Midwest

Capstone Arranges $8M Sale of Manufactured Housing Portfolio in St. Louis

by Kristin Harlow October 28, 2020

ST. LOUIS — Capstone Manufactured Housing has arranged the sale of a 204-site manufactured housing portfolio in St. Louis for $8 million. The portfolio consists of two mobile home parks located on the southwest side of the city, Eagle Creek and Cedar Hill. Combined, the two parks were 95 percent occupied at the time of sale. Kevan Enger, Ian Hilpl and Brian Hummell of Capstone represented the seller, local investor Tony Stieren. The West Coast-based buyer plans to hold on to the assets for the long term, according to Capstone.

October 28, 2020

Acquisitions Illinois Midwest Ohio

Investcorp Acquires 32 Industrial Properties in Illinois, Ohio

by Kristin Harlow October 27, 2020

ILLINOIS AND OHIO — Investcorp has acquired 32 industrial properties totaling approximately 3.5 million square feet across four U.S. markets. The value of the acquired properties was more than $280 million. The assets are 96 percent leased and consist of a variety of Class A and B warehouse, distribution and flex industrial buildings. Tenants work in the healthcare, logistics, e-commerce, telecommunications and food service industries. Most of the properties are located in Chicago and Cleveland but others are situated in Columbus and Cincinnati. The acquisition grows Investcorp’s U.S. industrial portfolio to roughly $2 billion with 22 million square feet across 260 buildings.

October 27, 2020

Development Industrial Midwest Ohio

Ashley Furniture to Invest $70M for Distribution Center in Suburban Columbus

by Kristin Harlow October 27, 2020

ETNA, OHIO — Ashley Furniture Industries Inc. has unveiled plans to build a new facility in Etna near Columbus. The furniture manufacturer says it will invest $70 million and create 300 new jobs. Hiring will begin in late 2021, once the building is completed. TPA Group is the developer and FCL Builders is the general contractor for the project. The new 1 million-square-foot facility, located at 70 Global Parkway, will serve as a regional distribution hub for e-commerce fulfillment and store shipments. “Providing access to nearly 50 percent of the U.S. population within a day’s drive, Etna’s location in central Ohio is a strategic choice for Ashley,” says Todd Wanek, president and CEO of the Arcadia, Wis.-based retailer. Ashley sells furniture in more than 20,000 storefronts in 155 countries.

October 27, 2020

Development Midwest Missouri Multifamily

City Club Apartments Opens 283-Unit Community in Kansas City’s Crossroads

by Kristin Harlow October 27, 2020

KANSAS CITY, MO. — City Club Apartments (CCA) has opened its newest community in Kansas City within the Crossroads neighborhood. The 283-unit, seven-story development also includes duplexes, townhouses and penthouses. There are 50 different floor plans. Amenities include a rooftop sky park, pool, outdoor theater, terrace club, concierge service and nearly 300 underground parking spaces. The first floor features DGX, a small retail store with grab-and-go salads, sandwiches, fresh produce and a selection of home and beauty products. Local restaurateur Howard Hanna plans to open two new concepts at the community in 2021. The combined 6,000-square-foot space will include a 2,000-square-foot wine bar and a 4,000-square-foot diner. Monthly rents start at $1,005 for studios. Residents can now receive up to three months of free rent on select units.

October 27, 2020

Indiana Industrial Leasing Activity Midwest

Midwest Truck and Auto Parts Leases 125,000 SF in Merrillville, Indiana

by Kristin Harlow October 27, 2020

MERRILLVILLE, IND. — Midwest Truck and Auto Parts has leased 125,000 square feet of industrial space at AmeriPlex at the Crossroads in Merrillville within Northwest Indiana. The 279,000-square-foot building is located at 9401 Georgia St. Crow Holdings Industrial is developing the speculative project, which is slated for completion in summer 2021. The building features a clear height of 32 feet, 30 exterior dock doors, 47 trailer stalls and 166 car parking stalls. The tenant, a truck and auto parts distributor with locations in five states, anticipates creating up to 150 new jobs at the Merrillville location by the end of 2024. Adam Haefner, Zeke Rowan and Marty Mikaitis of Avison Young represented the tenant in the lease transaction. Avison Young is the leasing agent for the remaining space at the building.

October 27, 2020

Acquisitions Indiana Midwest Office

Marcus & Millichap Brokers $1.1M Sale of Office Building in Fort Wayne, Indiana

by Kristin Harlow October 27, 2020

FORT WAYNE, IND. —Marcus & Millichap has brokered the sale of a 7,631-square-foot office building in Fort Wayne for $1.1 million. The property is located at 1020 E. Dupont Road. It was fully occupied by two tenants at the time of sale. In 2018, the property underwent improvements such as new LED lighting, HVAC units, carpet and a roof replacement. Jordan Klink and Nick Weaver of Marcus & Millichap’s The Klink Group marketed the asset on behalf of the seller, a Fort Wayne-based limited liability corporation. Agents from Marcus & Millichap’s San Diego office represented the undisclosed buyer.

October 27, 2020

Content Partner Heartland Feature Archive Lument Midwest Minnesota Multifamily RED Capital Group

The Twin Cities: An Unlikely Shelter in Turbulent Multifamily Markets

by Sarah Daniels October 27, 2020

The Minneapolis metropolitan area made plenty of headlines in 2020, and much of the news wasn’t good. The social fabric was frayed, and property damage estimated at between $250 million and $500 million ensued. On the surface, the Twin Cities appear unlikely sources of stability and relative safety for multifamily investors, and yet market performance and property value trends have so far proven resilient in the face of adversity. In comparison to many of the primary markets and its regional rival, Chicago, Minneapolis has navigated the effects of the pandemic recession remarkably well and may represent an attractive option for investors who remain committed to the urban mid-rise model, as well as those considering increased exposure to suburban situations. The Minneapolis economy was by no means immune to the effects of public health-related lockdowns. Payroll employment plunged by 270,000 jobs in March and April, representing about 13.3 percent of the February metro total. Although severe, pandemic losses fell below the national average (U.S. payrolls fell 14.6 percent) and were comparable to those recorded in Chicago and Milwaukee. Since April, the Minneapolis labor market has made considerable headway. The unemployment rate dropped to 7.9 percent in August, materially lower than the …

October 27, 2020

Development Industrial Midwest Ohio Top Stories

Purina to Build $550M Pet Food Production Facility in Metro Cincinnati

by John Nelson October 27, 2020

WILLIAMSBURG TOWNSHIP, OHIO — Nestlé Purina PetCare (Purina), a subsidiary of the global Nestlé brand, plans to build a new 1.2 million-square-foot industrial facility in the Cincinnati suburb of Williamsburg Township. The St. Louis-based pet product manufacturer says its total investment in the facility will total $550 million and it will house more than 300 employees when fully operational. Purina will produce its brands of dry dog and cat food at the new facility such as Purina Pro Plan, Purina ONE and Dog Chow. The property will adhere to the latest food safety and sustainability standards and utilize robotics and digital technology to maximize efficiency, according to Purina. The new facility is situated within South Afton Industrial Park and represents the first ground-up facility for Purina since 1975. Construction will begin this fall and the factory is expected to be operational in 2023. This is Purina’s second pet food production facility announced in 2020 as the company revealed last month its plans to convert a former brewery in Eden, N.C., into a 1.3 million-square-foot pet food factory. The new $450 million property will sit on the North Carolina-Virginia border and begin operations in 2022. “Purina is excited to be building …

October 27, 2020

Development Indiana Midwest Multifamily

Flaherty & Collins Breaks Ground on $32M Whiskey River Apartments in Lawrenceburg, Indiana

by Kristin Harlow October 26, 2020

LAWRENCEBURG, IND. — Flaherty & Collins Properties has broken ground on Whiskey River, a $32 million luxury apartment development in Lawrenceburg, about 27 miles west of Cincinnati. The 150-unit project will include amenities such as a pool, lounge area, coworking lounge, fitness center, bark park and bike storage. The waterfront development will be located along the Ohio River. The name Whiskey River alludes to Lawrenceburg’s long history in whiskey production, earning it the nickname “Whiskey City, USA.” Busey Bank served as construction lender. Flaherty & Collins Construction is the general contractor and American Structurepoint is the architect and engineer. Completion is slated for summer 2022.

October 26, 2020

Development Midwest Minnesota Multifamily

Local Developers to Revitalize Historic Mansion with Apartment Project in Minneapolis

by Kristin Harlow October 26, 2020

MINNEAPOLIS — W+Noordijk, in partnership with Yellow Tree Development and Sentinel Management Co., have acquired the historic Alden Smith Mansion in Minneapolis and plan to restore and incorporate it into a larger 124-unit apartment project. The Minneapolis Community & Technical College (MCTC) had been actively pursuing restoration strategies for the mansion since 2010. The developers plan to fully revitalize the house and develop it into a social hub for residents, equipped with coworking spaces, a coffee bar, billiards room and wellness spaces. The mansion will also house three luxury apartment suites on the upper floor. Construction is scheduled to begin in November with completion slated for spring 2022. BHDM Design and Studio BV are serving as interior designers while DJR Architecture is the project architect. Yellow Tree Construction Services is the general contractor. Old National Bank arranged financing for the project. The developers purchased the house from the State of Minnesota, which had owned the property located on the MCTC campus since 1996. Horatio Alden Smith, the home’s original owner, was a partner in the Smith & Wyman Sash and Door Co. He lived in the house with his family from 1887 to 1906. His wife sold the home in …

October 26, 2020

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