Midwest

Greater Des Moines Retail Market Is on Track for Fast Recovery

by Kristin Harlow July 22, 2021

By Christopher Stafford, Cushman & Wakefield The Greater Des Moines retail market continues to emerge from the pandemic and is quickly regaining its footing from the closures and challenges experienced by many retailers, restaurants and businesses alike. Despite a few setbacks, occupancy rates and rents have generally held steady. Consumer spending is surging and according to a WalletHub study, Iowa’s COVID-19 recovery is the quickest in the nation, earning a total score of 75.25 out of a possible 100. The study compared all 50 states across three categories: COVID health; leisure and travel; and economy and labor market. Trends, observations A local real estate mogul recently made the analogy that the Des Moines retail market is currently much like a chessboard — lots of moving pieces and strategic repositioning by the current players. Greater Des Moines, like other Midwest cities, is experiencing a handful of post-pandemic retail trends that include: • Integrated retail approach (omnichannel): Bricks & mortar + online presence and ordering + apps + delivery/pickup. The presence of drive-thru and pickup services will shape the future of retail and are in high demand by restaurants and retailers. • Space transformation: Spaces once occupied by traditional retailers are now …

July 22, 2021

Affordable Housing Development Illinois Midwest Multifamily

The Community Builders Plans $102M Affordable Housing Project in Chicago

by Kristin Harlow July 21, 2021

CHICAGO — The Community Builders has unveiled plans to develop a $102 million, 20-story affordable housing project in Chicago’s Loop. The high-rise development has been selected as the winner of the City of Chicago’s C40 Reinventing Cities competition, which encourages carbon neutral and sustainable development. The 207 rental units will range from studio to two-bedroom and are restricted to tenants earning between 30 to 80 percent of area median income (AMI). Slated to occupy city-owned land at the corner of Van Buren Street and Plymouth Court, the project was selected via a request for proposals process, which was issued last year through the international C40 Reinventing Cities competition. Designed by Studio Gang along with DesignBridge and JAQ Corp, the “Assemble Chicago” project was selected over three other net-zero proposals due to its superior design, commitment to affordability, family-sized units, development team experience, proposed purchase price and community feedback, according to the city. The site is currently occupied by a vacant parking garage and vacant land. Located at the nexus of multiple transit lines, the building will include a two-level podium with a food hall for minority-owned restaurants, a produce grocer and wellness clinic. Plans also call for approximately $2 million in improvements for …

July 21, 2021

Development Industrial Midwest Ohio

Pizzuti Underway on Two Spec Industrial Buildings in Columbus, Ohio

by Kristin Harlow July 21, 2021

COLUMBUS, OHIO — The Pizzuti Cos. is underway on the development of two speculative industrial buildings within Global Court Logistics Center, which is located in the Rickenbacker submarket of Columbus. Global Court I will span 158,700 square feet while Global Court II will total 196,400 square feet. Both buildings will feature a clear height of 32 feet and LED lighting. Completion is slated for this December. CBRE and Pizzuti will provide leasing services. Since 1998, Pizzuti has developed more than 12 million square feet of industrial space in the Rickenbacker submarket.

July 21, 2021

Acquisitions Midwest Minnesota Retail

Upland Negotiates $6.3M Sale of Hobby Lobby-Occupied Property in West St. Paul

by Kristin Harlow July 21, 2021

WEST ST. PAUL, MINN. — Upland Real Estate Group’s net lease team has negotiated the sale of a Hobby Lobby-occupied property in West St. Paul for $6.3 million. Deborah Vannelli, Keith Sturm and Amanda Leathers of Upland represented the undisclosed seller. The property sold to a California-based buyer. Hobby Lobby’s portfolio consists of 900 stores in 46 states.

July 21, 2021

Acquisitions Midwest Nebraska Retail

Avison Young Brokers $4.5M Sale of Shopping Mall in Norfolk, Nebraska

by Kristin Harlow July 21, 2021

NORFOLK, NEB. — Avison Young has brokered the $4.5 million sale of Sunset Plaza Mall in Norfolk, a city in northeast Nebraska. The 232,347-square-foot shopping center is located at 1700 Market Lane. The property was lender-owned and was roughly 48 percent occupied at close of escrow. Built in 1968 and renovated in 1994, the mall sits on 31 acres and features a mix of 30 regional and national tenants, including JC Penney, Bath & Body Works, Famous Footwear and GNC. Chris Maling and David Maling of Avison Young represented the seller, Wells Fargo Bank, in the value-add transaction. The duo also procured the buyer, Tennessee-based LBD Properties LLC.

July 21, 2021

Acquisitions Industrial Michigan Midwest

Colliers Arranges Sale of Two Industrial Buildings in Detroit

by Kristin Harlow July 21, 2021

DETROIT — Colliers International has arranged the sale of two industrial buildings in Detroit for an undisclosed price. The first property at 13901 Joy Road spans 456,156 square feet. The second building at 8211 Decatur Road totals 113,332 square feet. Peter E. Kepic and Peter J. Kepic of Colliers represented the buyer, Schostak Brothers & Co. Inc., as well as the seller, Joy Road Holdings LLC. Schostak has retained the duo to market the buildings for lease. Schostak says the purchase fits its strategy of buying and renovating well-located industrial properties.

July 21, 2021

Acquisitions Midwest Ohio Retail

JLL Brokers Sale of 474,000 SF Power Center in Suburban Cleveland

by Kristin Harlow July 20, 2021

FAIRVIEW PARK, OHIO — JLL Capital Markets has brokered the sale of Westgate Shopping Center in the Cleveland suburb of Fairview Park for an undisclosed price. The 474,000-square-foot power center is home to tenants such as Target, Marshalls, EarthFare, Petco, Five Below, Kohl’s, Ulta Beauty and Lowe’s. The property also includes restaurants such as Chick-fil-A, Longhorn Steakhouse, Buffalo Wild Wings, Starbucks and Five Guys. Completed in 1991, the shopping center was most recently renovated in 2014. Clinton Mitchell, Amy Sands, Kirstey Lein and Bill Poffenberger of JLL represented the seller, IRC Retail Centers/DRA Advisors. The R.H. Johnson Co. was the buyer.

July 20, 2021

Iowa Loans Midwest Multifamily

Colliers Provides $12M Loan for Refinancing of Apartment Complex in Mason City, Iowa

by Kristin Harlow July 20, 2021

MASON CITY, IOWA — Colliers Mortgage has provided a $12 million Fannie Mae loan for the refinancing of The River in the northern Iowa town of Mason City. Constructed in 2020, the 133-unit property includes both apartment units and townhome units. Amenities include a fitness center, indoor bike storage, underground parking, a lounge, community room and dog wash. The 10-year loan features a 30-year amortization schedule. The River Mason City LLC was the borrower.

July 20, 2021

Iowa Loans Midwest Multifamily Northmarq

NorthMarq Originates $9M Acquisition Loan for Multifamily Property in Dubuque, Iowa

by Kristin Harlow July 20, 2021

DUBUQUE, IOWA — NorthMarq has originated a $9 million Freddie Mac loan for the acquisition of Radford Place Apartments in Dubuque, a city in eastern Iowa along the Mississippi River. The 108-unit, three-story property was built in 2010. Dan Trebil and Bill Mork of NorthMarq’s Minneapolis office structured the 10-year loan, which features two years of interest-only payments followed by a 30-year amortization schedule. The borrower was undisclosed.

July 20, 2021

Acquisitions Indiana Midwest Retail

Hanley Investment Group Negotiates Sale of 114,867 SF Shopping Center in Indiana

by Kristin Harlow July 20, 2021

MICHIGAN CITY, IND. — Hanley Investment Group Real Estate Advisors has negotiated the sale of Lake Park Plaza in the northwest Indiana town of Michigan City. The sales price was undisclosed, but the listing price was $6.3 million. Anchored by Hobby Lobby, the 114,867-square-foot shopping center is also home to Joann, Citi Trends and a variety of other tenants. Built in 1992, Lake Park Plaza was 91 percent occupied at the time of sale. Eric Wohl and CJ Kiehler of Hanley, in association with Scott Reid & ParaSell Inc., represented the seller, Atlanta-based RCG Ventures. A private investment company located near Miami was the buyer.

July 20, 2021

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