Midwest

Coworking Company COhatch to Open Third Cincinnati-Area Location

by Kristin Harlow December 10, 2020

MILFORD, OHIO — Coworking company COhatch has unveiled plans to open its third Cincinnati-area location in Milford, about 15 miles northeast of Cincinnati. The coworking space will be located at the site of the former Sycamore Distillery. Originally built in 1834, the downtown historical landmark is being renovated and restored. COhatch says its new space will help meet growing demand from local residents for community, collaboration and private office space. The 8,800-square-foot building is slated to open in summer 2021. This COhatch location will feature 23 private offices, three meeting rooms, a community space and a second-story deck with outdoor seating. The meeting and event spaces will be available to the community as well as COhatch members. COhatch intends to build 10 locations in Southwest Ohio. The company currently has 14 facilities open or under development in the Midwest.

December 10, 2020

Acquisitions Illinois Midwest Multifamily

Redwood Capital Group Acquires 320-Unit Apartment Community in Aurora, Illinois

by Kristin Harlow December 10, 2020

AURORA, ILL. — Redwood Capital Group has acquired Hunter’s Glen, a 320-unit apartment community in Aurora. Redwood plans to renovate the majority of the units and implement extensive upgrades to most of the common areas as well as add a package room. Built in 1991, Hunter’s Glen consists of 16 buildings with a clubhouse, dog park, pool and fitness center. Units average 886 square feet. The acquisition was made in joint venture with an affiliate of Chicago-based Heitman. The seller and sales price were undisclosed.

December 10, 2020

Acquisitions Illinois Midwest

Colliers Brokers Sale of Four-Property Bus Terminal Portfolio in Suburban Chicago

by Kristin Harlow December 10, 2020

CHICAGO — Colliers International has brokered the sale of the Chicago Terminal Portfolio, which consists of four land sites totaling 25.5 acres in the western Chicago suburbs. The four properties are operated as school bus parking and staging sites for the school systems of Kane and DuPage counties. The sites are located in Glen Ellyn, Westmont, Batavia and Villa Park. They each accommodate parking for more than 100 buses. Bus fleet operator Laidlaw/First Services leases the properties. Jeff Devine and Steve Disse of Colliers represented the seller, CenterPoint Properties. Venture One Real Estate purchased the portfolio for an undisclosed price.

December 10, 2020

Development Kansas Midwest Mixed-Use

Occidental Management Unveils Aspiria as New Name for Former Sprint Headquarters

by Kristin Harlow December 9, 2020

OVERLAND PARK, KAN. — The new name of the former Sprint headquarters will be Aspiria, according to owner Occidental Management. The name change will be effective Jan. 1. Occidental submitted a preliminary development plan to the city in mid-September. The mixed-use project will revitalize the existing 17 buildings housing approximately 3.5 million square feet of Class A office space. Occidental will also build an additional 60 acres into retail, restaurant, entertainment, office and multifamily space. There will be space for outdoor gatherings and events as well as expanded walking and biking trails. Occidental says it will continue to release more details about the project over the coming months. Leasing is underway for the existing buildings as well as the first new office building at the corner of 119th Street and Nall Avenue. Sprint sold the campus to Occidental in summer 2019. Sprint later merged with T-Mobile. “Aspiria reflects an innovative and transformative destination — one we are eager to watch take shape,” says Gary Oborny, CEO and chairman of Occidental. “The project is of a grand scale on the global stage, and we needed a name and brand that was representative of an environment with limitless options.”

December 9, 2020

Acquisitions Iowa Midwest Multifamily

Spruce Properties Acquires Multifamily Portfolio in Suburban Des Moines for $56.7M

by Kristin Harlow December 9, 2020

DES MOINES — Spruce Properties has acquired a six-property multifamily portfolio in suburban Des Moines for $56.7 million. The portfolio includes: Lake Shore, Lake Shore Park, Lake Shore Place and Peachtree Apartments in Ankeny; Saylorville Lakeside in Polk City; and Sunrise Meadows in Waukee. Lake Shore was built in phases between 2015 and 2017 while the other assets date back to the 1970s to early 2000s. David Gaines, Marcus Pitts, Justin Lossner and Michael Minard of JLL Capital Markets represented the seller, BBK Apartments. Trent Niederberger of JLL originated a 10-year acquisition loan through Fannie Mae on behalf of the buyer. The loan features a fixed interest rate of 2.77 percent.

December 9, 2020

Development Illinois Industrial Midwest

Phoenix Investors to Build Phase II of Industrial Park in Normal, Illinois

by Kristin Harlow December 9, 2020

NORMAL, ILL. — An affiliate of Phoenix Investors has unveiled plans to build Phase II of the North Normal Industrial Park in Normal near Bloomington. The 500,000-square-foot addition will be built on 30 acres of land at 301 W. Kerrick Road. In June, Phoenix acquired the partially completed Phase I, which consists of 500,000 square feet that is leased to electric vehicle company Rivian. Phoenix expects to complete construction of Phase I in early 2021 and Rivian plans to take occupancy in March. Plans for Phase II include a clear height of 32 feet and 50 exterior docks. The space will be easily divisible for two users. The City of Normal approved tax-increment financing for the project.

December 9, 2020

Loans Midwest Minnesota Multifamily

Merchants Capital Provides $21.5M in Debt Financing for Apartment Property Under Construction in Minneapolis

by Kristin Harlow December 9, 2020

MINNEAPOLIS — Mortgage banking company Merchants Capital has provided more than $21.5 million in debt financing for The Bessemer at Seward Commons, a 128-unit apartment community currently under construction in Minneapolis. Located at 2200 Snelling Avenue, the transit-oriented development will include a clubroom, fitness center, outdoor terrace, dog run, package system, pet wash station and bicycle storage. The property is part of a larger development known as Seward Commons, which includes four separate housing developments. Merchants secured the 30-month construction loan on behalf of the co-developers, Schafer Richardson, Seward Redesign and Noor Cos. The City of Minneapolis awarded $5.4 million in tax-increment financing over a 26-year period. The project also received environmental clean-up funds from Hennepin County, Metropolitan Council and MN Department of Employment and Economic Development. A timeline for completion was not disclosed.

December 9, 2020

Acquisitions Illinois Midwest Multifamily

Triad Real Estate Brokers $16.8M Sale of Apartment Complex in Peoria, Illinois

by Kristin Harlow December 9, 2020

PEORIA, ILL. — Triad Real Estate Partners has brokered the sale of Dunlap Falls in Peoria for $16.8 million. The 180-unit apartment complex was built in 1997. The property underwent a $4.2 million renovation in 2019 that included a new clubhouse and fitness center along with upgrades made to nearly 150 units. A Massachusetts-based portfolio owner sold the asset to a Chicago-based owner and operator.

December 9, 2020

Michigan Midwest Restaurant Retail

Michigan Department of Health Extends Restrictions on Indoor Gatherings Through Dec. 20

by Kristin Harlow December 8, 2020

LANSING, MICH. — The Michigan Department of Health and Human Services (MDHHS) has extended its order restricting indoor social gatherings and group activities by 12 days through Dec. 20. The department says the extension will enable it to determine the full impact of the Thanksgiving holiday on the spread of COVID-19 across the state. Under the order, residents are urged to avoid indoor gatherings, with only two households gathering inside at any given time. Bars and restaurants must remain closed for dine-in service, but can remain open for outdoor dining, carryout and delivery. Gyms are open for individual exercise with mandatory masking, but casinos, movie theaters and group exercise classes remain closed. Professional and college sports meeting “extraordinary standards for risk mitigation” may continue without spectators. Colleges, universities and high schools will continue with remote learning. There will be no in-person classes. MDHHS will monitor the percentage of hospital beds with COVID-19 patients, the number of COVID-19 cases and the positivity rate when determining whether to reopen at the end of the 12 days. Last week, a federal judge in West Michigan refused to block the state health department’s ban on indoor dining in restaurants and bars. The Michigan Restaurant …

December 8, 2020

Development Midwest Missouri Multifamily

Milhaus, Ryan Begin Development of $34.6M Apartment Project in Kansas City

by Kristin Harlow December 8, 2020

KANSAS CITY, MO. — Milhaus and Ryan Cos. have begun development of a $34.6 million apartment project in Kansas City. The 263-unit project is within the larger mixed-use development known as The Glade. Amenities will include a dog park, clubhouse, fitness center, pool and walking trail. The apartment property will offer studios, one-, two- and three-bedroom units priced from $1,100 per month. Milhaus and Ryan are co-developers while Ryan is also serving as general contractor. Other project partners include Davidson Architecture & Engineering, Helix, Taliaferro & Browne Inc., Landworks Studio, Apex Engineers Inc. and Lankford/Fender + Associates. A timeline for completion was not disclosed.

December 8, 2020

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