Midwest

TD Bank: Practical Steps to Promote Affordable Housing

by Sarah Daniels February 19, 2020

2020 looks like it will be a record year in terms of delivery of multifamily units, according to Gregg Gerken, Head of U.S. Commercial Real Estate with TD Bank. But how much will Class A continue to dominate the market? “There is a movement toward rent control. Affordable housing is an obvious pressure in the industry,” Gerken says. Entitlement and construction costs mean that developers have focused on Class A projects and LIHTC-supported affordable housing projects. “But much more emphasis will have to be placed on workforce housing and Class B new delivery. There is an unmet — and almost unlimited — demand in that space,” Gerken says. The question is: can the industry influence government — especially local government — to change entitlement processes to encourage development of more affordable housing? Watch the interview for Gerken’s insights on affordable housing development. This video is posted as part of REBusinessOnline’s Finance Insight series, covering MBA CREF 2020. Click here to subscribe to the Finance Insight newsletter, a four-week newsletter series, followed by video interviews from MBA CREF.

February 19, 2020

Acquisitions Industrial Midwest Ohio

Covington Group Purchases 583,000 SF Volvo-Occupied Warehouse in Metro Columbus

by Kristin Harlow February 19, 2020

LEWIS CENTER, OHIO — An affiliate of Covington Group Inc. has purchased a 583,000-square-foot warehouse and distribution center located at 8355 Highfield Drive in Lewis Center, about 20 miles north of Columbus. The purchase price was undisclosed. Located on a 31-acre site, the property features a clear height of 24 feet and 32 dock doors. It is fully occupied by Volvo Group North America, which uses the building for its slow-moving parts division for trucks and heavy equipment. Dallas-based Covington owns and manages approximately 5.5 million square feet of industrial assets nationwide.

February 19, 2020

Development Illinois Midwest Office

CA Ventures, Midwest Property Group Break Ground on 12-Story Office Building in Chicago’s River North

by Kristin Harlow February 19, 2020

CHICAGO — Developers CA Ventures and Midwest Property Group Ltd. have broken ground on a 12-story, boutique office building located at 448 N. LaSalle St. in Chicago’s River North neighborhood. The Class A building is 75 percent pre-leased, as CA Ventures will occupy the lower five floors and WeWork will lease four floors. Chris Cassata and Craig Coupe of JLL will market the remaining three floors for lease. The 172,000-square-foot project is slated for completion in the first quarter of 2021. Amenities will include a rooftop deck, fitness center and bike room. Lamar Johnson Collaborative is the architect and Lendlease is the general contractor. Indure Build-to-Core Fund LLC provided project financing.

February 19, 2020

Indiana Industrial Loans Midwest

Ariel Property Advisors Arranges $19.9M Acquisition Loan for Industrial Facility in Indiana

by Kristin Harlow February 19, 2020

BEDFORD, IND. — The capital services division of Ariel Property Advisors has arranged a $19.9 million loan for the acquisition of a 384,000-square-foot industrial facility in Bedford, about 75 miles south of Indianapolis. A West Coast-based lender provided the loan, which features a 10-year, fixed-rate term and a 30-year amortization schedule. The property is home to defense contractors SAIC and Raytheon, as well as other tenants.

February 19, 2020

Acquisitions Industrial Midwest Minnesota

Ackerberg Acquires 75,480 SF Industrial Building in Maplewood, Minnesota

by Kristin Harlow February 19, 2020

MAPLEWOOD, MINN. — Ackerberg has acquired a 75,480-square-foot industrial building located at 1140 Gervais Ave. in Maplewood, just east of St. Paul. The purchase price was undisclosed. The property features a clear height of 22 feet and 19 dock doors. It is fully leased to Minneapolis food bank Second Harvest Heartland. This summer, the food bank plans to relocate some of its operations to Brooklyn Center, thereby creating approximately 50,000 square feet of available space within the building. Dave Stokes and Chris Weirens of Cushman & Wakefield will market the space for lease on behalf of Ackerberg. Tim Carlson and Jim Vos of Cresa Partners represented the seller, Second Harvest Heartland.

February 19, 2020

Illinois Leasing Activity Midwest Office

Hofseth International Leases 4,000 SF Office in Rosemont, Illinois

by Kristin Harlow February 19, 2020

ROSEMONT, ILL. — Hofseth International has relocated to a larger 4,000-square-foot office space at 6300 N. River Road in Rosemont. Steven Goldstein of Jameson Commercial represented the tenant in the lease transaction. Goldstein also subleased Hofseth’s former 2,200-square-foot office at 5509 N. Cumberland Ave. in the O’Hare submarket. Hofseth is a producer, processor and marketer of seafood such as Norwegian Alaskan salmon.

February 19, 2020

Finance Insight Midwest Multifamily Northeast ORIX Southeast Texas Thought Leadership Video Western

Hunt Real Estate Capital: Growth Opportunities and Concerns in 2020

by Sarah Daniels February 18, 2020

Chad Thomas Hagwood of Hunt Real Estate Capital discusses growth opportunities in 2020 and the different drivers that make for a positive atmosphere, especially in secondary and tertiary markets around the country. Previously overlooked areas offer more opportunity to develop and less competition. Many secondary and tertiary markets are seeing corporate growth and increasing populations, which is driving more demand for multifamily housing. Limits on development include construction cost, scarcity of labor and shortages of materials, but uncertainty over the upcoming election is also keeping investors wary of planning too far in advance. People are waiting on the sidelines to see what happens, with some investors waiting until after November to create their four-year plans. Watch the video to hear more about what Hagwood expects to see in 2020. This video is posted as part of REBusinessOnline’s Finance Insight series, covering MBA CREF 2020. Click here to subscribe to the Finance Insight newsletter, a four-week newsletter series, followed by video interviews from MBA CREF.

February 18, 2020

Acquisitions Midwest Wisconsin

Nicolet Bankshares Agrees to Acquire Commerce State Bank for Nearly $130M

by Kristin Harlow February 18, 2020

GREEN BAY, WIS. — Nicolet Bankshares Inc. has agreed to acquire Commerce Financial Holdings Inc. and its wholly owned subsidiary, Commerce State Bank. The deal is valued at approximately $129.6 million. The combined company is expected to have pro forma assets of $4.3 billion, deposits of $3.6 billion and loans of $3.2 billion. Commerce would represent approximately 16 percent of the combined company’s year-end assets. The transaction is expected to close in the third quarter. Nicolet Bankshares is the bank holding company of Nicolet National Bank. Founded in Green Bay in 2000, the bank operates branches in northeast and central Wisconsin as well as the upper peninsula of Michigan. West Bend-based Commerce was the 20th largest bank in the Milwaukee area last year, according to the Milwaukee Business Journal.

February 18, 2020

Development Illinois Midwest Multifamily

10-Story Apartment Building Nears Completion in Chicago

by Kristin Harlow February 18, 2020

CHICAGO — Luxury Living Chicago Realty plans to begin pre-leasing The Jax in March. The 10-story apartment building is located at 1220 W. Jackson St. in Chicago’s West Loop. First move-ins are slated for April. The 166-unit apartment building features 7,600 square feet of retail space. Amenities include a rooftop lounge, fitness center, dog area, demonstration kitchen, package receiving room and bike storage. Floor plans range from studios to two-bedroom units. Monthly rents will range from approximately $1,695 to $3,895. LG Development is the project developer.

February 18, 2020

Acquisitions Kansas Midwest Multifamily

Sherman Residential Purchases 250-Unit Multifamily Community in Overland Park, Kansas

by Kristin Harlow February 18, 2020

OVERLAND PARK, KAN. — Sherman Residential has purchased The Sovereign at Overland Park for an undisclosed price. Constructed in 2013, the 250-unit apartment community spans 24 buildings on 42 acres. Amenities include a fitness center, pool, business center, resident lounge and pet washing station. Sherman will also assume management of the garden-style property.

February 18, 2020

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