DETROIT — Detroit-based Rocket Cos. Inc. has begun trading today on the New York Stock Exchange. Rocket, which operates billionaire businessman Dan Gilbert’s Quicken Loans Inc. and Rocket Mortgage, is offering 100 million shares at $18 each for a valuation of $1.8 billion. The company has downsized its initial public offering (IPO) from an earlier filing that announced shares would be priced between $20 and $22. Investors viewed the business as more of a consumer finance company than a technology-driven organization, which contributed to the lower valuation, according to Bloomberg. The shares are trading under the ticker symbol RKT.
CHICAGO — Bellwether Enterprise Real Estate Capital LLC has arranged $20.5 million in financing for the rehabilitation and preservation of nine affordable housing properties in the West Town and Humboldt Park neighborhoods of Chicago. The nine properties are collectively known as Victory Apartments and span 107 units. Victor Agusta of Bellwether arranged an FHA loan on behalf of the borrower, Bickerdike Redevelopment Corp. The financing also included tax-exempt bonds, a 4 percent low-income housing tax credit and a subordinate mortgage from the Illinois Housing Development Authority. The existing Section 8 Housing Assistance Payments contract was renewed for 20 years.
CHICAGO — Sloan, a manufacturer of commercial plumbing systems and touchless restroom solutions, has signed a 20,000-square-foot office lease at 333 N. Green in Chicago’s Fulton Market. Sloan will use the space for its first Chicago showroom. Owned by Sterling Bay, 333 N. Green is now 93 percent leased. Russ Cora and Gillian Keebler of Sterling Bay negotiated the lease transaction. Larry Cohn of @properties represented the tenant.
WINCHESTER, IND. — Timber Development has acquired a 12,000-square-foot retail property shadow-anchored by Walmart in Winchester, which is located in East Central Indiana. The purchase price and seller were not disclosed. The property was 40 percent leased at the time of sale. Tenants include Kubachi Japanese & Hibachi restaurant, Mimi Nails and Verizon.
OMAHA, NEB. — McCarthy Building Cos. has completed construction of the Omaha VA Ambulatory Care Center, an $86 million, 157,000-square-foot outpatient facility for veterans. The property includes seven primary-care units, an outpatient surgery suite and a specialty medicine unit allowing 400 additional patients to visit the clinic each day, as well as a dedicated women’s health clinic area. The new facility, which is connected to the existing 12-story VA Medical Campus, will open to patients this month. This is the first center in the country to take advantage of the C.H.I.P.I.N. for Vets Act passed through Congress in 2016, according to McCarthy. Under the law, the VA is permitted to accept private donations to complete construction projects. The VA entered a public-private partnership with nonprofit group Veterans Ambulatory Center Development Corp. (VACDC) to save taxpayers roughly $30 million. The law also requires the builder to use innovative delivery techniques that fall outside federally prescribed specifications and methods. Such initiatives include subsurface utility mapping, virtual design and construction, and using a design-assist subcontracting approach instead of a hard-bid approach. McCarthy claims it completed the project four months ahead of schedule. “Breaking from the traditional design-bid-build delivery format allowed for creative solutions, more …
By Brian Niven As we begin to reopen most parts of our society following the COVID-19 pandemic that devastated our country and economy earlier this year, many in the commercial real estate industry are beginning to take stock of the massive shifts it may have put into motion. While the pandemic has decimated many sectors — shuttering retail shops, leaving offices empty and setting off an exodus of urban apartment dwellers — prospects for industrial properties have remained strong. Demand for warehouses of all kinds has been soaring in recent years, largely on the back of the growing e-commerce industry, and the sidelining of brick-and-mortar stores has only strengthened those tailwinds. However, that does not mean that the sector will not face challenges in the years to come. While most of the country’s core markets have a healthy pipeline of dry warehouse development that will help meet demand from users, the same cannot be said for an increasingly essential part of our supply chain — cold storage facilities. Vacancy for cold storage was already at or near zero across the country, but the pandemic has set off a chain of events that is likely to place significant stress on our …
CANTON, OHIO — Hall of Fame Resort & Entertainment Co. (NASDAQ: HOFV) is working with multiple financial partners to obtain funding to move forward with Phase II of a massive mixed-use project surrounding the Pro Football Hall of Fame in Canton. The project is named the Hall of Fame Village Powered by Johnson Controls. Phase I included the construction of the Tom Benson Hall of Fame Stadium and the National Youth Football and Sports Complex. The stadium was dedicated in 2017. The developer expects to break ground on Phase II in the near future. Plans for Phase II include the following: a 75,000-square-foot office building; a premium hotel; a football-themed indoor waterpark; a 138,000-square-foot sport, event and convention facility; and a retail promenade featuring restaurants, retail and experiential entertainment offerings. Phase II is expected to take two-and-a-half to three years to complete. Hall of Fame Resort & Entertainment Co. was created in early July after a merger with Gordon Pointe Acquisition Corp. The company is now public and owns the Hall of Fame Village Powered by Johnson Controls. Mike Crawford is president and CEO. He previously led development of projects such as Downtown Disney in California and the Shanghai Disney …
CINCINNATI — Gardner Capital has completed development of Roselawn Gardens, a 50-unit affordable seniors housing community in Cincinnati. Eligible residents must earn 30 to 60 percent of the area median income. The unit mix features 11 one-bedroom apartments and 39 two-bedroom apartments. Amenities include meal service, a media room, health and wellness clinic, community room and public transportation. Project partners include the Cincinnati Metropolitan Housing Authority and the Ohio Housing Finance Agency. Financial partners include Fifth Third Bank and Stratford Capital. Arco Construction served as the general contractor. Wallick Communities will manage the property.
NOBLESVILLE, IND. — The Opus Group has begun construction of a mid-size last mile distribution center in Noblesville, about 25 miles north of Indianapolis. The 157,500-square-foot speculative building is located on Bergen Boulevard within the Saxony Corporate Campus. CentraSep Technologies, a Trucent company specializing in centrifuges and filtration systems, has signed a lease to occupy 44,000 square feet at the building. Plans call for three front entrances, 159 auto parking stalls, 18 docks, two drive-in docks, LED lighting and a clear height of 32 feet. Construction is slated for completion in spring 2021. Opus is the developer, design-builder, architect and structural engineer. Brian Buschuk and Steve Schwegman of JLL are the leasing agents. Brian Sietz of JLL represented CentraSep.
FOREST LAKE, MINN. — Hanley Investment Group Real Estate Advisors has arranged the sale of a new two-tenant retail building in Forest Lake within metro Twin Cities for $3.4 million. The 6,812-square-foot property is home to Chipotle and Southwest Dental Care, which is part of the Heartland Dental network. Jeff Lefko and Bill Asher of Hanley represented the seller, Glenborough LLC, a California-based private real estate investment management company. Deborah Vannelli, Keith Sturm and Amanda Leathers of Upland Real Estate Group represented the buyer, a Duluth, Minn.-based private investor completing a 1031 exchange.