Midwest

STAG Industrial Acquires 80,000 SF Industrial Building Near Minneapolis

by Kristin Harlow March 12, 2021

INVER GROVE HEIGHTS, MINN. — STAG Industrial Inc. has acquired an 80,000-square-foot industrial building in Inver Grove Heights, about 20 miles southeast of Minneapolis. The property was recently completed as a build-to-suit for Simpson Strong-Tie, a provider of structural products for the construction of homes and buildings. Known as InverPoint Business Park I, the building features a clear height of 24 feet, a training center and roughly 7,200 square feet of office space. Judd Welliver, Ryan Watts, Sonja Dusil, Bentley Smith and Tom Holtz of CBRE Minneapolis represented the developer and seller, United Properties. The property is the first of five planned projects to be completed in the InverPoint Business Park.

March 12, 2021

Build-to-Rent Development Finance Insight Leasing Activity Midwest Multifamily Northeast Single-Family Rental Southeast Texas Video Walker & Dunlop Western

Walker & Dunlop: SFR/BFR Rapidly Growing Option for Rental Spaces

by Sarah Daniels March 12, 2021

The strength of multifamily has been well solidified over the past few years, but a new contender in the rental market is making waves, according to Kris Mikkelsen, executive vice president, Walker & Dunlop Investment Sales. Single-family rental (SFR) and build-for-rent (BFR) spaces are growing increasingly popular. An SFR is a group of homes-for-rent pooled together for investment purposes BFR properties are purpose-built housing operated as SFR investments “SFR is in the distributed model: individual homes managed by tech-driven management platforms that were the formation of the single-family REITs you see in existence today. The build-for-rent space existed pre-COVID but has really been accelerated post-COVID as the end consumer looks to de-densify,” says Mikkelsen. Much of the demand has been driven to more suburban markets, with COVID-19 creating a sudden and palpable need for space among renters. Other factors — including declining home ownership rates and the high demand for multifamily options — have all contributed to the growth of this asset class and subsequent interest from larger institutional investors. Watch Mikkelsen’s interview to learn about demand for SFR/BFR space and changing renter demographics accelerating the growth of this asset class. This article is posted as part of REBusinessOnline’s Finance Insight series. Click here to …

March 12, 2021

Development Illinois Midwest Office

Discover to Open Customer Care Center in Chicago’s Chatham Neighborhood

by Kristin Harlow March 11, 2021

CHICAGO — Discover has unveiled plans to open a customer care center in Chicago’s Chatham neighborhood. The property is a former big-box retail center and Discover will work with DL3 Realty to redevelop it. Target Corp. sold the vacant site to DL3. Once fully operational, the center will provide nearly 1,000 full-time jobs to the area. Most of the positions will be for customer care representatives. The 100,000-square-foot project will feature more than 500 car parking spots. Completion is slated for the end of this year. The Riverwoods, Ill.-based credit card company has called the Chicago area home for more than 30 years and employs more than 18,000 people. Discover opened a satellite office downtown three years ago.

March 11, 2021

Acquisitions Industrial Midwest Missouri

Founders Properties Acquires 537,753 SF Industrial Facility in St. Louis

by Kristin Harlow March 11, 2021

ST. LOUIS — Founders Properties LLC has acquired a 537,753-square-foot industrial facility in St. Louis for an undisclosed price. The acquisition marks Founders’ first venture into Missouri. The newly constructed property is fully leased to CIRX 360 Logistics as well as a consumer food products company. It is situated within NorthPark, a 550-acre business park. It also offers convenient access to Lambert-St. Louis International Airport and major highways such as I-70 and I-170. CRG was the seller of the Class A property. Mike Caprile and Zach Graham of CBRE brokered the deal.

March 11, 2021

Iowa Loans Midwest Multifamily Seniors Housing

KeyBank Provides $17M HUD-Insured Loan for Refinancing of Two Assisted Living Properties in Iowa

by Kristin Harlow March 11, 2021

DAVENPORT AND MARION, IOWA — KeyBank Real Estate Capital has provided a $17 million HUD-insured loan for the refinancing of two assisted living properties in Iowa. Bickford Senior Living was the borrower. The single-story communities, Bickford of Davenport and Bickford of Marion, were both built in 1998. The Davenport facility consists of 42 beds, 35 for assisted living and seven for memory care. The Marion property comprises 38 beds, 31 for assisted living and seven for memory care. John Randolph and Grant Saunders of KeyBank structured the 232/223(f) loan, which features a fixed rate and is fully amortized over 35 years.

March 11, 2021

Development Industrial Midwest Wisconsin

Zilber Property Group to Develop Two Spec Industrial Buildings in Janesville, Wisconsin

by Kristin Harlow March 11, 2021

JANESVILLE, WIS. — Zilber Property Group plans to develop two speculative industrial buildings in Janesville, about 70 miles southwest of Milwaukee. Totaling over 350,000 square feet, the nearly identical buildings will be constructed on a 25-acre site located immediately north of the Beloit Avenue and Highway 11 intersection. Construction is expected to begin this spring following municipal approvals. Completion is slated for this fall. Building features will include a clear height of 32 feet, onsite trailer parking, expandable truck loading options and LED lighting. The project team includes Zimmerman Architectural Studios, Pinnacle Engineering Group and Riley Construction. Michael Kleber, Zilber’s director of industrial leasing, will manage lease-up.

March 11, 2021

Acquisitions Midwest Ohio Retail

Stan Johnson Co. Brokers $3M Sale of Cincinnati Retail Center

by Kristin Harlow March 11, 2021

CINCINNATI — Stan Johnson Co. has brokered the sale of a 25,600-square-foot retail center located at 7074 Harrison Ave. in Cincinnati for $3 million. The property was 94 percent leased at the time of sale to seven tenants. Constructed in 2006, the two-story building sits on 2.3 acres. Patrick Metz of Stan Johnson represented the seller, a California-based private investor. MAGNA Properties, an Ohio-based individual investor, purchased the asset as part of a 1031 exchange. The sale reflects a cap rate of 9.1 percent.

March 11, 2021

Affordable Housing Development Finance Insight Midwest Multifamily Northeast Southeast Texas Video Western

TD Bank: Affordable Housing — Trends and Delays

by Sarah Daniels March 11, 2021

2020 was a year of job losses and difficulties for many. There was a great deal of need for affordable housing but also challenges for those seeking to provide it. Process delays caused by COVID-19 and slowdowns in funding hampered efforts to develop affordable housing, according to Gregg Gerken, Head of U.S. Commercial Real Estate with TD Bank. The question is: will the affordable housing and workforce housing industry be better served by 2021? The problem of affordable housing is one seen in many communities, irrespective of geography. “I think some communities have the equivalent of workforce housing, which in many cases is affordable. But when you get into a lot of the more expensive urban areas and densely populated cities there’s this issue of supply and demand — there just isn’t enough supply of affordable housing to really reach the demand,” Gerken says. How have government programs and policies affected the affordable housing sector? How will renters and landlords be impacted by these programs going forward? What happens after the end of the eviction moratorium? Watch the interview for Gerken’s insights on affordable housing development. This article is posted as part of REBusinessOnline’s Finance Insight series. Click here to subscribe to the Finance Insight newsletter, a …

March 11, 2021

Industrial Market Reports Michigan Midwest Midwest Market Reports

Gotown: Detroit’s Industrial Market Looks to Build off Momentum from 2020

by Kristin Harlow March 11, 2021

By Doug Fura, Farbman Group With 2020 in the rearview mirror, hopes for a healthier and more prosperous 2021 seem likely to lead to economic and development surges in markets across the country. In Detroit, where the industrial market has been a clear bright spot in a pandemic-altered development landscape, industry professionals remain optimistic that development momentum won’t be slowing anytime soon. How realistic is that optimism, where does industrial stand right now and what’s in store for Detroit? No signs of slowing down The Detroit industrial real estate market is easily the tightest I’ve seen at any point in the last 40+ years. We are seeing speculative construction for the first time in over a decade. Even more impressive is the fact that, for the most part, that space is being leased up before the buildings are completed. While construction costs are at record highs, they are still dramatically lower than in many/most other large markets across the country. E-commerce influence Who and what is driving that demand? The 500-pound gorilla is Amazon, but the boom in e-commerce extends well beyond one company, no matter how influential. The market was already evolving prior to the pandemic, but COVID-19 has …

March 11, 2021

Loans Michigan Midwest Multifamily

Bernard Financial Group Arranges $74.9M HUD-Insured Loan for Refinancing of Multifamily Property in Ypsilanti

by Kristin Harlow March 10, 2021

YPSILANTI, MICH. — Bernard Financial Group has arranged a $74.9 million HUD-insured loan for the refinancing of a multifamily property in Ypsilanti. The loan is the largest 223(f) HUD loan in over 30 years, according to Southfield-based Bernard Financial. The borrower was LITW LLC. Dennis Bernard and Dan Duggan of Bernard Financial arranged the loan with Gershman Mortgage. Further loan terms and property details were undisclosed.

March 10, 2021

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