Midwest

Knoebel Construction Builds Drake’s Restaurant in O’Fallon, Illinois

by Kristin Harlow September 29, 2020

O’FALLON, ILL. — Knoebel Construction has completed building a new Drake’s restaurant in O’Fallon near St. Louis. The 6,014-square-foot restaurant and entertainment venue features two full-service bars and an outdoor patio. Drake’s, an entity of parent company Bluegrass Hospitality Group, is a Kentucky-based chain with 15 locations across the Midwest and Southeast. The restaurant offers more than 20 craft beers on tap as well as sandwiches, salads, burgers and sushi. Drake’s says it is closely following government guidelines for reopening during COVID-19 and working alongside state and local officials to ensure health and safety.

September 29, 2020

Lee Associates quote Jacobson Healthcare460

Content Partner Features Healthcare Lee & Associates Midwest

Lee & Associates: Healthcare is a Slow but Steady Sector

by Sarah Daniels September 29, 2020

Healthcare has very different drivers when it comes to growth and demand. While highs and lows in the economy influence healthcare in many of the same ways other industries experience, it’s also governed by trends that are unique to how people seek — and pay for — their medical treatments. Chris Jacobson and Susan Wilson, both vice presidents and healthcare advisors for Lee & Associates Commercial Real Estate Services, took some time recently to talk to REBusinessOnline about today’s healthcare real estate trends. Taking a broad look across the sector, some healthcare systems have lost revenue due to suspending elective procedures during the early months of the COVID-19 pandemic. “It’s going to take them a while to recoup that revenue,” Wilson says. “Additionally, now that they have reopened, they are spacing people out in waiting rooms, so they’re seeing fewer patients. There are currently opportunities for subleases with some major health systems. This could be an opportunity for some of the larger, more successful health systems to take over some of that space.” Jacobson has observed that there are three types of investments occurring right now. The first of those are large healthcare systems presently focused on COVID-19-related care. The …

September 29, 2020

Michigan Midwest Multifamily

City Club Apartments Forms Strategic Partnership with Berkeley Capital

by Kristin Harlow September 28, 2020

FARMINGTON HILLS, MICH. — City Club Apartments (CCA) has formed a new partnership with Berkeley Capital, a boutique private equity firm based in Cleveland, to enhance its development of multifamily communities. CCA cites Berkeley’s access to niche sources of international capital and says the partnership creates “great efficiency” in real estate investment, development and acquisition, according to a news release. Farmington Hills-based CCA is an owner, developer and manager with a portfolio of approximately 10,000 apartment units, $2 billion in real estate assets and $750 million under development. Jonathan Holtzman, formerly of Village Green, leads the company. Berkeley is dedicated to creating new investment opportunities for international sources of capital.

September 28, 2020

Hospitality Illinois Midwest

Reports: Chicago’s Historic Palmer House Hilton Hotel in Foreclosure

by Kristin Harlow September 28, 2020

CHICAGO — The historic Palmer House Hilton hotel in Chicago faces a bank foreclosure, according to several media reports including The Wall Street Journal. Wells Fargo Bank filed a lawsuit against Thor Equities because the owner was in default on its $333.2 million first mortgage. Located at 17 E. Monroe St., the hotel was originally constructed in 1871. Conrad Hilton later purchased it in 1945. Palmer House features 1,639 guest rooms and suites. Famous guests throughout the decades have included Oscar Wilde, Frank Sinatra, Louis Armstrong and Bill Clinton.

September 28, 2020

Development Illinois Midwest Office

J.C. Anderson Completes 22,000 SF Office Buildout for Gannett Fleming at Chicago’s Two Prudential Plaza

by Kristin Harlow September 28, 2020

CHICAGO — J.C. Anderson has completed a 22,000-square-foot, full-floor office buildout for global infrastructure and engineering firm Gannett Fleming in Chicago. The firm has relocated from One Prudential Plaza to the 37th floor of Two Prudential Plaza. The new space features open office areas, private offices, meeting rooms and a large training room. Eastlake Studio provided architectural services and Gola Corporate Real Estate Inc. provided project management services.

September 28, 2020

Industrial Leasing Activity Midwest Wisconsin

Littelfuse Signs 7,100 SF Industrial Lease in Madison, Wisconsin

by Kristin Harlow September 28, 2020

MADISON, WIS. — Littelfuse has signed a 7,100-square-foot industrial lease at World Dairy Business Center in Madison. The manufacturer of electric-circuit protection equipment will occupy space at 2821 Dairy Drive. Camp Perret and John Walsh of Lee & Associates represented the landlord, Trowbridge Group. The property is now fully leased and being marketed for sale at an asking price of $3.3 million.

September 28, 2020

Acquisitions Indiana Midwest Restaurant Retail

Boulder Group Brokers $1.2M Sale of Arby’s-Occupied Property in Fort Wayne

by Kristin Harlow September 28, 2020

FORT WAYNE, IND. — The Boulder Group has brokered the sale of a 2,400-square-foot property occupied by Arby’s in Fort Wayne for $1.2 million. Located at 10112 Maysville Road, the building serves as an outparcel to a Walmart Supercenter. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Midwest-based partnership. A Southeast-based buyer purchased the asset. The cap rate of 4.58 percent represents a record-setting low cap rate for an Arby’s-leased property, according to Boulder.

September 28, 2020

Midwest Missouri Restaurant Retail Video Webinar

Webinar: Greater Kansas City Retail Outlook: How is the Greater Kansas City Area Retail Sector Responding to COVID-19?

by Sarah Daniels September 27, 2020

Shopping Center Business and Heartland Real Estate Business hosted a webinar entitled Greater Kansas City Retail Outlook— How is the Greater Kansas City Area Retail Sector Responding to COVID-19?, covering the impacts of COVID-19 and what panelists expect for the rest of 2020. See a list of some topics covered below: As a city that straddles state lines, how has Kansas City been impacted by the pandemic, compared with other Midwest markets? What restrictions are in place for retailers and restaurants? How are retail property owners and tenants ensuring the safety of customers and staff? What are property owners and managers doing to work with retail tenants during these difficult circumstances? What do retailers need to recover? How will retail rents and property values be affected? What are the predictions for retail vacancy rates in the coming year? What will be the impact on new development and investment sales in the retail sector in the near term? Panelists: David E. Waters, Lathrop GPM LLP (moderator) Erin Johnston, Copaken Brooks Andy Crimmins, Crossroads Retail Group Tyler Enders, Made in KC Dan Lowe, Legacy Development David Block, Block & Company Webinar sponsors: Block & Company, Inc.: Block & Company, Inc., Realtors is …

September 27, 2020

Affordable Housing Loans Michigan Midwest Multifamily

KeyBank Provides $23.2M Freddie Mac Loan for Development of Michigan Affordable Housing Property

by Kristin Harlow September 25, 2020

KENTWOOD, MICH. — KeyBank Real Estate Capital has provided a $23.2 million Freddie Mac tax-exempt loan for the development of CityLine Apartments, a 240-unit affordable housing property in Kentwood, just south of Grand Rapids. This is the first Freddie Mac tax-exempt loan to be utilized in Michigan, according to KeyBank. Herman & Kittle Properties Inc. is developing the project, which will be built and operated according to the Section 42 low-income housing tax credit program. Situated on 11.5 acres, the development is expected to serve families that are part of the local workforce. Construction is scheduled for completion in 2022.

September 25, 2020

Acquisitions Healthcare Illinois Midwest

MedProperties Group Sells Four-Building Salt Creek Medical Campus in Hinsdale, Illinois

by Kristin Harlow September 25, 2020

HINSDALE, ILL. — MedProperties Group has sold Salt Creek Medical Campus in Hinsdale, about 20 miles west of Chicago. The sales price was undisclosed. The four-building medical office portfolio spans 156,660 square feet. The properties are 88 percent leased to a variety of healthcare providers, including the Hinsdale Surgical Center. MedProperties originally acquired 12 Salt Creek Lane, 907 Elm Street and 901 Elm Street in 2012 and 2013 and made significant capital improvements to the buildings over the last several years. The seller developed 8 Salt Creek Lane in 2016 as a build-to-suit for Edward-Elmhurst Health. Chris Bodnar, Lee Asher, Ryan Lindsley and Jordan Selbiger of CBRE represented the seller. The buyer was undisclosed.

September 25, 2020

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