Midwest

Simon, URW Among Latest to Temporarily Close Retail Centers Amid Coronavirus Outbreak

by Alex Tostado March 19, 2020

INDIANAPOLIS AND LOS ANGELES — Simon Property Group and Unibail-Rodamco-Westfield (URW) have announced they will temporarily close their respective shopping centers across the United States amid the worldwide COVID-19 outbreak. Simon (NYSE: SPG) closed all of its U.S. properties at 7 p.m. local time Wednesday. URW will close its properties starting today. URW, which is headquartered in Paris and has offices in Los Angeles and New York City, operates 47 properties in the U.S. Due to European governments implementing crowd bans, URW began shuttering centers in France, Spain, Poland, Austria, the Czech Republic and Slovakia on March 16. In a corresponding move, the company began actively reducing non-staff expenses and deferring non-essential capital expenditure. Unless instructed otherwise by local authorities, URW will reopen its properties March 29. URW says “essential” retailers will remain open. Essential stores are typically defined as grocery stores, pharmacies, convenient stores, etc. “We have not made this decision lightly and believe this is in the best interest of protecting our various stakeholders. We look forward to reopening these centers in the very near future,” says Jean-Marie Tritant, U.S. President of URW. “In the meantime, we are doing everything possible to make sure that ‘essential’ retail outlets …

March 19, 2020

Market Reports Midwest Midwest Market Reports Minnesota Retail

Influx of Out-of-State Capital Creates Cap Rate Compression in Twin Cities Market

by Kristin Harlow March 19, 2020

In 2019, the Twin Cities net lease retail market experienced a historic year, benefitting significantly from aggressive western U.S. capital. The Twin Cities saw an unprecedented number of buyers from the western United States who were willing to pay a premium above local buyers for quality net leased real estate. There were 95 net lease transactions in the Twin Cities in 2019 that sold below a 7.5 percent cap rate, according to CoStar Group. Of those transactions, 33 percent were sold to buyers based in the West Coast. What’s more, of the net lease properties that sold below a 6.25 percent cap rate, nearly 50 percent were sold to buyers based in the western U.S. In comparison, in 2018, only 25 percent of the net leased properties below a 6.25 percent cap rate in the Twin Cities sold to buyers based in the western U.S. This trend helped average cap rates compress for both net lease multi-tenant pad/strip centers as well as single-tenant cap rates between 2018 and 2019. The average multi-tenant net lease cap rate in 2018 was 7.25 percent versus 7.1 percent in 2019. The average single-tenant cap rate in 2018 was 6.7 percent versus 6.6 percent in …

March 19, 2020

Acquisitions Michigan Midwest Multifamily

Greystone Bel Brokers Sale of 117-Unit Multifamily Portfolio in Marquette, Michigan

by Kristin Harlow March 18, 2020

MARQUETTE, MICH. — Greystone Bel Real Estate Advisors has brokered the sale of a two-property multifamily portfolio totaling 117 units in Marquette, which is located in the state’s Upper Peninsula. The portfolio includes Northwoods and Ridgeview Apartments. Austin Hull of Greystone Bel brokered the transaction. The sales price was undisclosed. An out-of-state buyer purchased the properties from an undisclosed seller. Built between 2004 and 2011, Northwoods consists of three buildings totaling 48 units on 3.5 acres. Ridgeview is a 69-unit property built in 2002. It includes 10 buildings on four acres.

March 18, 2020

Leasing Activity Midwest Office Ohio

Two Tenants Sign New Leases at Downtown Cincinnati Office Building

by Kristin Harlow March 18, 2020

CINCINNATI — Halo Communications and KnowledgeWorks Foundation have signed new leases at 312 Plum Street, a 231,000-square-foot office building in downtown Cincinnati. Rubenstein Partners LP and Strategic Capital Partners LLC own the Class A property. Halo Communications, a healthcare technology and communications provider, has leased 11,902 square feet on a five-year basis. Halo is relocating from its previous Cincinnati office at 1 W. 4th St. KnowledgeWorks Foundation, a nonprofit education organization, has leased 12,837 square feet for 10 years. The organization is relocating from the same building as Halo. Nick Greiwe, Travis Likes, Chris Carey, Scott Yards and Kate Myers of CBRE represented ownership in the lease negotiations. Chris Vollmer Jr. of CBRE represented Halo, while Peter Snow and Rose Ferrugia of Cushman & Wakefield represented KnowledgeWorks.

March 18, 2020

Acquisitions Midwest Minnesota Retail

Boulder Group Arranges $3.3M Sale of Retail Property Net Leased to AT&T in Minnesota

by Kristin Harlow March 18, 2020

MAPLEWOOD, MINN. — The Boulder Group has arranged the $3.3 million sale of a newly constructed retail property net leased to AT&T in Maplewood, just east of St. Paul. The 4,305-square-foot building is located at 3070 White Bear Ave. across from Maplewood Mall. Jimmy Goodman and Randy Blankstein of Boulder represented the seller, a Midwest-based developer. An individual investor purchased the asset. The tenant, New Cingular Wireless PCS, is a wholly owned subsidiary of AT&T Corp. New Cingular Wireless is the primary corporate entity for AT&T’s retail stores with over 2,200 locations worldwide.

March 18, 2020

Leasing Activity Midwest Office Ohio

Fitch Relocates from Brewery District to Arena District in Columbus

by Kristin Harlow March 18, 2020

COLUMBUS, OHIO — Global design consultancy Fitch has relocated from the Brewery District to the Arena District within Columbus. The company now occupies 7,637 square feet at 191 W. Nationwide Blvd. The agency says it hopes to attract new talent, create a better workspace for employees and have increased exposure and visibility with clients. Kirk Smith of CBRE represented Fitch in securing its new studio, which features two floors, standing desks and an open area for collaboration.

March 18, 2020

Leasing Activity Michigan Midwest Retail

Brazilian Jiu Jitsu Academy Leases 3,750 SF in Grand Rapids

by Kristin Harlow March 18, 2020

GRAND RAPIDS, MICH. — Daniel Gracie Grand Rapids, a Brazilian Jiu Jitsu academy, has leased a 3,750-square-foot space at 131 Division Ave. in Grand Rapids. The academy will offer a variety of classes for all ages. Todd Leinberger, Mary Anne Wisinski-Rosely and Jason Makowski of NAI Wisinski of West Michigan represented the tenant in the lease transaction with the undisclosed landlord. Cody Hier and Miguel Diaz, both professional MMA fighters, are the co-owners of the studio.

March 18, 2020

Acquisitions Industrial Midwest Minnesota

PCCP, Capital Partners Acquire Five-Property Industrial Portfolio in Metro Minneapolis

by Kristin Harlow March 17, 2020

MINNEAPOLIS — PCCP, in a joint venture with Capital Partners, has acquired a five-property industrial portfolio in metro Minneapolis for an undisclosed price. The light industrial portfolio spans 557,887 square feet and is currently 87 percent leased. The seller, Scannell Properties, developed three of the buildings within the last year. The specific locations of the properties were not disclosed, but they are situated in three different submarkets within the metro area.

March 17, 2020

Acquisitions Midwest Nebraska Retail

Hanley Investment Group Arranges Sale of 174,000 SF Shopping Center in Lincoln, Nebraska

by Kristin Harlow March 17, 2020

LINCOLN, NEB. — Hanley Investment Group Real Estate Advisors has arranged the sale of Edgewood Shopping Center in Lincoln for an undisclosed price. Built in 1991, the 174,000-square-foot shopping center sits on 22 acres. At the time of sale, the center was 95 percent occupied to tenants such as Super Saver Foods, CVS, Dollar Tree, AutoZone, Herbalife, Party America, Petco, Cartridge World, H&R Block and Papa John’s. Hanley Investment Group represented the seller, Perkins Properties. Scott Taubin of The R.H. Johnson Co. represented the buyer, a Kansas City-based private investor.

March 17, 2020

Acquisitions Illinois Industrial Midwest

SVN Chicago Commercial Brokers $2M Sale of Industrial Property in Chicago

by Kristin Harlow March 17, 2020

CHICAGO — SVN Chicago Commercial has brokered the $2 million sale of a 44,500-square-foot industrial property located at 4417 S. Springfield Ave. in Chicago’s Archer Heights neighborhood. Beverly Hayes and John McDermott of SVN represented the undisclosed seller. A Chicago-based company purchased the asset due to its location and loading capacity, according to Hayes.

March 17, 2020

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