Midwest

Building Momentum: How Public-Private Partnership Revitalized Downtown Topeka, Kansas

by Kristin Harlow May 21, 2020

The city of Topeka has built significant momentum in the five years since its downtown revitalization. Capital investment and strategic planning at the city’s center had a reverberating effect across town, from the expansion of vocational-technical training to the growth of Kanza Fire Commerce Park. Public-private partnership The year 2015 was pivotal with a $9.4 million public-private investment in infrastructure and amenities along Kansas Avenue, the main downtown thoroughfare. The city invested $5.8 million in roadway, sewer and streetscape infrastructure. Meanwhile, private businesses sponsored pocket parks with statues, benches and fountains. The Downtown Topeka Foundation brought another $4 million in private funding to the effort through its “Imagine Downtown” capital campaign. Since that day, local investors like AIM Strategies LLC have purchased more than 25 buildings on the avenue for gradual restoration into thriving businesses like Iron Rail Brewing, Cyrus Hotel and The Pennant restaurant, bowling alley and vintage arcade. Popular annual festivals and parades expect to see even more traffic after the unveiling of the next phase of major downtown investment. Evergy Plaza With 30-foot digital screens and the 50-foot CapFed On 7th Stage, Evergy Plaza was developed as a hub for community and a catalyst for business. The …

May 21, 2020

Midwest Minnesota Retail

Target Releases First-Quarter Earnings, Experiences Surge in Digital Sales

by Kristin Harlow May 20, 2020

MINNEAPOLIS — Target Corp. (NYSE: TGT) reported a 10.8 percent increase in total sales during the first quarter, including digital sales growth of 141 percent. The Minneapolis-based retailer’s first quarter ended on May 2. While revenue rose 11.3 percent to $19.6 billion in the first quarter on a year-over-year basis, operating income fell 58.7 percent to $468 million during the first quarter. Target invested heavily in its response to COVID-19, spending roughly $500 million in cleaning and safety measures as well as extra pay and benefits for its employees. Target also says it experienced a slowdown in apparel and accessories sales as guests stocked up on categories like essentials and food and beverage. It also experienced “unusually strong digital volume” as shoppers turned to online purchases.

May 20, 2020

Development Industrial Midwest Ohio

Scannell Properties Developing 180,000 SF Spec Industrial Facility in Suburban Cleveland

by Kristin Harlow May 20, 2020

STRONGSVILLE, OHIO — Scannell Properties is underway on the development of an 180,000-square-foot speculative industrial facility at Mills Business Park in Strongsville, a southern suburb of Cleveland. Peak Construction Corp. is the general contractor for the project, which will feature a clear height of 32 feet, 33 dock doors, three drive-in doors and parking for 198 cars. Peak is also completing a 70,000-square-foot interior buildout for an undisclosed e-commerce company. Other project team members include HSB Architects + Engineers and Weber Engineering Services. A timeline for completion was not disclosed.

May 20, 2020

Illinois Loans Midwest Multifamily

American Street Capital Arranges $5.1M Refinancing for Multifamily Building in Chicago

by Kristin Harlow May 20, 2020

CHICAGO — American Street Capital (ASC) has arranged a $5.1 million loan for the refinancing of an 18-unit multifamily building in Chicago’s Andersonville neighborhood. The borrower acquired the property in 2010 and fully remodeled it in 2012. Igor Zhizhin of ASC arranged the 20-year, nonrecourse loan with a correspondent agency lender. The loan features a 10-year fixed rate and a 10-year floating rate on a 30-year amortization schedule. The property was fully occupied at the time of loan closing.

May 20, 2020

Affordable Housing Indiana Loans Midwest Multifamily

Arbor Provides $4.1M Loan for Refinancing of Affordable Housing Property in Indianapolis

by Kristin Harlow May 20, 2020

INDIANAPOLIS — Arbor Realty Trust Inc. has provided a $4.1 million Fannie Mae loan for the refinancing of Fountains West Cooperative in Indianapolis. Built in 1972, the 350-unit affordable housing property features a mix of one-, two- and three-bedroom floor plans. Michael Jehle of Arbor originated the 15-year, fixed-rate loan. The borrower was undisclosed.

May 20, 2020

Acquisitions Illinois Midwest Retail

Boulder Group Brokers $1.5M Sale of Property Net Leased to Just Tires in Metro Chicago

by Kristin Harlow May 20, 2020

MORTON GROVE, ILL. — The Boulder Group has brokered the $1.5 million sale of a retail property net leased to Just Tires, a wholly owned subsidiary of Goodyear, in metro Chicago. The 4,600-square-foot building is located at 9246 Waukegan Road in Morton Grove. Just Tires has approximately 10 years remaining on its lease. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a local real estate investor. The buyer, also a local investor, completed a 1031 tax-deferred exchange.

May 20, 2020

Development Michigan Midwest Mixed-Use Top Stories

Michigan Strategic Fund Approves $256M Red Cedar Mixed-Use Development in Lansing

by Kristin Harlow May 20, 2020

LANSING, MICH. — The Michigan Strategic Fund (MSF) has voted to approve the brownfield and tax-increment financing (TIF) plan for the Red Cedar project, a $256 million mixed-use development along Michigan Avenue in Lansing. The approval gives the developer, Continental/Ferguson Lansing LLC, the green light to move forward with construction. The developer expects to break ground on 181 market-rate apartments as well as an assisted living and memory care facility late this summer. A 792-bed student housing component is scheduled for completion in fall 2021. Construction of two dual-brand hotels, Hyatt House and AC Hotel by Marriott, is set to begin next year. Plans also call for a restaurant, retail space and a public park with an amphitheater and connection to the Lansing River Trail. The 35.5-acre project will connect the Lansing State Capitol to Michigan State University and adjacent communities along the Michigan Avenue corridor. The project will redevelop the long-abandoned Red Cedar golf course site. The MSF rejected a previous version of the project in March, according to Lansing City Pulse. The Lansing Brownfield Redevelopment Authority approved the local portion of the plan last year. “The approval of the project is positive news, especially with the unforeseen economic …

May 20, 2020

Acquisitions Illinois Kansas Midwest Missouri

Berkadia Arranges Sales of Six Multifamily Properties Totaling $72.6M

by Kristin Harlow May 19, 2020

CHICAGO AND KANSAS CITY — Berkadia’s Mid-Markets Group has arranged the sales of six multifamily properties totaling 945 units for $72.6 million. The communities are located in secondary and tertiary markets across Illinois, Kansas, Missouri, Oklahoma, Arkansas and Idaho. Of the 945 units, 451 are located in the Midwest region. The properties include: Bowen Tower in Raytown, Mo.; Village Woods in Milan, Ill.; Brickstone at Woodland in Wichita, Kan.; Wilmington Apartments in North Little Rock, Ark.; London Square in Tulsa, Okla.; and Central Pointe in Boise, Idaho. Alex Blagojevich, Michael Sullivan, Ralph DePasquale, Patrick Jordan, Chris Bruzas, Parker Stewart, Brett Meinzer, Chris Gentry and Dominic Martinez of Berkadia brokered the sales. The team also arranged $38.4 million in acquisition financing for four of the properties.

May 19, 2020

Midwest Retail Wisconsin

Kohl’s Reports 43.5 Percent Drop in Net Sales for First Quarter

by Kristin Harlow May 19, 2020

MENOMONEE FALLS, WIS. — Kohl’s Corp. (NYSE: KSS) has reported a 43.5 percent decrease in its first-quarter net sales. The company’s fiscal first quarter ended May 2. The Menomonee Falls-based retailer has reopened about 50 percent of its stores across the country after stay-at-home orders have been lifted from COVID-19. Kohl’s says it has decreased planned capital expenditures by approximately $500 million as part of its financial response to COVID-19. The company operates roughly 1,160 stores across the U.S.

May 19, 2020

Illinois Leasing Activity Midwest Office

Sterling Bay Negotiates Seven Office Leases Across Four Chicago Properties

by Kristin Harlow May 19, 2020

CHICAGO — Over the last 30 days, Sterling Bay has negotiated seven office leases across four of its Chicago properties in various submarkets such as the West Loop, East Loop and Fulton Market. Precision medicine startup Tempus has expanded its 150,000-square-foot lease at 600 W. Chicago for an additional 13,000 square feet. AMC Networks has extended its lease at One Two Pru by five years. Goren Eye Associates also renewed its lease at One Two Pru for another five years. Financial technology company LQD Business Finance has signed a new lease for 8,000 square feet at 370 N. Carpenter in Fulton Market. Pinterest extended its lease at 111 N. Canal. Presidio Aircraft Leasing renewed and expanded its lease at One Two Pru to 10,000 square feet, while REX Electric & Technologies expanded its lease at One Two Pru to 11,000 square feet.

May 19, 2020

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