Midwest

Skender Completes Construction of 45,000 SF Office, Retail Project for Herman Miller in Chicago

by Kristin Harlow April 1, 2021

CHICAGO — Skender has completed construction of a 45,000-square-foot office and retail building for furniture company Herman Miller in Chicago’s Fulton Market neighborhood. Located at 1100 W. Fulton St., the build-to-suit project preserved the existing building’s historical masonry while incorporating a new concrete structure to support the 100-year-old exterior. The first floor includes a Herman Miller retail showroom, café and coffee bar. Skender collaborated with architect Hartshorne Plunkard Architecture, owner’s representative CBRE, developer Fulton St. Cos. and project manager ConopCo Project Management.

April 1, 2021

Acquisitions Hospitality Illinois Midwest

Mumford Co. Brokers Sale of 40-Room Hotel in Southern Illinois

by Kristin Harlow April 1, 2021

ULLIN, ILL. — Mumford Co. has brokered the sale of an Americas Best Value Inn hotel in Ullin within southern Illinois. The sales price was undisclosed. The two-story property is home to 40 rooms along with a pool and video gaming area. George Arvanitis of Mumford represented the seller, which completed a 1031 exchange. North Carolina-based IAH Hotels LLC was the buyer. The hotel will retain its Americas Best Value Inn brand.

April 1, 2021

Illinois Market Reports Midwest Midwest Market Reports Office

The Future of Chicago’s CBD Is Slowly Coming into Focus

by Kristin Harlow April 1, 2021

By Jeff Mulder, Colliers International Chicago By now, we all know that the COVID-19 pandemic has wreaked havoc across the world, affecting life as we knew it in the most unexpected ways. Our business, the business of office space, has been hit hard as companies almost instantly deferred or canceled real estate decisions and switched to work-from-home. The average occupancy of buildings in Chicago’s central business district (CBD) is currently 8.2 percent, according to the Building Owners and Managers Association. One year in, and corporations are still trying to determine the best path forward and what that will look like. But evidence of change, and some signs of what the future will look like, are slowly coming into focus. One noteworthy and reliable data point is sublease space. Colliers research reports that in the 20-plus-year history of Chicago’s office market, vacant sublease space offerings rise and peak within two to four quarters following major financial crises like the 2002 Tech Wreck and the 2009 Great Financial Crisis. Following these trends, current sublease space offerings in Chicago’s CBD have more than doubled since March 2020. Typically in the past, tenants in the market quickly absorbed sublease spaces that were offered — …

April 1, 2021

Iowa Loans Midwest Multifamily Nebraska

NorthMarq Provides $73.2M in HUD-Insured Financing for Three-Property Multifamily Portfolio in Iowa, Nebraska

by Kristin Harlow March 31, 2021

NORWALK, IOWA AND OMAHA, NEB. — NorthMarq has arranged $73.2 million in FHA debt for the refinancing of a three-property, 721-unit multifamily portfolio in Norwalk, Iowa, and Omaha. Torrey Pines and Old Market Lofts are both located in Omaha. Built in 1998, Torrey Pines features 264 units. Old Market Lofts was originally constructed in 1901 as a warehouse but was redeveloped into 265 apartments in 2002. High Pointe is situated in Norwalk, just south of Des Moines. The 192-unit property was built in 2000. All three communities were eligible for HUD’s 223(a)(7) refinance program. Loan amounts range from $16.5 million to $34.8 million, and each loan features a 35-year term and amortization period. Brett Hood of NorthMarq’s Chicago office arranged the loans on behalf of Monitor Finance.

March 31, 2021

Acquisitions Michigan Midwest Multifamily

Time Equities Acquires Apartment Complex in Grand Rapids for $68.2M

by Kristin Harlow March 31, 2021

GRAND RAPIDS, MICH. — Time Equities Inc. (TEI) has acquired The Brix in Grand Rapids for $68.2 million. Located at 414 Benson Ave. and built in 2018, the two-building apartment complex offers one- to three-bedroom floor plans. It is currently 93 percent occupied. Amenities include a heated swimming pool, two-story fitness center, tenant lounge, golf simulator, covered parking and pet park. Brad Gordon and Robert Cohan of TEI managed the acquisition on an internal basis and will also manage the property. Evan Riggle of Triad RE Partneres represented the undisclosed seller. The purchase marks TEI’s 13th acquisition in the state of Michigan and its third multifamily property in Grand Rapids.

March 31, 2021

Development Industrial Midwest Wisconsin

Peak to Construct 757,281 SF Industrial Building in Kenosha, Wisconsin

by Kristin Harlow March 31, 2021

KENOSHA, WIS. — Peak Construction Corp. has been selected by NorthPoint Development to construct Heartland 94 Logistics Center Building 1 in Kenosha. Construction is scheduled to begin this spring with completion slated for January 2022. The 757,281-square-foot industrial building, located at 8311 38th St., will feature a clear height of 40 feet, 76 dock doors, four drive-in doors, 234 trailer parking spaces and 414 car parking spaces. The project team includes studioNorth Architecture and Pinnacle Engineering Group.

March 31, 2021

Development Hospitality Midwest Ohio

Olshan Properties Opens 136-Room Aloft Hotel at Easton Town Center in Columbus

by Kristin Harlow March 31, 2021

COLUMBUS, OHIO — Olshan Properties, together with Easton’s master developer The Georgetown Co., has opened a 136-room Aloft Hotel at Easton Town Center in Columbus. The new hotel is the fourth to open at Easton, a shopping and entertainment destination, in recent years. The hotel features a 7,500-square-foot restaurant, a fitness center, pool and designated event space. The Aloft brand is a business boutique hotel concept from Marriott. There are 140 Aloft locations worldwide.

March 31, 2021

Acquisitions Illinois Industrial Lee & Associates Midwest

Lee & Associates Brokers Sale of 116,880 SF Industrial Building in Itasca, Illinois

by Kristin Harlow March 31, 2021

ITASCA, ILL. — Lee & Associates of Illinois has brokered the sale of a 116,800-square-foot industrial building located at 921 Ardmore Ave. in Itasca. Exeter Property Group purchased the asset from a private investor for an undisclosed price. Mark Baumhart and Jeff Janda of Lee & Associates brokered the transaction. Shortly before the sale, the duo negotiated a lease renewal for tenant 4C Logistics LLC.

March 31, 2021

Content Partner Features Hospitality Midwest NAI Northeast Office Southeast Texas Western

Evaluating the Volume of Distressed Properties in the Wake of COVID

by Sarah Daniels March 31, 2021

Many in commercial real estate expected a tsunami of COVID-related distressed properties in 2020 and 2021. So far, the wave hasn’t materialized, says Jay Olshonsky, president and CEO of NAI Global. Businesses have been sustained by exogenous factors that may or may not keep them from foreclosure or receivership in the long term. In many cases, lender forbearances or flexible plans have simply extended the window in which distressed properties may eventually revert to receivership. Olshonsky spoke to REBusinessOnline about receivership activity and what the industry expects over the next 12 months. Delays: Lessons from the Global Financial Crisis, Plus Current Factors As court-appointed receivers, NAI’s representatives act as the owner and operator of properties in foreclosure on behalf of the court. A receivership needs to have the capability to lease the property, pay taxes and handle accounting — basically, taking over all aspects of managing a property and keeping it functioning, Olshonsky says. Much of how NAI Global has chosen to approach the current receivership landscape originated in the lessons of the 2007-2008 financial crisis. During the early stages of the pandemic, NAI knew there would be fallout that would force some businesses into foreclosure, servicing, note sales or similar …

March 31, 2021

Acquisitions Midwest Multifamily Wisconsin

Starboard Realty Acquires 139-Unit Apartment Complex in Suburban Milwaukee

by Kristin Harlow March 30, 2021

MENOMONEE FALLS, WIS. — Starboard Realty Advisors LLC has acquired Jade at North Hills in Menomonee Falls, a suburb of Milwaukee. The sales price was undisclosed. The 139-unit apartment complex was 98.6 percent occupied at the time of sale. Developed by Fiduciary Real Estate Development, the garden-style property features four buildings with underground parking. It features a mix of studio, one- and two-bedroom units. Patrick Gallagher, Matson Holbrook and Gretchen Richards of CBRE represented the undisclosed seller.

March 30, 2021

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