Midwest

Planet Fitness Franchisee Leases 24,797 SF in Grand Rapids

by Kristin Harlow November 21, 2019

GRAND RAPIDS, MICH. — PF Michigan Group, a Planet Fitness franchisee, has leased a 24,797-square-foot space at 234 Market St. in Grand Rapids. Planet Fitness will serve as the anchor tenant of the approximately 31,000 square feet of commercial space at the property. Maplegrove Property Management LLC is the landlord. PF Michigan Group currently owns and operates 47 Planet Fitness locations throughout Michigan and northwest Ohio. Todd Leinberger, Mary Anne Wisinski-Rosely and Jason Makowski of NAI Wisinski of West Michigan represented the landlord while Lars Anderson of NorthStar Commercial represented the tenant in the lease transaction. The gym is expected to open in late spring 2020.

November 21, 2019

Market Reports Midwest Midwest Market Reports Minnesota Office

Strong Mix of Fortune 500 Companies Helps Fuel Growth of Twin Cities

by Kristin Harlow November 21, 2019

Even in the context of a sustained stretch of national economic growth and a Midwest region where there are plenty of high-performing markets, Minneapolis-St. Paul stands out. The commercial real estate market in and around the Twin Cities is thriving, in large part due to some impressive structural fundamentals. Metrics and measurables The state of Minnesota — especially the Minneapolis-St. Paul metro area — has a very diverse base of employment, with a long list of significant Fortune 500 companies, including familiar and even iconic names like Target, Best Buy, 3M, U.S. Bancorp, General Mills, Medtronic, C.H. Robinson and United Health Care. United Health Care alone generated $226 billion in revenue in 2018. The economic and market diversity of the Twin Cities stands in contrast to some other Midwest markets, even some that are experiencing significant growth. The market has also experienced an exciting and ongoing uptick in workforce numbers and population growth, elevating Minneapolis-St. Paul far ahead of U.S. averages for both numbers — surpassing cities like Seattle, Atlanta and Washington, D.C. Forbes lists the state of Minnesota as among the nation’s top 10 “Best States for Business.” With 65 percent of the state’s population living in the Minneapolis-St. …

November 21, 2019

Acquisitions Midwest Missouri Multifamily Student Housing

GMH Capital, AGC Equity Acquire 428-Bed Student Housing Community Near Washington University in St. Louis

by Kristin Harlow November 20, 2019

ST. LOUIS — A joint venture between GMH Capital Partners and AGC Equity Partners has acquired Everly on the Loop, a 428-bed student housing community serving students at Washington University in St. Louis. Built in 2017, the 192,390-square-foot community offers one-, two- and three-bedroom units that average 899 square feet. Shared amenities include a fitness center, yoga room, game room, swimming pool and indoor and outdoor entertainment spaces. The seller and terms of the transaction were undisclosed.

November 20, 2019

Acquisitions Midwest Multifamily Wisconsin

Cushman & Wakefield Brokers $18.7M Multifamily Sale in Suburban Milwaukee

by Kristin Harlow November 20, 2019

WAUKESHA, WIS. — Cushman & Wakefield has brokered the sale of Springdale Apartments in Waukesha for $18.7 million. The three-story, 199-unit multifamily property is located at 2415 Springdale Road. Developed in 1973, the community houses a mix of one-, two- and three-bedroom units averaging 920 square feet. The property was nearly fully leased at the time of sale. Brad Smith of Cushman & Wakefield represented the seller, Milwaukee-based Trike Property Management. Janesville-based Spaulding Group purchased the asset. Prior to the sale, Trike completed renovations to 20 of the units. Spaulding plans to continue upgrading both the units and common areas.

November 20, 2019

Illinois Leasing Activity Midwest Office

Colliers Negotiates 116,000 SF in Office Leases at Parkway North Center in Deerfield, Illinois

by Kristin Harlow November 20, 2019

DEERFIELD, ILL. — Colliers International principals Darryl Silverman and Steve Kling recently negotiated office leases totaling more than 116,000 square feet at Parkway North Center in Deerfield. Colliers represented building ownership, Fulcrum Asset Advisors and True North Management. At Six Parkway North, Lundbeck and Advanced Clinical signed leases. The property is now 95 percent leased. Lundbeck, a global pharmaceutical company, leased an additional 24,500 square feet to bring its total footprint to 73,000 square feet. John Goodman of Savils represented Lundbeck. Advanced Clinical signed a new lease for 16,521 square feet and will relocate from Ten Parkway North. Larry Serota and John Marquardt of Transwestern represented the tenant. At Nine Parkway North, now 88 percent leased, Michael Silver & Co. leased 19,253 square feet. The firm will relocate from Skokie in 2020. John Goodman and Isabel Preskill of Savils represented the accounting and consulting firm. Global executive search and leadership consulting firm Spencer Stuart leased 7,890 square feet. Bill Rogers and Isabelle Montagne of JLL represented the tenant.

November 20, 2019

Illinois Iowa Loans Midwest Multifamily

Maverick Commercial Arranges $12.7M First Mortgage for Four Manufactured Housing Communities in Illinois, Iowa

by Kristin Harlow November 20, 2019

SPRINGFIELD, ILL. AND DES MOINES, IOWA — Maverick Commercial Mortgage Inc. has arranged a $12.7 million first-mortgage loan on behalf of MHPI Inc. for a portfolio of four manufactured housing communities located in Springfield, Ill. and Des Moines. The portfolio includes a combined 303 pad sites. The three Springfield communities were built within the last 15 years. The community in Des Moines features a clubhouse, swimming pool, community room and small self-storage facility. Benjamin Kadish of Maverick arranged the seven-year, fixed-rate loan with an undisclosed national lender. Proceeds paid off the existing lender and paid for closing costs. Arnold Weinberg of Much Shelist represented MHPI.

November 20, 2019

Acquisitions Midwest Ohio Restaurant Retail

Boulder Group Brokers $1.8M Sale of Net Leased Taco Bell Property in Toledo, Ohio

by Kristin Harlow November 20, 2019

TOLEDO, OHIO — The Boulder Group has brokered the sale of a single-tenant property net leased to Taco Bell in Toledo for $1.8 million. The building is located at 2234 W. Alexis Road. There are 15 years remaining on Taco Bell’s lease, which is guaranteed by Charter Foods North LLC. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Midwest-based real estate investment company. A 1031 exchange buyer purchased the property.

November 20, 2019

Acquisitions Midwest Multifamily Wisconsin

JLL Brokers $47.5M Sale of Apartment Property in Suburban Madison, Wisconsin

by Kristin Harlow November 19, 2019

FITCHBURG, WIS. — JLL has brokered the $47.5 million sale of The Vue at Pinnacle Park in Fitchburg, a suburb of Madison. The 285-unit, Class A apartment property is located at 1300 Post Road. Built in 2014, the 9.8-acre property comprises five three-story buildings. Units average 976 square feet. Amenities include a pool, grilling area, fitness center, clubroom and pet washing stations. The property was 97 percent leased at the time of sale. Wick Kirby, Marty O’Connell, Kevin Girard and Amanda Friant of JLL represented the seller, Milwaukee-based Fiduciary Real Estate Development Inc. JLL also procured the buyer, Weidner Apartment Homes.

November 19, 2019

Acquisitions Illinois Midwest Multifamily Student Housing

OC Ventures Acquires 482-Bed Student Housing Community Near University of Illinois at Chicago

by Kristin Harlow November 19, 2019

CHICAGO — OC Ventures has acquired Automatic Lofts, a 482-bed student housing community located adjacent to the University of Illinois at Chicago campus. The property — originally built as a telephone factory in 1901 — offers one-, three- and four-bedroom, loft-style units. Shared amenities include a fitness center, study lounges on each floor, a café, recreation room and laundry services. The new ownership plans to implement capital improvements such as building out a larger fitness center, renovating lobby and study areas and updating apartment furniture. Varsity Campus will manage the community. The seller and terms of the transaction were undisclosed.

November 19, 2019

Affordable Housing Development Michigan Midwest Multifamily

Magnus Capital Partners to Develop $35M Affordable Housing Project in West Michigan

by Kristin Harlow November 19, 2019

WYOMING, MICH. — Magnus Capital Partners is transforming the former Studio 28 movie theater on 28th Street in Wyoming near Grand Rapids into a $35 million, 226-unit affordable housing project known as HOM Flats at 28 West. Magnus purchased the seven-acre, vacant property in October and has since started site development work. Preleasing is expected to begin in winter 2020 with occupancy commencing in summer 2020. Six buildings will be constructed along with 320 surface parking spots. Amenities will include a community room, coffee shop, bike storage, dog washing stations, playground and walking paths. The project team includes Rohde Construction, Hooker DeJong Architects, Exxel Engineering and American Preferred Management. Magnus is a private development firm with experience in workforce housing. Its founder Vishal Arora is from Zeeland, a suburb of Grand Rapids. Joining Magnus as an investor in the project is InSite Capital, a division of Chemical Bank. In addition, the Michigan State Housing Development Authority has awarded the project with low-income housing tax credits.

November 19, 2019

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