Midwest

Confluent Completes Redevelopment of Historic Bank Property in St. Louis

by Kristin Harlow October 14, 2019

ST. LOUIS — Confluent Development has completed the redevelopment of the historic Southwest Bank property in the Southwest Garden neighborhood of St. Louis. The project is now home to BMO Harris Bank, which remained operational throughout the redevelopment process, and Walgreens, which recently celebrated its grand opening at the location. Confluent is donating a third building to local nonprofit Tower Grove Neighborhoods Community Development Corp. A fourth vacant site will be available for a future tenant. Confluent preserved the historical façade along the Kingshighway Boulevard portion of the project while redeveloping the remainder of the underutilized land. Rosemann & Associates served as architect and Paric Corp. was the general contractor. Pace Properties will market the available pad site for lease.

October 14, 2019

Leasing Activity Michigan Midwest Retail

B2 Outlet Stores Opens 18th Location in Michigan

by Kristin Harlow October 14, 2019

MUSKEGON, MICH. — West Michigan-based B2 Outlet Stores has opened its 18th location in the state of Michigan. The discount retailer occupies 6,700 square feet at 1680 E. Apple Ave. in Muskegon. B2 Outlet offers a variety of merchandise and donates a portion of all profits to local and worldwide causes. Todd Leinberger of NAI Wisinski of West Michigan assisted B2 Outlet in securing the new location. Leinberger, along with colleagues Russ Bono and Cameron Timmer, represented the undisclosed landlord. The name B2 stands for Benefit Twice.

October 14, 2019

Acquisitions California Florida Hospitality Illinois Midwest New York Northeast Southeast Top Stories Western

Queensgate Investments Acquires Freehand Hotels for $400M

by Kristin Harlow October 14, 2019

NEW YORK CITY, LOS ANGELES, MIAMI AND CHICAGO — Queensgate Investments has acquired Freehand Hotels from a seller consortium including The Yucaipa Cos. and Sydell Group for approximately $400 million. Freehand is a lifestyle hotel brand, owner and operator of hotel assets with 922 rooms across four hotels in Manhattan’s Flatiron District, downtown Los Angeles, Miami Beach and River North Chicago. The brand advertises itself as combining the social culture of a hostel with top-shelf design, food and beverage. Included in the acquisition is the Broken Shaker bar concept that operates within the hotels. Generator, a hostel business that Queensgate acquired in 2017, will manage Freehand. Generator seeks to appeal to millennial customers, focusing on capital city addresses, design-led interiors and shared social spaces. “The acquisition of Freehand is of strategic importance to Generator, and the combined portfolio represents one of the largest asset-rich lifestyle hospitality platforms globally with 19 hotels in 17 gateway cities,” says Puneet Kanuga, investment director at Queensgate. “There is now a significant push to grow the presence of both Freehand and Generator across the United Kingdom and Europe, with opportunities currently being evaluated in London, Edinburgh, Milan, Amsterdam and other gateway European cities.” London-based Queensgate …

October 14, 2019

Civic Development Midwest North Dakota Top Stories

Cardon Global Opens $273M Williston Basin International Airport in North Dakota

by Alex Patton October 11, 2019

WILLISTON, N.D. — Cardon Global has opened the Williston Basin International Airport (XWA) in Williston, located approximately 215 miles northwest of Bismarck. Development costs were estimated to be $273 million. The 100,000-square-foot airport includes four gates and three passenger boarding bridges as well as a 50-seat bar and restaurant. XWA is the first ground-up commercial airport built in the Midwest since the 1940s, according to the developer. “Prior to the completion of XWA airport, the region was lacking the capacity, ease and essential airport amenities necessary to inspire travelers flying in and out of Williston,” says Don Cardon, CEO of Cardon Global. “In designing a vision for the airport to serve the region for decades to come, we’ve collectively tried to anticipate the needs of today’s travelers. That means providing an amazing mix of amenities, access, comfort and enjoyment to make the process of air travel much more enjoyable and productive moving forward.” The airport is functionally replacing Williston’s now decommissioned Sloulin Field International Airport, which was built in 1947. Forbes reports that Sloulin Field accommodated about 148,000 passengers, down from about 240,000 in 2014. Those numbers are up from 22,000 in 2009. So far, 2019 has seen a 22 percent increase …

October 11, 2019

Development Michigan Midwest Retail

PREIT Opens Woodland Mall Expansion in Grand Rapids, Michigan

by Kristin Harlow October 11, 2019

GRAND RAPIDS, MICH. — PREIT has opened the Woodland Mall expansion wing. In 2017, the company purchased the store formerly occupied by Sears at the mall. It was demolished in order to make way for new uses. Von Maur now occupies 90,000 square feet at the new wing and is the department store’s first in the region. Other new retailers slated to open at the property include Urban Outfitters, Sephora, White House Black Market, Tricho Salon, Paddle North, Mobile Station and REI, which opened in May. New dining options include Black Rock Bar & Grill and The Cheesecake Factory, slated to open in November.

October 11, 2019

Loans Midwest Multifamily Ohio Seniors Housing

NorthMarq Arranges $23.7M Construction Financing for Seniors Housing Property in Cincinnati

by Kristin Harlow October 11, 2019

CINCINNATI — NorthMarq has arranged $18.2 million of construction debt and $5.5 million of equity for Airy Hills at North Bend Crossing, a seniors housing property in Cincinnati. The 82-unit community will be located at 5150 N. Bend Crossing. The unit mix will include 31 assisted living units, 32 memory care units and 19 rehabilitation units. Noah Juran of NorthMarq arranged the three-year financing with a regional bank. General contractor The Douglas Co. expects to begin construction immediately. Completion is slated for the fourth quarter of 2020 or early 2021.

October 11, 2019

Development Healthcare Midwest Minnesota Retail

Lupe to Redevelop Retail Site in Woodbury, Minnesota Into Medical Office

by Kristin Harlow October 11, 2019

WOODBURY, MINN. — Lupe Development Partners has unveiled plans to redevelop a 6.7-acre retail site at the intersection of Valley Creek Road and I-494 in Woodbury. Lupe will tear down an existing Key Inn motel to make way for a new 34,000-square-foot medical office building. There will also be a credit union-anchored retail building and a drive-thru restaurant. Plans also call for the renovation of two small office buildings on Woodlane Drive. Demolition of the motel is expected to begin in early 2020. The first new buildings are slated for completion in September 2020. Aaron Barnard and Anne Stahley of Cushman & Wakefield will market the medical office building for lease. Sara Martin and Molly Townsend of Colliers International will market the retail portion for lease.

October 11, 2019

Acquisitions Industrial Michigan Midwest

Innovative Industrial Properties Acquires 156,000 SF Property in Michigan for $19M

by Kristin Harlow October 11, 2019

WARREN, MICH. — Innovative Industrial Properties Inc. (IIP) has acquired a 156,000-square-foot industrial property in Warren, a northern suburb of Detroit. The purchase price was $19 million. Concurrent with the acquisition, IIP entered into a long-term, triple-net lease agreement with LivWell Michigan LLC, a licensee of LivWell Holdings Inc. The tenant intends to operate the property as a licensed cannabis cultivation and processing facility. LivWell is expected to complete tenant improvements at the property and IIP has agreed to provide reimbursement of up to $23 million.

October 11, 2019

Development Illinois Midwest Office

J.C. Anderson Completes 30,824 SF Spec Office Build-out in Chicago

by Kristin Harlow October 11, 2019

CHICAGO — J.C. Anderson has completed a 30,824-square-foot office suite build-out on a speculative basis for property owner GlenStar Properties LLC at 55 E. Monroe St. in Chicago. The 1.3 million-square-foot office tower is located one-half block west of Michigan Avenue. The project scope included the addition of open offices, pantries, conference rooms and new lighting fixtures. Nelson provided architectural services.

October 11, 2019

Acquisitions Illinois Midwest Multifamily

JVM Acquires 254-Unit Apartment Community in Suburban Chicago

by Kristin Harlow October 10, 2019

LA GRANGE, ILL. — JVM Realty Corp. has acquired Uptown La Grange, a 254-unit luxury apartment community in La Grange, about 17 miles west of downtown Chicago. The purchase price and seller were not disclosed. JVM Management Inc. will manage the property, which was built in 2017. Uptown La Grange has a high walk score of 90, as it sits next to a 17-acre public park and is one block away from the LaGrange Road Metra train station. Community amenities at the property include a rooftop terrace, heated pool, bocce ball court, fitness center, yoga studio and clubroom. JVM now owns and operates five multifamily properties in the area.

October 10, 2019

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