Midwest

Origin Investments: Phoenix Tops List of Cities for Investing, Developing Multifamily Properties

by Julia Sanders July 9, 2021

CHICAGO — According to Origin Investments, a Chicago-based private equity real estate firm, the seven multifamily markets in the United States best poised to capitalize on post-pandemic trends are: Phoenix; Atlanta; Charlotte, North Carolina; Austin, Texas; Raleigh, North Carolina; Nashville, Tennessee; and Tampa, Florida. Origin’s analyzed 150 markets to identify the cities with the highest chance of success as pandemic restrictions loosen. Origin has been refining this model for the past three years to inform its investment strategy and acquisitions. All these cities are undergoing economic development that will spur rent growth and attract institutional real estate investment. The following is a breakdown of what industries each state grew in: 1. Phoenix: Phoenix’s economy grew during the pandemic with an increase of jobs in trade, transportation and utility. Arizona State University’s industry-leading cybersecurity, artificial intelligence and analytics programs continue to produce a strong labor pool for tech employers. Intel and Taiwan Semiconductor will break ground soon on facilities that are already drawing related investments. Additionally, robust hiring and affordable housing put Phoenix at the intersection of rent growth and capital demand. 2. Atlanta, Charlotte and Austin (three-way tie for second place): Atlanta is evolving into the tech capital of the …

July 9, 2021

Development Illinois Midwest Multifamily Seniors Housing

TWG to Develop $62.4M Active Adult Community in Naperville, Illinois

by Kristin Harlow July 8, 2021

NAPERVILLE, ILL. — TWG will develop McDowell Point, a $62.4 million active adult community in the Chicago suburb of Naperville. The project is Indianapolis-based TWG’s first development in the greater Chicago area as well as its first active adult community in the state of Illinois. Located at 1420 W. Diehl Road, the property will rise five stories and span 347,000 square feet. The 174 units will range in size from one-bedrooms to three-bedrooms. Of the total units, 80 percent will be reserved for residents age 55 and older. More than 6,000 square feet of amenity space will include a courtyard, pool, yoga lawn and grilling stations. McDowell Point will be situated immediately adjacent to the nature preserve McDowell Grove. Completion is slated for June 2023.

July 8, 2021

Development Illinois Midwest

McHugh, Bowa Complete Construction of $53.7M Indoor Track and Field Facility in Chicago

by Kristin Harlow July 8, 2021

CHICAGO — James McHugh Construction Co. and Bowa Construction have completed a $53.7 million indoor track and field facility at Gately Park in Chicago’s Pullman neighborhood. The 139,375-square-foot building sits on a 13.5-acre site at 10201 S. Cottage Grove Ave. The project includes a 118,000-square-foot fieldhouse that is home to a six-lane running track, high jump and long jump pits, pole vault, hurdles, relay areas, shot put cages, sprint lanes, concession areas, locker rooms and seating for 3,500 spectators. The flexible design enables the space to be utilized for various sports and can accommodate four basketball and six volleyball courts. The building’s remaining 22,000 square feet includes a fitness center, multipurpose rooms, Chicago Park District administrative offices and After School Matters programming space. While local athletes will use the building for practice and meets, the property’s size and Olympic-grade quality qualifies it to bid to host NCAA Division I, II or III track and field championship competitions. Itasca-based Williams Architects was the project architect, and Chicago-based Eckenhoff Saunders designed the After School Matters space.

July 8, 2021

Illinois Leasing Activity Midwest Office

Platinum Home Mortgage Corp. Joins Tenant Lineup at Bell Works Chicagoland

by Kristin Harlow July 8, 2021

HOFFMAN ESTATES, ILL. — Platinum Home Mortgage Corp. (PHMC) has signed a 22,000-square-foot office lease at Bell Works Chicagoland in Hoffman Estates. The privately held mortgage company and national lender will occupy 16,000 square feet on the fourth floor and an additional 2,000 square feet on the second floor. Freedom Title Corp., an affiliated entity, will occupy 4,000 square feet on the second floor. PHMC plans to move into its new space this fall. Existing tenants at Bell Works Chicagoland include accounting firm CPA Advisors Group, mosquito control company Mosquito Hunters, and equity crowdfunding firm The Next Unicorn. Somerset Development is the owner and developer of the property, which is the adaptive reuse of the former AT&T campus. Steve King, Francis Prock and Darryl Silverman of Colliers International, along with Jeffrey Garibaldi Sr., Tara Keating and Lindsey Florio of The Garibaldi Group, serve as the leasing teams for the office space at Bell Works Chicagoland. Jason Simon of Colliers represented PHMC in its lease.

July 8, 2021

Indiana Loans Midwest Multifamily Northmarq

NorthMarq Arranges $6M CMBS Loan for Refinancing of Indianapolis Apartment Property

by Kristin Harlow July 8, 2021

INDIANAPOLIS — NorthMarq has arranged a $6 million CMBS loan for the refinancing of El Dorado Apartments in Indianapolis. The 164-unit apartment property is located five miles northwest of downtown. Originally built in 1972, the community has undergone many improvements since 2008. Units range in size from one-bedroom to four-bedroom floor plans. Lawrence Larisma of NorthMarq’s Charlotte office arranged the 10-year loan, which features a 30-year amortization schedule.

July 8, 2021

Kansas Leasing Activity Midwest Office

Summit Marketing Signs 13,400 SF Office Lease in Lenexa, Kansas

by Kristin Harlow July 8, 2021

LENEXA, KAN. — Summit Marketing, a marketing and fundraising communications firm, has signed a 13,400-square-foot office lease at Tech Center 3 within Lenexa’s Southlake Office Park. RJ Trowbridge of JLL represented the owner, City+Ventures, which purchased the property in 2019 and added new signage, exterior paint, landscaping and renovated lobbies. Southlake spans 11 buildings and 753,000 square feet. Straub Construction will build out the interior tenant space for Summit.

July 8, 2021

Acquisitions Content Partner Data Centers Development Features Industrial Midwest NAI Northeast Southeast Texas Western

From Hype to Hyperscalers: NAI Global Discusses Trends for Data Centers

by Sarah Daniels July 8, 2021

Data centers have exploded in importance over the last year and a half. Kevin Goeller, principal, NAI KLNB, has over 21 years of experience in the field of data center development, sales and leasing, but says that, lately, exponential change is driving demand in this asset class. He spoke to REBusinessOnline about the booming need and limiting factors for data centers. REBusiness: Tell us about the sudden, increased demand for data centers. What amount of this demand is due to the pandemic driving people to work from home? What amount of the demand is here to stay? Goeller: Prior to the pandemic, we were already in an upward curve because of the added disciplines of 5G and edge data centers contributing to the already competitive growth of the hyperscalers and multitenant data centers. Data center development didn’t have the interest from institutional investors that it does today; these assets were just starting to get these institutions to chase them as a real estate discipline. Fast forward to the pandemic, which added Zoom, Microsoft Teams and other video conferencing and work-from-home needs. These put additional pressure on an already pressurized discipline, an asset class already trying to adapt and grow. REBusiness: …

July 8, 2021

Illinois Market Reports Midwest Midwest Market Reports Retail

Chicago Market Experiences Surge in Retail Sales as COVID Restrictions Loosen

by Kristin Harlow July 8, 2021

By Chris Irwin, Colliers International As we begin to lower our masks, breathe fresh air and see smiles on everyone’s faces, there are strong signs that better than pre-COVID retail activity in Chicago is here. With the expanded vaccine rollout, a decrease in unemployment plus the added boost of stimulus checks, the surge in retail sales in the city and surrounding areas has been measurable. The demand for retail space increased in fourth-quarter 2020 and first-quarter 2021 significantly, with the first quarter recording a 650,000-square-foot increase in overall absorption, which pushed the trailing 12-month absorption back to positive territory — and its highest level since 2017. Increased leasing activity continued to drive new demand as net absorption totaled almost 1 million square feet in the first quarter. Vacancy in Chicago retail has flattened and currently is holding at 6.1 percent over the past year compared with a rate of 5.1 percent nationally. Leasing activity was driven by the expansion of essential retailers throughout the first quarter, similar to first-quarter activity levels registered in 2017, 2018 and 2019. However, the most important step toward recovery happened June 11 when the State of Illinois moved its Coronavirus response from Phase 4 to …

July 8, 2021

Midwest Ohio Retail

Retail REIT Phillips Edison & Co. Files for IPO

by Kristin Harlow July 7, 2021

CINCINNATI — Phillips Edison & Co. Inc. (PECO), an internally managed REIT, has filed a registration statement with the Securities and Exchange Commission to offer 17 million shares of its common stock to the public. The Cincinnati-based shopping center owner also intends to grant the underwriters a 30-day option to purchase up to an additional 2.5 million shares of its common stock. The initial public offering (IPO) price is expected to be between $28 and $31 per share. Adjusting for the one-for-three reverse stock split that was executed on July 2, the IPO price would be expected to be between $9.33 and $10.33 per share. PECO expects to trade on the Nasdaq Global Select Market under the ticker symbol “PECO.” The company says it will use the net proceeds from the proposed offering to pay off its $375 million unsecured term loan, fund external growth with property acquisitions and fund other general corporate uses. As of March 31, PECO owned equity interests in 300 shopping centers comprising 31 million square feet across 31 states.

July 7, 2021

Development Illinois Industrial Midwest

Bridge Industrial to Build 1.5 MSF Industrial Park in Melrose Park, Illinois

by Kristin Harlow July 7, 2021

MELROSE PARK, ILL. — Bridge Industrial has acquired a former Navistar manufacturing site in Melrose Park for the development of Bridge Point Melrose Park, a 1.5 million-square-foot industrial park. Navistar sold the 86-acre site to the Chicago-based developer. Plans call for three Class A, speculative buildings, two of which will each span 415,918 square feet. The third building will measure 707,953 square feet. The facilities will feature clear heights ranging from 36 to 40 feet, 130-foot truck courts, a total of 234 exterior docks, eight drive-in doors, 1,481 car stalls and 282 trailer stalls. Completion is slated for mid-2023. Dan McGillicuddy of JLL represented Navistar in the sale.

July 7, 2021

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