Midwest

Kansas City Industrial Market Slated to Continue Positive Momentum in 2021

by Kristin Harlow February 11, 2021

By David Zimmer, SIOR, Newmark Zimmer The industrial real estate market in the metropolitan Kansas City area ended 2020 on a high note. 2021 will pick up right where 2020 ended, with no outward or visible signs of a slowdown. New industrial construction is visible in every geographic sector of the metro area, with upwards of 2.5 million square feet of buildings under construction. Without exception, all these are high cube, modern distribution-type facilities intended to capture the ever-growing e-commerce, logistics and food and beverage sectors of the economy. With the one possible exception being the 880,000-square-foot office and distribution building for Urban Outfitters in Wyandotte County, all industrial construction underway is on a speculative basis with lease-up taking place before the buildings are placed into service. Development activity is being sponsored by both local development entities and regional and national developers who state that Kansas City’s geographical central location, coupled with a skilled workforce and extensive transportation infrastructure, are the primary reasons why Kansas City has attracted numerous companies to establish major distribution operations over the past decade. Investor appetite In addition to new development activities, the investor market for industrial properties has also reached record levels. In one …

February 11, 2021

Illinois Midwest Retail

Aldi to Open 100 New Grocery Stores in 2021 Coast-to-Coast

by Kristin Harlow February 10, 2021

BATAVIA, ILL. — Aldi, a discount grocer based in Essen, Germany, is continuing its nationwide expansion with 100 new stores to open this year. The grocer plans to grow its footprint in select markets in Arizona, California, Florida and the Northeast U.S. Aldi also plans to add curbside pickup service to 500 additional stores this year, bringing its total number of stores with curbside options to 1,200. Nearly all U.S. Aldi locations offer delivery services through its partnership with Instacart. Additionally, today marks the groundbreaking of Aldi’s 564,000-square-foot distribution center in Loxley, Ala. The facility will be the sixth in Aldi’s industrial network in the United States and will service more than 100 stores in Alabama, south Georgia, Mississippi, the Florida Panhandle and Louisiana. Set to open in 2022, the distribution center will create 200 jobs in the area and will help Aldi open as many as 35 new stores in the Gulf Coast region by the end of 2022. The grocer is opening two new stores in Tallahassee, Fla., this year. Aldi has 2,000 stores in 37 states across the United States. By the end of 2021, the grocer will be in 38 states as Aldi currently does not have …

February 10, 2021

Acquisitions Industrial Midwest Ohio

TradeLane Properties Acquires Capital Center Industrial Park in Cincinnati for $51.3M

by Kristin Harlow February 10, 2021

CINCINNATI — TradeLane Properties has acquired Capital Center Industrial Park, a 14-building portfolio of light industrial assets in Cincinnati. The purchase price was $51.3 million. Spanning 896,523 square feet, the industrial park is 93.5 percent leased to 65 tenants. Mostly completed in the 1970s, the buildings have received substantial capital improvements over time. John Huguenard, Kurt Sarbaugh and Mark Volkman of JLL Capital Markets represented the seller, Dalfen Industrial. Erin Casey and Drew Wall of Colliers International have been selected as the listing agents for the properties.

February 10, 2021

Indiana Loans Midwest Multifamily Seniors Housing

Greystone Provides $23.8M HUD-Insured Loan for Refinancing of Seniors Housing Asset in Elkhart, Indiana

by Kristin Harlow February 10, 2021

ELKHART, IND. — Greystone has provided a $23.8 million HUD-insured loan for the refinancing of a newly expanded, 220-unit seniors housing and healthcare campus in Elkhart. Lisa Fischman of Greystone originated the loan on behalf of nonprofit Hubbard Hill Retirement Community. Located on 70 acres, Hubbard Hill offers independent living, assisted living, long-term skilled nursing and short-term rehab as well as the Living Wisdom Center for Dementia. The 232/223(a)(7) loan refinances the skilled nursing, assisted living and memory care portion of the campus. The loan carries a 30-year term with a fixed interest rate.

February 10, 2021

Illinois Industrial Leasing Activity Midwest

Conor Completes Lease-up of 185,882 SF Industrial Building in Elgin, Illinois

by Kristin Harlow February 10, 2021

ELGIN, ILL. — Conor Commercial Real Estate has completed the lease-up of Building Two at Northwest Pointe III in Elgin. Continental Packaging leased 48,360 square feet on the west side, while an undisclosed plastics company leased 137,522 square feet on the east side. Both companies will use the property for warehouse and office space. Ken Franzese and John Cassidy of Lee & Associates represented Conor in the lease transactions. Dan Benassi of Entre Commercial Realty represented the plastics company while Jimmy Kowalczyk and David Saad of CBRE represented Continental Packaging. The 163,080-square-foot Building One is still available. Northwest Pointe III is Conor’s third development within Northwest Corporate Park.

February 10, 2021

Acquisitions Illinois Midwest Retail

Thompson Thrift Retail Group Sells Shopping Center Near Indianapolis for $3.7M

by Kristin Harlow February 10, 2021

MATTOON, ILL. — Thompson Thrift Retail Group (TTRG) has sold The Shops at Mattoon Marketplace for $3.7 million. The 9,800-square-foot retail center is located in Mattoon near Indianapolis. It is fully leased to Starbucks, Jersey Mike’s, Great Clips, AT&T and OSF Healthcare. Thompson Thrift developed the property in 2017. Emily Gadomski and Rick Drogosz of Mid-America Real Estate Corp. represented TTRG in the sale. Matt Brooks of Faris Lee Investments represented the undisclosed buyer.

February 10, 2021

Acquisitions Industrial Midwest Minnesota Wisconsin

Colliers Brokers Sale of 1.2 MSF Industrial Portfolio in Minnesota, Wisconsin

by Kristin Harlow February 9, 2021

MINNESOTA AND WISCONSIN — Colliers International has brokered the sale of a six-building industrial portfolio spanning 1.2 million square feet in Minnesota and Wisconsin. The sales price was undisclosed. One of the buildings is in Lino Lakes, Minn.; two are in Pewaukee, Wis.; two are in Milwaukee; and one is in Menomonie, Wis. Tom Shepherd and Mark Kolsrud of Colliers brokered the transaction. All six properties are fully leased. Minneapolis-based Biynah Industrial Partners and Maryland-based Alex Brown Realty Inc. sold the portfolio to Kansas-based Platform Ventures.

February 9, 2021

Indiana Midwest Retail

Simon Anticipates Growth in Earnings, Cash Flow in 2021

by Kristin Harlow February 9, 2021

INDIANAPOLIS — In its fourth-quarter earnings report, Simon Property Group (NYSE: SPG) says it is confident it has turned the corner on a difficult 2020 and expects “growth in earnings and cash flow in 2021,” according to David Simon, chairman, CEO and president of the Indianapolis-based mall owner. Net operating income in the fourth quarter was $1.2 billion, a year-over-year decline of 23.9 percent. Simon points out that domestic rent abatements and higher uncollectible rents, primarily associated with retail bankruptcies, were the components of the decline. In the fourth quarter, Simon completed its acquisition of an 80 percent interest in The Taubman Realty Group. The company is also opportunistic regarding its strategic investments in retail brands such as Lucky Brand and J.C. Penney that underwent bankruptcy in 2020. As of Dec. 31, occupancy at Simon’s U.S. malls and outlet centers was 91.3 percent. As of Feb. 5, Simon had collected 90 percent of its net billed rents for its U.S. retail portfolio for the second, third and fourth quarters combined. Simon’s stock price opened at $102.50 per share on Tuesday, Feb. 9, down from $143.06 per share one year ago.

February 9, 2021

Development Illinois Midwest Office

Skender Completes Interior Construction of 200,000 SF Walgreens Technology Center at Chicago Old Post Office

by Kristin Harlow February 9, 2021

CHICAGO — Skender has completed the interior construction of the 200,000-square-foot Walgreens Technology Center of Excellence within Chicago’s Old Post Office. The office will eventually welcome hundreds of employees, including e-commerce, mobile, pharmacy technology and digital team members as well as Walgreens Boots Alliance information technology personnel. The office space spans multiple levels and features a staircase, open and private offices, collaboration and conferencing spaces, data rooms, lounge spaces and a kitchen. Walgreens was the first major tenant to commit to space at the Old Post Office redevelopment project in 2018. Stantec Inc. served as the architect and engineering firm on the project, and Mace served as the owner’s representative.

February 9, 2021

Acquisitions Illinois Industrial Lee & Associates Midwest

Lee & Associates Arranges Sale of 207,575 SF Industrial Building in Bartlett, Illinois

by Kristin Harlow February 9, 2021

BARTLETT, ILL. — Lee & Associates has arranged the sale of a newly constructed, 207,575-square-foot industrial building located at 1560 W. Stearns Road in Bartlett. The sales price was undisclosed. Situated in DuPage County’s Brewster Creek Logistics Park, the property features a clear height of 32 feet, 28 dock doors and parking for 246 cars. Mark Baumhart of Lee & Associates represented the buyer, Platinum Converting, a provider of finishing services to the print and graphic arts industry. Platinum plans to relocate from its Itasca facility this summer. Adam Marshall and Mark Deady of Newmark represented the seller, Logistics Property Co.

February 9, 2021

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