Midwest

Skender Breaks Ground on Redevelopment of 133,000 SF Senior Living Community Near Chicago

by Kristin Harlow June 25, 2021

MAYWOOD, ILL. — Skender recently broke ground on the redevelopment of Maywood Supportive Living in Maywood, about 12 miles west of Chicago. When completed, the 133,000-square-foot, five-story supportive living facility will provide 100 housing units with substantial healthcare and nursing amenities. The existing property, which formerly housed the Central Baptist Home, was added to the State of Illinois’ National Register of Historic Places in 2017 and will be restored with the intention of preserving its historic detail. The existing building and grounds take up a full city block, and renovations will include new windows, roof replacement and restoring the first-floor lobby. NDC Corporate Equity Fund, KeyBank, US Bank and the Illinois Housing Development Authority are providing project financing. Skender is serving as general contractor and is collaborating with developer Celadon Partners and architect Gleason Architects.

June 25, 2021

Acquisitions Midwest Office Ohio

Stan Johnson Co. Arranges Sale of 70,876 SF Office Building in Cincinnati

by Kristin Harlow June 25, 2021

CINCINNATI — Stan Johnson Co. has arranged the sale of a 70,876-square-foot, Class A office building in Cincinnati for an undisclosed price. Liberty Mutual Insurance Co. occupies the building, which is located at 1876 Waycross Road within the Carillon Business Park. The building was originally completed in 2015, and tenant improvements were added earlier this year when Liberty Mutual relocated to the building from nearby Fairfield. Brad Pepin of Stan Johnson represented the seller, Nebraska-based Ameritas. NRED, a Kansas-based operating and investment firm, was the buyer.

June 25, 2021

Acquisitions Illinois Industrial Midwest

Colliers Brokers Sale-Leaseback of Three Industrial Facilities Totaling 496,744 SF

by Kristin Harlow June 24, 2021

ELK GROVE VILLAGE AND NILES, ILL. — Colliers International Chicago has brokered the sale-leaseback of three industrial facilities totaling 496,744 square feet for an undisclosed price. GHP Group Inc. sold the properties to W. P. Carey. The portfolio includes a 225,006-square-foot facility at 1501 Nicholas Blvd. in Elk Grove Village and a 161,770-square-foot property at 6440 W. Howard St. in Niles. Additionally, the portfolio includes a 109,968-square-foot building in Guelph, Ontario near Toronto. Jeff Devine, Steve Disse, Brendan Green and Ron Jansen of Colliers represented Niles-based GHP Group, which is a manufacturer of seasonal products such as barbecues, heaters, fireplaces, water dispensers and filtration products.

June 24, 2021

Affordable Housing Development Indiana Midwest Multifamily

Woda Cooper Breaks Ground on $12.9M Affordable Housing Development in Plainfield, Indiana

by Kristin Harlow June 24, 2021

PLAINFIELD, IND. — Woda Cooper Cos. Inc. has broken ground on a new affordable housing community named Harper’s Crossing in the Indianapolis suburb of Plainfield. The $12.9 million, 60-unit community will be located at 311 Harper’s Way near The Shops at Perry Crossing. The three-story building will offer a number of amenities to residents earning between 30 and 80 percent of area median income, including a common laundry room, free Wi-Fi throughout and a community room. The developer was able to receive a tax abatement from the Town of Plainfield since the project is located in an Opportunity Zone. Tax credits awarded by The Indiana Housing & Community Development Authority (IHCDA) generated equity financing. Monthly rents at the community, which will offer one-, two- and three-bedroom units as well as accessible units, will remain between $292 and $1,070, depending on income restrictions and unit size. Building materials are being used to meet LEED Silver certification standards for energy efficiency. RBC Community Investments (RBCCI) was the tax credit syndicator. Huntington National Bank made an investment through RBCCI and also provided a construction loan. Cedar Rapids Bank & Trust provided the first mortgage. Indianapolis-based Cripe is the architect, BWI LLC is the general contractor and Sol Design + Consulting is the sustainability consultant. …

June 24, 2021

Development Indiana Industrial Midwest

Opus, Clarion Begin Development of Two Spec Industrial Buildings in Suburban Indianapolis

by Kristin Harlow June 24, 2021

MOUNT COMFORT, IND. — The Opus Group and Clarion Partners LLC have broken ground on two speculative industrial buildings at Point 70 Logistics Park in Mount Comfort, a northeast suburb of Indianapolis. Building A and Building B will span 802,907 square feet and 298,823 square feet, respectively. Building A will feature a clear height of 40 feet, 184 dock positions, 208 trailer stalls and 460 parking stalls. Building B will feature a clear height of 32 feet, 68 dock positions, 89 trailer stalls and 216 parking stalls. Completion of the buildings, which will sit on 88 acres, is slated for summer 2022. Opus is serving as developer, design-builder, interior designer, architect and structural engineer. Luke Wessell of Cushman & Wakefield will market the buildings for lease.

June 24, 2021

Development Midwest Missouri Multifamily

Fogelman Properties Completes Renovation of 489-Unit Apartment Community in Suburban St. Louis

by Kristin Harlow June 24, 2021

CHESTERFIELD, MO. — Fogelman Properties has completed the renovation of 15Seventy, a 489-unit apartment community located at 1570 Westmeade Drive in the St. Louis suburb of Chesterfield. Fogelman built the property in 1987 and began the renovation project in 2018. The project included the addition of a new Wi-Fi café, a redesigned lobby and leasing center, updates to the pools and tennis courts and the addition of new gathering spaces such as an outdoor entertainment kitchen, poolside pavilion and indoor kitchen area. Fogelman also unveiled a new fitness center with state-of the-art equipment and programs. To date, Fogelman has upgraded 220 of the units with granite countertops, new cabinetry, wood-style flooring and stainless steel appliances. Monthly rents start at $1,127.

June 24, 2021

Affordable Housing Loans Midwest Minnesota Multifamily

Colliers Mortgage Provides $4.3M HUD-Insured Loan for Refinancing of Affordable Housing Property in Minnesota

by Kristin Harlow June 24, 2021

MANKATO, MINN. — Colliers Mortgage’s Minneapolis office has provided a $4.3 million HUD 223(f) loan for the refinancing of Rosa Place in Mankato, about 80 miles southwest of Minneapolis. The 60-unit affordable housing property was built in 2019 using 9 percent Low-Income Housing Tax Credit (LIHTC) proceeds. All units are reserved for households that earn up to 50 percent of area median income. Velair Property Management LLC manages the property. Rosa Place LP was the borrower. The 35-year loan is fully amortizing.

June 24, 2021

Industrial Kansas Market Reports Midwest Midwest Market Reports Office Retail

Despite Pandemic, Wichita Market Experiences Significant Urban Development

by Kristin Harlow June 24, 2021

By Tom Johnson, NAI Martens The overall Wichita economy is not out of the woods yet, but numerous factors point to a continuation of the recovery from both the Great Recession and the impact of the pandemic. Since the significant employment downturn during the second quarter of 2020, the Wichita metro area has markedly recovered but remains well below 2019 non-farm employment. The seesaw unemployment rate has now declined to just over 5 percent. All employment sectors are expected to increase from 3 to 6 percent in 2021 with retail, leisure and hospitality leading the way as restaurants and travel return to pre-pandemic levels. In the background of all the pandemic noise have been significant gains in urban development with over $1 billion of public and private sector investment since the recession. ● Residential has grown exponentially with 21 new and renovated properties representing 1,228 units with some of the highest rental rates in the city. ● With over 100 restaurants and local shops, retail has increased significantly, adding almost 500,000 square feet, a 39 percent increase with more to come. ● Starting with the Ambassador Hotel renovation, the hospitality sector has added 375 rooms with another 95 rooms in …

June 24, 2021

Acquisitions Illinois Midwest Multifamily Single-Family Rental

Blackstone to Acquire Home Partners of America for $6B

by Kristin Harlow June 23, 2021

CHICAGO — Blackstone Real Estate Income Trust Inc. (BREIT) has entered into a definitive agreement to acquire Chicago-based Home Partners of America (HPA), valuing the company at $6 billion. HPA purchases, owns and operates single-family rental homes and provides a path to homeownership for individuals and families across the United States. HPA’s portfolio includes more than 17,000 homes across the country. BREIT intends to support the HPA management team as it explores opportunities to expand access to high-quality housing for lower-income households, including by formally launching its Choice Lease program. This program aims to provide a direct and tangible opportunity to help address housing affordability challenges for families, according to Blackstone. “The fundamental premise of the HPA platform is to provide residents with the opportunity to live in their chosen home with the option to purchase it,” says Jacob Werner, senior managing director with Blackstone Real Estate. “We intend to build on that goal and expand access to homes across the United States.” The transaction is expected to close in the third quarter. BREIT is externally managed by a subsidiary of Blackstone (NYSE: BX), which maintains approximately $196 billion in investor capital under management.

June 23, 2021

Acquisitions Industrial Iowa Midwest

JLL Arranges $54M Sale of Industrial Portfolio in Eastern Iowa

by Kristin Harlow June 23, 2021

IOWA CITY AND CEDAR RAPIDS, IOWA — JLL has arranged the sale of a 1.4 million-square-foot industrial portfolio in Iowa City and Cedar Rapids for $54 million. The Class B portfolio, currently 80 percent occupied, consists of five buildings that were constructed in the early 2000s. Three properties are in Iowa City at 2561, 2570 and 2610 Independence Road. The others are in Cedar Rapids at 5404 and 5507 Ely Road. Marcus Pitts, Justin Lossner, Michael Minard and Austin Hedstrom of JLL represented the seller, 2570 Independence LLC. JLL will continue to serve as leasing agent on behalf of the undisclosed buyer. The sale represents the largest industrial portfolio sale ever recorded in Iowa, according to JLL.

June 23, 2021

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