Midwest

GW Properties Sells Multi-Tenant Retail Building in Suburban Chicago for $3.9M

by Amy Works August 21, 2020

MT. PROSPECT, ILL. — Chicago-based GW Properties has completed the disposition of a multi-tenant retail property in Mt. Prospect, a suburb of Chicago. Los Angeles-based Davidson & Associates purchased the asset for $3.9 million. Constructed in 1966 and renovated in 2019, the building is fully occupied by three tenants in the medical, restaurant and wireless service industries on net leases. The property is located at 920 E. Elmhurst Road. Alex Sharrin and Alex Geanakos of JLL represented the seller in the deal.

August 21, 2020

Industrial Loans Midwest Ohio

Emerald Creek Capital Provides $2.8M Acquisition Loan for Amazon Distribution Center in Ohio

by Amy Works August 21, 2020

AKRON, OHIO — Emerald Creek Capital has provided a $2.8 million acquisition loan for an undisclosed borrower. The loan is secured by a 45,540-square-foot warehouse in Akron. Situated on a seven-acre site with 277 parking spaces, the climate-controlled property features 21-foot clear heights, eight grade-level doors and two drive-in doors. Amazon occupies the warehouse and will use it in conjunction with the company’s new 2.7 million-square-foot fulfillment center that is currently under construction in southwest Akron. Matt Fantuzzi of Emerald Creek Capital originated the financing.

August 21, 2020

Civic Company News Illinois Midwest Restaurant Retail

Chicago’s Navy Pier to Implement Temporary Closure Starting Sept. 8 to Slow Financial Burden Amid COVID-19 Pandemic

by Amy Works August 20, 2020

CHICAGO — Navy Pier, a mixed-use destination on Chicago’s lakefront, will start a temporary pier-wide closure on Tuesday, Sept. 8, in an effort to limit the financial burden and impact of the continued coronavirus pandemic on the organization. The closure will stop all operations, including those of Navy Pier’s more than 70 small businesses. Access to the pier’s outdoor space, including Polk Bros Park and North and South Docks, will also be limited or prohibited during the closure. “While this was a very difficult decision for the organization, it was a necessary one to proactively ensure the long-term success of one of Chicago’s most treasured and important civic institutions and the communities it serves,” says Marilynn Gardner, president and CEO of Navy Pier. Per state and city orders, Navy Pier originally closed to the public from March 16 to June 10 and then began a phased reopening with appropriate safety and security measures. Through the reopening, Navy Pier was able to resume partial operations and welcome guests to the pier. However, the destination experienced less than 20 percent of its typical summer attendance. To date, the Centennial Wheel, Chicago Children’s Museum, Chicago Shakespeare Theater and additional Pier Park attractions have …

August 20, 2020

Acquisitions Kansas Midwest Retail

Marcus & Millichap Negotiates $12.1M Sale of Two-Tenant Retail Property in Overland Park, Kansas

by Amy Works August 20, 2020

OVERLAND PARK, KAN. — Marcus & Millichap has arranged the sale of a retail property located at 6821 W. 135th St. in Overland Park. A private Overland Park-based developer sold the asset to an out-of-state family trust for $12.1 million. Sprouts Farmers Market and Crowley Furniture occupy the 56,837-square-foot Class A property that was built in 2009. The building is located within Corbin Park, a 1.1 million-square-foot mixed-use development. Ryan Bowlby and Drew Isaac of Marcus & Millichap, in coordination with Colby Haugness of Marcus & Millichap as Kansas broker of record, represented the seller, while Bowlby and Isaac also sourced the buyer in the deal.

August 20, 2020

Acquisitions Midwest Missouri Restaurant Retail

Alignment Realty Capital Acquires Four Sonic Drive-in Restaurants in Metro St. Louis

by Amy Works August 20, 2020

ST. LOUIS — Phoenix-based Alignment Realty Capital has purchased four Sonic Drive-In restaurants located in metro St. Louis. The acquisition price for the sale-leaseback transaction was not released. The company acquired the four drive-in restaurants in a double-escrow transaction where a Sonic franchisee purchased the operations and real estate of a like-sized franchisee and simultaneously spun-off the real estate at closing. Banker’s Trust provided Alignment Realty Capital with a five-year, floating-rate acquisition loan.

August 20, 2020

Acquisitions Industrial Midwest Minnesota Net Lease Retail

Upland Real Estate Group Brokers $4.7M Sale of Caliber Collision-Occupied Property in Minnesota

by Amy Works August 20, 2020

COON RAPIDS, MINN. — Upland Real Estate Group has arranged the $4.7 million sale of an investment property net leased to Caliber Collision in Coon Rapids. The names of the seller and buyer were not released. Caliber Collision has operated at this location in the suburbs of Minneapolis for 20 years and recently signed a new 15-year, triple-net lease with rent increases every 5 years. The property’s lease has a corporate guarantee by WAND NEWCO 3, which operates more than 1,100 stores in 37 states and the District of Columbia. Deb Vannelli, Keith Sturm and Amanda Leathers of Upland Real Estate Group represented the seller in the deal.

August 20, 2020

Acquisitions Illinois Loans Midwest Multifamily

Associated Bank Arranges $1.4M Acquisition Loan for Residential Building in Chicago

by Amy Works August 20, 2020

CHICAGO — Associated Bank has completed a $1.4 million loan for 312 Properties for the purchase of a residential building in Chicago’s South Shore neighborhood. Located at 6700 S. Clyde Ave., the three-story building features 13 apartments. The property was previously subdivided as condominiums but operating as an apartment building. At closing, the buyer acquired all the units from the seller and converted the building to a multifamily designation. Elizabeth Hozian of Associated Bank’s commercial real estate division managed the loan and closing.

August 20, 2020

Industrial Market Reports Midwest Midwest Market Reports Ohio

Three Reasons Cincinnati Is Industrial Hot Spot of America

by Kristin Harlow August 20, 2020

By Brian Leonard and Mark Volkman Tides are changing throughout the U.S. as companies work to confront COVID-19 and its implications on the national supply chain. Changing consumer preferences are forcing businesses to reevaluate their current supply chain and diversify their sources of supply. Since COVID-19, retailers across the country have experienced a 54 percent increase in online sales. This shows the value shoppers place on convenience and accessibility — the only missing factor from online shopping is the immediacy of a physical store. As a result, 51 percent of global retailers now offer same-day shipping to available areas, and 65 percent plan to offer same-day delivery services within a year. These factors, combined with the expectations of a “next normal,” will require fulfillment centers to be positioned close to customers to ensure timely deliveries. And finding a well-equipped, centrally located space can be a challenge. Luckily for investors, the Cincinnati market is emerging as a destination for warehouse and fulfillment centers. Cincinnati is nationally recognized for its accessibility to major markets, talented workforce and plentiful intermodal properties. Because of these reasons, major retailers like Wayfair and Hayneedle are dominating the market, making larger footprints harder to come by. Here …

August 20, 2020

Company News Midwest Minnesota Retail

Target Reports Record Sales Increase of 24.3 Percent in Second Quarter, Cites E-Commerce Growth

by Taylor Williams August 19, 2020

MINNEAPOLIS — Target (NYSE: TGT) reported a 24.3 percent increase in total digital and in-store sales during the second quarter compared with the same period a year ago, the highest quarterly growth in the Minneapolis-based discount retailer’s history. Same-store sales grew by 10.9 percent during the quarter, while digital sales experienced a whopping 195 percent growth year over year. CNBC reports that during a call with reporters, Target CEO Brian Cornell stated that the volume of sales fulfilled by the company’s curbside pickup program grew by more than 70 percent, and that the company’s digital customer base expanded by some 10 million shoppers. Target’s stock price opened at $148.50 per share on Wednesday, Aug. 19, up 12 percent from the previous day and up 72 percent from $86.23 per share a year ago.

August 19, 2020

Development Illinois Industrial Midwest Office

Heitman Architects, McShane Complete Bystronic’s 163,350 SF North American Headquarters in Metro Chicago

by Amy Works August 19, 2020

HOFFMAN ESTATES, ILL. — Heitman Architects Design, serving as architect/designer, and McShane Construction Co., serving as general contractor, have completed the development of a North American headquarters facility for Swiss-based Bystronic Inc. The tenant is a high-tech manufacturer of high-quality machines and systems for processing sheet metal and other flat materials for laser cutting, bending and automation. Bystronic is relocating from nearby Elgin to the 163,350-square-foot property, which includes 30,400 square feet of office space, 67,750 square feet of production space, 35,000 square feet of warehouse space and a 30,200-square-foot showroom. Designed and organized around the visitor experience, the facility features a catwalk that bisects the showroom and the manufacturing floor, stacking hospitality rooms that overlook the showroom and a large central conference room perched off the catwalk. Construction of the property began in fall 2018.

August 19, 2020

Newer Posts

Older Posts