Midwest

Founders 3 Brokers Sale of Two Wisconsin Office Buildings for $10.1M

by Kristin Harlow July 6, 2020

WEST ALLIS, WIS. — Founders 3 Real Estate Services has brokered the sale of Lincoln Center II and III in West Allis for a combined $10.1 million. The multi-tenant office buildings total 120,997 square feet. They are located at 2514 S. 102nd St. and 10150 W. National Ave. in suburban Milwaukee. The properties are home to 24 tenants, including Cognex, Verizon Wireless and Eye Care Specialists. Andy Hess, Ned Purtell and Patti Stevens of Founders 3 represented the seller, Lincoln Center Office Property Group LLC, which is an affiliate of SARA Investment Real Estate. J. Ross & Associates represented the buyer and is part of the ownership group.

July 6, 2020

Loans Midwest Multifamily Office Ohio

Grandbridge Arranges $4.7M in Refinancing for Two-Property Portfolio in Lorain, Ohio

by Kristin Harlow July 6, 2020

LORAIN, OHIO — Grandbridge Real Estate Capital has arranged two loans totaling $4.7 million for the refinancing of a two-property portfolio in Lorain, about 30 miles west of Cleveland. The first property is Fairway East Apartments, a recently renovated apartment community totaling 80 units across five buildings. The second asset is City Center, a 56,384-square-foot office building housing tenants such as Spectrum Consulting Services, Lorain County Community College and United Property Management. Craig Kegg of Grandbridge arranged the 15-year, fixed-rate loans with insurance company correspondents. United Property Management was the borrower.

July 6, 2020

Acquisitions Midwest Retail Wisconsin

Boulder Group Negotiates $3.2M Sale of Property Net Leased to Firestone in Kenosha, Wisconsin

by Kristin Harlow July 6, 2020

KENOSHA, WIS. — The Boulder Group has negotiated the $3.2 million sale of an 8,010-square-foot property net leased to Firestone in Kenosha in Southeast Wisconsin. The single-tenant building is located at 3190 Market Lane. There are 18 years remaining on Firestone’s lease. Randy Blankstein and Jimmy Goodman of Boulder represented the Midwest-based buyer, which completed a 1031 exchange. A Southwest-based real estate investor was the seller. Firestone handles all aspects of auto care.

July 6, 2020

Development Midwest Ohio

Ohio’s Central State University Receives $500,000 Grant for Conversion of Power Plant into Student Center

by Kristin Harlow July 6, 2020

WILBERFORCE, OHIO — Central State University has received a $500,000 grant from the U.S. Department of the Interior for the conversion of the university’s historic campus power plant into a student career services facility. The grant agreement will fund a portion of the planned $3 million project. The new center will be named the Frank Murphy Student Success Center. The project will provide classrooms, meeting spaces and technology to support academic programs and events. The federal grant is part of $7.7 million in grants given to 18 projects in 12 states for the preservation of historic structures on campuses of historically black colleges and universities. It is administered by the National Park Service. Central State University is located in Wilberforce, which is between Columbus and Cincinnati.

July 6, 2020

Acquisitions Illinois Industrial Midwest

Entre Commercial Realty Brokers Sale of 23,108 SF Industrial Building in South Elgin, Illinois

by Kristin Harlow July 6, 2020

SOUTH ELGIN, ILL. — Entre Commercial Realty has brokered the sale of a 23,108-square-foot industrial building in South Elgin, about 40 miles west of Chicago. The sales price was undisclosed. The property is located at 320-350 Industrial Drive. It is fully leased to an undisclosed tenant and features six drive-in doors, two docks, recently renovated office space and a new parking lot. Cory Kay and Mike DeSerto of Entre represented the buyer, a private investment group. Bruce Granger of NAI Hiffman represented undisclosed seller.

July 6, 2020

Acquisitions Industrial Midwest North Carolina Southeast Top Stories Wisconsin

KKR Acquires Two Amazon-Occupied Distribution Centers Near Milwaukee, Charlotte for $260M

by Taylor Williams July 6, 2020

KENOSHA, WIS. AND KANNAPOLIS, N.C. — KKR (NYSE: KKR), a global investment firm based in New York City, has acquired two e-commerce distribution centers totaling approximately 2.5 million square feet for $260 million. One of the properties is located in Kenosha, approximately 30 miles south of Milwaukee. The other is in Kannapolis, approximately 25 miles northeast of Charlotte. In a release, KKR said that the properties were both 100 percent leased to a “high-quality, investment-grade tenant on a long-term basis.” Multiple news outlets, including both the Milwaukee Business Journal and the Charlotte Business Journal, report that Amazon is the occupant of both facilities. Regarding the Wisconsin facility, KKR acquired the 1.5 million-square-foot complex for $176 million, or $115 per square foot, according to the Milwaukee Business Journal. Prologis sold the two-building property, which is located off Interstate 94. The 1 million-square-foot facility in North Carolina is known as CLT 3 and sold for $84 million. The seller was not disclosed. “The current environment will lead to continued acceleration of e-commerce penetration which drives demand for large, modern distribution centers like the ones we are acquiring,” says Roger Morales, partner and head of Americas acquisitions at KKR. “Logistics real estate represents …

July 6, 2020

Development Illinois Industrial Midwest

Facebook to Build $800M Data Center in DeKalb, Illinois

by Kristin Harlow July 2, 2020

DEKALB, ILL. — Facebook has unveiled plans to build an $800 million data center in DeKalb. The social media giant’s data center will occupy 505 acres of the 1,000-acre ChicagoWest Business Center, which is owned by Krusinski Construction Co. The project is expected to rely solely on renewable energy and create about 100 jobs. This will be the first data center for Facebook in Illinois, but the company has 15 data centers globally. DeKalb is approximately 65 miles west of Chicago. Krusinski began assembling land for ChicagoWest 14 years ago.

July 2, 2020

Michigan Midwest Retail

Taubman Centers Reopens All Properties Across Portfolio Following Temporary Closures Due to COVID-19

by Kristin Harlow July 2, 2020

BLOOMFIELD HILLS, MICH. — Taubman Centers Inc. (NYSE: TCO) has reopened all of its properties in the United States and Asia. Most U.S. centers were temporarily closed beginning March 19 in response to the COVID-19 pandemic. Bloomfield Hills, Mich.-based Taubman says it has been gradually reopening centers using enhanced safety protocols in compliance with local, state and federal laws. Nearly 85 percent of stores within Taubman’s portfolio have reopened, according to Robert Taubman, chairman and CEO. Taubman’s portfolio consists of 26 super-regional and outlet shopping centers. The company is currently being sued by Simon Property Group over a merger agreement, the latest details of which can be found here.

July 2, 2020

Development Midwest Retail Wisconsin

Target to Open at Former Boston Store Space in Milwaukee’s Bayshore Development

by Kristin Harlow July 2, 2020

MILWAUKEE — Target has unveiled plans to open a 128,512-square-foot, two-story store at Bayshore in Milwaukee. The retailer will occupy the space within a former Boston Store. Construction is now underway, but the opening date has not yet been determined. Mid-America Real Estate – Wisconsin LLC represented both Target and Bayshore ownership in the lease transaction. Bayshore is an open-air shopping center that features a variety of retail shops, restaurants, offices and multifamily units. Cypress Equities is the owner.

July 2, 2020

Development Illinois Industrial Midwest

Bridge Development, Cabot Properties to Develop 133,100 SF Industrial Building in Lombard, Illinois

by Kristin Harlow July 2, 2020

LOMBARD, ILL. — Bridge Development Partners LLC and Cabot Properties have unveiled plans to develop Bridge Point I-355, an industrial building spanning 133,100 square feet in Lombard, about 20 miles west of Chicago. Bridge and Cabot bought the vacant, 7.2-acre site from Location Finders International. The development will feature a clear height of 32 feet, 22 exterior docks, four drive-in doors, 10 trailer stalls and 170 car parking spaces. The development will be divisible for multiple tenants. The project is slated for completion in the fourth quarter. Dominic Carbonari, Frank Griffin and Kate Coxworth of JLL represented the seller.

July 2, 2020

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