Midwest

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

Loans Midwest Multifamily Ohio

Merchants Capital Secures $57M HUD Loan for Apartment Project in Downtown Cincinnati

by Kristin Harlow June 15, 2020

CINCINNATI — Merchants Capital has secured a $57 million FHA/HUD Section 221(d)(4) loan for 4th & Race, a 264-unit apartment community currently under development in downtown Cincinnati. The project is slated to open in the first half of 2021. Merchants secured the new construction loan on behalf of the developer, Flaherty & Collins Properties. The new loan represents the multifamily component of the project, which will also feature 20,000 square feet of retail space and a five-story parking garage. The residential portion will sit atop the retail and parking components. Amenities will include a sky deck, pool, fitness center, yoga room, gaming area and club room. Flaherty & Collins worked concurrently with the city of Cincinnati, the Port Authority of Greater Cincinnati and the Cincinnati Center City Development Crop. to bring the project to life. FHA/HUD Section 221 (d) (4) loans are used exclusively for the construction or substantial rehabilitation of multifamily properties. Eligible assets include market-rate, low-to-moderate income and subsidized multifamily properties.

June 15, 2020

Illinois Midwest Retail

Chicago’s 900 North Michigan Shops Reopens with 23 Retailers

by Kristin Harlow June 15, 2020

CHICAGO — Chicago’s 900 North Michigan Shops reopened on Monday, June 8. Those visiting the shopping center will initially find 23 retailers. Other retailers will open at a later date. The Aster Hall food hall is open for delivery and carryout. The center features enhanced safety measures, such as touchless hand-sanitizing stations, glass dividers and elevator button covers. A special thank you message is projected on the ceiling for essential workers. The property is open daily from 12 to 6 p.m.

June 15, 2020

Acquisitions Indiana Midwest Retail

Black Gate Acquires 72,348 SF Shopping Center in Indianapolis

by Kristin Harlow June 15, 2020

INDIANAPOLIS — Black Gate Partners has acquired Geist Centre in Indianapolis for an undisclosed price. The 72,348-square-foot shopping center is located at 11625-11715 Fox Road. Anchor tenants include CVS Pharmacy and Dollar Tree. CBRE represented the seller, Phillips Edison & Co. Columbus, Ohio-based Black Gate focuses on retail leasing, investment sales and development.

June 15, 2020

Acquisitions Midwest Retail Wisconsin

Colliers International Brokers Sale of 3,000 SF Single-Tenant Retail Building in Wisconsin

by Kristin Harlow June 15, 2020

BEAVER DAM, WIS. — Colliers International has brokered the sale of a single-tenant retail building to be occupied by Verizon Wireless in Beaver Dam, about 40 miles northeast of Madison. The sales price was undisclosed. Completed this year, the 3,000-square-foot build-to-suit sits at 107 Frances Lane along Highway 151. Joe Eldredge of Colliers brokered the transaction. Beaver Dam VZ LLC purchased the building from an undisclosed seller.

June 15, 2020

Acquisitions Michigan Midwest Retail

Boulder Group Arranges $1.3M Sale of Property Net Leased to Dollar General in Michigan

by Kristin Harlow June 15, 2020

BANCROFT, MICH. — The Boulder Group has arranged the $1.3 million sale of a single-tenant property net leased to Dollar General in Bancroft, about 30 miles east of Lansing. the 9,100-square-foot building is located at 4531 Lansing Road near I-69. There are 15 years remaining on Dollar General’s lease. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Midwest-based developer. A Michigan-based private investor purchased the asset.

June 15, 2020

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