Midwest

Myriad Factors at Play for St. Louis Industrial Market Activity

by Kristin Harlow September 12, 2019

The St. Louis industrial market continues to rally after posting 22 straight quarters of positive absorption. Record leasing activity and historically low vacancy have put the region on pace to deliver another 6.5 million square feet of Class A industrial space in 2019. This is in a market that averages deliveries of approximately 2.5 million square feet annually. Current drivers engendering this industrial activity include the following. Discipline Developers in St. Louis have long been known for their disciplined approach to building. Vacancy in a stable market hovers near 7 percent for the region. The vacancy rate for industrial space leading into the third quarter was 5 percent, up slightly from the previous quarter, according to CoStar. Continued speculative development, particularly in the Metro East, added to the increase. This, coupled with a large vacancy left in Lakeview Commerce Center by World Wide Technologies as it shuffles into a new 2 million-square-foot facility in Gateway Commerce Center East, were the most evident culprits. Expect vacancy to uptick slightly again in the third quarter as speculative deliveries by NorthPoint Development at Gateway Tradeport along with Exeter in Gateway Commerce Center come online. E-commerce No discussion surrounding the industrial market would be …

September 12, 2019

Acquisitions Hospitality Michigan Midwest

KSL Capital Partners Agrees to Acquire Historic Grand Hotel on Michigan’s Mackinac Island

by Kristin Harlow September 11, 2019

MACKINAC ISLAND, MICH. — KSL Capital Partners LLC has agreed to acquire the Grand Hotel on Mackinac Island from the Musser family, whose legacy with the hotel dates back over 85 years. Terms of the transaction, expected to close within the next 30 days, were not disclosed. Dan Musser III will remain chairman. The 397-room hotel is a National Historic Landmark that overlooks the Straits of Mackinac and the Mackinac Bridge. Its 660-foot long porch is the world’s longest porch, according to a news release. Mackinac Island does not allow motorized vehicles, so guests arrive by ferry or airplane and are transported to the hotel by horse and carriage. Open from early May to late October each year, the Grand Hotel first opened in July 1887. Pivot Hotels & Resorts, the lifestyle and luxury operating division of Davidson Hotels & Resorts, will manage the property for KSL.

September 11, 2019

Development Midwest Ohio Retail

Washington Prime Group to Develop Athletic, Entertainment Venue at Former Sears Store in Ohio

by Kristin Harlow September 11, 2019

YOUNGSTOWN, OHIO — Washington Prime Group Inc. has unveiled plans to develop a four-acre athletic and entertainment venue to be named DeBartolo Commons at Southern Park Mall in Youngstown. The venue will be situated at the site of a former Sears department store. Demolition of the store has commenced. Washington Prime also plans to develop an additional entertainment area adjacent to DeBartolo Commons. Plans call for a 37,000-square-foot indoor golf center and new food and beverage offerings. Southern Park Mall was originally built by Edward J. DeBartolo Corp. in 1970.

September 11, 2019

Acquisitions Kansas Midwest Multifamily

NorthMarq Arranges Sale of 170-Unit Multifamily Portfolio in Lawrence, Kansas

by Kristin Harlow September 11, 2019

LAWRENCE, KAN. — NorthMarq has arranged the sale of a 170-unit multifamily portfolio in Lawrence for an undisclosed price. The rental properties include Camson Place, Camson Villas and Camson Townhomes. Jeff Lamott of NorthMarq represented the buyer, Orozco Capital Trust, which completed a 1031 tax-deferred exchange and sold a Topeka portfolio. Kyle Tucker and John Duvall of NorthMarq arranged an undisclosed amount of acquisition financing through Fannie Mae. Wilhm Real Estate represented the seller of the Camson portfolio.

September 11, 2019

Acquisitions Illinois Midwest Retail

Marcus & Millichap Brokers $3.4M Sale of Retail Center in Chicago

by Kristin Harlow September 11, 2019

CHICAGO — Marcus & Millichap has brokered the sale of a 21,916-square-foot retail center in Chicago for $3.4 million. The property, occupied by Dollar Tree and One Hope United, is located at 707 E. 47th St. It is shadow anchored by a $46 million mixed-use building that includes a Walmart Neighborhood Market. Adrian Mendoza, Austin Weisenbeck and Sean Sharko marketed the property on behalf of the seller, a fund manager. A California-based family trust purchased the asset.

September 11, 2019

Leasing Activity Midwest Missouri Office

Digital Marketing Agency Signs 10,000 SF Office Lease in Clayton, Missouri

by Kristin Harlow September 11, 2019

CLAYTON, MO. — Anvil Analytics + Insights, a branding and digital marketing agency, has signed a multi-year lease to occupy 10,000 square feet at 7730 Carondelet in Clayton. The new space more than doubles the size of the agency’s previous location in Chesterfield. Anvil expects to occupy the new space beginning this month. Blaise Tomazic of JLL represented the tenant in the lease transaction. The landlord was not disclosed.

September 11, 2019

Development Midwest Ohio Retail

Kroger Set to Open Downtown Cincinnati Store This Month

by Kristin Harlow September 10, 2019

CINCINNATI — Kroger Co. is set to open a downtown Cincinnati store on Wednesday, Sept. 25. This is the first downtown store in a half-century for the Cincinnati-based grocer, according to the Cincinnati Business Courier. The new store is located at the corner of Court and Walnut streets, across from the company’s headquarters. The 45,000-square-foot, two-story store will include five restaurants within a food hall. It will be known as Kroger on the Rhine, replacing an existing Kroger store in the Over-the-Rhine district. Besides the Kroger store, the 18-story building comprises a 139-unit apartment complex known as 1010 on the Rhine.

September 10, 2019

Illinois Loans Midwest Office

JLL Arranges $29.8M in Financing for Renovation of Office Property in Oak Brook, Illinois

by Kristin Harlow September 10, 2019

OAK BROOK, ILL. — JLL has arranged $29.8 million in renovation financing for 2001 York Road, a 184,525-square-foot office property in Oak Brook. Christopher Carroll of JLL secured the three-year, floating-rate loan on behalf of the borrower, Pembroke IV LLC. The five-story building, located near I-88 and I-294, is fully leased. Comcast occupies the majority of the property, which was built in 1999. Specific renovation plans were not disclosed.

September 10, 2019

Acquisitions Indiana Industrial Midwest

TEI Acquires Industrial Park in Indianapolis for $6.9M

by Kristin Harlow September 10, 2019

INDIANAPOLIS — Time Equities Inc. (TEI) has acquired Brookside Industrial Park in Indianapolis for $6.9 million. The Class B property spans 303,764 square feet and 10 buildings across 33.9 acres. The asset was 90 percent leased at the time of sale to tenants such as United Rentals, California Closets, Alloyd Supply Co. Inc., Purposeful Design, AH Furnico Inc., Health and Hospital Corp. of Marion County, Agile Engineering & Manufacturing and Siddique Enterprises. Julia Evinger and Damien Yoder of Marcus & Millichap brokered the transaction on behalf of the private seller. Brian Soto, Max Pastor and Raymond Cazis of TEI self-represented the comapny as acquisition and asset managers. TEI also acquired 1.9 acres of undeveloped land on the site, enabling the firm to further develop the complex.

September 10, 2019

Hospitality Indiana Loans Midwest

Mag Mile Capital Arranges $5.3M Acquisition Loan for 83-Room Hotel in Indianapolis

by Kristin Harlow September 10, 2019

INDIANAPOLIS — Mag Mile Capital has arranged a $5.4 million CMBS loan for the acquisition of an 83-room Courtyard by Marriott hotel in southeast Indianapolis. The property is located at 4650 Southport Crossing Drive near I-65. Rushi Shah and Prabhat Jayara of Mag Mile Capital arranged the fixed-rate loan on behalf of the borrower, Trivedi Hospitality. Rialto Mortgage Finance provided the 10-year, nonrecourse loan, which features a 30-year amortization schedule.

September 10, 2019

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