Midwest

Kiefer Associates Sells 82,000 SF Industrial Building in Zion, Illinois, Leases Back Smaller Portion

by Kristin Harlow June 16, 2020

ZION, ILL. — Kiefer Associates has sold its 82,000-square-foot industrial building located at 1700 Kiefer Drive in Zion within northern Illinois. The sales price was undisclosed. As part of the transaction, Kiefer has agreed to an early termination of its lease and will lease back a smaller portion of the property on a short-term basis. The property sold to an investment group that includes the principals of American Eagle Packaging Co. (AEP), a full-service packaging company that will move into a portion of the facility. The remainder of the building will be subdivided into three additional spaces. Dan Benassi, Dan Jones and Sam Deihs of Entre Commercial Realty brokered the transaction. The team will manage and lease the property going forward.

June 16, 2020

Illinois Industrial Midwest

Darwin Realty Joins CORFAC International

by Kristin Harlow June 16, 2020

ELMHURST, ILL. — Darwin Realty has joined CORFAC International as the newest U.S. affiliate of the global network. Darwin is the first U.S.-based firm to join CORFAC this year. Last year, seven U.S. firms joined the organization. Established in 1975, Darwin serves the Northeast Illinois, Southern Wisconsin and Northwest Indiana markets. It specializes in industrial and office brokerage, investment sales, property management and development. “Darwin fits into our need for a strong industrial group in Chicago, complementing our existing CORFAC member ProTen Realty Group on the office side,” says Alan Joel, 2020 CORFAC president. “We are now looking at a couple of strong retail and investment sales groups in Chicago to help round out that mega-market.” Des Plaines, Ill.-based CORFAC is a network of independently owned commercial real estate brokerage firms. There are 50 offices in the U.S.

June 16, 2020

Loans Midwest Multifamily Ohio

Merchants Capital Secures $57M HUD Loan for Apartment Project in Downtown Cincinnati

by Kristin Harlow June 15, 2020

CINCINNATI — Merchants Capital has secured a $57 million FHA/HUD Section 221(d)(4) loan for 4th & Race, a 264-unit apartment community currently under development in downtown Cincinnati. The project is slated to open in the first half of 2021. Merchants secured the new construction loan on behalf of the developer, Flaherty & Collins Properties. The new loan represents the multifamily component of the project, which will also feature 20,000 square feet of retail space and a five-story parking garage. The residential portion will sit atop the retail and parking components. Amenities will include a sky deck, pool, fitness center, yoga room, gaming area and club room. Flaherty & Collins worked concurrently with the city of Cincinnati, the Port Authority of Greater Cincinnati and the Cincinnati Center City Development Crop. to bring the project to life. FHA/HUD Section 221 (d) (4) loans are used exclusively for the construction or substantial rehabilitation of multifamily properties. Eligible assets include market-rate, low-to-moderate income and subsidized multifamily properties.

June 15, 2020

Illinois Midwest Retail

Chicago’s 900 North Michigan Shops Reopens with 23 Retailers

by Kristin Harlow June 15, 2020

CHICAGO — Chicago’s 900 North Michigan Shops reopened on Monday, June 8. Those visiting the shopping center will initially find 23 retailers. Other retailers will open at a later date. The Aster Hall food hall is open for delivery and carryout. The center features enhanced safety measures, such as touchless hand-sanitizing stations, glass dividers and elevator button covers. A special thank you message is projected on the ceiling for essential workers. The property is open daily from 12 to 6 p.m.

June 15, 2020

Acquisitions Indiana Midwest Retail

Black Gate Acquires 72,348 SF Shopping Center in Indianapolis

by Kristin Harlow June 15, 2020

INDIANAPOLIS — Black Gate Partners has acquired Geist Centre in Indianapolis for an undisclosed price. The 72,348-square-foot shopping center is located at 11625-11715 Fox Road. Anchor tenants include CVS Pharmacy and Dollar Tree. CBRE represented the seller, Phillips Edison & Co. Columbus, Ohio-based Black Gate focuses on retail leasing, investment sales and development.

June 15, 2020

Acquisitions Midwest Retail Wisconsin

Colliers International Brokers Sale of 3,000 SF Single-Tenant Retail Building in Wisconsin

by Kristin Harlow June 15, 2020

BEAVER DAM, WIS. — Colliers International has brokered the sale of a single-tenant retail building to be occupied by Verizon Wireless in Beaver Dam, about 40 miles northeast of Madison. The sales price was undisclosed. Completed this year, the 3,000-square-foot build-to-suit sits at 107 Frances Lane along Highway 151. Joe Eldredge of Colliers brokered the transaction. Beaver Dam VZ LLC purchased the building from an undisclosed seller.

June 15, 2020

Acquisitions Michigan Midwest Retail

Boulder Group Arranges $1.3M Sale of Property Net Leased to Dollar General in Michigan

by Kristin Harlow June 15, 2020

BANCROFT, MICH. — The Boulder Group has arranged the $1.3 million sale of a single-tenant property net leased to Dollar General in Bancroft, about 30 miles east of Lansing. the 9,100-square-foot building is located at 4531 Lansing Road near I-69. There are 15 years remaining on Dollar General’s lease. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Midwest-based developer. A Michigan-based private investor purchased the asset.

June 15, 2020

Development Indiana Industrial Midwest

Mohr Capital Begins Development of 1 MSF Industrial Facility for Cooper Tires in Metro Indianapolis

by Kristin Harlow June 12, 2020

WHITELAND, IND. — Mohr Capital has begun development of a 1 million-square-foot warehouse and distribution center for Cooper Tires in Whiteland within metro Indianapolis. Cooper, a tire manufacturer focused on passenger car and light vehicle replacement tires, is relocating from an 807,042-square-foot facility in Franklin, Ind. Mohr Capital, a Dallas-based real estate investment firm, worked closely with Mark Writt of CBRE on the land acquisition. Pepper Construction, Curran Architects and American StructurePoint make up the project team. Completion is slated for the first quarter of 2021.

June 12, 2020

Michigan Midwest Retail

Shops at CenterPoint in Grand Rapids to Completely Reopen by June 15

by Kristin Harlow June 12, 2020

GRAND RAPIDS, MICH. — Retailers at the Shops at CenterPoint in Grand Rapids have begun reopening this week after being closed for nearly three months due to the COVID-19 pandemic. Owner Stonemar Properties LLC anticipates that nearly all tenants will be open by Monday, June 15. Shops at CenterPoint is a 575,000-square-foot shopping center located at the corner of East Beltline Road and 28th Street. It is home to T.J. Maxx, HomeGoods, Sierra Trading Post, Nordstrom Rack, Ulta, DSW, Carhartt and Lands’ End, among others. Many retailers will still offer curbside pickup in the coming months. The shopping center is approximately 93 percent occupied. Mark Ansara and Earl Clements of Colliers International handle leasing for the property.

June 12, 2020

Development Healthcare Indiana Midwest

Cornerstone Cos. to Develop 40,000 SF Medical Office Building in Carmel, Indiana

by Kristin Harlow June 12, 2020

CARMEL, IND. — Cornerstone Cos. Inc. has purchased a three-acre parcel at 12174 N. Meridian St. in Carmel, a suburb of Indianapolis. Cornerstone plans to develop a 40,000-square-foot medical office building on the site. Known as Carmel Medical Arts Pavilion, the three-story project will be home to four healthcare tenants providing orthopedics, rehabilitation, primary care and pediatric dentistry services. The property will feature covered physician parking and an outdoor terrace on the third floor. Cornerstone will serve as developer, construction manager and property manager. The Indianapolis-based company specializes in healthcare real estate. A timeline for completion was not disclosed.

June 12, 2020

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