Midwest

Costco Leases 30,000 SF at Woodfield Preserve Office Center in Schaumburg, Illinois

by Kristin Harlow March 4, 2021

SCHAUMBURG, ILL. — Costco Wholesale Corp. and Costco Innovel Solutions have leased 30,000 square feet at Woodfield Preserve Office Center in Schaumburg. The property is located at 10 N. Martingale Road. Costco expects to begin occupying the space in April. The two-building Woodfield Preserve recently underwent renovations such as lobby remodeling and elevator cab modernization. Amenities include fitness centers, conference centers, tenant lounges, game rooms, delis and an outdoor courtyard. William Elwood and Robert Graham of CBRE represented ownership, Zeller, in the lease transaction. David Stefancic and Lexis Livengood of Cushman & Wakefield represented Costco. Other tenants at the property include Assurance, Byline Bank, Hitachi, New York Life and Progressive.

March 4, 2021

Acquisitions Midwest Minnesota Multifamily

Oak Residential Partners Acquires 249-Unit Apartment Community in Suburban Twin Cities

by Kristin Harlow March 4, 2021

COTTAGE GROVE, MINN. — Oak Residential Partners has acquired Hinton Heights in Cottage Grove, a suburb of the Twin Cities. The purchase price was undisclosed. The 249-unit apartment community features amenities such as an indoor pool, spa and picnic areas. All units feature individual entrances and most have attached garages. Ted Abramson, Keith Collins and Abe Appert of CBRE Minneapolis Multifamily represented the seller, Curtis Capital Group. The sale represents a value-add opportunity, according to Abramson. NorthMarq provided a $41.5 million Freddie Mac loan for the acquisition. The seven-year, fixed-rate loan features three years of interest-only payments.

March 4, 2021

Matt Pipitone Fannie Freddie Seniors Housing

Features Finance Insight Midwest Multifamily Northeast Seniors Housing Southeast Texas Western

M&T: Positives in Seniors Housing Include Rate Environment, Available Assistance

by Sarah Daniels March 4, 2021

The seniors housing industry has had a particularly challenging year. But the latest data from NIC MAP shows COVID cases are down in nursing homes and occupancies are expected to rebound from historic lows in the coming months, says Matt Pipitone, seniors housing platform manager with M&T Realty Capital Corp. (MTRCC). It remains to be seen how quickly leasing will ramp up and to what extent rents and incentives will be impacted long term. But in the meantime, Pipitone points to some positives on the financial side of the industry. Namely, the government has provided several rounds of stimulus money, which has helped operators, especially those who manage skilled nursing facilities. And Fannie Mae, Freddie Mac and HUD have offered assistance to borrowers in the form of forbearance programs and other debt service relief. The agencies also remain active, but are cautious when treading in the sector, Pipitone says. “Fannie and Freddie have pulled back. Overall leverage is down, and there are debt service reserves required on new deals. But the rate environment is still really good. HUD, on the other hand, has been really steady. Borrowers can still get up to 80 percent loan-to-value with 1.45 times debt service …

March 4, 2021

Market Reports Michigan Midwest Midwest Market Reports Retail

Hardships Met With Innovation for Detroit’s Retail Market

by Kristin Harlow March 4, 2021

By Evan Lyons, Encore Real Estate Investment Services Call it what you will — Motown, the Motor City, the Comeback City — by any name, the city of Detroit has long been a place of possibilities. A smart student in the school of hard knocks, Detroit has teetered on failure, yet still managed to graduate with high marks. Best known as the birthplace of the automobile and home to Motown music’s Hitsville USA, Detroit went from being the driver of American capitalism to a city in ruin. It endured population decline in the ’50s, rioting in the ’60s, the collapse of the auto industry in the late ’70s and ’80s, and in 2013, the largest municipal bankruptcy in U.S. history, yet somehow emerged as a hot spot for high rollers and hipsters alike. As 2019 winded down, Detroit and the surrounding Southeast Michigan area boasted a healthy economy. The automotive industry, a key driver of the region, posted better than expected sales of cars and trucks in the fourth quarter of 2019, beating projections. Employment was on the uptick both in the city and across the state. Southeast Michigan appeared positioned for growth in 2020. The same held true for …

March 4, 2021

Development Illinois Industrial Midwest

Conor Commercial Underway on Development of 436,500 SF Spec Industrial Project in Bartlett, Illinois

by Kristin Harlow March 3, 2021

BARTLETT, ILL. — Conor Commercial Real Estate is underway on the development of Brewster Creek Commerce Center in Bartlett, about 35 miles northwest of Chicago. The speculative industrial project will span 436,500 square feet. Conor expects to serve e-commerce and logistics companies in need of large-scale distribution space. The building will feature a clear height of 36 feet, 54 truck docks, four drive-in doors, ESFR sprinklers, parking for 125 trailers and parking for 340 cars. Completion is slated for the second quarter. McShane Construction Co., V3 Cos. and Harris Architects Inc. make up the project team. The project is part of a larger 670-acre business park that is home to tenants such as McKesson, ITW, Greco & Sons, Rana, Creative Werks and Cheese Merchants of America.

March 3, 2021

Acquisitions Indiana Midwest Retail

Quantum Brokers $12M Sale of Retail Portfolio in Fort Wayne, Indiana

by Kristin Harlow March 3, 2021

FORT WAYNE, IND. — Quantum Real Estate Advisors Inc. has brokered the sale of a two-property retail portfolio in Fort Wayne for $12 million. The assets are located at 401-407 E. Coliseum Blvd. and 407 W. Coliseum Blvd. and total 27,000 square feet. Dan Waszak of Quantum represented the buyer, a Mexico-based private investor. An Indiana-based development group was the seller, which revitalized both properties upgraded them to Class A assets.

March 3, 2021

Development Illinois Industrial Midwest

ML Realty Partners Completes 115,924 SF Spec Industrial Building in Glendale Heights, Illinois

by Kristin Harlow March 3, 2021

GLENDALE HEIGHTS, ILL. — ML Realty Partners has completed the development of a 115,924-square-foot speculative industrial building in Glendale Heights. Located at 760 E. North Ave., the project features a clear height of 32 feet, 26 exterior truck docks and two drive-in doors. ML Realty acquired the 7.5-acre site in fall 2019. Kelly Disser, Eric Tresslar, Michael Freitag and Dion Ursino of NAI Hiffman will market the property for lease. Meridian Design Build and Harris Architects made up the project team.

March 3, 2021

Loans Midwest Multifamily Wisconsin

American Street Capital Arranges $8M Acquisition Loan for Multifamily Portfolio in Kenosha, Wisconsin

by Kristin Harlow March 3, 2021

KENOSHA, WIS. — American Street Capital (ASC) has arranged an $8 million loan for the acquisition of a two-property, 108-unit multifamily portfolio in Kenosha. Built in the early 1970s, the portfolio features a mix of one-, two- and three-bedroom units. Both complexes were more than 95 percent leased at closing. Igor Zhizhin of ASC originated the seven-year agency loan. It features a fixed interest rate with two years of interest-only payments and a 30-year amortization schedule.

March 3, 2021

Acquisitions Illinois Midwest Office

Premier Commercial Realty Negotiates Sale of 20,600 SF Office Building in Crystal Lake, Illinois

by Kristin Harlow March 3, 2021

CRYSTAL LAKE, ILL. — Premier Commercial Realty has negotiated the sale of a 20,600-square-foot office building located at 333 Commerce Drive in Crystal Lake, about 50 miles northwest of downtown Chicago. The sales price was undisclosed. The property was 65 percent leased at the time of sale. Michael Deacon of Premier brokered the transaction. A private investor purchased the asset from 333 Commerce Drive LLC.

March 3, 2021

Development Industrial Midwest Nebraska

Clayco Underway on $85M Distribution Center for Dollar General Near Omaha

by Kristin Harlow March 2, 2021

BLAIR, NEB. — Clayco is serving as design-builder for Dollar General’s new distribution center in Blair, about 25 miles north of Omaha. Clayco recently broke ground on the $85 million property, which will span 800,000 square feet on 85 acres. Designed by Lamar Johnson Collaborative, the building will handle both dry and fresh items for the discount retailer. The facility will also include 180,000 square feet of cold storage space. Once fully operational in 2022, the development will create an estimated 400 new jobs in the surrounding community. The project is expected to add approximately $106 million annually to a 10-county area as well as provide $300,000 in job training funds. This project marks the sixth distribution center that Clayco will build for Dollar General. In August, Dollar General unveiled plans for the expansion of its cold storage footprint nationwide.

March 2, 2021

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