Midwest

Beaumont Health to Temporarily Lay Off 2,475 Employees, Permanently Eliminate 450 Jobs in Michigan

by Kristin Harlow April 21, 2020

ROYAL OAK, MICH. — Beaumont Health says that the financial consequences of the COVID-19 pandemic has forced the organization to adjust its workforce after suffering significant losses during the first quarter. After Beaumont began caring for COVID-19 patients five weeks ago, nearly all inpatient and outpatient surgeries and other non-COVID-19 medical services had to be halted. As a result, Beaumont is temporarily laying off 2,475 of its 38,000 employees. It is also permanently eliminating 450 positions and cutting executive pay. CEO John Fox will take a 70 percent temporary pay cut to his base salary. The other members of Beaumont’s executive leadership team will also take temporary pay cuts up to 45 percent of their total compensation. Of the 2,475 layoffs, most involve hospital administrative staff and others who are not directly caring for patients. Most of the 450 position eliminations are part of the corporate staff or serving in other administrative roles. Beaumont will also pause or cancel some nonessential projects. For the first three months of 2020, Beaumont reported a net operating income of -$54.1 million, a $91.7 million decrease compared to the same time last year. The Royal Oak-based nonprofit hospital is Michigan’s largest healthcare system. It …

April 21, 2020

Industrial Midwest Minnesota

JBS Indefinitely Closes Pork Production Facility in Minnesota

by Kristin Harlow April 21, 2020

WORTHINGTON, MINN. — In response to the COVID-19 pandemic, JBS USA has indefinitely closed its pork production facility in Worthington in Southwest Minnesota. The facility employs more than 2,000 workers and processes 20,000 hogs per day. JBS will wind down operations over the next two days with a diminished staff in order to ensure existing product in the facility can be used to support the food supply. The company will advise its Worthington team members to follow Gov. Tim Walz’s stay-at-home order until returning to work. JBS will continue to pay its team members during the plant closure. JBS operates more than 60 meat, poultry and prepared foods facilities across the country. As of Monday, April 20, there were 2,470 confirmed cases of COVID-19 and 143 deaths in Minnesota, according to the Minnesota Department of Health.

April 21, 2020

Loans Midwest Minnesota Multifamily

Dougherty Mortgage Provides $6.1M Refinancing for Multifamily Property in Minnesota

by Kristin Harlow April 21, 2020

HERMANTOWN, MINN. — Dougherty Mortgage LLC has provided a $6.1 million Fannie Mae loan for the refinancing of Green Acres in Hermantown, a suburb of Duluth. Constructed in phases from 1991 to 2010, the 83-unit multifamily property includes 13 buildings. The 10-year loan features a 30-year amortization schedule. GMP Living Inc. was the borrower.

April 21, 2020

Acquisitions Midwest Minnesota Retail

Hanley Investment Group Arranges $2.7M Sale of Bank of America-Occupied Property in Metro Minneapolis

by Kristin Harlow April 21, 2020

BROOKLYN CENTER, MINN. — Hanley Investment Group Real Estate Advisors has arranged the sale of a newly constructed building occupied by Bank of America in Brooklyn Center, a northern suburb of Minneapolis, for $2.7 million. The 4,370-square-foot property, which opened in late 2019, is situated on one acre at 2545 County Road 10. Jeff Lefko and Bill Asher of Hanley represented the seller and developer, Minneapolis-based Told Development. Carlos Aguilar of Axia Real Estate Group represented the New Jersey-based private buyer.

April 21, 2020

Illinois Industrial Leasing Activity Midwest

Flint Group Renews 31,000 SF Industrial Lease in Romeoville, Illinois

by Kristin Harlow April 21, 2020

ROMEOVILLE, ILL. — Flint Group has renewed its 31,000-square-foot industrial lease at 1225 Lakeside Drive in Romeoville. Flint Group is a worldwide supplier to the printing and packaging industry. It operates more than 140 facilities and employs approximately 6,800 workers. Corey Chase of Newmark Knight Frank represented Flint in the lease transaction. George Cibula of Darwin Realty/CORFAC International represented ownership. As part of the new lease, a tenant improvement package will enable Flint to update its space.

April 21, 2020

Midwest Wisconsin

Wisconsin Governor Extends Safer at Home Order Until May 26

by Kristin Harlow April 20, 2020

WISCONSIN — Wisconsin Gov. Tony Evers has extended the Safer at Home order until May 26. The order had previously been in place through April 24. The new extension includes a few changes, such as allowing more businesses and activities to open back up. Golf courses may open again, with restrictions on scheduling and paying tee times virtually. Public libraries can now provide curbside pick-up of books and other materials. Non-essential businesses can now perform minimum basic operations, including deliveries, mailings and curbside pick-up. In addition, essential businesses must increase cleaning practices and retail stores must limit the number of people in the store at one time. As of Sunday, April 19, there were 4,199 confirmed cases of COVID-19 and 211 deaths in Wisconsin.

April 20, 2020

Illinois Midwest

Cushman & Wakefield Launches Global Employee Assistance Fund

by Kristin Harlow April 20, 2020

CHICAGO — Cushman & Wakefield has launched a global employee assistance fund, part of a $5 million commitment to employee assistance programs for those impacted by the COVID-19 pandemic. The fund has two components to provide financial relief to employees. The immediate relief fund addresses an immediate need by quickly disbursing up to $250 to eligible impacted employees who submit a request. The disaster and hardship fund is a larger payout for those more significantly impacted by the crisis. As part of this commitment to supporting front-line employees, members of Cushman & Wakefield’s global management team will voluntarily forgo a portion of their salaries. Effective April 20, CEO Brett White will forgo 25 percent of his base salary, while CFO Duncan Palmer and COO Michelle MacKay will forgo 20 percent of their base salaries. Effective May 1, President John Forrester will forgo 20 percent of his base salary until December 31, or earlier if determined by the board of directors. In addition, all of the firm’s 53,000 employees have been given the opportunity to make a charitable donation to the employee fund. “We have a responsibility to care for our employees with the same level of dedication that they’re showing …

April 20, 2020

Loans Michigan Midwest Multifamily

Twins Real Estate Receives $2.3M Loan for Refinancing of Multifamily Community in Battle Creek, Michigan

by Kristin Harlow April 20, 2020

BATTLE CREEK, MICH. — Twins Real Estate has received a $2.3 million Freddie Mac small balance loan for the refinancing of Hidden Lane Apartments in Battle Creek, about 25 miles east of Kalamazoo. Located at 612 Garrison Ave., the 77-unit community is comprised of three apartment buildings and two townhome buildings. Jason Brown and Sam Orman of CBRE Capital Markets arranged the 10-year loan, which is amortized over 30 years and features a fixed rate of 4.13 percent and a 70 percent loan-to-value ratio.

April 20, 2020

Acquisitions Illinois Midwest Multifamily

Marcus & Millichap Arranges Sale of 60-Unit Apartment Property in Suburban Chicago

by Kristin Harlow April 20, 2020

CALUMET CITY, ILL. — Marcus & Millichap has arranged the sale of a 60-unit apartment property in Calumet City, a southern suburb of Chicago. The sales price was undisclosed. Located at 495-525 Madison Ave., the property consists of five 12-unit buildings on a 1.3-acre lot. Andrean Angelov, Ryan Engle and Anthony Hardy of Marcus & Millichap marketed the property on behalf of the seller, a private investor. Angelov and Engle secured and represented the buyer, a limited liability company.

April 20, 2020

Illinois Leasing Activity Midwest Restaurant Retail

Barber Murphy Negotiates 1,381 SF Lease for Papa John’s in O’Fallon, Illinois

by Kristin Harlow April 20, 2020

O’FALLON, ILL. — Barber Murphy has negotiated a 1,381-square-foot retail lease for Papa John’s USA Inc. in O’Fallon near St. Louis. OHM Family Enterprises LLC is the landlord for the property, which is located at 105-106 Regency Park Plaza Drive. Barber Murphy represented both parties in the lease.

April 20, 2020

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