Midwest

AMC Theatres to Close All U.S. Locations for Six to 12 Weeks

by Kristin Harlow March 19, 2020

LEAWOOD, KAN. — AMC Theatres (NYSE: AMC) has closed all 630 AMC locations in the United States for at least six to 12 weeks, in compliance with local, state and federal directives, and as a precaution to help ensure the health and safety of moviegoers and theater staff amid the coronavirus pandemic. The company says it will continue to monitor the situation closely and remain flexible on reopening in accordance with the Centers for Disease Control and Prevention recommendations and governmental directives. More than a dozen states and major markets have mandated that movie theaters, bars and restaurants close as a result of the COVID-19 outbreak. The federal government has recommended that no public gatherings take place that are larger than 10 people. AMC customers are encouraged to utilize AMC Theatres on Demand, which enables them to rent or buy movies from a selection of more than 3,500 titles. Kansas-based AMC maintains approximately 1,000 theaters and 11,000 screens worldwide.

March 19, 2020

Hospitality Illinois Midwest

Park Hyatt, Peninsula Hotels to Temporarily Close Doors in Chicago

by Kristin Harlow March 19, 2020

CHICAGO — The Park Hyatt Chicago and Peninsula, both luxury hotels in downtown Chicago, have temporarily closed their doors due to the coronavirus outbreak. The 198-room Park Hyatt will not accept room, restaurant, bar or other reservations until April 30. No reservations will be available until further notice at the 339-room Peninsula, according to the hotel’s website. These properties are the first two downtown Chicago hotels to close because of the coronavirus and other closures will likely follow, according to Crain’s Chicago Business.

March 19, 2020

Civic Development Iowa Midwest

Hannon Armstrong Makes $115M Preferred Equity Investment in University of Iowa Utility System Project

by Kristin Harlow March 19, 2020

IOWA CITY, IOWA — Hannon Armstrong Sustainable Infrastructure Capital Inc. has made a $115 million preferred equity investment in a utility public-private partnership including the University of Iowa, ENGIE and Meridiam. ENGIE is a natural gas distribution company and Meridiam is a global investor and asset manager specializing in the development, financing and management of long-term public infrastructure projects. The partnership will operate, maintain and upgrade the university’s energy and water utilities. Known as the Hawkeye Energy Collaborative, the partnership was awarded a $1 billion, 50-year utility management concession contract in December 2019. The collaborative will support the University of Iowa’s energy, water and sustainability goals for two campuses spanning 1,700 acres in Iowa City.

March 19, 2020

Midwest Multifamily Ohio

Woda Cooper Cos. Creates Interim Rental Assistance Fund, Waives Late Fees for Residents Impacted by COVID-19

by Kristin Harlow March 19, 2020

COLUMBUS, OHIO — Woda Cooper Cos. Inc. has unveiled plans to create an interim rental assistance fund and waive late rent fees for residents whose jobs are directly impacted by the coronavirus pandemic. The company has also halted celebrations commemorating its 30th anniversary later this year to focus on helping residents navigate the financial impacts of the pandemic. As part of the announcement, Woda Cooper will waive all late fees for rent due April 1 for any resident who has been laid off or furloughed. In addition, the company will establish an interim rental assistance fund of $250,000 to assist residents who have been laid off or furloughed, and ask vendors, lenders and investors to help financially in the effort. Woda Cooper will match the first $250,000 of contributions received and add those funds to the rental assistance fund. Columbus-based Woda Cooper owns and operates more than 300 affordable housing communities in 15 states.

March 19, 2020

Leasing Activity Midwest Retail Wisconsin

Solidcore Signs 2,540 SF Retail Lease in Milwaukee’s Historic Third Ward

by Kristin Harlow March 19, 2020

MILWAUKEE — Solidcore has leased a 2,540-square-foot retail space at the Dye House within Milwaukee’s Historic Third Ward neighborhood. Ned Purtell, John Davis and Hakan Hare of Founders 3 Real Estate Services represented the landlord, Singerman Real Estate. Solidcore is a fitness concept offering 50-minute workout classes featuring high-intensity, low-impact training. Dating back to 1922, the Dye House is listed on the National Register of Historic Places. It once housed the dyeing operation for Phoenix Knitting Co., but now features office, retail and residential space.

March 19, 2020

California Company News Indiana Midwest Retail Top Stories Western

Simon, URW Among Latest to Temporarily Close Retail Centers Amid Coronavirus Outbreak

by Alex Tostado March 19, 2020

INDIANAPOLIS AND LOS ANGELES — Simon Property Group and Unibail-Rodamco-Westfield (URW) have announced they will temporarily close their respective shopping centers across the United States amid the worldwide COVID-19 outbreak. Simon (NYSE: SPG) closed all of its U.S. properties at 7 p.m. local time Wednesday. URW will close its properties starting today. URW, which is headquartered in Paris and has offices in Los Angeles and New York City, operates 47 properties in the U.S. Due to European governments implementing crowd bans, URW began shuttering centers in France, Spain, Poland, Austria, the Czech Republic and Slovakia on March 16. In a corresponding move, the company began actively reducing non-staff expenses and deferring non-essential capital expenditure. Unless instructed otherwise by local authorities, URW will reopen its properties March 29. URW says “essential” retailers will remain open. Essential stores are typically defined as grocery stores, pharmacies, convenient stores, etc. “We have not made this decision lightly and believe this is in the best interest of protecting our various stakeholders. We look forward to reopening these centers in the very near future,” says Jean-Marie Tritant, U.S. President of URW. “In the meantime, we are doing everything possible to make sure that ‘essential’ retail outlets …

March 19, 2020

Market Reports Midwest Midwest Market Reports Minnesota Retail

Influx of Out-of-State Capital Creates Cap Rate Compression in Twin Cities Market

by Kristin Harlow March 19, 2020

In 2019, the Twin Cities net lease retail market experienced a historic year, benefitting significantly from aggressive western U.S. capital. The Twin Cities saw an unprecedented number of buyers from the western United States who were willing to pay a premium above local buyers for quality net leased real estate. There were 95 net lease transactions in the Twin Cities in 2019 that sold below a 7.5 percent cap rate, according to CoStar Group. Of those transactions, 33 percent were sold to buyers based in the West Coast. What’s more, of the net lease properties that sold below a 6.25 percent cap rate, nearly 50 percent were sold to buyers based in the western U.S. In comparison, in 2018, only 25 percent of the net leased properties below a 6.25 percent cap rate in the Twin Cities sold to buyers based in the western U.S. This trend helped average cap rates compress for both net lease multi-tenant pad/strip centers as well as single-tenant cap rates between 2018 and 2019. The average multi-tenant net lease cap rate in 2018 was 7.25 percent versus 7.1 percent in 2019. The average single-tenant cap rate in 2018 was 6.7 percent versus 6.6 percent in …

March 19, 2020

Acquisitions Michigan Midwest Multifamily

Greystone Bel Brokers Sale of 117-Unit Multifamily Portfolio in Marquette, Michigan

by Kristin Harlow March 18, 2020

MARQUETTE, MICH. — Greystone Bel Real Estate Advisors has brokered the sale of a two-property multifamily portfolio totaling 117 units in Marquette, which is located in the state’s Upper Peninsula. The portfolio includes Northwoods and Ridgeview Apartments. Austin Hull of Greystone Bel brokered the transaction. The sales price was undisclosed. An out-of-state buyer purchased the properties from an undisclosed seller. Built between 2004 and 2011, Northwoods consists of three buildings totaling 48 units on 3.5 acres. Ridgeview is a 69-unit property built in 2002. It includes 10 buildings on four acres.

March 18, 2020

Leasing Activity Midwest Office Ohio

Two Tenants Sign New Leases at Downtown Cincinnati Office Building

by Kristin Harlow March 18, 2020

CINCINNATI — Halo Communications and KnowledgeWorks Foundation have signed new leases at 312 Plum Street, a 231,000-square-foot office building in downtown Cincinnati. Rubenstein Partners LP and Strategic Capital Partners LLC own the Class A property. Halo Communications, a healthcare technology and communications provider, has leased 11,902 square feet on a five-year basis. Halo is relocating from its previous Cincinnati office at 1 W. 4th St. KnowledgeWorks Foundation, a nonprofit education organization, has leased 12,837 square feet for 10 years. The organization is relocating from the same building as Halo. Nick Greiwe, Travis Likes, Chris Carey, Scott Yards and Kate Myers of CBRE represented ownership in the lease negotiations. Chris Vollmer Jr. of CBRE represented Halo, while Peter Snow and Rose Ferrugia of Cushman & Wakefield represented KnowledgeWorks.

March 18, 2020

Acquisitions Midwest Minnesota Retail

Boulder Group Arranges $3.3M Sale of Retail Property Net Leased to AT&T in Minnesota

by Kristin Harlow March 18, 2020

MAPLEWOOD, MINN. — The Boulder Group has arranged the $3.3 million sale of a newly constructed retail property net leased to AT&T in Maplewood, just east of St. Paul. The 4,305-square-foot building is located at 3070 White Bear Ave. across from Maplewood Mall. Jimmy Goodman and Randy Blankstein of Boulder represented the seller, a Midwest-based developer. An individual investor purchased the asset. The tenant, New Cingular Wireless PCS, is a wholly owned subsidiary of AT&T Corp. New Cingular Wireless is the primary corporate entity for AT&T’s retail stores with over 2,200 locations worldwide.

March 18, 2020

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