Midwest

Burns & McDonnell to Lease Full Floor at New Office Building Nearing Completion in Akron, Ohio

by Kristin Harlow April 24, 2020

AKRON, OHIO — Burns & McDonnell has signed a lease to occupy the entire third floor of a new speculative office building within White Pond Crossing in Akron. The engineering, architecture and construction firm will occupy 14,940 square feet upon completion of the 45,000-square-foot building this summer. White Pond Crossing currently consists of six buildings totaling 67,900 square feet. Stacy Tramonte of NAI Pleasant Valley brokered the lease transaction. Tramonte handles all leasing for the new spec building.

April 24, 2020

Acquisitions Industrial Midwest Missouri Self-Storage

StorageMart Acquires 310-Unit Self-Storage Facility in Downtown Kansas City

by Kristin Harlow April 24, 2020

KANSAS CITY, MO. — StorageMart has acquired a Go Storage facility located on 8th Street in downtown Kansas City. The purchase price was undisclosed. The self-storage facility features 310 climate-controlled units. The property recently underwent a renovation and received a new elevator. StorageMart plans to make further improvements, including adding perimeter fencing, gates with keypad access, renovating the office and installing motion sensor lighting in the loading bay.

April 24, 2020

Acquisitions Illinois Midwest Restaurant Retail

Marcus & Millichap Brokers $4.3M Sale of Panera Bread-Occupied Property in Joliet, Illinois

by Kristin Harlow April 24, 2020

JOLIET, ILL. — Marcus & Millichap has brokered the sale of a 5,077-square-foot retail property net leased to Panera Bread in Joliet for $4.3 million. The building is located at 2400 W. Jefferson St. Austin Weisenbeck and Sean Sharko of Marcus & Millichap marketed the property on behalf of the seller, a developer. Karly Iacono of Marcus & Millichap’s New Jersey office represented the buyer, a limited liability company completing a 1031 tax-deferred exchange.

April 24, 2020

Acquisitions Midwest Retail Wisconsin

Boulder Group Arranges $2.5M Sale of PNC Bank Ground Lease in Metro Milwaukee

by Kristin Harlow April 24, 2020

BROOKFIELD, WIS. — The Boulder Group has arranged the sale of a PNC Bank ground lease in Brookfield for $2.5 million. The single-tenant, net-leased property is located at 12821 W. Bluemound Road. The original 20-year ground lease commenced in November 2012. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Northeast-based real estate investor. The Midwest-based buyer completed a 1031 tax-deferred exchange. There are 2,459 PNC Bank branches nationwide.

April 24, 2020

Content Partner Development Features Industrial Loans Midwest Multifamily Northeast Office Retail Southeast Texas Walker & Dunlop Western

Walker & Dunlop: Rent, Lenders, Tech in the Midst of Coronavirus

by Sarah Daniels April 24, 2020

In recent weeks, the ability of commercial real estate owners to access debt and equity has come into question as the novel coronavirus wreaks havoc on the economy. While some deals in the pipeline are still getting done, the debt markets took a pause as the pandemic took hold. Debt markets were waiting for clarity on how various sectors would react, according to Mark Strauss, managing director of capital markets, and Rob Quarton, director of capital markets, with Walker & Dunlop’s Irvine, Calif., office. The two recently spoke with REBusinessOnline via Zoom about the robustness of certain asset types, market stability, debt pricing and adoption of tech-heavy creativity in the wake of COVID-19 and its effects on commercial real estate nationwide. Commercial Real Estate Debt & Coronavirus Strauss and Quarton primarily work with institutional capital sources that provide capitalization for commercial real estate developers and owners. As such, they have a broad view of all debt markets and their willingness to fund. Debt funds are one of the most affected areas of the financial markets. “The way that debt funds finance their position behind the scenes — either using collateralized loan obligations (CLOs), bank warehouse lines or repo facilities — …

April 24, 2020

Illinois Midwest Office

In-Flight Internet Company Gogo Furloughs 60 Percent of Workforce

by Kristin Harlow April 23, 2020

CHICAGO — Effective May 4, Gogo (Nasdaq: GOGO) will furlough approximately 60 percent of its workforce and reduce compensation for most other employees as part of a broad-based cost reduction plan due to the impact of COVID-19. Chicago-based Gogo is an in-flight internet company. The furloughs will impact more than 600 employees. The time and duration of the furloughs will vary based on workload. Salary reductions will begin at 30 percent for the CEO, 20 percent for the executive leadership team and feather down from there. Members of Gogo’s board of directors has agreed to reduce their compensation by 30 percent. Certain types of employees, such as hourly workers, will not have their compensation reduced. Approximately 60 percent of Gogo’s revenue comes from its two commercial airline segments. Passenger traffic on commercial airlines using Gogo’s service has declined 95 percent this month compared with the prior year. The remaining 40 percent of Gogo’s revenue comes from its business aviation segment, which has experienced a sharp decrease in flight activity. Gogo has also applied for an $81 million grant and a $150 million loan under the CARES Act. If Gogo receives government assistance, it will modify the personnel actions. Previous measures …

April 23, 2020

Midwest Multifamily Ohio

Fifth Third Bank, Bellwether Enterprise Form Strategic Relationship to Expand Multifamily Financing

by Kristin Harlow April 23, 2020

CINCINNATI AND CLEVELAND — Fifth Third Bank NA and Bellwether Enterprise Real Estate Capital LLC have formed a new strategic relationship for multifamily financing. The arrangement brings together two institutions that are committed to providing affordable multifamily housing. Cleveland-based Bellwether Enterprise’s wide capabilities with government lending programs, including Fannie Mae, Freddie Mac, FHA and USDA, will provide long-term agency financing for Fifth Third’s clients. Cincinnati-based Fifth Third will gain access to Bellwether Enterprise’s diverse permanent lender platform, which also includes correspondent relationships with life insurance companies in addition to agencies. Fifth Third will also be able to invest in new market tax credits, low-income housing tax credits, workforce housing equity and other products offered by Bellwether Enterprise’s parent company, Enterprise Community Investment Inc. The relationship will enable Bellwether Enterprise to leverage Fifth Third’s short-term and construction lending products, as well as treasury management, capital markets and investment solutions. Fifth Third Acquisition Holdings LLC, a wholly owned subsidiary of Fifth Third, made a minority equity investment in Bellwether Enterprise as part of the relationship. Beekman Advisors advised Bellwether Enterprise on negotiation and execution of the transaction.

April 23, 2020

Michigan Midwest Retail

Agree Realty Reports 15.7 Percent Increase in Net Income for First Quarter

by Kristin Harlow April 23, 2020

BLOOMFIELD HILLS, MICH. — Agree Realty Corp. (NYSE: ADC) recorded $21.2 million in net income during the first quarter, up from $18.3 million the same period a year ago, a 15.7 percent increase. As of March 31, the retail REIT’s portfolio consisted of 868 properties located in 46 states totaling 16.3 million square feet of gross leasable area. The portfolio was approximately 99.3 percent leased. In regard to COVID-19, as of April 17, Agree received April rent payments from over 87 percent of its portfolio. All of the company’s investment-grade tenants paid April rent. Agree received short-term rent relief requests or requests for further discussions regarding rent from approximately 33 percent of its portfolio. Not all tenant requests will result in modification agreements, nor is the company forgoing its contractual rights under lease agreements. Approximately 81 percent of stores within Agree’s portfolio are currently open, 26 percent of which are operating on a limited basis. The remaining 19 percent are closed. Total acquisition volume for the first quarter of 2020, excluding acquisition and closing costs, totaled $227.7 million and included 51 assets net leased to off-price retail, auto parts, general merchandise, dollar store, home improvement, grocery and auto service retailers. …

April 23, 2020

Development Illinois Midwest Multifamily

Habitat, P3 Markets Secure First Round of Financing for $35M Mixed-Income Project in Chicago

by Kristin Harlow April 23, 2020

CHICAGO — The Habitat Co. has secured financing for the first phase of 43 Green, a $35 million mixed-income project in Chicago’s Grand Boulevard neighborhood. Habitat will develop the transit-oriented development in partnership with P3 Markets. Having received approval for low-income housing tax credits, Habitat and P3 will now focus on completing the design and financing to finalize the capital program for the project. Upon completion, 43 Green is expected to include three buildings centered around the 43rd Street Green Line stop. Each building is slated to include mixed-income apartments and street-level retail space. Phase I will feature 91 units and 7,500 square feet of retail. The developers expect to break ground in 2021.

April 23, 2020

Kansas Loans Midwest Multifamily

Arbor Provides $13.7M in Acquisition Loans for Multifamily Properties in Wichita

by Kristin Harlow April 23, 2020

WICHITA, KAN. — Arbor Realty Trust Inc. has provided three Fannie Mae loans totaling $13.7 million for the acquisition of three multifamily properties in Wichita. Arbor provided an $8.9 million loan for the acquisition of Kingston Cove Apartments. The 252-unit complex includes a fitness center, pool, volleyball court, clubhouse and boat dock. The 12-year, fixed-rate loan features a 30-year amortization. Arbor also provided $2.1 million for the purchase of Danish Village Apartments, a 78-unit property located near the McConnell Air Force Base. Lastly, the company provided $2.7 million for the acquisition of 68-unit Pine Creek Apartments. Eugene Yanovskiy of Arbor’s New York City office originated the loans.

April 23, 2020

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