Midwest

Boulder Group Arranges $2.2M Sale of Andigo Credit Union Ground Lease in Streamwood, Illinois

by Kristin Harlow April 16, 2020

STREAMWOOD, ILL. — The Boulder Group has arranged the $2.2 million sale of an Andigo Credit Union ground lease in Streamwood, a northwest suburb of Chicago. Built in 2019, the single-tenant, net-leased property is located at 990 S. Barrington Road. Andigo has a 15-year lease at the building. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Midwest-based real estate group. A Southwest-based private real estate company was the buyer. There are currently seven Andigo branches across metro Chicago. Andigo intends to merge with Consumers Credit Union later this year.

April 16, 2020

Illinois Leasing Activity Midwest Office

Summit Expedited Logistics Expands Chicago Office Lease to 15,844 SF

by Kristin Harlow April 16, 2020

CHICAGO — Summit Expedited Logistics has renewed and expanded its office lease at 55 W. Monroe St. in Chicago. The full-service transportation provider has signed a long-term lease extension and will expand its office on the 35th floor of the 40-story office tower. The expansion provides Summit the space to accommodate its growing sales team, nearly tripling its footprint from 6,378 to 15,844 square feet. Matthew Wright of Bradford Allen represented Summit in the lease transaction. Andrea Saewitz and Matt Lerner of Cushman & Wakefield represented the landlord.

April 16, 2020

Market Reports Midwest Midwest Market Reports Nebraska

Winning the Fight on Business Talent Erosion in Nebraska

by Kristin Harlow April 16, 2020

Although an article on soil erosion might seem more fitting coming from Nebraska, the greater erosion concern for the Cornhusker State is retaining its young and talented workforce. Nebraska’s state education system ranks No. 6 in the country and its high school graduation rate ranks No. 4 in the country, according to U.S. News & World Report. But Nebraska is faced with the dual challenge of retaining young, homegrown talent as well as attracting the next generation of talent from outside the state. Nebraska is presently leaking young talent to surrounding states with an annual net outward migration of approximately 3,300 persons and ranks 39th in the country with respect to attracting talent between the ages of 25 to 29 years old, so it’s a double whammy. A 3,300-person out-migration of talent might seem fairly modest, but over time, it can and will become significant. Like a faucet that continually drips, you don’t realize the cost until you get the water bill. Taking steps to enhance both the retention and attraction of young talent is key to Nebraska’s economic success. Thankfully, such steps are being pursued in both the private and public sector. Two plans of action in particular are …

April 16, 2020

Civic Development Healthcare Illinois Midwest

Alternate Care Facility at Chicago’s McCormick Place Convention Center Expected to Be Complete by April 24

by Kristin Harlow April 15, 2020

CHICAGO — The temporary conversion of a portion of Chicago’s McCormick Place Convention Center into an alternate care facility for COVID-19 patients is expected to be complete by Friday, April 24. Walsh Construction, the contractor for the project, completed the first 500 beds earlier this month. The facility will have the capacity to treat up to 3,000 low-to-moderate acuity patients across three of the convention center’s halls. Patients will be separated by the level of care required. The Metropolitan Pier and Exposition Authority and the U.S. Army Corps of Engineers are directing the conversion of the temporary field hospital. The project is designed to relieve pressure on the city’s hospital system by freeing up beds for more patients with severe COVID-19 cases in anticipation of a surge in positive diagnoses. Stantec provided design and engineering services for the project.

April 15, 2020

Illinois Leasing Activity Midwest Office

Sonova Signs 63,647 SF Office Lease in Aurora, Illinois

by Kristin Harlow April 15, 2020

AURORA, ILL. — Sonova, a provider of hearing care solutions, has signed a 63,647-square-foot office lease at 750 North Commons Drive in Aurora. Stanton Road Capital owns the 205,000-square-foot, two-building property, which is flexible for both office and industrial users. Stanton purchased the property in 2018 and is currently implementing a repositioning plan with modern amenities. It is currently 85 percent leased. Francis Prock, Dave Florent and Brian Kling of Colliers brokered the lease transaction. In mid-June, Sonova will consolidate three of its existing operations — two from Illinois and one from Minnesota — at the new location.

April 15, 2020

Development Healthcare Hospitality Midwest Missouri

Tarlton Completes Missouri’s First COVID-19 Alternate Care Facility

by Kristin Harlow April 15, 2020

FLORISSANT, MO. — Tarlton Corp. has completed the conversion of a Quality Inn hotel in Florissant into the state’s first alternate care facility to treat non-acute COVID-19 patients. The facility, if needed, will serve as backup for patients referred by St. Louis-area hospitals. Members of the Missouri National Guard will staff the facility. Tarlton worked with the U.S. Army Corps of Engineers on the project, as well as Ross & Baruzzini, Rock Hill Mechanical Corp. and Guarantee Electrical Co. The 4.5-day project yielded more than 100 patient rooms on the four floors of the 130-room hotel. The team built a nurse’s station on each floor and turned the existing phone system into a nurse call system. The project assignment came just hours after Tarlton President Tracy Hart and COO Dirk Elsperman lost their father, Bob Elsperman, to COVID-19. Bob Elsperman led Tarlton from 1972 to1999. He was admitted to a St. Louis-area hospital on March 30 and died eight days later at the age of 83.

April 15, 2020

Leasing Activity Midwest Office Wisconsin

North Shore Healthcare Inks 23,000 SF Lease in Milwaukee

by Kristin Harlow April 15, 2020

MILWAUKEE — North Shore Healthcare (NSHC) has signed a 10-year office lease at HUB640, a redeveloped mixed-use building located at 640 N. 4th St. in Milwaukee. NSHC will occupy approximately 23,000 square feet on the building’s second floor. The move will enable NSHC to consolidate its fast-growing workforce. Dan Jessup and Nick Hepner of JLL represented the landlord, North Wells Capital LLC, in the lease transaction. Colliers International represented NSHC. North Wells Capital acquired the building in 2017 and has embarked on a major transformation of the property, which dates back to the late 1800s. The project is set to open late this spring.

April 15, 2020

Illinois Midwest

Seven Midwest Universities Compete in Eisenberg Foundation’s Real Estate Challenge

by Kristin Harlow April 15, 2020

NORTHFIELD, ILL. — On Saturday, April 4, student groups from seven Midwest-based universities competed in the 10th annual Harold E. Eisenberg Foundation Real Estate Challenge for $5,000 in scholarships toward their university’s real estate program. In response to the COVID-19 pandemic, the competition took place virtually instead of its traditional in-person format. The Eisenberg Foundation partnered with Moody Bible Institute (MBI) to task real estate students with creating a hypothetical redevelopment plan for 7.9 acres of MBI’s campus, consisting of low-lying structures, parking lots and a soccer field. DePaul University’s proposal, River Coast West, won first place. The River Coast West proposal suggested a mixed-use development that would create a dynamic and diverse urban community. The team’s plan included four multifamily towers, an upscale senior living tower, a student housing building, a co-living building, a rehabilitation medical office center, 20,000 square feet of office space, a sports facility and two retail buildings. Additionally, the team’s proposal included a new park, church, recording studio and nonprofit accelerator aimed at expanding MBI outreach. The panel of judges included Michael Blue of Teska Associates, Christopher Dillion of Campbell Coyle, Ken Heulitt of MBI, Erik Hultquist of MBI and Al Klairmont of Imperial Realty …

April 15, 2020

Industrial Midwest South Dakota

Smithfield Foods Closes Pork Processing Plant in South Dakota Indefinitely as COVID-19 Cases Rise

by Kristin Harlow April 14, 2020

SIOUX FALLS, S.D. — Smithfield Foods Inc. has closed its pork processing plant in Sioux Falls until further notice. Nearly 250 workers tested positive for the coronavirus, more than half of the active coronavirus cases in the state of South Dakota, according to Gov. Kristi Noem. The Smithfield plant is one of the largest pork processing facilities in the U.S., representing 4 to 5 percent of U.S. pork production. It supplies nearly 130 million servings of food per week, or about 18 million servings per day. Smithfield employs 3,700 workers at the facility and more than 550 independent family farmers supply the plant. “The closure of this facility, combined with a growing list of other protein plants that have shuttered across our country, is pushing our country perilously close to the edge in terms of our meat supply,” says Kenneth Sullivan, president and CEO of Smithfield. “It is impossible to keep our grocery stores stocked if our plants are not running.” Virginia-based Smithfield will resume operations in Sioux Falls once local, state and federal officials give further direction. The company will continue to compensate its employees for the next two weeks.

April 14, 2020

Iowa Loans Midwest Multifamily

Arbor Provides $15M Refinancing for Apartment Complex in Waterloo, Iowa

by Kristin Harlow April 14, 2020

WATERLOO, IOWA — Arbor Realty Trust Inc. has provided a $15 million Fannie Mae loan for the refinancing of The Grand Crossing in Waterloo in northeastern Iowa. Recently built in two phases, the 104-unit apartment complex includes a community workout facility and an underground parking garage. It is also home to retailers Jimmy John’s and Sidecar Coffee. Marcus & Millichap Capital Corp. arranged the 15-year, fixed-rate loan. The borrower was undisclosed.

April 14, 2020

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