Midwest

CRG Underway on 320,000 SF Spec Distribution Warehouse in Columbus, Ohio

by Kristin Harlow June 17, 2020

COLUMBUS, OHIO — CRG is developing the Cubes at Rickenbacker, a 320,000-square-foot speculative distribution warehouse in Columbus, on behalf of an affiliate of Lexington Realty Trust. Contegra Construction Co. is the general contractor. Completion is slated for the fourth quarter of this year. Situated in the Rickenbacker submarket of Columbus, the project is four miles from the Rickenbacker International Airport. The development will feature a clear height of 36 feet, 32 dock doors, two drive-in doors, a trailer lot and parking for 132 cars. Jeff Lyons and Joseph Kimener of CBRE will serve as leasing agents.

June 17, 2020

Development Illinois Midwest Retail

GBT Realty to Develop 53,000 SF Retail Center Near St. Louis

by Kristin Harlow June 17, 2020

O’FALLON, ILL. — GBT Realty Corp. will develop Shoppes at Richland Creek, a 53,000-square-foot retail center in O’Fallon, an eastern suburb of St. Louis. In March, GBT purchased the 17-acre site from Vantage Credit Union for an undisclosed price. Shoppes at Richland Creek is approximately 70 percent pre-leased to tenants such as Smoothie King, Chicken Salad Chick, Pacific Dental, Five Guys Burgers + Fries, Taco Bell, Burger King, Popeyes and Tidal Wave Luxury Car Wash. Completion is slated for summer 2021. “The area’s growing population and solid workforce, combined with the city’s willingness to assist us in the development process, made this site — and this community — the ideal place for GBT’s next shopping center,” says Jeff Pape, managing director with GBT. O’Fallon has experienced significant growth over the past two decades with nearly 2,000 new homes and over $400 million in residential and commercial development, according to GBT. Tennessee-based GBT currently has more than $1 billion of commercial development totaling 5 million square feet in the pipeline or under construction.

June 17, 2020

Development Illinois Midwest Retail

Cannabis Facility Construction Breaks Ground on Dispensary in Northbrook, Illinois

by Kristin Harlow June 17, 2020

NORTHBROOK, ILL. — Cannabis Facility Construction (CFC) has broken ground on a new recreational and medical cannabis dispensary for Greenhouse in Northbrook. Located at 755 Skokie Blvd., the nearly 10,000-square-foot dispensary will serve as a flagship location for the brand. The design ensures all points of sale are six feet apart in order to accommodate social distancing. In addition to the retail space up front, there will be back office space and a vault for inventory storage. A timeline for completion was not disclosed. Greenhouse currently operates four dispensaries in Illinois. CFC, a division of Mosaic Construction, is a cannabis design-build firm based in Northbrook.

June 17, 2020

Acquisitions Industrial Michigan Midwest

Cushman & Wakefield Brokers Sales of Two Industrial Buildings in Suburban Detroit

by Kristin Harlow June 17, 2020

LIVONIA, MICH. — Cushman & Wakefield has brokered the sales of two industrial buildings totaling nearly 250,000 square feet in Livonia, a western suburb of Detroit. Sales prices were undisclosed. In the first transaction, Anthony Avendt of Cushman & Wakefield represented Country Fresh in the sale of 31770 Enterprise Drive to Caresoft Global LLC. The 148,000-square-foot property, partially renovated in 2004, will be upgraded to meet the needs of the global technology and solutions company. In the second transaction, Avendt and colleague Evan Miller represented Livonia East Corporate Center in the disposition of 12622-645 Inkster Road, a 101,089-square-foot building. MobilityTRANS acquired the asset for its assembly and manufacturing operations. The property underwent renovations beginning last year.

June 17, 2020

Healthcare Indiana Leasing Activity Midwest

Indiana Physical Therapy Opens 4,200 SF Facility in Huntington

by Kristin Harlow June 17, 2020

HUNTINGTON, IND. — Indiana Physical Therapy Inc. has signed a retail lease for 4,200 square feet at the Huntington Forum Shops in Huntington, about 25 miles southwest of Fort Wayne. The shopping center is located at 2880 Walmart Drive. Stanley Phillips and Dave Horacek of Bradley Co. represented the landlord, SHIV Huntington LLC, in the lease negotiations. Indiana Physical Therapy now operates 19 locations across the state.

June 17, 2020

Development Midwest Multifamily Ohio

236-Unit Luxury Apartment Complex Set to Open in Downtown Columbus This Month

by Kristin Harlow June 16, 2020

COLUMBUS, OHIO — Industry Columbus, a 236-unit luxury apartment complex in downtown Columbus, is set to open later this month. Charles Street Development Corp. is the developer. The project is the first and only community in downtown Columbus to feature a rooftop swimming pool and hot tub, onsite dog park and full floor of coworking space. Located at 230 E. Long St., the community features studios, one- and two-bedroom units, as well as private townhomes. Additional amenities include a pet washing station, sports bar and lounge, private event space, outdoor courtyard and fitness center. Monthly rents start at $1,095. Residents can currently earn $3,000 toward rent by moving in before Aug. 15. Village Green is the property manager. Denver-based Charles Street maintains a regional office in Ohio.

June 16, 2020

Indiana Loans Midwest Multifamily

KeyBank Secures $59.3M for Construction of Affordable Seniors Housing Property in Indianapolis

by Kristin Harlow June 16, 2020

INDIANAPOLIS — KeyBank Community Development Lending and Investment has secured $27.7 million of construction financing, $13.2 million of tax credit equity and $18.4 million of Freddie Mac permanent financing for the development of a 210-unit affordable seniors housing property in Indianapolis. Herman & Kittle Properties was the borrower. Known as The Reserve at White River, the project will include two four-story buildings, 14 cottage-style, single-story buildings and a 5,000-square-foot clubhouse. The project will use income averaging so that 150 units will be set aside for tenants earning 60 percent of the area median income (AMI), 51 units will be set aside for those earning 50 percent AMI and nine units will be reserved for those making 70 percent of AMI. All of the units will be restricted to residents age 55 and older, with 21 of the units accessible for those with special needs. Kyle Kolesar, Victoria O’Brien and Robbie Lynn of KeyBank structured the financing.

June 16, 2020

Illinois Midwest Restaurant Retail

McDonald’s: U.S. Same-Store Sales Fall 5 Percent for Month of May

by Kristin Harlow June 16, 2020

CHICAGO — McDonald’s says that U.S. same-store sales have sequentially improved from late March through May. For the month of May, the Chicago-based fast food giant reported a decline in U.S. same-store sales of 5.1 percent, compared with 19.2 percent for the month of April. Globally, sales fell 29.8 percent quarter-to-date through May. McDonald’s says that 95 percent of its restaurants globally are now open. In the United States, more than 1,000 restaurant dining rooms have reopened with reduced seating capacity. “Our unique advantages, including a high percentage of drive-thru restaurants and investments in delivery and digital, have enabled us to adapt to the changing landscape presented by the COVID-19 outbreak,” says Chris Kempczinski, president and CEO.

June 16, 2020

Acquisitions Illinois Industrial Midwest

Kiefer Associates Sells 82,000 SF Industrial Building in Zion, Illinois, Leases Back Smaller Portion

by Kristin Harlow June 16, 2020

ZION, ILL. — Kiefer Associates has sold its 82,000-square-foot industrial building located at 1700 Kiefer Drive in Zion within northern Illinois. The sales price was undisclosed. As part of the transaction, Kiefer has agreed to an early termination of its lease and will lease back a smaller portion of the property on a short-term basis. The property sold to an investment group that includes the principals of American Eagle Packaging Co. (AEP), a full-service packaging company that will move into a portion of the facility. The remainder of the building will be subdivided into three additional spaces. Dan Benassi, Dan Jones and Sam Deihs of Entre Commercial Realty brokered the transaction. The team will manage and lease the property going forward.

June 16, 2020

Illinois Industrial Midwest

Darwin Realty Joins CORFAC International

by Kristin Harlow June 16, 2020

ELMHURST, ILL. — Darwin Realty has joined CORFAC International as the newest U.S. affiliate of the global network. Darwin is the first U.S.-based firm to join CORFAC this year. Last year, seven U.S. firms joined the organization. Established in 1975, Darwin serves the Northeast Illinois, Southern Wisconsin and Northwest Indiana markets. It specializes in industrial and office brokerage, investment sales, property management and development. “Darwin fits into our need for a strong industrial group in Chicago, complementing our existing CORFAC member ProTen Realty Group on the office side,” says Alan Joel, 2020 CORFAC president. “We are now looking at a couple of strong retail and investment sales groups in Chicago to help round out that mega-market.” Des Plaines, Ill.-based CORFAC is a network of independently owned commercial real estate brokerage firms. There are 50 offices in the U.S.

June 16, 2020

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