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Wisconsin Cancels State Fair Due to COVID-19

by Kristin Harlow

WEST ALLIS, WIS. — The annual Wisconsin State Fair, scheduled to take place Aug. 6-16 in West Allis, has been cancelled due to COVID-19. The fair is the largest event in the state, drawing more than 1 million people each year. The financial implications associated with hosting a fair with significantly reduced attendance and implementing safety measures could be detrimental to the future of State Fair Park, according to the board of directors. Previously purchased admission tickets can be used for the 2021 Wisconsin State Fair, which is scheduled to take place Aug. 5-15. Refunds are available through June 30.

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Affordable HousingLoansMidwestMultifamilyWisconsin

Associated Bank Structures $23.6M Construction Financing Package for Affordable Housing Project in Madison

by Kristin Harlow

MADISON, WIS. — Associated Bank has structured a $23.6 million financing package for the construction of a new affordable housing development in Madison that will serve veterans and their families. The financing included a $13.4 million construction loan and $9.4 million of low-income housing tax credit equity. The bank also sponsored a $750,000 affordable housing project grant from the Federal Home Loan Bank system. Bryan Schreiter of Associated Bank managed the loan and closing. The development, named Valor on Washington, will be situated at 1322 E. Washington Ave. Gorman & Co. is the developer, general contractor and property manager. Construction is underway with completion slated for September 2021. The 59-unit, six-story project will include 12 supportive housing units reserved for those making no more than 30 percent of the area median income. Lutheran Social Services will provide supportive services for these units. Dryhootch, a nonprofit dedicated to safe housing for veterans, will also provide a variety of services for residents.

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IllinoisLeasing ActivityMidwestOfficeRetail

Fitness Concept Studio Three to Occupy 10,000 SF at Chicago Office Building

by Kristin Harlow

CHICAGO — Boutique fitness concept Studio Three has signed a 10,000-square-foot lease at 333 N. Green, a new office building in Chicago’s Fulton Market. Studio Three, which offers cycling, yoga and interval classes, is slated to open in the first quarter of 2021. The Chicago-based business currently operates two studios in Lincoln Park and River North. Sterling Bay owns the 555,000-square-foot 333 N. Green, which opened in December and is now 87 percent leased. Sterling Bay plans to move its corporate headquarters to the 19-story building this summer.

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IllinoisMidwestOffice

Cushman & Wakefield Study: Office Employees Seek ‘Flexible Working Policies’

by Kristin Harlow

CHICAGO — Cushman & Wakefield has conducted a global survey of more than 40,000 individuals to shed light on work-from-home experiences during the COVID-19 pandemic, including how employees are coping and what the new normal will look like as offices reopen. Survey respondents represent approximately 30 companies across nearly 20 industries. Results show that productivity generally remains strong and team collaboration has reached new heights through better leverage of remote technology, says Cushman & Wakefield. Three-quarters of respondents agreed or strongly agreed that they are collaborating effectively with colleagues in the current environment, up 10 percent from data gathered before COVID-19. In addition, 73 percent of respondents indicated they would like their companies to embrace long-term or permanent flexible working policies. “It’s imperative to recognize that the workplace will no longer be a single location, but an ecosystem of a variety of locations and experiences to support flexibility, functionality and employee well-being,” says Brett White, executive chairman and CEO. “That said, we expect current real estate footprint sizes to remain steady. Flexible working practices may result in fewer people in the office at any one time, but that space savings is offset by the need to accommodate social distancing in …

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DevelopmentIllinoisMidwestMultifamilySeniors Housing

Joseph J. Duffy Co. to Begin Conversion of Former School into Affordable Seniors Housing Project in Northern Illinois

by Kristin Harlow

JOHNSBURG, ILL. — Joseph J. Duffy Co. is set to begin the conversion of the former James C. Bush Elementary School into a 68-unit affordable seniors housing project in Johnsburg, about 60 miles northwest of Chicago. General Capital Group is the developer and Hooker DeJong Architects Inc. is the project architect. Oakbrook Corp. will manage the property, which is reserved for ages 55 and older. Duffy will convert the administration and gym areas of the existing, one-story school into 14 apartment units, resident support facilities and office space. The contractor will then add a three-story wing housing 54 units. Each apartment will include a full bath and kitchen. Amenities will feature a patio area, playground and walking paths.

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IndustrialLeasing ActivityMidwestMissouri

Superior Moving & Storage Signs 86,363 SF Industrial Lease in Kansas City

by Kristin Harlow

KANSAS CITY, MO. — Superior Moving & Storage has signed an 86,363-square-foot industrial lease at Copaken Brook’s Downtown Business Park in Kansas City. The property is located at 3177 Mercier St. A local moving company founded in 1914, Superior began leasing 35,000 square feet at the building in 2014 for storage purposes. The company sold a separate facility and consolidated all operations at the Mercier Street property.

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IowaLoansMidwestMultifamily

Arbor Provides $10.4M Refinancing for Multifamily Community in Cedar Falls, Iowa

by Kristin Harlow

CEDAR FALLS, IOWA — Arbor Realty Trust Inc. has provided a $10.4 million Fannie Mae loan for the refinancing of Thunder Ridge, a 180-unit multifamily community in Cedar Falls near Waterloo. Built in 1975, the property features one- and two-bedroom floor plans. Thunder Ridge includes a basketball court, putting green and fitness center. Joseph Charneski of Arbor originated the loan, which features interest-only payments for the full term.

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Leasing ActivityMichiganMidwestRestaurantRetail

Domino’s to Open at Shopping Center in Davison, Michigan

by Kristin Harlow

DAVISON, MICH. — Domino’s Pizza has leased 3,000 square feet at Davison Village Shopping Center in Davison, about 10 miles east of Flint. Domino’s will occupy space that was formerly home to YaYa’s Chicken. The property, which is anchored by The Salvation Army, is located on State Road. Michael Murphy and Tjader Gerdom of Gerdom Realty & Investment represented Domino’s in the lease transaction.

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MichiganMidwestRestaurantRetail

Detroit’s Bedrock to Continue Offering Rent Relief to Retailers in Exchange for 7 Percent of Gross Sales

by Kristin Harlow

DETROIT — Bedrock, the real estate development company created by Quicken Loans Founder Dan Gilbert, has implemented a program called Bedrock Relaunch, which will build off its rent relief program that began in March with three months of rent abatement. Through Bedrock Relaunch, the landlord will provide all eligible, operating restaurant and retail tenants with the option to waive all rent and fees for the month of June; waive base rent in favor of paying 7 percent of gross sales starting in July; and apply the security deposit toward reopening costs. The temporary lease amendments will span the remainder of 2020. “It is becoming clear that even when all businesses are able to reopen, it’s unlikely their sales volume will immediately return to pre-pandemic levels, and we want to make sure that rent payments aren’t a barrier to success,” says Matt Cullen, Bedrock CEO. “Dan Gilbert founded Bedrock 10 years ago on the principle that a landlord should be an invested partner with each tenant as well as a responsible corporate citizen. We are committed to doing everything we can to make sure we all come out of this together, including looking into experiential initiatives that will help drive traffic …

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AcquisitionsIndianaIndustrialMidwest

JLL Arranges Sale of 690,702 SF Industrial Facility in Suburban Indianapolis

by Kristin Harlow

BROWNSBURG, IND. — JLL Capital Markets has arranged the sale of Eaglepoint Six, a new Class A industrial facility totaling 690,702 square feet in Brownsburg, located about 17 miles northwest of Indianapolis.  The building is fully leased to Radial Inc., an e-commerce company that provides order management, payment processing, fulfillment and analytics services. Built in 2019, Eaglepoint Six features a clear height of 36 feet, four drive-in doors, 52 dock-high doors and office space. It is part of the fully leased Eaglepoint Business Park. John Huguenard, Ed Halaburt, Jake Sturman, Sean Devaney, Kurt Sarbaugh and Robin Stolberg of JLL represented the seller, a partnership between Washington Capital Management on behalf of a client and Becknell Industrial. Denver-based Black Creek Group purchased the asset.

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