bank has provided a $13.2 million loan for the construction of a speculative industrial project in Pewaukee, about 15 miles west of Milwaukee. The 218,000-square-foot building will be located on Bluemound Road near I-94. Situated on 42.7 acres, the project will feature a clear height of 32 feet, parking for 158 cars and parking for 25 trucks. Completion is slated for the fourth quarter. The borrower was WRP Pewaukee LLC, an affiliate of Lake Forest, Ill.-based Westminster Capital LLC. Ted Notz of Associated Bank handled the loan closing.