Midwest

TINLEY PARK, ILL. — JLL Capital Markets has arranged the sale of a five-property industrial portfolio totaling 539,109 square feet in the Chicago suburb of Tinley Park. The sales price was undisclosed. A sixth building within the portfolio is set to close later this month. The properties are located within the I-80 industrial corridor and in the northeast portion of Will County. Kurt Sarbaugh, Robin Stolberg, John Hugenard, Ed Halaburt and Sean Devaney of JLL represented the undisclosed seller. High Street Logistics Properties purchased the portfolio via High Street Real Estate Fund VI, the Boston-based company’s sixth investment vehicle.

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ANN ARBOR, MICH. — Michigan Medicine has unveiled an economic recovery plan in response to COVID-19. The health system says it is faced with projected financial losses of up to $230 million in the fiscal year ending June 30 and expects losses to continue into fiscal year 2021. The organization will delay capital projects that are not needed for safety or regulatory compliance. This includes construction of a new inpatient facility. The planned $920 million, 264-bed facility in Ann Arbor has been delayed for at least a year, not opening before fall 2025, according to Crain’s Detroit Business.  The recovery plan also includes organizational restructuring and a combination of furloughs and layoffs totaling approximately 1,400 full-time employees. In addition, a hiring freeze will leave 300 current vacancies unfilled. Leaders across Michigan Medicine will also take a salary reduction. Marschall Runge, CEO of Michigan Medicine and dean of the U-M Medical School, will reduce his compensation by 20 percent. He has asked his direct reports, department chairs and other leaders to voluntarily reduce their compensation on a scale between 5 and 15 percent. Other expense savings include suspension of merit increases, employer retirement match, tuition reimbursement and reductions to supplies, consulting and …

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ST. PAUL, MINN. — Ryan Cos. US Inc., in conjunction with Project for Pride in Living (PPL), has completed the land acquisition for the development of a 136-unit affordable housing project in St. Paul. Phase I calls for 60 units of supportive housing for residents who earn 30 percent or less of area median income. Phase II will consist of 76 units of workforce housing. Construction on both phases is expected to begin in 2021. The next step is for PPL to submit a public funding application with Minnesota Housing in July.

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PLEASANT HILL, IOWA — Dougherty Mortgage LLC has provided a $3.7 million Fannie Mae loan for the refinancing of The Cottages of Pleasant Hill, a 60-unit multifamily property located just east of Des Moines. Constructed in 1995, the community consists of five buildings. The age-restricted property is for persons age 55 and older. The 12-year loan features a 30-year amortization schedule. The Cottages of Pleasant Hill LLC was the borrower.

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CLEVELAND — Konover South LLC has acquired the University Corners retail center, which is situated in Cleveland’s University Heights neighborhood. The purchase price was $3 million. The seller was undisclosed. Family Dollar anchors the 43,000-square-foot retail center. Other tenants include Anytime Fitness, Sherwin-Williams, Boost Mobile and Nationwide Insurance. KS Lending Corp. provided a $2.3 million loan for the acquisition, which was completed through Ten-X Commercial. Konover South Development Corp. will manage the property. Tori Nook and Ben McMillon of Anchor Cleveland will serve as leasing agents. Deerfield Beach, Fla.-based Konover South is a fully integrated acquisition, development and management company operating thought the Southeast and Midwest regions.

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MICHIGAN — Michigan Gov. Gretchen Whitmer has signed an executive order to enable the resumption of construction and real estate activities starting Thursday, May 7. Construction sites must adopt a set of best practices to protect workers from infection. These practices include designating a site supervisor to enforce COVID-19 control strategies, conducting daily health screenings for workers, creating dedicated entry points, identifying high-risk areas and controlling them for social distancing practices, and ensuring sufficient hand washing or hand-sanitizing stations at the worksite. The governor’s Stay Home, Stay Safe order remains in effect until Friday, May 15. Under this order, Michiganders must not leave their homes except to run critical errands, engage in safe outdoor activities or go to specified jobs in effort to reduce the spread of COVID-19. Citizens are also required to wear face coverings while in enclosed, public spaces.

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MIDDLEBURG HEIGHTS, OHIO — Kintetsu World Express has renewed its 33,824-square-foot industrial lease at 17820 Englewood Drive in Middleburg Heights, about 17 miles south of Cleveland. Japan-based Kintetsu is an air freight forwarding company. Mark Miller of NAI Robert Lynn, along with David Hexter and Jeffrey Calig of NAI Plesant Valley, represented the tenant in the lease transaction. Kintetsu has operated at the location since 1999.

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ITASCA, ILL. — Marcus & Millichap has brokered the sale of a 15,700-square-foot industrial building in Itasca for $1.7 million. The property is located at 1437 Harmony Court. It was vacant at the time of sale. Tammy Saia and Tami Andrew of Marcus & Millichap marketed the property on behalf of the seller, a New York-based corporation. The undisclosed buyer plans to occupy the building.

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MERRILLVILLE, IND. — Jameson Commercial has arranged the $1.1 million sale of a roughly 7,000-square-foot retail building occupied by Advance Auto Parts in Merrillville in Northwest Indiana. The property sits on 1.3 acres at 5790 Broadway St. Rick Gardella and Michele Coleman of Jameson represented the undisclosed buyer. Tammy Saia and Tami Andrew of Marcus & Millichap marketed the property on behalf of the seller, a private investor.

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