Midwest

Berkadia Brokers Sale of Five-Property Multifamily Portfolio in Metro Wichita, Kansas

by Kristin Harlow October 5, 2020

WICHITA, KAN. — Berkadia has brokered the sale of a five-property multifamily portfolio in metro Wichita. The garden-style assets include Eastgate, High Point East, Morgan’s Landing, Springcreek and Northridge Crossing Apartments. The portfolio totals 696 units. Alex Blagojevich, Michael Sullivan, Brett Meinzer and Dominic Martinez of Berkadia brokered the sale. Peter Benedetto of Berkadia originated acquisition financing through Fannie Mae on behalf of the buyer, Colorado-based Monarch Investment and Management Group. The seller and sales price were undisclosed.

October 5, 2020

Development Illinois Industrial Midwest

Principle Construction Completes 102,140 SF Spec Warehouse in Batavia, Illinois

by Kristin Harlow October 5, 2020

BATAVIA, ILL. — Principle Construction Corp. has completed a new 102,140-square-foot warehouse on behalf of developer Midwest Industrial Funds at 1100 N. Raddant Road in Batavia. The project includes 97,040 square feet of warehouse space and 5,100 square feet of office space. The building features 10 dock positions, two drive-in doors, 125 car parking spaces, LED lighting and a clear height of 30 feet. Harris Architects provided design services.

October 5, 2020

Illinois Leasing Activity Midwest Retail

Midwest BankCentre Opens Loan Office in O’Fallon, Illinois

by Kristin Harlow October 5, 2020

O’FALLON, ILL. — Midwest BankCentre has opened a loan office in O’Fallon near St. Louis. The new office serves both commercial and mortgage loan customers. Midwest BankCentre also serves the needs of businesses and nonprofits in southern Illinois, including dozens that received Paycheck Protection Program loans through the bank earlier this year. Due to COVID-19 restrictions, the bank is currently open by appointment only. Its location at 920 Talon Drive is situated near I-64. Midwest BankCentre employs a staff of about 280 workers at 18 bank locations around metro St. Louis. Orvin Kimbrough serves as chairman and CEO.

October 5, 2020

Illinois Industrial Leasing Activity Midwest

Deibel Laboratories Relocates to 17,450 SF Space in Niles, Illinois

by Kristin Harlow October 5, 2020

NILES, ILL. — Deibel Laboratories has purchased a 17,450-square-foot office and warehouse facility at 6150 Mulford St. in Niles, located about 15 miles northwest of downtown Chicago. The company, which serves the food diagnostics and personal care industries, is relocating from Lincolnwood. The new facility features 53 parking spaces and one truck dock. Nick Walby of Entre Commercial Realty represented Deibel while Chris Volkert of Colliers International represented the undisclosed seller. Deibel maintains 11 laboratories across North America.

October 5, 2020

Development Indiana Midwest Retail

Woodmont Begins Development of 10,759 SF Kiddie Academy in Westfield, Indiana

by Kristin Harlow October 5, 2020

WESTFIELD, IND. — The Woodmont Co., a national developer specializing in retail, has begun development of a new 10,759-square-foot Kiddie Academy in Westfield near Carmel. Located at 1367 Waterleaf Drive, the school will offer full-time care as well as after-school programs and summer camps for children between six weeks and 12 years old. Three Colors Flag LLC will own and operate the property, which is slated for completion in spring 2021.

October 5, 2020

Illinois Midwest Office

Allstate Implements Restructuring Plan, Cuts 3,800 Jobs

by Kristin Harlow October 2, 2020

NORTHBROOK, ILL. — In order to lower costs, The Allstate Corp. (NYSE: ALL) says it is implementing a restructuring plan that will impact roughly 3,800 employees primarily in claims, sales, service and support functions. The cuts, which make up about 8 percent of the company’s workforce, come as the insurer is consolidating and closing regional offices around the country, according to Crain’s Chicago Business. Allstate expects to incur $290 million in restructuring charges, primarily for severance and employee benefits. It also expects to incur $80 million in real estate exit costs from office closures. The insurance giant is headquartered at 2775 Sanders Road in Northbrook, Ill. Its stock price closed at $92.26 per share Thursday, Oct. 1, down from $105.61 one year ago.

October 2, 2020

Illinois Leasing Activity Midwest Multifamily

Fifield Cos. Begins Lease-up of 188-Unit Westerly Apartment Complex in Chicago’s River West

by Kristin Harlow October 2, 2020

CHICAGO — Fifield Cos. has begun the lease-up of Westerly, a 188-unit apartment complex located at 740 N. Aberdeen St. in Chicago’s River West neighborhood. The Chicago-based developer expects the first move-ins to begin this month. The 11-story building also serves as the latest canvas for Chicago-based artist Sentrock. Designed by FitzGerald Associates Architects and constructed by James McHugh Construction Co., Westerly features a mix of studio, one-, two- and three-bedroom floor plans ranging in size from 544 to 1,513 square feet. Amenities include a fitness center, resident lounge, coffee bar, party room, coworking space, sun terrace, pool, rooftop deck and 80-space parking garage. Residents also have access to a new public park, created by Fifield and designed by Hitchcock Design Group, that features a dog park, green space and seating. Monthly rents start at $1,458. Residents can now receive up to three months of free rent.

October 2, 2020

Industrial Loans Midwest Ohio

KeyBank Provides $17.6M CMBS Loan for Acquisition of Warehouse in Wilmington, Ohio

by Kristin Harlow October 2, 2020

WILMINGTON, OHIO — KeyBank Real Estate Capital has provided a $17.6 million CMBS loan for the acquisition of a 615,000-square-foot warehouse in Wilmington, located between Cincinnati and Columbus. Built in 1990, Progress Park is home to tenants such as G&J Pepsi-Cola Bottlers and Greencore USA. Jake Proctor of KeyBank structured the 10-year, fixed-rate loan, which features three years of interest-only payments followed by a 30-year amortization schedule. I3 Investors, an Indianapolis-based private real estate investment firm, was the borrower.

October 2, 2020

Acquisitions Affordable Housing Michigan Midwest Multifamily

Avanath Capital Management Acquires Two Affordable Housing Properties in Detroit

by Kristin Harlow October 2, 2020

DETROIT — Avanath Capital Management has acquired North End Village and Cameron Court, two affordable housing properties in Detroit. Avanath purchased the 50-unit North End Village for $2.1 million. Built in 2005, the community is fully leased and consists of four two-story buildings. Avanath is planning to make capital improvements such as LED lighting, landscaping, exterior paint, balcony repairs and parking repairs. Avanath acquired Cameron Court for $1.3 million. The 48-unit affordable seniors housing property was built in 2008. The three-story building is fully leased. Avanath will make renovations such as hallway painting, exterior fencing, new common area furniture, a community room renovation and the construction of a senior wellness center.

October 2, 2020

Illinois Industrial Leasing Activity Midwest

King Solutions Signs 138,000 SF Industrial Lease in Romeoville, Illinois

by Kristin Harlow October 2, 2020

ROMEOVILLE, ILL. — King Solutions has signed a 138,000-square-foot industrial lease at 200 S. Pinnacle Drive in Romeoville. The provider of custom logistics solutions will relocate from 500 Regency Drive in Glendale Heights once the new lease commences in November. The property features 42 trailer positions, 28 docks, 2,000 square feet of office space and a clear height of 32 feet. Mike Morgan, Brian Netsky and Jim Herbst of Colliers International represented the tenant in the lease transaction. The landlord was undisclosed.

October 2, 2020

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