Midwest

Flaherty & Collins Breaks Ground on $32M Whiskey River Apartments in Lawrenceburg, Indiana

by Kristin Harlow October 26, 2020

LAWRENCEBURG, IND. — Flaherty & Collins Properties has broken ground on Whiskey River, a $32 million luxury apartment development in Lawrenceburg, about 27 miles west of Cincinnati. The 150-unit project will include amenities such as a pool, lounge area, coworking lounge, fitness center, bark park and bike storage. The waterfront development will be located along the Ohio River. The name Whiskey River alludes to Lawrenceburg’s long history in whiskey production, earning it the nickname “Whiskey City, USA.” Busey Bank served as construction lender. Flaherty & Collins Construction is the general contractor and American Structurepoint is the architect and engineer. Completion is slated for summer 2022.

October 26, 2020

Development Midwest Minnesota Multifamily

Local Developers to Revitalize Historic Mansion with Apartment Project in Minneapolis

by Kristin Harlow October 26, 2020

MINNEAPOLIS — W+Noordijk, in partnership with Yellow Tree Development and Sentinel Management Co., have acquired the historic Alden Smith Mansion in Minneapolis and plan to restore and incorporate it into a larger 124-unit apartment project. The Minneapolis Community & Technical College (MCTC) had been actively pursuing restoration strategies for the mansion since 2010. The developers plan to fully revitalize the house and develop it into a social hub for residents, equipped with coworking spaces, a coffee bar, billiards room and wellness spaces. The mansion will also house three luxury apartment suites on the upper floor. Construction is scheduled to begin in November with completion slated for spring 2022. BHDM Design and Studio BV are serving as interior designers while DJR Architecture is the project architect. Yellow Tree Construction Services is the general contractor. Old National Bank arranged financing for the project. The developers purchased the house from the State of Minnesota, which had owned the property located on the MCTC campus since 1996. Horatio Alden Smith, the home’s original owner, was a partner in the Smith & Wyman Sash and Door Co. He lived in the house with his family from 1887 to 1906. His wife sold the home in …

October 26, 2020

Illinois Loans Midwest Retail

JLL Arranges $15.7M in Acquisition Financing for Retail Center in Libertyville, Illinois

by Kristin Harlow October 26, 2020

LIBERTYVILLE, ILL. — JLL Capital Markets has arranged $15.7 million in post-acquisition financing for Red Top Plaza, a 147,840-square-foot retail center anchored by Jewel-Osco in the suburban Chicago town of Libertyville. The property is also home to a mix of service, essential, restaurant and medical tenants. Christopher Drew, Brian Gaswirth, Christopher Knight and Michael DiCosimo of JLL worked on behalf of the borrower, Florida-based Sterling Organization. An insurance company provided the 10-year, fixed-rate loan.

October 26, 2020

Illinois Midwest Retail

Two Industry Veterans Launch AneVista Group in Chicago to Target Small-Format, Last-Mile Retail

by Kristin Harlow October 26, 2020

CHICAGO — Commercial real estate industry veterans Christopher Nolte and David Schreiber have launched Chicago-based AneVista Group, a private equity platform focused on investment and operating strategies in the retail real estate sector. AneVista Group will develop and redevelop small-format, necessity-based shopping centers comprised of Internet-resistant retailers in last-mile locations. The duo intends to address the disruptive trends that the retail sector faces today. AneVista says it will benefit from market tailwinds created by significant product availability, limited competition and distressed pricing. Prior to co-founding AneVista, Nolte worked for the Marcus family and served as president of its family office, Marcus Investments. There, he founded Berengaria Development, a development and investment firm focused on retail and senior living assets. Schreiber served as managing director and retail sector lead at LaSalle Investment Management, where he managed retail and office investment across various markets.

October 26, 2020

Development Illinois Midwest Retail

Principle Construction Completes Four-Bay Truck Wash in Romeoville, Illinois

by Kristin Harlow October 26, 2020

ROMEOVILLE, ILL. — Principle Construction Corp. has completed the construction of Lola’s Truck Wash, a four-bay truck cleaning facility located at 1331 N. Independence Road in Romeoville. Principle worked to reduce the amount of fresh water required to support the 12,840-square-foot project in order to maximize environmental and economic efficiency. Principle built a series of trench drains and wastewater sediment separation tanks to facilitate water recycling needs of the truck wash. A&M Architects LLC was the project architect. Romeoville is the second heaviest-traveled truck corridor in Chicagoland, according to Principle’s COO Mark Augustyn. It is situated near I-55.

October 26, 2020

Development Michigan Midwest Office

KIRCO to Construct $50M Regional Headquarters for Wacker Chemical Near Ann Arbor

by Kristin Harlow October 23, 2020

PITTSFIELD CHARTER TOWNSHIP, MICH. — Wacker Chemical Corp. has selected KIRCO and KIRCO MANIX to build its new North American Innovation Center & Regional Headquarters in Pittsfield Charter Township, just south of Ann Arbor. The more than $50 million project will be home to roughly 300 employees who will relocate from Wacker’s current regional headquarters in Adrian, Mich. Wacker says it will add up to 70 new jobs in the coming years at the 140,000-square-foot property. Wacker will continue to produce elastomers, silicone fluids and silicone emulsions at the Adrian operations. Construction of the new headquarters building is scheduled to begin this month with completion slated for March 2022.

October 23, 2020

Acquisitions Illinois Midwest Multifamily

Joint Venture Purchases Chicago Apartment Building for $32.8M

by Kristin Harlow October 23, 2020

CHICAGO — Dwelle, a joint venture between Drew Breneman’s firm RiseInvest and Sam Meyer, has acquired a 72-unit apartment building in Chicago for $32.8 million. The fully leased property is located at 1247-1249 W. Madison St. in the West Loop. The property also includes six commercial units and a heated parking garage. Dwelle’s investors are high-net-worth individuals looking to invest in real estate over the long term and generate dividend income in a tax-efficient manner.

October 23, 2020

Indiana Loans Midwest Multifamily

Merchants Capital Provides $25M Construction Loan for Multifamily Project in Elkhart, Indiana

by Kristin Harlow October 23, 2020

ELKHART, IND. — Mortgage banking company Merchants Capital has provided $25 million in financing for River Point West, a 173-unit apartment project under construction in Elkhart. The development includes 6,000 square feet of ground-floor retail space and a separate 42,000-square-foot Martin’s Supermarket. Roughly $20 million is dedicated to the apartments, while $5 million is for the Martin’s. Merchants financed the new construction loan through Merchants Bank of Indiana on behalf of the borrower, Great Lakes Capital. The project is a public-private partnership between the City of Elkhart, CRG Residential, the Regional Cities Initiative and Great Lakes Capital. Under the Land Use Restriction Agreement, 10 percent of River Point West’s apartment units are restricted to residents earning up to 60 percent of the area median income. The first of three apartment buildings is on track to begin leasing this year. Full completion is slated for spring 2021.

October 23, 2020

Acquisitions Midwest Missouri

Green Street St. Louis Acquires HDA Architects

by Kristin Harlow October 23, 2020

ST. LOUIS — Green Street St. Louis has acquired HDA Architects. The companies are joining forces to create a fully integrated development company. HDA will assimilate under Green Street Building Group’s umbrella of services, led by Paul Giacoletto, to provide a full spectrum of design-related opportunities for Green Street’s development and construction teams. HDA will continue to provide design services for its platform of clients in the office, industrial, beverage, multifamily, mixed-use and craft brewery sectors. Green Street says that the acquisition is a natural step in being able to offer a larger platform of real estate and construction services. Green Street, founded in 2008, focuses on the redevelopment of underutilized properties within urban cores. HDA was founded in 1986 and has designed projects across the country totaling more than 100 million square feet.

October 23, 2020

Illinois Industrial Leasing Activity Midwest

Bestway Transport Signs 67,932 SF Industrial Lease in Wood Dale, Illinois

by Kristin Harlow October 23, 2020

WOOD DALE, ILL. — Bestway Transport Inc. has signed a 67,932-square-foot industrial lease at 888 Central Ave. in Wood Dale. The property is situated near Chicago O’Hare International Airport as well as I-290. Chris Nelson of Lee & Associates represented Bestway Transport, which is a Chicagoland freight shipping and trucking company. Tom Rodeno, Matthew Stauber and Pat Turner of Colliers International represented the landlord, ML Realty Partners.

October 23, 2020

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