Midwest

Kwame Building Group to Construct $81M The City District Project in North St. Louis City

by Kristin Harlow November 19, 2020

ST. LOUIS — Kwame Building Group will serve as construction manager for The City District, an $81 million mixed-use project in North St. Louis City. The project will revitalize 10 blocks in the historic O’Fallon Park neighborhood. A series of new construction and redevelopment initiatives will reimagine 610,000 square feet into retail, single-family and multifamily homes, and community greenspace. The project will be built in two phases with completion slated for spring 2025. The O’Fallon neighborhood is home to many large and historical homes, according to Kwame. In Phase II, $1 million will be invested for the rehabilitation of 26 existing homes. Several large, single-family homes will be converted into multi-use rental properties. AMJ Investment Group is the developer and Jackson Design Group is the architect. Other project partners include the City of St. Louis and Alderman John Collins-Muhammad.

November 19, 2020

Development Midwest Minnesota Multifamily Seniors Housing

Lupe Development Partners, Ecumen Plan to Develop 118-Unit Affordable Seniors Housing Community in Edina, Minnesota

by Kristin Harlow November 19, 2020

EDINA, MINN. — The Edina Housing Foundation has selected Lupe Development Partners and Ecumen to develop 118 units of affordable seniors housing in Edina. The project would be built on a parcel of land near Southdale Mall that the foundation owns. With rents ranging from $650 to $1,600, the proposed development will be affordable to seniors with household annual incomes ranging from $22,000 to $58,000. Ecumen will manage the property upon completion. The project team will work with the City of Edina to develop public art and community programing components. The development will feature one- and two-bedroom floor plans. Amenities will include a fitness center, community room, business center, package and mail center, green roof and walking path connections to the city’s trail system. The next steps are for the project team to begin the development planning and approval process with the city and obtain construction financing. Pending approval, construction could begin in spring 2022.

November 19, 2020

Industrial Kansas Leasing Activity Midwest

Schlage Lock Co. Renews 253,440 SF Industrial Lease in Olathe, Kansas

by Kristin Harlow November 19, 2020

OLATHE, KAN. — Schlage Lock Co. has renewed its 253,440-square-foot industrial lease at 2119 E. Kansas City Road in Olathe. Dan and Kurt Jensen of Kessinger Hunter represented the landlord, a fund managed by DRA Advisors LLC. Ed Elder of Colliers International represented Schlage, which is one of the nation’s largest producers of commercial and consumer locks. The building has convenient access to major highways and nearby logistics support services.

November 19, 2020

Acquisitions Industrial Michigan Midwest

Newmark Arranges 52,939 SF Sale-Leaseback of Manufacturing Facility in Michigan

by Kristin Harlow November 19, 2020

MANISTEE, MICH. — Newmark has arranged the sale-leaseback of a 52,939-square-foot manufacturing and distribution facility located at 201 Glocheski Drive in Manistee along Lake Michigan. The sales price was undisclosed. Andrew Sandquist, JC Asensio, Briggs Goldberg and Fred Liesveld of Newmark represented the seller and tenant, Amptech Inc. Agracel was the buyer. Agracel will assist Amptech in a potential expansion of the facility to support future growth objectives. Amptech specializes in the design, manufacturing and distribution of automotive lighting assemblies and industrial valves. Newmark’s Tyrell McGee provided data analysis for the sale.

November 19, 2020

Development Michigan Midwest Top Stories

Ford Unveils Plans for 30-Acre Redevelopment of Michigan Central Station in Detroit

by Alex Tostado November 19, 2020

DETROIT — Ford Motor Co. has unveiled its plans for Michigan Central Station, a 30-acre redevelopment in Detroit’s Corktown neighborhood. The project will entail four buildings — Michigan Central Station, the Book Depository, Building West and The Factory — which are slated for completion throughout 2022. In addition, there will be a 1,250-space parking deck dubbed Bagley Parking Hub. The train station was originally built in 1913 and has sat vacant since 2012. Ford acquired the site and initially announced the project in June 2018. Project costs were not disclosed. Ford plans to house 5,000 employees at the site. The campus will serve as a factory to work on autonomous and electric vehicles, as well as design urban mobility services and solutions that includes smart, connected vehicles, roads, parking and public transit. “This project is about preparing Ford for another century of innovation and success,” says Mary Culler, Ford’s Detroit development director and Ford Fund president. “At Michigan Central, we are taking a collaborative approach to innovation, including providing flexible workspaces that attract and engage the best minds to solve complex transportation and related challenges as we shape the future of mobility together.” Practice for Architecture and Urbanism is the …

November 19, 2020

Industrial Market Reports Midwest Midwest Market Reports Nebraska

Omaha Industrial Market Dips Toe into Modern Speculative Development

by Kristin Harlow November 19, 2020

By Kevin Stratman, CCIM, SIOR, Investors Realty Like many metropolitan areas, new construction has been the recent theme in Omaha’s industrial market. Since 2015, the Omaha market has delivered almost 5 million square feet of new flex, industrial and warehouse properties. This is significant, considering the market as a whole is only about 90 million square feet. Equally impressive, the market has kept the vacancy rate below 4 percent despite all this growth. A bulk of this development has taken place in the popular Sarpy West submarket on the southwest side of the metro area along the I-80 corridor. Notwithstanding all of this construction, the market continues to have a lack of opportunities for users of all sizes. At the time of this writing, there are only 10 vacancies in existing properties for lease that are greater than 50,000 square feet. Only one of those vacancies is in a modern warehouse building. Both national and local tenants alike are shocked to find the limited number of spaces available to them. Which begs the question, why is there so little speculative construction in Omaha? Omaha has always been a more conservative economy. The market might not see the high of highs …

November 19, 2020

Development Illinois Midwest Multifamily

Hines Begins Development of One Oak Brook Commons Apartment Tower in Suburban Chicago

by Kristin Harlow November 18, 2020

OAK BROOK, ILL. — Hines has received construction financing from New York Life Real Estate Investors and has broken ground on One Oak Brook Commons, a 17-story apartment development in Oak Brook within suburban Chicago. The Class A project will include 250 luxury apartment units and 420 parking stalls within a private parking deck. One Oak Brook Commons is situated within the larger 16.5-acre Oak Brook Commons, a $500 million mixed-use project also being developed by Hines on the site of the former McDonald’s campus. The residences will average 1,055 square feet. Amenities will include a heated pool, fitness center, clubroom, library, dog room, package facility and bike storage. Antunovich Associates is the architect and W.E. O’Neil will serve as general contractor. Occupancy is expected to begin in early 2022. Development partners include Levy Family Partners, Duchossois Capital Management and Las Americas.

November 18, 2020

Industrial Leasing Activity Michigan Midwest

Anji Logistics Expands North American Division in Roseville, Michigan with 129,021 SF Sublease

by Kristin Harlow November 18, 2020

ROSEVILLE, MICH. — Anji Logistics USA has subleased a 129,021-square-foot warehouse located at 30450 Little Mack Ave. in Roseville from Blue Bell Mattress Co. The third-party logistics provider is headquartered at a larger facility in nearby Warren. Anji Logistics USA is the North American branch of China-based automotive logistics service provider, Anji Automotive Logistics. Anji offers services such as international freight forwarding, inbound and outbound logistics, finished vehicle transportation, border transportation and warehousing management. Jason Capitani of L. Mason Capitani represented Anji in the sublease.

November 18, 2020

Development Midwest Multifamily Ohio Seniors Housing

Woda Cooper Delivers Affordable, Age-Restricted Community in Columbus, Ohio

by Kristin Harlow November 18, 2020

COLUMBUS, OHIO — Affordable housing developer Woda Cooper Cos., along with partners Gertrude Wood Community Foundation and LifeCare Alliance, have completed The Livingston, a 45-unit affordable and age-restricted community in the Near South area of Columbus. The three-story property is reserved for residents age 55 and older who earn up to 60 percent of the area median income. The project pays tribute to The Livingston Theater, a historic theater dating back to the 1940s. The theater’s marquee signage, terrazzo flooring and a portion of its lobby were restored and incorporated into the project. PCI Design Group served as architect. Amenities include an onsite wellness center, interior courtyard, community room, fitness center and free Wi-Fi. Nonprofit partner LifeCare Alliance will provide supportive services and health screenings. Woda Construction Inc. was the general contractor and Woda Cooper’s management division will oversee leasing and day-to-day operations. Financing for The Livingston was made possible through the allocation of low-income housing tax credits allocated by the Ohio Housing Finance Agency (OHFA). KeyBank provided a construction loan while Cedar Rapids Bank & Trust and the City of Columbus provided first and second mortgages. OHFA and Affordable Housing Trust of Columbus and Franklin County provided bridge loans.

November 18, 2020

Acquisitions Illinois Midwest Retail

Newport Purchases Stonebrook Plaza Shopping Center in Suburban Chicago

by Kristin Harlow November 18, 2020

MERRIONETTE PARK, ILL. — Newport Capital Partners has purchased Stonebrook Plaza in Merrionette Park, located about 17 miles southwest of Chicago. The purchase price was undisclosed. Stonebrook Plaza is a 95,825-square-foot shopping center anchored by grocer Jewel-Osco. It is currently 96 percent leased. Other tenants include Blink Fitness and Pet Supplies Plus as well as eateries and personal care tenants. Jewel-Osco has operated at the property since 1985. Jacksonville, Fla.-based Regency Centers was the seller. Chicago-based Newport specializes in the acquisition and management of neighborhood shopping centers throughout major metro areas.

November 18, 2020

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