Midwest

Stan Johnson Co. Brokers $11M Sale of Ohio Distribution Facility

by Kristin Harlow February 12, 2021

FINDLAY, OHIO — Stan Johnson Co. has brokered the $11 million sale of a 180,000-square-foot distribution center in Findlay, about 40 miles south of Toledo. American Plastics, a designer, manufacturer and distributor of plastic-injection molded products, fully occupies the facility. Located on eight acres at 2040 Production Drive, the building is situated near I-75 in Hancock County. The facility has been renovated twice since it was originally constructed in 1992. Rob Gemerchak, Jeff Hughes and Jeff Tracy of Stan Johnson represented the seller, an Ohio-based developer. Gladstone Commercial, an institutional investor based in Virginia, was the buyer. The sales price represented a 5.5 percent increase over the asking price.

February 12, 2021

Loans Midwest Nebraska Office

CIT Provides $10.1M Construction Loan for Nebraska Office Building

by Kristin Harlow February 12, 2021

FREMONT, NEB. — CIT Group Inc. has provided a $10.1 million loan for the construction of a new owner-occupied office building in Fremont, about 40 miles northwest of Omaha. The borrower, WLG Fremont LLC, will use the financing to construct a 54,000-square-foot office building to serve as the new headquarters for RTG Medical, a veteran-owned healthcare staffing agency supporting medical facilities nationwide. In connection with the financing, CIT is also providing a package of treasury management and capital markets services. Treasury management refers to managing a firm’s liquidity and mitigating risk. The project is being developed under the federal new markets tax credit program with Chase Community Equity, Chase New Markets Corp., Hampton Roads Ventures, Massachusetts Housing Investment Corp. and Evernorth Rural Ventures.

February 12, 2021

Development Midwest Minnesota Multifamily

Kraus-Anderson Completes Construction of 240 Park Apartment Building in Minneapolis

by Kristin Harlow February 11, 2021

MINNEAPOLIS — Kraus-Anderson has completed construction of 240 Park, a 17-story apartment building located at 240 Park Ave. in Minneapolis. Garden Communities MN, the residential arm of MV Ventures, was the developer for the project that offers views of the downtown Minneapolis skyline, Mississippi River and U.S. Bank Stadium. Designed by BKV Group, the building features 204 units and more than 4,500 square feet of retail space on the first floor. Amenities include a clubroom, fitness and yoga studio, pool and spa, golf simulator, pet spa and dog run. MV Ventures will manage lease-up via its in-house team. Residents can now earn two months of free rent if they move in by May 1. Monthly rents start at $1,575.

February 11, 2021

Acquisitions Midwest Retail Wisconsin

Colliers Arranges $23.5M Sale of Whole Foods-Occupied Property in Milwaukee

by Kristin Harlow February 11, 2021

MILWAUKEE — The Wisconsin investment services team of Colliers International has arranged the sale of a Whole Foods Market-occupied property in Milwaukee for $23.5 million. The sales price represents a cap rate of 5.5 percent. Located at 2305 N. Prospect Ave., the 53,875-square-foot store is part of the commercial space at Prospect Medical Commons. Adam Connor of Colliers represented the seller, a Seattle-based private investor. California-based ExchangeRight Real Estate LLC purchased the asset as part of a 1031 exchange. This is the second time in the last five years that the asset has traded hands.

February 11, 2021

Acquisitions Midwest Minnesota Multifamily

JLL Brokers $8.7M Sale of Apartment Community in Metro Minneapolis

by Kristin Harlow February 11, 2021

WOODBURY, MINN. — JLL Capital Markets has brokered the $8.7 million sale of Regency Hill Apartments in Woodbury within metro Minneapolis. The 38-unit multifamily community is 97 percent occupied. Built in 2006, the townhome-style rental property includes barbecue picnic areas, a courtyard and heated underground parking. Mox Gunderson, Josh Talberg, Dan Linnell and Adam Haydon of JLL represented the sellers, Bigos and Williams-Regency Hill LLC. Premier Storage purchased the asset while completing a 1031 exchange.

February 11, 2021

Acquisitions Illinois Industrial Midwest

Greenstone Partners Negotiates $8.2M Sale of Industrial Building in Champaign, Illinois

by Kristin Harlow February 11, 2021

CHAMPAIGN, ILL. — Greenstone Partners has negotiated the sale of a 182,084-square-foot industrial building in Champaign for $8.2 million. The property is fully leased to Rockwell Automation, which plans to vacate upon the expiration of its short-term lease. The East Coast-based buyer plans to lease up the property within the next 12 to 18 months. The Class A building features a clear height of 32 feet and is located at 2802 Bloomington Road. Greenstone Partners represented the seller, a Chicago-based family office.

February 11, 2021

Acquisitions Kansas Midwest Multifamily

Newmark Zimmer Arranges Sale of 97-Unit Apartment Property in Topeka, Kansas

by Kristin Harlow February 11, 2021

TOPEKA, KAN. — Newmark Zimmer has arranged the sale of Westgate Village in Topeka for an undisclosed price. The 97-unit apartment property underwent extensive interior and exterior renovations over the last two years, including the full renovation of a building that was damaged by a fire. Michael VanBuskirk, Chris Robertson and TJ Wahl of Newmark Zimmer brokered the transaction. A private partnership sold the asset to Chicago-based ALK Properties, which is expanding its existing presence in the Topeka market.

February 11, 2021

Kansas Market Reports Midwest Midwest Market Reports Missouri

Kansas City Industrial Market Slated to Continue Positive Momentum in 2021

by Kristin Harlow February 11, 2021

By David Zimmer, SIOR, Newmark Zimmer The industrial real estate market in the metropolitan Kansas City area ended 2020 on a high note. 2021 will pick up right where 2020 ended, with no outward or visible signs of a slowdown. New industrial construction is visible in every geographic sector of the metro area, with upwards of 2.5 million square feet of buildings under construction. Without exception, all these are high cube, modern distribution-type facilities intended to capture the ever-growing e-commerce, logistics and food and beverage sectors of the economy. With the one possible exception being the 880,000-square-foot office and distribution building for Urban Outfitters in Wyandotte County, all industrial construction underway is on a speculative basis with lease-up taking place before the buildings are placed into service. Development activity is being sponsored by both local development entities and regional and national developers who state that Kansas City’s geographical central location, coupled with a skilled workforce and extensive transportation infrastructure, are the primary reasons why Kansas City has attracted numerous companies to establish major distribution operations over the past decade. Investor appetite In addition to new development activities, the investor market for industrial properties has also reached record levels. In one …

February 11, 2021

Illinois Midwest Retail

Aldi to Open 100 New Grocery Stores in 2021 Coast-to-Coast

by Kristin Harlow February 10, 2021

BATAVIA, ILL. — Aldi, a discount grocer based in Essen, Germany, is continuing its nationwide expansion with 100 new stores to open this year. The grocer plans to grow its footprint in select markets in Arizona, California, Florida and the Northeast U.S. Aldi also plans to add curbside pickup service to 500 additional stores this year, bringing its total number of stores with curbside options to 1,200. Nearly all U.S. Aldi locations offer delivery services through its partnership with Instacart. Additionally, today marks the groundbreaking of Aldi’s 564,000-square-foot distribution center in Loxley, Ala. The facility will be the sixth in Aldi’s industrial network in the United States and will service more than 100 stores in Alabama, south Georgia, Mississippi, the Florida Panhandle and Louisiana. Set to open in 2022, the distribution center will create 200 jobs in the area and will help Aldi open as many as 35 new stores in the Gulf Coast region by the end of 2022. The grocer is opening two new stores in Tallahassee, Fla., this year. Aldi has 2,000 stores in 37 states across the United States. By the end of 2021, the grocer will be in 38 states as Aldi currently does not have …

February 10, 2021

Acquisitions Industrial Midwest Ohio

TradeLane Properties Acquires Capital Center Industrial Park in Cincinnati for $51.3M

by Kristin Harlow February 10, 2021

CINCINNATI — TradeLane Properties has acquired Capital Center Industrial Park, a 14-building portfolio of light industrial assets in Cincinnati. The purchase price was $51.3 million. Spanning 896,523 square feet, the industrial park is 93.5 percent leased to 65 tenants. Mostly completed in the 1970s, the buildings have received substantial capital improvements over time. John Huguenard, Kurt Sarbaugh and Mark Volkman of JLL Capital Markets represented the seller, Dalfen Industrial. Erin Casey and Drew Wall of Colliers International have been selected as the listing agents for the properties.

February 10, 2021

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