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DevelopmentIndianaMidwestMultifamily

Birge & Held Opens Five-Story Apartment Community in Indianapolis

by Kristin Harlow

INDIANAPOLIS — Birge & Held has opened The E’Laan Apartments, a five-story apartment community located at 515 E. Market St. in downtown Indianapolis. The 71-unit property features studio, one- and two-bedroom floor plans. Amenities include a rooftop pool, lounge area, dog park and parking garage. Residents can now receive two months of free rent if they sign a 13-month lease prior to June 30. Monthly rents start at $1,276. Indianapolis-based Birge & Held, which served as the developer and contractor, has more than $1.6 billion in projects under management and has acquired over 14,000 units throughout the central United States.

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LoansMidwestMissouriMultifamily

KeyBank Provides $22.5M Loan for Refinancing of Multifamily Property Near Kansas City

by Kristin Harlow

INDEPENDENCE, MO. — KeyBank Real Estate Capital (KBREC) has provided a $22.5 million Freddie Mac loan for the refinancing of Larkspur Pointe in Independence, about 10 miles east of Kansas City. Built in 1971 and renovated in 2015 and 2020, the 280-unit multifamily property consists of 12 buildings on 15 acres. Amenities at the garden-style complex include a fitness center, business center, pool, sauna, sundeck, clubhouse and playground. John Ward of KBREC’s Commercial Mortgage Group and Alan Isenstadt of KBREC’s Income Property Group originated the 10-year loan, which features a 30-year amortization schedule. Jeff Seidenfeld of Seven Stone arranged the financing. The undisclosed borrower invested about $1.2 million in renovating the property.

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AcquisitionsIndustrialMidwestOhio

IRG Acquires Former Teledyne Manufacturing Plant in Toledo, Ohio

by Kristin Harlow

TOLEDO, OHIO — Industrial Realty Group LLC (IRG) has acquired a former Teledyne manufacturing plant in Toledo for an undisclosed price. The 373,000-square-foot facility sits on 30 acres. The seller, Toledo-Lucas County Port Authority, sold the building as well as an additional 40 acres to the north. The additional acreage is designed to accommodate up to 700,000 square feet of industrial space, according to IRG. Hometown Food Co., a division of Smuckers, will continue to lease a portion of the building. IRG has begun pursuing additional tenants as well as planning for new construction.

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DevelopmentIllinoisIndustrialMidwest

Summit Design + Build Begins Warehouse Expansion Project for TLC Ingredients in Crest Hill, Illinois

by Kristin Harlow

CREST HILL, ILL. — General contractor Summit Design + Build LLC has begun construction of a warehouse expansion project for TLC Ingredients in Crest Hill, just north of Joliet. Summit will add 55,012 square feet to the tenant’s existing 40,000-square-foot warehouse. Summit will also build a new break room, loading dock, bathroom and parking stalls. TLC Ingredients is a distributor of food additives including chemicals and phenolic resins. Harris Architects Inc. is the project architect. Completion is slated for this fall.  

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AcquisitionsMidwestMinnesotaMultifamily

Monarch Investment & Management Acquires 589-Unit Multifamily Portfolio in Rochester, Minnesota

by Kristin Harlow

ROCHESTER, MINN. — Monarch Investment & Management Group has acquired a six-property, 589-unit multifamily portfolio in Rochester for an undisclosed price. The townhome communities include Crystal Bay, French Creek, Village Green, Winchester, Heritage Manor and Olympik Village. The properties were built between 1962 to 1996 and range in size from 36 to 182 units. Three of the assets (Winchester, Heritage Manor and Olympik Village) are rental properties. Average occupancy across the portfolio is 95 percent. Keith Collins, Abe Appert and Ted Abramson of CBRE Minneapolis Multifamily represented the seller, Premier Mahtomedi MN LLC, in the transaction.

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AcquisitionsIndustrialMidwestOhioRetail

Neyer Properties Purchases 400,000 SF Commercial Portfolio Across Cincinnati, St. Louis

by Kristin Harlow

CINCINNATI — Neyer Properties has purchased a nearly 400,000-square-foot commercial portfolio occupied by Watson’s in a sale-leaseback transaction. The purchase price was undisclosed. The four-building portfolio consists of three retail assets and one industrial property that are located in the Cincinnati, Florence, Dayton and St. Louis markets. The sale-leaseback will enable Watson’s to free up capital as it looks to expand in additional markets, according to Neyer. The sale marks the first time Watson’s has sold its own real estate. Keith Yearout of Newmark represented Watson’s, which is a pool, spa and furniture retailer based in Cincinnati.

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AcquisitionsMidwestOhioRetail

JLL Brokers Sale of Grocery-Anchored Retail Center in Suburban Cleveland for $10.5M

by Kristin Harlow

STREETSBORO, OHIO — JLL Capital Markets has brokered the sale of Streetsboro Crossing in suburban Cleveland for $10.5 million. Grocer Giant Eagle anchors the 89,436-square-foot retail center. Other tenants at the property, which was nearly 94 percent leased at the time of sale, include Pet Supplies Plus, Palm Beach Tanning, GNC, Great Clips and Sally Beauty. Completed in 1996 and renovated this year, the center is situated on nearly 20 acres. Amy Sands, Clinton Mitchell, Kirstey Lein and Bill Poffenberger of JLL represented the seller, an affiliate of Chicago-based Pine Tree. A private Delaware Statutory Trust investor purchased the asset in an all-cash transaction.

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LoansMidwestMinnesotaMultifamily

Colliers Mortgage Provides $6.6M Agency Acquisition Loan for Apartment Complex Near St. Paul

by Kristin Harlow

MAHTOMEDI, MINN. — Colliers Mortgage has provided a $6.6 million Fannie Mae loan for the acquisition of Mahtomedi Flats in Mahtomedi, a northeast suburb of St. Paul. Built in 2018, the 36-unit apartment complex features a community room, fitness center, storage space and grills. The loan carries a 12-year term and a 30-year amortization schedule. Victoria Properties Group LLC, Wash N Fill Properties Minnesota LLC, Wash N Fill Property Champlin LLC and Wash N Fill Property New Brighton LLC were the borrowers.

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KansasLeasing ActivityMidwestOffice

OneDigital to Relocate Office to Overland Park, Kansas

by Kristin Harlow

OVERLAND PARK, KAN. — OneDigital, a health, retirement and human resources advisory firm, has leased 16,925 square feet at CityPlace Corporate Center I in Overland Park. The firm will relocate and expand its retirement and wealth national headquarters beginning in November. The office property is located at 11101 Switzer Road. Anné Erickson and R.J. Trowbridge of JLL represented OneDigital in the lease transaction. Hunter Johnson and Andrew Block of Block Real Estate Services represented the landlord on an internal basis. OneDigital is relocating from 4860 College Blvd. in Leawood.

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Market ReportsMidwestMidwest Market ReportsOfficeWisconsin

Industrial Companies Drive Boom in Milwaukee Office Growth

by Kristin Harlow

By Andrew Jensen Jr., Cushman & Wakefield | Boerke Milwaukee was once known as a city of industries and beer, the hometown of Allen-Bradley (now Rockwell Automation), Briggs & Stratton, Harley-Davidson, Johnson Controls, Master Lock, Rexnord and, of course, the Miller, Pabst and Schlitz brewing juggernauts. Today, Milwaukee’s economy is more diversified, and its industrial companies are quieter and not as flashy. But the area’s industrial firms are still central to its success and are now driving the area’s office market. In and near Milwaukee’s central business district (CBD), major recent office deals, all involving industrial users, include: ● Milwaukee Tool, based in the suburb of Brookfield, will soon expand into Milwaukee with a $30 million redevelopment of a vacant five-story, 333,000-square-foot office building. Milwaukee Tool will employ up to 2,000 people there, the largest-ever influx of jobs to the CBD by a suburban-based firm. The City of Milwaukee is providing up to $20 million in financing for the project. ● Utilities and infrastructure contractor Michels Corp., based in the small Wisconsin town of Brownsville, chose a riverfront development site 60 miles away in Milwaukee for an office expansion after considering Chicago and New York City. The $100 million project, …

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