Midwest

Allstate Implements Restructuring Plan, Cuts 3,800 Jobs

by Kristin Harlow October 2, 2020

NORTHBROOK, ILL. — In order to lower costs, The Allstate Corp. (NYSE: ALL) says it is implementing a restructuring plan that will impact roughly 3,800 employees primarily in claims, sales, service and support functions. The cuts, which make up about 8 percent of the company’s workforce, come as the insurer is consolidating and closing regional offices around the country, according to Crain’s Chicago Business. Allstate expects to incur $290 million in restructuring charges, primarily for severance and employee benefits. It also expects to incur $80 million in real estate exit costs from office closures. The insurance giant is headquartered at 2775 Sanders Road in Northbrook, Ill. Its stock price closed at $92.26 per share Thursday, Oct. 1, down from $105.61 one year ago.

October 2, 2020

Illinois Leasing Activity Midwest Multifamily

Fifield Cos. Begins Lease-up of 188-Unit Westerly Apartment Complex in Chicago’s River West

by Kristin Harlow October 2, 2020

CHICAGO — Fifield Cos. has begun the lease-up of Westerly, a 188-unit apartment complex located at 740 N. Aberdeen St. in Chicago’s River West neighborhood. The Chicago-based developer expects the first move-ins to begin this month. The 11-story building also serves as the latest canvas for Chicago-based artist Sentrock. Designed by FitzGerald Associates Architects and constructed by James McHugh Construction Co., Westerly features a mix of studio, one-, two- and three-bedroom floor plans ranging in size from 544 to 1,513 square feet. Amenities include a fitness center, resident lounge, coffee bar, party room, coworking space, sun terrace, pool, rooftop deck and 80-space parking garage. Residents also have access to a new public park, created by Fifield and designed by Hitchcock Design Group, that features a dog park, green space and seating. Monthly rents start at $1,458. Residents can now receive up to three months of free rent.

October 2, 2020

Industrial Loans Midwest Ohio

KeyBank Provides $17.6M CMBS Loan for Acquisition of Warehouse in Wilmington, Ohio

by Kristin Harlow October 2, 2020

WILMINGTON, OHIO — KeyBank Real Estate Capital has provided a $17.6 million CMBS loan for the acquisition of a 615,000-square-foot warehouse in Wilmington, located between Cincinnati and Columbus. Built in 1990, Progress Park is home to tenants such as G&J Pepsi-Cola Bottlers and Greencore USA. Jake Proctor of KeyBank structured the 10-year, fixed-rate loan, which features three years of interest-only payments followed by a 30-year amortization schedule. I3 Investors, an Indianapolis-based private real estate investment firm, was the borrower.

October 2, 2020

Acquisitions Affordable Housing Michigan Midwest Multifamily

Avanath Capital Management Acquires Two Affordable Housing Properties in Detroit

by Kristin Harlow October 2, 2020

DETROIT — Avanath Capital Management has acquired North End Village and Cameron Court, two affordable housing properties in Detroit. Avanath purchased the 50-unit North End Village for $2.1 million. Built in 2005, the community is fully leased and consists of four two-story buildings. Avanath is planning to make capital improvements such as LED lighting, landscaping, exterior paint, balcony repairs and parking repairs. Avanath acquired Cameron Court for $1.3 million. The 48-unit affordable seniors housing property was built in 2008. The three-story building is fully leased. Avanath will make renovations such as hallway painting, exterior fencing, new common area furniture, a community room renovation and the construction of a senior wellness center.

October 2, 2020

Illinois Industrial Leasing Activity Midwest

King Solutions Signs 138,000 SF Industrial Lease in Romeoville, Illinois

by Kristin Harlow October 2, 2020

ROMEOVILLE, ILL. — King Solutions has signed a 138,000-square-foot industrial lease at 200 S. Pinnacle Drive in Romeoville. The provider of custom logistics solutions will relocate from 500 Regency Drive in Glendale Heights once the new lease commences in November. The property features 42 trailer positions, 28 docks, 2,000 square feet of office space and a clear height of 32 feet. Mike Morgan, Brian Netsky and Jim Herbst of Colliers International represented the tenant in the lease transaction. The landlord was undisclosed.

October 2, 2020

Development Midwest Missouri Multifamily

Opus Opens 254-Unit Luxury Apartment Complex in Kansas City’s Westport Neighborhood

by Kristin Harlow October 1, 2020

KANSAS CITY, MO. — The Opus Group has completed Westley on Broadway, a 254-unit luxury apartment complex in Kansas City’s historic Westport neighborhood. Located at the corner of Westport Road and Broadway Boulevard, the six-story project features three levels of underground parking and 10,000 square feet of retail space. Floor plans vary from studios to two-bedroom units. Amenities include a pool, podcast lab, fitness center, pet spa, coworking spaces and onsite storage. Many of the existing buildings in Westport date back to the late 19th century and feature red brick. Opus selected a blend of red brick to complement the building’s surroundings. Opus served as developer, design-builder, interior designer and structural engineer. Monthly rents start at $1,139 for studios.

October 1, 2020

Development Illinois Midwest Multifamily

Summit Design + Build Completes Conversion of Office Building into Apartments in Chicago’s Gold Coast

by Kristin Harlow October 1, 2020

CHICAGO — Summit Design + Build has completed The Clark in Chicago’s Gold Coast neighborhood. The project involved the conversion of a four-story office and retail building into 98 luxury apartments. The building, located at 1201 N. Clark St., also received a vertical addition comprising five more stories. Floor plans range from studios to two-bedroom units. Amenities include a rooftop terrace, fitness center, business center, bike room, dog run and first-floor lobby with a café. Hartshorne Plunkard Architecture served as architect. Monthly rents start at $1,710. Residents can currently receive up to three months of free rent.

October 1, 2020

Development Industrial Midwest Nebraska Office

McCarthy Moves into New 15,000 SF Nebraska Office

by Kristin Harlow October 1, 2020

OMAHA, NEB. — McCarthy Building Cos. Inc. has moved into its newly constructed office and warehouse property that will serve as the national construction company’s Nebraska office. The 15,000-square-foot development, located in West Omaha, features a single-story office building, a warehouse and an adjacent construction yard. McCarthy developed the project in conjunction with Tetrad Property Group LLC. DLR Group was the designer. The warehouse will enable the company to store construction materials and assemble some building components in advance of the jobsite. Since entering the Omaha market in 2001, McCarthy’s Omaha team has completed more than $1 billion in construction projects. The company’s core project types include healthcare, education, laboratories, pharmaceutical manufacturing, commercial, arts and entertainment and industrial. McCarthy is headquartered in St. Louis but has several other office locations across the country.

October 1, 2020

Acquisitions Kansas Midwest Retail

Block & Co. Sells 8,000 SF Monticello Center in Shawnee, Kansas

by Kristin Harlow October 1, 2020

SHAWNEE, KAN. — An investment group headed by Block & Co. Inc. Realtors has sold Monticello Center, an 8,000-square-foot retail building in Shawnee. The sales price was undisclosed. The property is fully leased to Chipotle, Farmers Insurance, Domino’s, Lush Nail Spa and Yoga Fit. Block & Co originally developed the building in 2004 and has remained its leasing and property management company. David Block and Larry Graves of Block & Co. represented the seller. Cory DeLong of AREA Real Estate Advisors represented the undisclosed buyer.

October 1, 2020

Acquisitions Iowa Midwest Retail

Marcus & Millichap Brokers $2.2M Sale of Property Occupied by T-Mobile in Davenport, Iowa

by Kristin Harlow October 1, 2020

DAVENPORT, IOWA — Marcus & Millichap has brokered the sale of a 3,305-square-foot retail property occupied by T-Mobile in Davenport. An undisclosed buyer purchased the asset for $2.2 million. The building is located at 3150 E. 53rd St. T-Mobile has more than eight years remaining on its 10-year lease. Dominic Sulo and Samuel Malato of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Jon Ruzicka assisted in closing the transaction as broker of record in Iowa.

October 1, 2020

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