Midwest

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

Development Midwest Missouri Multifamily

Mia Rose Holdings Unveils Plans for Multi-Building Multifamily Project in Dardenne Prairie, Missouri

by Kristin Harlow March 2, 2021

DARDENNE PRAIRIE, MO. — Mia Rose Holdings has unveiled plans for the development of Old Town Square, a multi-building apartment project in Dardenne Prairie, a western suburb of St. Louis. Mia Rose is developing the project in partnership with Benton Homebuilders and Jim Cook, Imo’s Pizza franchisee and co-owner of Sugarfire Smokehouse. The joint venture team, known as Bryan 364 Junction LLC, plans to break ground on the project in June. Completion is slated for December 2022. The development recently received zoning approval from the city. Plans call for the construction of five apartment buildings consisting of 120 one-bedroom units and 60 two-bedroom units. Additionally, Benton Homebuilders will construct nine buildings with 60 villas, each with three bedrooms, a basement and a two-car garage. The villas will be available for lease. One of the apartment buildings will feature 12,000 square feet of ground-floor retail space. An additional 4,500-square-foot retail space will be home to a new Imo’s Pizza. Amenities will include a pool, outdoor lounge, business room, coffee bar, fitness center and dog park. The project architects are Rosemann & Associates and DL Design. Premier Design Group is serving as civil engineer. The property manager will be 2B Residential.

March 2, 2021

Midwest Minnesota Retail

Target’s Comparable Sales Grew 20.5 Percent in Fourth Quarter, Aided by Spike in Digital Sales

by Kristin Harlow March 2, 2021

MINNEAPOLIS — Riding on the strength of digital sales, Target Corp. (NYSE: TGT) reported that its fourth-quarter sales grew 20.5 percent compared with the same period a year ago. The Minneapolis-based retailer’s quarter ended Jan. 30. Comparable store sales increased 6.9 percent while digital sales grew 118 percent, accounting for two-thirds of the company’s overall growth. Same-day services such as order pickup grew 212 percent, led by more than 500 percent growth in drive-up services. CNBC reported that Target’s earnings topped Wall Street’s estimates, as its sales got a lift from a strong holiday season and stimulus checks. For the year, Target’s 2020 sales growth of more than $15 billion was greater than the company’s total sales growth over the prior 11 years. “Following years of investment to build a durable, scalable and sustainable business model, we saw record growth in 2020, as our guests turned to Target to safely provide for their families throughout the pandemic,” said Brian Cornell, chairman and CEO, in a news release. Target’s stock price opened at $190.27 per share Tuesday, March 2, up from $109.06 per share one year ago.

March 2, 2021

Affordable Housing Loans Midwest Multifamily Ohio

KeyBank Secures $18.6M for Construction of Affordable Housing Property in Cleveland

by Kristin Harlow March 2, 2021

CLEVELAND — KeyBank has secured $18.6 million in financing for the construction of Slavic Village Gateway, an 88-unit affordable housing property in Cleveland. The two-building project will feature 21,000 square feet of ground-floor retail space as well as 10 townhomes. The property will feature 23 units for renters that earn at or below 30 percent of area median income (AMI) and 65 units for those who earn at or below 60 percent of AMI. KeyBank Community Development Lending and Investment (CDLI) secured a $12.5 million construction loan, while KeyBank’s Commercial Mortgage Group arranged a $6.1 million forward commitment for a Freddie Mac permanent loan. Additionally, the project will use 9 percent low-income housing tax credit equity from the Ohio Capital Corp. for Housing, $600,000 from the City of Cleveland and $1.5 million from University Settlement, which is a nonprofit social service agency that will occupy some of the project’s retail space. Kyle Kolesar of KeyBank’s CDLI team and Robbie Lyn of KeyBank’s Commercial Mortgage Group structured the financing on behalf of the developer, The NRP Group LLC.

March 2, 2021

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