Midwest

Opus Completes 218-Unit Apartment Building in Minneapolis

by Kristin Harlow October 30, 2020

MINNEAPOLIS — The Opus Group has completed construction of Vesi, a 218-unit apartment building in the North Loop neighborhood of Minneapolis. The six-story property features a mix of studio, one-bedroom, two-bedroom and penthouse units. Amenities include a rooftop terrace, pool and spa, fitness room, library, dog wash and golf simulator. Opus served as developer, design-builder, architect and engineer. ESG Architects was the design architect and interior designer. Vesi is the fifth residential project for Opus in downtown Minneapolis since 2014. Monthly rents start at $1,610. Residents can now receive $500 off their first month of rent.

October 30, 2020

Development Industrial Midwest Nebraska

Amazon Unveils Plans for First Fulfillment Center in Nebraska

by Kristin Harlow October 30, 2020

PAPILLION, NEB. — Amazon.com Inc. has unveiled plans to open its first fulfillment center in the state of Nebraska in Papillion. Development is scheduled to begin next year on the 700,000-square-foot project, which is expected to create 1,000 full-time jobs. Employees will work alongside Amazon robotics to pick, pack and ship small items such as books, electronics and toys. When fully operational, the facility will add nearly $204 million to the local economy annually, according to David Brown, president and CEO of the Greater Omaha Chamber. Since 2019, Amazon has invested more than $96 million in Nebraska.

October 30, 2020

Acquisitions Industrial Midwest Ohio

JLL Arranges Sale of 434,000 SF Distribution Center in Suburban Cleveland

by Kristin Harlow October 30, 2020

GLENWILLOW, OHIO — JLL has arranged the sale of Victory Commerce Center in Glenwillow, a suburb of Cleveland. The sales price was undisclosed. Developed in 2019, the 434,000-square-foot distribution and fulfillment center features a clear height of 32 feet, 30 dock-high doors, nine drive-in doors and LED lighting. It is situated on 40 acres within the larger Diamond Business Center. John Huguenard and Sean Devaney of JLL represented the seller, Illinois-based Westminster Capital. Matthew Schoenfeldt, Michael Gigliotti, Mike Tepedino and Brian Walsh of JLL secured acquisition financing on behalf of the buyer, Investcorp.

October 30, 2020

Acquisitions Industrial Iowa Midwest

MAG Capital Partners Acquires 48,237 SF Manufacturing Facility in Marion, Iowa

by Kristin Harlow October 30, 2020

MARION, IOWA — MAG Capital Partners has acquired the corporate headquarters and manufacturing facility for Advanced Material Processing (AMP) in Marion, just north of Cedar Rapids, in a sale-leaseback transaction. The purchase price was undisclosed. AMP occupies the entire 48,237-square-foot property. The company focuses on material processing equipment for food and beverage, pharmaceutical and chemical sectors. May River Capital, a Chicago-based private equity firm, owns AMP. Katie Elliott of Stan Johnson Co. represented the seller, May River Capital. Mary Garnett and Jim Tuesley of Barnes & Thornburg LLP represented Fort Worth, Texas-based MAG Capital Partners, which is led by Dax T.S. Mitchell and Andrew Gi.

October 30, 2020

Acquisitions Midwest Ohio Restaurant Retail

Upland Brokers $1.6M Sale of Arby’s-Occupied Property in Ontario, Ohio

by Kristin Harlow October 30, 2020

ONTARIO, OHIO — Upland Real Estate Group Inc. has brokered the $1.6 million sale of a 3,662-square-foot property occupied by Arby’s in Ontario near Mansfield. The building is situated on an outparcel to Richland Mall. Keith Sturm, Deborah Vannelli and Amanda Leathers of Upland represented the undisclosed seller. An all-cash buyer purchased the asset and completed a 1031 exchange.

October 30, 2020

Acquisitions Illinois Midwest Multifamily Student Housing

GMH Capital, AGC Equity Acquire The Dean Student Housing Asset in Champaign, Illinois

by Kristin Harlow October 29, 2020

CHAMPAIGN, ILL. — GMH Capital Partners LP and AGC Equity Partners have acquired The Dean, a 672-bed student housing property in Champaign, for an undisclosed price. The seller, Core Spaces, completed development of the property this past summer. Spanning 240,737 square feet and rising 17 stories, The Dean is an off-campus community serving the University of Illinois-Urbana Champaign campus. Its ground-floor retail space houses Target and Jimmy John’s. Units average 683 square feet and contain private bathrooms and modern finishes. Amenities include a fitness center, rooftop sundeck, pool, hot tub, outdoor lounge and multiple study areas. Monthly rents start at $695 for shared units.

October 29, 2020

Development Indiana Industrial Midwest

Mohr Capital Completes Land Assemblage for First Phase of Logistics Park in Whiteland, Indiana

by Kristin Harlow October 29, 2020

WHITELAND, IND. — Mohr Capital, a Dallas-based privately held real estate investment firm, has acquired an additional 184 acres of land in Whiteland in metro Indianapolis. The acquisition represents the completion of the land needed for Phase I of Mohr Logistics Park, a master-planned development. The project will encompass more than 500 acres upon completion. Mohr plans to commence development of an 827,180-square-foot speculative industrial building in the spring. Mark Writt of CBRE assisted Mohr in the land assemblage. Earlier this year, Mohr closed on the purchase of 122 acres that will house a 1 million-square-foot build-to-suit for Cooper Tires, the park’s inaugural tenant. Pepper Construction is underway on that project.

October 29, 2020

Development Midwest Missouri Multifamily

IMPACT Strategies Builds $40M Luxury Apartment Development in Suburban St. Louis

by Kristin Harlow October 29, 2020

RICHMOND HEIGHTS, MO. — IMPACT Strategies has completed construction of Altair at the Heights, a $40 million luxury apartment development in Richmond Heights, a suburb of St. Louis. ILI Communities was the developer, Fugleberg Koch served as architect and Civil Design Inc. was the engineer. The 187-unit, four-story project now fills the site of the former AB Green Middle School. The development includes 3,300 square feet of retail space. Among the amenities are a clubhouse, pool, courtyard, fitness center and pet washing station. Monthly rents start at $1,235 for one-bedroom units. Residents can now receive two months of free rent by signing a 14-month lease.

October 29, 2020

Acquisitions Indiana Midwest Office

Colliers Arranges Sale of 77,793 SF Office Building in Carmel, Indiana

by Kristin Harlow October 29, 2020

CARMEL, IND. — Colliers International has arranged the sale of Midtown III, a recently completed office building in Carmel, a suburb of Indianapolis. The sales price was undisclosed. The three-story, Class A property is located at 571 Monon Blvd. It spans 77,793 square feet. Alex Cantu and Alex Davenport of Colliers represented the seller, Ambrose Property Group. Diamond Income Fund LP, a St. Louis-based investment fund, purchased the asset.

October 29, 2020

Illinois Midwest

CORFAC International Names New CEO, Jonathan Salk

by Kristin Harlow October 29, 2020

DES PLAINES, ILL. — CORFAC International has named Jonathan Salk as CEO of the organization. Salk previously served as executive director. Since joining CORFAC in 2015, he has been responsible for day-to-day operations of the organization and spearheaded growth. Thirty new offices have joined CORFAC since 2015, bringing the total count to 75 offices globally. Salk has also been instrumental in expanding the CORFAC sponsorship program, arranging industry alliances and rolling out new education and networking initiatives. Founded in 1989, Des Plaines-based CORFAC is a global brokerage network comprising privately held commercial real estate firms.

October 29, 2020

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