Midwest

Kadean Begins Construction of $13M Distribution Facility in Kansas City

by Kristin Harlow January 10, 2020

KANSAS CITY, MO. — Kadean Construction has broken ground on a new $13 million warehouse and distribution facility at KCI Intermodal Business Centre in Kansas City. Known as Logistics Centre VI, the 349,440-square-foot building will feature a clear height of 32 feet, up to 67 dock positions and parking for 91 trailers and 390 cars. Completion is scheduled for June 2020. M+H Architects and Stock & Associates make up the project team. Trammell Crow Co. is the developer. Kadean previously built Logistics Centre II, III and IV and is in the process of completing Logistics Centre V.

January 10, 2020

Illinois Industrial Leasing Activity Midwest

Vienna Beef to Relocate Headquarters to 42,000 SF Distribution Center in Chicago’s Kinzie Corridor

by Kristin Harlow January 10, 2020

CHICAGO — Hot dog maker Vienna Beef has leased a 42,000-square-foot distribution center located at 2501 W. Fulton in Chicago’s Kinzie Corridor for its new headquarters. The company will relocate from 2501 N. Damen Ave. this quarter. All office and warehouse employees will make the move to the new building while manufacturing will remain at the company’s Southside facility. The new headquarters features a clear height of 16 feet, two loading docks, one drive-in door, parking for 50 cars and 8,000 square feet of office space. Dayton Street Partners acquired the property in September 2018 and recently completed several upgrades, including warehouse updates, a newly paved parking lot and LED lighting. Scott Duerkop and Dominic Carbonari of JLL represented Dayton Street in the lease with Vienna Beef. Chris Gary of NAI Hiffman represented the tenant. Vienna Beef was founded in Chicago in 1893.

January 10, 2020

Illinois Indiana Industrial Loans Midwest Ohio

JLL Arranges $130M in Post-Acquisition Financing for Midwest Logistics Portfolio

by Kristin Harlow January 9, 2020

CHICAGO, COLUMBUS, INDIANAPOLIS AND CINCINNATI — JLL Capital Markets has arranged $130 million in post-acquisition financing for a 22-building logistics portfolio totaling 3.8 million square feet. Built between 1966 and 2016, the properties are located in the Chicago, Columbus, Indianapolis, Louisville and Cincinnati markets. The portfolio is approximately 90 percent leased to 52 tenants. Kristian Lichtenfels, Eric Tupler, Matt Schoenfeldt and Ken Martin of JLL arranged the loan on behalf of the borrower, a U.S. subsidiary of a publicly traded Canadian real estate company. A national balance sheet lender provided the 10-year loan, which features a fixed rate of 3.1 percent. Loan proceeds will be used to place debt on the portfolio as it was purchased in an all-cash transaction.

January 9, 2020

Industrial Leasing Activity Midwest Wisconsin

Trifinity Signs 250,000 SF Industrial Lease in Kenosha, Wisconsin

by Kristin Harlow January 9, 2020

KENOSHA, WIS. — Trifinity Specialized Distribution, a logistics firm that serves major big-box stores and drug retailers, has signed a 250,000-square-foot industrial lease in Kenosha. Trifinity will occupy space at Zilber Industrial III, located at 5312 104th Ave. The recently constructed facility features 24 dock doors, three drive-in doors and convenient access to I-94. Trifinity will move into the facility by the end of this month. Founded a quarter century ago in Waukegan, Illinois, Trifinity currently employs approximately 50 workers, all of whom will relocate to the new facility. Thomas Boyle of Lee & Associates represented Trifinity in the lease transaction. Sergio Chapa and Michael Prost of Newmark Knight Frank, along with Michael Kleber of Zilber Property Group, represented the owner, Zilber Property Group.

January 9, 2020

Acquisitions Healthcare Midwest Ohio

Reichle Klein Group Brokers $7.6M Sale of Medical Office Building Near Toledo

by Kristin Harlow January 9, 2020

SYLVANIA, OHIO — Reichle Klein Group has brokered the $7.6 million sale of a 48,928-square-foot medical office building in Sylvania, a northeastern suburb of Toledo. The property is located at 5520 Monroe St. ProMedica is one of the tenants. Marty Gallagher of Reichle Klein represented both the buyer and seller. PMA Investors LLC sold the asset to CD Property of Sylvania LLC.

January 9, 2020

Acquisitions Kansas Midwest Retail

Marcus & Millichap Negotiates $4.4M Sale-Leaseback of Orscheln Farm & Home Property in Kansas

by Kristin Harlow January 9, 2020

JUNCTION CITY, KAN. — Marcus & Millichap has negotiated the sale-leaseback of a 35,000-square-foot property occupied by Orscheln Farm & Home in Junction City in central Kansas. The sales price was $4.4 million. The newly constructed property is located at 121 E. Chestnut St. John Nuzman brokered the sale-leaseback and represented both parties. A New York-based limited liability company purchased the asset. Orscheln operates farm and ranch supply stores with over 170 locations across the Midwest.

January 9, 2020

Acquisitions Illinois Midwest Retail

Hanley Investment Group Brokers $3.1M Sale of Two-Tenant Retail Building in Palatine, Illinois

by Kristin Harlow January 9, 2020

PALATINE, ILL. — Hanley Investment Group Real Estate Advisors has brokered the sale of a newly constructed, two-tenant retail building in Palatine for $3.1 million. Aspen Dental and T-Mobile occupy the 5,250-square-foot property, which is located on East Dundee Road about 30 miles northwest of Chicago. Completed in 2019, the building is situated near other retailers such as Walmart, Home Depot and Target. Jeff Lefko and Bill Asher of Hanley, along with Greg Dietz and Danny Spitz of Greenstone Partners, represented the seller, a Chicago-based real estate investment and development firm. RML Management represented the buyer, a California-based private investor.

January 9, 2020

Market Reports Midwest Midwest Market Reports Missouri Multifamily

Dynamic St. Louis Multifamily Real Estate Market Is on a Roll

by Kristin Harlow January 9, 2020

The greater St. Louis metropolitan statistical area (MSA) includes the city of St. Louis, St. Louis County, Franklin, Jefferson, Lincoln, Warren and St. Charles County, as well as various counties in Illinois collectively known as the Metro East. The MSA ranks as the 21st largest in the country with a population of approximately 2.8 million residents and features many Fortune 500 and Fortune 1000 companies. St. Louis has a very diverse economy with the largest categories of employment base in transportation, utilities, education, healthcare, defense and professional/business services. The per capita income for approximately 1.5 million workers in the MSA is approximately $60,000 per year. With an unemployment rate of 3.6 percent, the MSA has had almost 11 quarters of sub-4 percent unemployment. In 2019 alone, payrolls across the MSA expanded 1.7 percent with a net gain of 23,100 jobs created. Of these, 1,500 jobs alone were created with the 2019 completion of Amazon’s first Missouri fulfillment center in St. Peters, which is a western suburb of St. Louis. Other major job creators include the 295-acre redevelopment project called Fenton Logistics Park in Fenton, which is at the forefront of transforming the logistics and manufacturing industries with 2.5 million square …

January 9, 2020

Illinois Loans Midwest Multifamily

NKF Arranges $61M Acquisition Loan for Multifamily Asset in Suburban Chicago

by Kristin Harlow January 8, 2020

NAPERVILLE, ILL. — Newmark Knight Frank (NKF) has secured a $61 million Freddie Mac loan for the acquisition of Railway Plaza in Naperville. Built in 2000, the transit-oriented multifamily property is adjacent to the Route 59 Metra station. Bill Weber, Henry Stimler and Daniel Sarsfield of NKF arranged the 10-year, fixed-rate loan on behalf of the buyers, BH Equities and Cantor Fitzgerald. Railway Plaza comprises 13 three-story buildings with 417 units. Amenities include a clubroom, fitness center, lounge, pool and fire pit.

January 8, 2020

Kansas Loans Midwest Multifamily

NXT Capital Provides $51.3M Refinancing for Apartment Community in Overland Park, Kansas

by Kristin Harlow January 8, 2020

OVERLAND PARK, KAN. — NXT Capital has provided a $51.3 million loan for the refinancing of Promontory Apartments in Overland Park. The 291-unit, Class A apartment community is located on Metcalf Avenue. Amenities include a clubroom, rooftop terrace, coffee lounge, sundeck, pool, fitness center and pet care station. The property also features 21,000 square feet of ground-floor retail space. Noah Laredo of BMC Capital arranged the loan. The borrower and loan terms were undisclosed.

January 8, 2020

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