Midwest

New Hilton Garden Inn Hotel Opens in Kalamazoo at Reduced Capacity

by Kristin Harlow November 30, 2020

KALAMAZOO, MICH. — A new Hilton Garden Inn hotel has opened in downtown Kalamazoo. The hotel will operate at a reduced capacity of 54 rooms, with the remaining 60 rooms expected to open in February. The dual-branded development adjoins a 106-room Home2 Suites by Hilton hotel that is slated to open in May. PlazaCorp and Dora Hotel Co. partnered on the project, which is a restoration of the historic Mason Temple building. Designed by Spier & Rohns and dating back to 1915, the property is listed on the National Register of Historic Places. Amenities at the hotel include an indoor pool, onsite restaurant, outdoor courtyard, fitness center, lounge, business center and 2,100 square feet of banquet space.

November 30, 2020

Loans Midwest Missouri Multifamily

Berkadia Provides $20.5M Refinancing for Multifamily Property in Kansas City

by Kristin Harlow November 30, 2020

KANSAS CITY, MO. — Berkadia has provided a $20.5 million Fannie Mae loan for the refinancing of Summit Crossing Phase II in Kansas City. The townhome-style multifamily property consists of 204 units across all phases. Amenities include two playgrounds, two pools, a business center, pickleball court, soccer field and fitness center. John Schorgl of Berkadia originated the loan on behalf of the borrower, Missouri-based Worcester Investments. The 10-year loan features a fixed interest rate with three years of interest-only payments and a 30-year amortization schedule.

November 30, 2020

Development Iowa Midwest Mixed-Use

Clarity Development to Redevelop Historic Badgerow Building in Sioux City, Iowa

by Kristin Harlow November 25, 2020

SIOUX CITY, IOWA — The Sioux City Council unanimously approved a development and minimum assessment agreement with Omaha-based Clarity Development for the redevelopment of the historic Badgerow Building in downtown Sioux City. Hunden Strategic Partners, a global real estate development advisory practice headquartered in Chicago, managed the developer solicitation and selection process on behalf of the city. Clarity plans to purchase the building from the city for $1 million and redevelop it under the name Badgerow Developer LLC. The $23 million project will transform the office building into a mixed-use property with a restaurant, cocktail lounge, Class A office space on the first two floors, 71 market-rate apartments on floors three through 11, and a health club on the top floor. Completion is slated for December 2022. The developer has committed to a minimum assessed building value of $10.9 million following the project’s completion. In return, the city will provide a grant equal to 100 percent of new incremental property taxes for 10 years and an amount equal to 75 percent of new incremental taxes for an additional five years. The city will also support the developer’s application for historic tax credits and lease nearly 200 parking spaces in the …

November 25, 2020

Iowa Loans Midwest Minnesota Multifamily Seniors Housing

Colliers Mortgage Provides Three HUD Loans Totaling $18.8M for Age-Restricted Properties in Iowa, Minnesota

by Kristin Harlow November 25, 2020

CEDAR FALLS AND MARSHALLTOWN, IOWA, AND AUSTIN, MINN. — Colliers Mortgage has provided three HUD 223(a)(7) loans totaling $18.8 million for the refinancing of three age-restricted multifamily properties in Iowa and Minnesota. The properties, totaling 162 units, include Village Cooperative of Cedar Falls, Village Cooperative of Marshalltown and Village Cooperative of Austin. The market-rate communities are restricted to residents age 62 and older. The refinancing enabled the undisclosed borrowers to reduce the interest rates and mortgage insurance premiums on the loans, creating substantial annual savings, according to Colliers.

November 25, 2020

Acquisitions Illinois Midwest Retail

JLL Brokers $5.1M Sale of CVS Ground Lease in Schaumburg, Illinois

by Kristin Harlow November 25, 2020

SCHAUMBURG, ILL. — JLL Capital Markets has brokered the $5.1 million sale of a CVS Pharmacy ground lease in the Chicago-area community of Schaumburg. Completed in 2005, the single-tenant building spans 13,180 square feet. It is situated on 1.8 acres at 1855 W. Irving Park Road. Alex Sharrin and Alex Geanakos of JLL represented the seller, a New York-based, high-net worth individual. A California-based DST provider purchased the asset. CVS operates roughly 9,000 locations nationwide and all have remained open throughout the pandemic.

November 25, 2020

Acquisitions Industrial Midwest Missouri

Bass Pro Shops to Expand Boat Manufacturing Division with Purchase of 101,250 SF Building in Missouri

by Kristin Harlow November 25, 2020

BOLIVAR, MO. — White River Marine Group, which is owned by Bass Pro Shops, has purchased a 101,250-square-foot industrial building situated on 42 acres in Bolivar, about 30 miles north of Springfield. The purchase price was undisclosed. Todd Chambers of Chambers Real Estate Services LLC represented the undisclosed seller. The purchase will double the manufacturing capabilities for Bass in Bolivar where Tracker Boats are built. The company plans to add 300 jobs at the new property.

November 25, 2020

Acquisitions Illinois Midwest Retail

Boulder Group Arranges $1.6M Sale of ATI Physical Therapy-Occupied Property in Grayslake, Illinois

by Kristin Harlow November 25, 2020

GRAYSLAKE, ILL. — The Boulder Group has arranged the $1.6 million sale of a single-tenant, net-leased property occupied by ATI Physical Therapy in Grayslake, about 40 miles north of Chicago. The 3,942-square-foot building is located at 500 Center St. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a private real estate developer. A Midwest-based buyer purchased the asset. ATI has a new 10-year lease at the property. The physical therapy company maintains 823 locations across the country.

November 25, 2020

Loans Michigan Midwest Multifamily Top Stories

ACRE Provides $78.5M Bridge Loan for Final-Phase Construction of Detroit City Club Apartments

by Kristin Harlow November 25, 2020

DETROIT — Asia Capital Real Estate (ACRE) has provided a $78.5 million bridge loan to City Club Apartments (CCA) for the developer’s multifamily project in Detroit. The loan, provided through ACRE’s latest debt fund, will fund the final phase of construction on the six-story, 288-unit development in the city’s central business district. Located at 1501 Washington Blvd., Detroit City Club Apartments is currently 95 percent complete. Residents are expected to begin taking occupancy as early as December with 40 percent of the units pre-leased. “Detroit’s downtown has been growing rapidly in recent years and is showing strong fundamentals that support precisely this kind of luxury multifamily development,” says Daniel Jacobs, ACRE’s head of origination. The project includes 11,291 square feet of retail space. Two tenants, Premier Pet Supply and French-American restaurant Statler Bistro, have already secured leases for the retail portion. Amenities for the apartments include a fitness center, business center, clubroom, pool with hot tub, outdoor movie theater, event space and underground valet parking. The luxury, Class A project also includes duplex and townhome units. Monthly rents start around $1,210. Based in Detroit, CCA specializes in the development and management of apartment communities throughout the Midwest and East Coast. …

November 25, 2020

Midwest Minnesota Retail

Best Buy’s Comparable Sales Grow 23 Percent in Third Quarter

by Kristin Harlow November 24, 2020

RICHFIELD, MINN. — Best Buy Co. Inc. (NYSE: BBY) reported that its comparable store sales grew 23 percent in the third quarter versus the same period a year ago, a figure CEO Corie Barry called “remarkable.” The Richfield, Minn.-based retailer’s third quarter ended Oct. 31. Barry cited the company’s supply chain expertise, flexible store operating model and ability to shift quickly to digital for the growth in sales. Best Buy’s domestic online sales grew 174 percent in the third quarter. Barry also explained that there is elevated demand for products that help customers work, learn, cook, entertain and connect from home throughout the pandemic that is accelerating Best Buy’s growth. Best Buy reported third-quarter net income of $391 million, up from $293 million a year earlier. The retailer’s stock price closed at $122.04 per share Monday, Nov. 23, up from $74.25 per share one year ago.

November 24, 2020

Acquisitions Midwest Minnesota Multifamily

Monument Capital Management Acquires Apartment Property Near Minneapolis for $19.7M

by Kristin Harlow November 24, 2020

SHAKOPEE, MINN. — Monument Capital Management has acquired White Pines Apartments in Shakopee, about 25 miles south of Minneapolis, for $19.7 million. The 123-unit apartment property, built in 1999, is located at 1321-1364 Eagle Creek Blvd. It features one-, two- and three-bedroom units. Amenities include a fitness center, laundry facility, patio areas and Amazon Hub lockers. Ted Bickel of Colliers International represented the seller, Abacus Capital Group. Monument plans to implement a capital improvement program.

November 24, 2020

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