Midwest

Four New Retailers Join Tenant Lineup at Twin Creeks Center in Kansas City

by Kristin Harlow October 8, 2019

KANSAS CITY, MO. — AT&T, Starbucks, Furniture Deals and Spectrum have joined the tenant lineup at Twin Creeks Center in the Northland area of Kansas City. Negotiations are currently underway to add Chipotle, Altitude Trampoline Park and ReeceNichols, according to owner United Development Co. The Texas-based company purchased the 29-acre property formerly known as Barry Towne Center in February 2017. United, along with its development partner Falcon Realty Advisors, has invested $30 million in renovations. The companies plan to invest an additional $30 million in developing the remaining 13 acres on the east side of the center. Copaken Brooks Commercial Real Estate is the property manager, while LANE4 Property Group is the leasing agent.

October 8, 2019

Loans Midwest Multifamily Ohio Seniors Housing

KeyBank Arranges $10.6M Construction Financing for Affordable Seniors Housing Community in Cincinnati

by Kristin Harlow October 8, 2019

CINCINNATI — KeyBank Community Development Lending and Investment (CDLI) has arranged $10.6 million in financing for construction of Walnut Hills Senior Campus in Cincinnati. The Model Group is redeveloping the property, formerly known as The Manse Apartments, as a 60-unit Section 8 apartment complex for seniors and the disabled. The property site consists of the historic Manse Hotel and Annex, which will be renovated, as well as a vacant duplex, triplex and mixed-use property that will be demolished and replaced with a four-story building. The project will consist of studios and one-bedroom units restricted to seniors earning up to 60 percent of the area median income. Additional financing was provided by the Ohio Housing Finance Agency, City HOME Funds, a grant from the Federal Home Loan Bank of Cincinnati and a donation from KeyBank. Ohio Capital Corp. for Housing was the equity investor. Kelly Frank, Greg Deeks and Laura Janosko of Key’s CDLI team arranged the financing. The lender was not disclosed.

October 8, 2019

Acquisitions Midwest Retail Wisconsin

Mid-America Brokers Sale of 54,216 SF Shopping Center in Madison, Wisconsin

by Kristin Harlow October 7, 2019

MADISON, WIS. — Mid-America Real Estate Corp. has brokered the sale of Oakbridge Retail Center in Madison for an undisclosed price. The 54,216-square-foot shopping center is fully leased to tenants such as Salons Etc., Heid Music, Rocky Rococo, Brothers Main and iCare. Carly Gallagher and Dan Rosenfeld of Mid-America represented the seller, a Madison-based investment group. Baltimore-based AGM Commercial Real Estate Advisors purchased the asset.

October 7, 2019

Affordable Housing Development Illinois Midwest Multifamily

Urban Innovations Completes Construction of 16-Unit Affordable Housing Project in Evanston, Illinois

by Kristin Harlow October 7, 2019

EVANSTON, ILL. — Urban Innovations Ltd. has completed construction of a ground-up, 16-unit affordable housing project in Evanston on behalf of Housing Opportunities for Women (HOW). The three-story building is located at 1305 Pitner Ave. Amenities include community space on each floor, first-floor storage units, laundry facilities and parking. Michael Newman of SHED Studio served as the architect. North Wells Capital is the investment affiliate of Urban Innovations. HOW is a Chicago-based nonprofit that provides affordable housing solutions and poverty prevention strategies.

October 7, 2019

Acquisitions Illinois Midwest Restaurant Retail

Marcus & Millichap Brokers $4.9M Sale of Restaurant Property in Schaumburg, Illinois

by Kristin Harlow October 7, 2019

SCHAUMBURG, ILL. — Marcus & Millichap has brokered the sale of a 9,999-square-foot restaurant property net leased to Capital Grille in Schaumburg for $4.9 million. The building is located at 2000 E. Golf Road. The existing tenant has a new 10-year lease in place. Austin Weisenbeck and Sean Sharko of Marcus & Millichap represented the buyer, a limited liability company completing a 1031 tax-deferred exchange. The seller was not disclosed.

October 7, 2019

Development Illinois Midwest Restaurant Retail

Sushi-San, Tortazo to Open at Willis Tower’s Catalog

by Kristin Harlow October 7, 2019

CHICAGO — Willis Tower owner EQ Office has unveiled two new retail tenants for Catalog, the new 300,000-square-foot dining and retail portion under construction at the Chicago office tower. Sushi-San will offer a dine-in experience as well as a grab-and-go station. Guests can customize maki rolls, poke or chirashi bowls at the sushi counter. The Mexican restaurant Tortazo will occupy nearly 3,000 square feet. It is a new concept from Rick Bayless, an award-winning chef. Tortazo is expected to open later this year. The entire Catalog concept is slated for completion in mid-2020.

October 7, 2019

Leasing Activity Michigan Midwest Retail

Gerdom Realty Completes Lease-up of 12,000 SF Retail Center in Clawson, Michigan

by Kristin Harlow October 7, 2019

CLAWSON, MICH. — Gerdom Realty & Investment has completed the lease-up of Clawson’s Village Landing in Clawson, about 17 miles north of Detroit. Great Lakes Pot Pies secured the last remaining vacancy within the 12,000-square-foot retail center on 14 Mile Road. Vicki Gutowski and Tjader Gerdom of Gerdom represented the undisclosed landlord in the lease transaction. Great Lakes Pot Pies is expected to open later this year. Gerdom also negotiated a lease for Barry’s Bagels at the property earlier this year.

October 7, 2019

Loans Midwest Multifamily ORIX Wisconsin

ORIX Provides $40M Construction Loan for 263-Unit Multifamily Development in Wisconsin

by Kristin Harlow October 4, 2019

MIDDLETON, WIS. — ORIX Real Estate Holdings (ORIX) has provided a $40 million construction loan for a 263-unit multifamily development in Middleton, a suburb of Madison. The project will also feature 31,000 square feet of ground-floor commercial space, including a food hall. The units will be standard one-floor apartments as well as two-story lofts. Completion is slated for February 2021. The borrower was not disclosed.

October 4, 2019

Acquisitions Midwest Missouri Retail

Mid-America, Pace Properties Arrange $20.9M Sale of Shopping Center in Ballwin, Missouri

by Kristin Harlow October 4, 2019

BALLWIN, MO. — Mid-America Real Estate Corp. and Pace Properties have arranged the $20.9 million sale of Ballwin Plaza in Ballwin, about 20 miles west of St. Louis. The 204,859-square-foot shopping center is situated on Manchester Road. Schnucks Supermarket anchors the property, which is 93 percent leased. Other tenants include Hobby Lobby, Marshalls and Buffalo Wild Wings. Joe Girardi of Mid-America and Scott Seyfried of Pace Properties represented the seller, Cincinnati-based Viking Partners. Cincinnati-based Select Strategies Realty purchased the asset.

October 4, 2019

Acquisitions Midwest Retail Wisconsin

Cushman & Wakefield | Boerke Brokers $5.7M Sale of Former Boston Store Property in Madison, Wisconsin

by Kristin Harlow October 4, 2019

MADISON, WIS. — Cushman & Wakefield | Boerke has brokered the sale of a former Boston Store property in Madison for $5.7 million. The 144,600-square-foot property is located within West Towne Mall, a regional mall comprising more than 120 stores. John Kuhn and David Tighe of Cushman & Wakefield | Boerke represented the seller, S&B Detrick LP. The buyer, CBL Properties, plans to raze the existing structure and oversee construction of a new Von Maur store on the 9.4-acre site.

October 4, 2019

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