Midwest

Kraus-Anderson Begins Office Conversion Project in St. Paul

by Kristin Harlow September 6, 2019

ST. PAUL, MINN. — Kraus-Anderson Development has begun the conversion of the former Capitol Professional Office Building located at 590 Park St. in St. Paul into a 92-unit apartment building. Located near Regions Hospital and the state capitol building, the project is situated within the Capitol Heights neighborhood. Completion is slated for July 2020. Designed by UrbanWorks Architecture, the 590 Park project will offer micro and one-bedroom units. Amenities will include a lobby lounge, game room, outdoor patio, dog run, fitness center and clubroom. Kraus-Anderson will also renovate the adjacent parking structure as part of the project.

September 6, 2019

Acquisitions Illinois Midwest Multifamily

Bridge Capital Partners, Friedkin Property Group Acquire 206-Unit Apartment Complex in Naperville

by Kristin Harlow September 6, 2019

NAPERVILLE, ILL. — Bridge Capital Partners and Friedkin Property Group Inc. have acquired River Run at Naperville Apartments for an undisclosed price. The 206-unit, 11-building apartment complex is located at 1015 Preserve Ave. in suburban Chicago. Built in 2003, the property includes a clubhouse, game room, fitness center, conference room, dog park and pool. The average unit size is 1,316 square feet. Dan Cohen and John Jaeger of CBRE represented the joint venture seller, Marquette Cos. and an affiliate of Heitman.

September 6, 2019

Acquisitions Midwest Minnesota Retail

Hanley Investment Group Negotiates $11.8M Sale of Retail Center Near Twin Cities

by Kristin Harlow September 6, 2019

WOODBURY, MINN. — Hanley Investment Group Real Estate Advisors has negotiated the $11.8 million sale of Commons Plaza, a 13,405-square-foot, three-building retail property in Woodbury. The property is located at 720-740 Commons Drive, 23 miles east of downtown Minneapolis. The property features a new 2,926-square-foot building that is fully leased to Raising Cane’s. The second building spans 3,551 square feet and is fully leased to Minneapolis-based Sleep Number. Lastly, the third building totals 7,199 square feet and is occupied by WellHaven Pet Health and Restore Cryotherapy. Jeff Lefko and Bill Asher of Hanley Investment Group represented the seller, Florida-based Onecorp, in the transaction. Steve Tucker of California-based Tucker Investments represented the buyer, a private investor from Orange County, California.

September 6, 2019

Development Industrial Michigan Midwest Self-Storage

U-Haul Opens Facility at Former Kmart Store in Flint, Michigan

by Kristin Harlow September 6, 2019

FLINT, MICH. — U-Haul has opened a retail and self-storage facility at 3083 Miller Road in Flint. The site was formerly home to a vacant Kmart store. U-Haul offers a full line of moving supplies, boxes, hitch accessories and bike racks. The store also offers truck and trailer sharing, self-storage and propane. U-Haul acquired the 99,269-square-foot building last October and renovated it to house approximately 800 indoor self-storage units. Originally constructed in 1963, the building had sat vacant since 2016.

September 6, 2019

Illinois Loans Midwest Retail

NorthMarq Arranges $8.4M Refinancing of Retail Center Near St. Louis

by Kristin Harlow September 6, 2019

ALTON, ILL. — NorthMarq has arranged an $8.4 million loan for the refinancing of Alton Corners Shopping Center in Alton, about 15 miles north of St. Louis. The 50,063-square-foot retail center is located at 309-319 Horner M Adams Parkway. Tenants include Office Depot, Mattress Firm, Firehouse Subs and Applebee’s. Susan Branscome of NorthMarq arranged the loan, which features an 80 percent loan-to-value ratio, with a regional bank.

September 6, 2019

Development Michigan Midwest Mixed-Use

Bedrock Selects ODA as Architect for Book Tower Rehabilitation in Detroit

by Kristin Harlow September 5, 2019

DETROIT — Bedrock has selected ODA as the design architect for the Book Tower, an adaptive reuse project in Detroit. The project includes a mix of residential, hospitality, retail and office space. The 486,760-square-foot office tower was originally designed by Louis Kemper in 1916 in an Italian Renaissance style. Bedrock acquired the 38-story tower in 2015 and recently completed an extensive exterior restoration, including the replacement of 2,483 windows. ODA plans to add a variety of public amenities, including retail, galleries, restaurants and a café. The project team also includes construction manager Brinker/Christman, civil engineer Giffels Webster, structural engineer Buro Happold, as well as Kraemer Design Group for historic preservation and ARUP for acoustics and security. The building was named after the famous Book Brothers of Detroit. The last tenant, Bookie’s Tavern, closed in early 2009 leaving the entire building vacant.

September 5, 2019

Development Midwest Minnesota Multifamily

Opus, Titan Complete 154-Unit Apartment Project in Rochester, Minnesota

by Kristin Harlow September 5, 2019

ROCHESTER, MINN. — The Opus Group and Titan Development & Investments have completed development of The Maven on Broadway, a 154-unit apartment project in Rochester near the Mayo Clinic. The building offers a mix of floor plans ranging from studios to penthouses, including 20 furnished units. Tenants have access to various amenities, including a pool, clubroom, fitness center, lounge, rooftop deck and dog wash. The property also includes 9,000 square feet of ground-level retail space. The project is part of the city of Rochester’s Destination Medical Center initiative, a public-private partnership to position Rochester as a destination for health and wellness. Opus and Titan were co-developers, while Titan provided construction management. Opus served as design-builder, interior designer, architect and structural engineer of record.

September 5, 2019

Acquisitions Illinois Midwest Ohio

Plymouth Industrial REIT Acquires Midwest Assets for $68.4M

by Kristin Harlow September 5, 2019

CHICAGO, CINCINNATI AND COLUMBUS, OHIO — Plymouth Industrial REIT Inc. has acquired industrial assets in Chicago, Cincinnati and Columbus for $68.4 million in separate transactions totaling approximately 1.8 million square feet. Plymouth purchased a seven-building Class B portfolio totaling just under 1.1 million square feet in Chicago for $32.2 million. The portfolio is 97 percent leased to 15 tenants. Anchor tenants include Ply Gem Building Products, A-Reliable Auto Parts & Wreckers, Pactiv and Aryzta. Plymouth also purchased a six-building light industrial and flex portfolio in Cincinnati and Columbus totaling 591,695 square feet. The Cincinnati properties are 93 percent leased and consist of four buildings, Enterprise Business Center 1 & 2, Cornell Commerce Center and 6918 Fairfield Business Drive. The two Columbus properties, located on Orange Point Drive and Graphics Way, are fully occupied and total 217,289 square feet. Major tenants include Safelite Auto, Pilot Chemical, Modern Office Methods and Ohio National Life Insurance.

September 5, 2019

Acquisitions Midwest Ohio Retail

Marcus & Millichap Brokers Sale of 105,313 SF Shopping Center Near Akron, Ohio

by Kristin Harlow September 5, 2019

BARBERTON, OHIO — Marcus & Millichap has brokered the sale of Barberton Shopping Center within the Akron metro area for an undisclosed price. Giant Eagle anchors the 105,313-square-foot fully leased shopping center, which is located at the intersection of Robinson Avenue and 5th Street. Giant Eagle occupies 83 percent of the center’s gross leasable area and includes a drive-thru pharmacy, wine and beer selection, bank branch and gas station. Other tenants include Chipotle, Jimmy John’s, Little Caesars, Verizon, Ohio BMV, H&R Block and Best Cuts. Erin Patton, Scott Wiles, Craig Fuller, Joseph French Jr. and C.J. Jackson of Marcus & Millichap marketed the property on behalf of the seller, a New York-based privately held REIT. A Texas-based private company purchased the center.

September 5, 2019

Development Michigan Midwest Restaurant Retail

Michigan Ranks Fourth in Nation for Most Craft Breweries, Says CBRE

by Kristin Harlow September 5, 2019

MICHIGAN — Craft beer has become big business in Michigan, especially in the Detroit area, where breweries have expanded by 680,000 square feet since 2010, according to a report from CBRE. In 2017, the craft brewing industry contributed $76.2 billion to the U.S. economy. Of that amount, the total craft beer industry in Michigan contributed nearly $2.5 billion — ninth highest in the nation. In total, the state is home to 330 craft breweries, ranking it fourth in the nation by the number of establishments. From 2008 to 2016, Michigan added 1,600 jobs in breweries, accounting for sector employment growth of more than 760 percent.

September 5, 2019

Newer Posts

Older Posts