Saturday, December 28, 2024
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IndustrialLeasing ActivityMidwestMissouri

TAB USA, Animal Health International Ink Leases at Liberty Heartland Logistics Center in Metro Kansas City

by Kristin Harlow

LIBERTY, MO. — TAB USA and Animal Health International have inked leases at Liberty Heartland Logistics Center in the Kansas City suburb of Liberty. The Opus Group developed the three-building industrial project in a joint venture with Washington Capital Management Inc. TAB, an international manufacturer of industrial batteries, moved into its 66,700-square-foot space earlier this year for housing its first U.S. headquarters and assembly and distribution operations. Animal Health International, a global distributor of animal health products, will open its 255,000-square-foot distribution center in March. Liberty Heartland Logistics Center currently has 490,300 square feet of vacancy across two buildings. The first phase of the development was an 847,475-square-foot build-to-suit for Hallmark. Opus was the developer, design-builder, architect and structural engineer on the shell buildings and the architect and structural engineer on TAB’s build-out. Davidson Architecture & Engineering and Krudwig Structural Engineers completed the build-out for Animal Health International. Michael VanBuskirk, Mark Long, John Hassler and Scott Bluhm of Newmark Zimmer are the leasing agents.

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AcquisitionsIllinoisIndustrialMidwest

Brennan Investment Group Acquires 225,000 SF Industrial Building in Chicago

by Kristin Harlow

CHICAGO — Brennan Investment Group has acquired a single-tenant industrial building totaling 225,000 square feet in Chicago for an undisclosed price. The property is situated on seven acres at the intersection of I-55 and Pulaski Road. The transaction marks the second acquisition in Brennan’s corporate real estate fund, which launched in September and targets surplus industrial real estate from non-professional and corporate owners. Brennan plans to make significant property improvements, including doubling the existing loading capacity. Brennan now owns 12 million square feet in Chicagoland.

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AcquisitionsHealthcareMichiganMidwest

Walz Kraft Buys 11,010 SF Medical Office Building in East Lansing, Michigan

by Kristin Harlow

EAST LANSING, MICH. — Walz Kraft Capital Partners has purchased an 11,010-square-foot medical office building in East Lansing for an undisclosed price. The two-story property is fully occupied by Michigan Gastroenterology Institute, which was recently acquired by Pinnacle Gastroenterology Partners. The asset has operated as a gastroenterology clinic since it was constructed in 1998. The current tenant is affiliated with Michigan State University. Seth Haron of Marcus & Millichap represented the seller, while Walz Kraft was self-represented. The transaction marks Walz Kraft’s first acquisition in Michigan and its 18th in the United States.

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DevelopmentLeasing ActivityMidwestNebraskaRestaurantRetail

Lockwood Construction Begins Demolition of Former Charleston’s Restaurant in Omaha

by Kristin Harlow

OMAHA, NEB. — Lockwood Construction has begun demolition work on a former Charleston’s restaurant space in Omaha. Terra Gaucha, a Brazilian steakhouse, will open in the 8,788-square-foot space. The new location marks the restaurant’s first venture into Omaha. The building will feature an expanded dining area to accommodate private dining, an expansive wine wall and open bar concept, and extensive exterior updates and landscaping to coincide with other Terra Gaucha locations. The restaurant is expected to open in May 2025.

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Market ReportsMidwestMidwest Market ReportsRetailWisconsin

Local, Regional Tenants Drive Milwaukee’s Retail Market

by Kristin Harlow

By Russ Sagmoen, Isaac Berg and James McKenna, Colliers The greater Milwaukee retail landscape continues to thrive, with notable activity in regions such as Oconomowoc, Grafton, Franklin, Oak Creek and the Racine metro area. Franklin and Oak Creek have experienced steady growth over the past decade and are well-positioned to maintain this momentum.  Meanwhile, Racine County has seen a surge of recent activity, largely fueled by Microsoft’s announcement of a $3.3 billion state-of-the-art data center in Mount Pleasant. The Racine/Kenosha I-94 corridor serves as a vital connector between the Milwaukee and Chicago MSAs, enhancing its attractiveness for economic expansion. Market-wide, we are seeing a great amount of activity from local and regional retailers/franchisees and a slowdown from national brands. While there is some activity from national retailers, they tend to be selective about their site choices, highlighting the importance of prime locations and price sensitivity. Because of this, the majority of retail activity is driven by local and regional enterprises.  New retail product is scarce, with a lack of new construction due to rising interest rates and increasing land and construction costs. This has resulted in a decline in multi-tenant strip centers, with the bulk of new construction coming in …

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AcquisitionsContent PartnerDevelopmentFeaturesLoansMidwestNortheastSoutheastTexasWestern

Part 2: Elective Refinances, New Business Plans: What’s Driving Activity Today?

by Sarah Daniels

By David DiRienzo, director — business development, at Talonvest Capital, Inc. This is part two of a two-part series discussing the key drivers behind transaction volume and the steps owners can take to ensure they are well positioned going forward. As highlighted in part one, despite substantial changes in the market over the past few years, the capital markets continue to offer quality financing solutions for real estate owners. Part two of this article series delves into two key drivers of current financing activity: elective refinancing to optimize the capital stack and the initiation of new business plans. Given the plethora of value-add projects in the pipeline and the interest in undertaking new business plans as equity capital returns to the market, these financing strategies are taking on greater importance than in past years. Interestingly, elective refinancing and starting a new business plan are two scenarios where the borrower’s actions are optional because an impending maturity is not a consideration. For this reason, it is important that borrowers understand the nuances behind these strategies as well as the approach that a capital expert might take. Elective Refinancing to Maximize Investment Performance While loan maturities trigger many refinancings, owners run into a …

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IllinoisLoansMidwestMultifamily

JLL Arranges $24.7M Loan for Refinancing of Luxe on Madison Apartment Complex in Chicago

by Kristin Harlow

CHICAGO — JLL Capital Markets has arranged a $24.7 million loan for the refinancing of Luxe on Madison, a 102-unit apartment complex in Chicago. Located at 1222 W. Madison St., the five-story community was constructed in two phases in 2009 and 2016. The property features a mix of studios, one- and two-bedroom units averaging 845 square feet as well as 7,300 square feet of ground-floor retail space. Amenities include a fitness center, coworking spaces, a rooftop terrace and covered parking garage. Danny Kaufman, Mary Dooley, Rebecca Brielmaier and Mackenzie Jones of JLL represented the borrower, Fifield Cos. MetLife Investment Management provided the five-year, fixed-rate loan.

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DevelopmentIllinoisIndustrialMidwest

Ryan Cos. Starts Construction on Final Phase of Pullman Crossings Industrial Park in Chicago

by Kristin Harlow

CHICAGO — Ryan Cos. US Inc. has formed a joint venture with Namdar Realty Group and Mason Asset Management to close on the land and start construction of the final phase of Pullman Crossings industrial park in Chicago. The final phase is a 160,000-square-foot speculative facility. Pullman Crossings is a 50-acre industrial park within Pullman Park, a 180-acre mixed-use project being developed by Chicago Neighborhood Initiatives. The new building will feature outdoor eating areas, exterior bike racks, ESFR fire protection and a clear height of 32 feet in the warehouse. Ryan is developing and building the facility with construction financing provided by Bankers Trust. Completion is slated for August 2025.

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Affordable HousingDevelopmentIllinoisMidwestMultifamily

McShane, Ashlaur Complete 76-Unit Affordable Housing Building for Visually Impaired Residents in Chicago

by Kristin Harlow

CHICAGO — A joint venture between McShane Construction Co. and Ashlaur Construction has completed The Foglia Residences in Chicago. Brinshore Development and The Chicago Lighthouse developed the 76-unit affordable housing building for residents who are blind, visually impaired, disabled and veterans. The development marks the first Low-Income Housing Tax Credit building in the nation for the blind community, according to McShane. Situated on a site adjacent to The Chicago Lighthouse’s center in the Illinois Medical District, the podium-style building features nine stories with three levels of parking, six levels of units and first-floor retail space. Units are offered in studio, one- and two-bedroom floor plans. Income restrictions were not provided. Amenities include a fitness center, community room, fourth-floor rooftop terrace, dog run and playground. The common areas offer contrasting colors, lit braille unit signage, handrails, braille wallpaper, braille numbering on mailboxes, contrasting flooring in front of unit doors and elevators with audible signals. LBBA was the architect.

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Leasing ActivityMidwestNebraskaRestaurantRetail

Travelers Taproom Opens at Northwest Commons Shopping Center in Grand Island, Nebraska

by Kristin Harlow

GRAND ISLAND, NEB. — Travelers Taproom has opened a 4,139-square-foot taproom at Northwest Commons Shopping Center in Grand Island, a city in central Nebraska. The Staenberg Group manages the property at 2230 N. Webb Road. Travelers Taproom offers a self-pour experience, where guests can choose from 60 rotating taps featuring local beers, ciders and seltzers. There is also a whiskey, bourbon and wine bar. Travelers Taproom is inspired by the owners’ travels across the country. Additional tenants at the shopping center include Dick’s Sporting Goods, Burlington, T-Mobile, Spectrum and Pro Image Sports.

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