Midwest

High Street Residential Completes 169-Unit Active Adult Community in Evanston, Illinois

by Kristin Harlow June 26, 2020

EVANSTON, ILL. — High Street Residential, a subsidiary of Trammell Crow Co., has completed Avidor Evanston, a 169-unit active adult community in Evanston. The community, reserved for residents 55 years of age or older, offers a mix of one- and two-bedroom units. Amenities include a bistro bar, business center, activity center, pet spa, dog run, fitness center, theater room and chef’s kitchen. On the 18th floor, residents have access to a rooftop deck with a pool and fire pits. Daily activity offerings include fitness classes, game nights, cooking classes and community happy hours. Allegro Management Co. operates the property.

June 26, 2020

Affordable Housing Development Midwest Multifamily Ohio

NRP Group to Build 52-Unit Affordable Housing Project in Cleveland

by Kristin Harlow June 26, 2020

CLEVELAND — The NRP Group will develop a 52-unit affordable housing project on the site of the former Harry E. Davis Elementary School, which has been vacant since 2006. Located at the corner of East 105th St. and Churchill Road in Cleveland’s Glenville neighborhood, the four-story project will include 48 apartments and four townhomes. The project is the first phase of a larger development known as Churchill Gateway. The units will be designated affordable to residents earning at or below 60 percent of the area median income. NRP is also developing a 2,500-square-foot community outreach center at the site. The center will focus on health education and workforce training. Project partners include the City of Cleveland, Cuyahoga Metropolitan Housing Authority, Cleveland Metropolitan School District and University Hospitals. The Ohio Finance Housing Agency allocated housing tax credits for the project. Churchill Gateway is expected to be complete in fall 2022.

June 26, 2020

Development Industrial Midwest Wisconsin

Zilber Property Group Breaks Ground on 23,359 SF Spec Industrial Building in Kenosha

by Kristin Harlow June 26, 2020

KENOSHA, WIS. — Zilber Property Group has broken ground on a 23,359-square-foot speculative industrial building within the Business Park of Kenosha in Southeast Wisconsin. Known as Zilber Industrial 4, the facility will feature a clear height of 24 feet, two dock positions, one drive-in door and 26 car parking spaces. Completion is slated for this fall. The project team includes Partners In Design Architects, Riley Construction and Pinnacle Engineering Group. Sergio Chapa and Michael Prost of Newmark Knight Frank will market the building for lease.

June 26, 2020

Development Midwest Missouri Multifamily

Belton City Council Approves NorthPoint Development’s $44M Apartment Project in Missouri

by Kristin Harlow June 25, 2020

BELTON, MO. — The Belton City Council has approved NorthPoint Development’s $44 million redevelopment of a long-vacant site at 163rd St. and Turner Road in Belton, about 20 miles south of Kansas City. Plans call for a six-building, 322-unit luxury apartment property. Amenities will include a kitchen, coffee bar, fitness room, cycling studio, massage studio, conference room, outdoor patio and pool. Construction is expected to begin in 2021. Monthly rents are projected to range from $850 to $1,600. On June 8, the Belton Planning Commission voted to approve rezoning of the 11.6-acre site from commercial use to residential. The project is to receive tax abatement with issuance of Chapter 100 bonds to finance the cost of the project.

June 25, 2020

Acquisitions Industrial Iowa Midwest

National Asset Services Brokers Sale of 731,169 SF Warehouse Portfolio in Des Moines

by Kristin Harlow June 25, 2020

DES MOINES, IOWA — National Asset Services (NAS) has brokered the sale of a three-property warehouse portfolio totaling 731,169 square feet in Des Moines for an undisclosed price. The NAS team assumed asset management responsibilities for the properties in 2016 after ownership faced an impending 10-year loan maturity with no viable exit strategy. Paul Rubenstein, an attorney based in Los Angeles, represented the seller.

June 25, 2020

Affordable Housing Illinois Loans Midwest Multifamily

Merchants Capital Provides $25.9M in Fannie Mae Financing for Affordable Housing Property in Joliet, Illinois

by Kristin Harlow June 25, 2020

JOLIET, ILL. — Mortgage banking company Merchants Capital has provided $25.9 million in Fannie Mae financing for Larkin Village, a 476-unit affordable housing property in Joliet. Merchants arranged the loan on behalf of the owners, Brinshore Development, The Richman Group and Eric Richelson. Located at 947 Lois Place, Larkin Village operates under a tax credit program through the Illinois Housing Development Authority (IHDA), which requires that the property reserves 256 of its units for residents earning at or below 60 percent of the area median income. The other 220 units are unrestricted. The 10-year loan will enable ownership to retire IHDA debt, make repairs to the property and redeploy the equity accumulated over the years. The equity will be used to invest in other affordable housing projects.

June 25, 2020

Development Indiana Industrial Midwest

Kenco Opens 250,000 SF E-Commerce Fulfillment, Distribution Facility in Jeffersonville, Indiana

by Kristin Harlow June 25, 2020

JEFFERSONVILLE, IND. — Kenco, a third-party logistics provider, has opened a new e-commerce fulfillment and distribution facility in Jeffersonville, three miles north of Louisville, Ky. The 250,000-square-foot space is designed to serve e-commerce merchants as well as business-to-business customers and is scalable to over 660,000 square feet. Kenco says the Jeffersonville location was selected to enable customers to reach the vast majority of the U.S. population in one to two days via ground transportation.

June 25, 2020

Kansas Leasing Activity Midwest Retail

Bridal Boutique to Open at City Center Lenexa in Kansas

by Kristin Harlow June 25, 2020

LENEXA, KAN. — The One Bridal will open at City Center Lenexa in Kansas beginning late this summer. The boutique will occupy 5,012 square feet on the ground floor of Penn III at The District. The One will offer one of the largest selections of bridal designers in metro Kansas City, as well as in-house alterations, complimentary dress storage and steaming, custom dress design, private bridal suites and a separate area for bridesmaid, mother of the bride and flower girl dresses. Prior to opening, the boutique will offer virtual bridal appointments. Ashley Jones is the owner of The One. Erin Johnston of Copaken Brooks represented the landlord, Copaken Brooks, in the lease transaction. When fully developed, City Center Lenexa will consist of more than 2 million square feet, including nearly 1 million square feet of office and retail space.

June 25, 2020

Market Reports Midwest Midwest Market Reports Office

Office Best Practices: How to Prepare for a Post-COVID-19 Reality

by Kristin Harlow June 25, 2020

By Andy Gutman, President, Farbman Group It’s no hyperbole to acknowledge that we are living in unprecedented times and facing unique and historic challenges. The novel coronavirus pandemic has had a profound impact on the lives and livelihoods of Americans across a wide range of industries, and commercial real estate is no exception. As brands and businesses struggle to adjust to the slowdown, with many shutting their doors and others making significant operational adjustments, owners and operators face their own dilemmas. How can real estate professionals help their tenants while protecting their own interests? What can they do differently today to start preparing for a post-shutdown new normal once the nation and the economy begin reopening in the months ahead? What follows is a review of practical tips and best practices that real estate professionals should be deploying to ensure they are doing everything they can to help themselves and their tenants navigate the unfamiliar terrain of a pandemic-altered landscape. Talk the talk Communication with tenants is always important. In the current circumstances, however, clear and consistent communication is not just a priority, but an urgent necessity. Make sure your team is connecting on COVID-related changes to tenants, sharing updates …

June 25, 2020

Development Indiana Midwest Multifamily Seniors Housing

Discovery Senior Living to Complete Multi-Million-Dollar Renovation of Indianapolis Community

by Kristin Harlow June 24, 2020

INDIANAPOLIS — Discovery Senior Living has unveiled plans for a multi-million-dollar capital investment and renovation of Discovery Commons at College Park, a 116-unit independent living community located in Indianapolis. The multi-phase project will include interior and exterior improvements. The initial phase will include new seating and gathering areas, including an upgraded lobby. Interior enhancements will also include renovated bathrooms, new flooring, lighting, furniture and décor as well as a new color palette. The initial phase is underway with completion slated for late summer. The second phase calls for a renovation of the dining room, enhancements to the community’s kitchen and design upgrades for the resident corridors and library. New furniture for both the interior and exterior of the community will be included in the second phase, which is set to begin late this year. Discovery has owned and operated the property since July 2019. Discovery Design Concepts is leading the interior design aspect of the project.

June 24, 2020

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