GENOA TOWNSHIP, MICH. — Lockwood Cos., a builder, manager and investor of apartments in Michigan and Ohio, has opened the third phase of Lakeshore Village Apartments in Genoa Township, about five miles southeast of Howell, Mich. The $24 million investment adds 144 units to the 240-unit complex. Phases I and II were completed in 2000. Phase III features one-, two- and three-bedroom units with monthly rents ranging from approximately $850 to $1,000. The development was financed through the Michigan State Housing Development Authority, resulting in monthly savings for residents. In addition to the existing pool, clubhouse and playgrounds, Lockwood added a new fitness center and business center.
JEFFERSONVILLE, IND. — Denso Products and Services Americas Inc. has signed a 311,483-square-foot industrial lease at River Ridge Commerce Center in Jeffersonville. The Opus Group developed the 426,450-square-foot building, which features a clear height of 32 feet and 44 dock positions. Denso is an automotive parts manufacturer. Kevin Groves of CBRE represented Opus in the lease transaction.
CLEVELAND — J. Crew and Sephora are the latest retail tenants to join Pinecrest, a 750,000-square-foot mixed-use development in Cleveland’s Orange Village. The retailers are set to open later this year. J. Crew will occupy 5,700 square feet Sephora will occupy 5,500 square feet across from Pottery Barn. Previously announced tenants at Pinecrest include REI, West Elm, Shake Shack and Vineyard Vines.
CHICAGO — The city of Chicago has selected Studio ORD to lead the design of the $8.5 billion expansion at the Chicago O’Hare International Airport. Studio ORD will design the new O’Hare Global Terminal and Global Concourse. The city will now enter into contract negotiations with Studio ORD. In the coming months, a second team will be selected from the remaining four finalists to design two new satellite concourses to be built west of Terminal 1. The expansion will create tens of thousands of jobs, according to the city. Airport revenues, not taxpayer dollars, will be used to pay for the expansion. At 2.2 million square feet, the new O’Hare Global Terminal will more than double the space at the existing Terminal 2. The terminal project is valued at $2.2 billion. Construction is expected to begin in 2023. For the first time at O’Hare, the new Global Terminal will integrate international and domestic operations, enabling travelers to more easily connect to domestic flights from destinations from around the world under one roof. More than 83 million passengers use the airport each year. Studio ORD is a joint venture comprised of the following firms: Corgan Associates Inc., Milhouse Engineering and Construction …
CHICAGO — Developers Bob Wislow and Camille Julmy have selected Clayco to construct a 12-story office development in Chicago’s West Loop. Located at 215 N. Peoria St., the $26 million mid-rise project will include a ground-level restaurant and lobby. Floors two through four will feature a 45-space parking garage and floors six through 12 will be leasable office space. Plans also call for an amenity rooftop. Clayco plans to break ground next month. Clayco’s in-house design firms, BatesForum and LJC Collaborative, make up the project team. CBRE will market the property for lease.
PLYMOUTH, MINN. — Ten Capital Management (TCM) has acquired Atria Corporate Center in Plymouth, located about 15 miles west of downtown Minneapolis, for an undisclosed price. The 358,941-square-foot office property was built in the late 1980s and substantially renovated in 2017. Atria offers food service, a complimentary coffee bar, fitness center, locker room with showers, training center, onsite management and heated parking. The seller was not disclosed.
DETROIT — The city of Detroit has selected Woodborn Partners to develop a new mixed-income housing project in the Hubbard Richard neighborhood and Mexicantown Business District of southwest Detroit along the border of Corktown. The site, currently vacant land, sits adjacent to Michigan Central Station, the former train depot that Ford Motor Co. is transforming into a campus. The $16 million project will include 60 new apartment units, as well as 5,000 square feet of retail space and 40 parking spaces. The four-story development will also include outdoor amenities. The project is in one of 10 neighborhoods of the Strategic Neighborhood Fund, a fund dedicated to neighborhood development. Construction is expected to start later this year, with completion slated for late 2020. Detroit-based Woodborn has other multifamily projects underway within the city.
ST. PAUL, MINN. — Kraus-Anderson Realty has purchased Midway Marketplace in St. Paul for an undisclosed price. Built in 1994, the 324,430-square-foot retail center includes anchor tenants Cub Foods, Walmart, TJ Maxx, LA Fitness and Dollar Tree. Other tenants at the property include Sprint, Leann Chin, The UPS Store, Mother Nature’s Vitamins and Midway Tobacco & Cigar Place. Beachwood, Ohio-based RVI sold the asset.
The Twin Cities apartment market is historically characterized by high occupancy and minimal volatility, with consistent and solid year-over-year rent increases, minimal concessions and a sustained vacancy rate well below 5 percent. As a result, there is abundant interest from investors and lenders alike to place capital in the Twin Cities. The lending environment for Twin Cities’ apartment owners appears poised for another great run in 2019, with all lender types having a large appetite to place capital in the market. Agency lenders Agency lenders (Freddie Mac, Fannie Mae and HUD) have been extremely active, and that will not change. Their allocations remain high, and all agencies are expected to compete aggressively for business. Additionally, there is an increased focus on products catering to affordable and workforce housing, not only for existing properties, but in providing loan commitments and locked interest rates for takeout financing for affordable or workforce housing projects. The agency reach extends geographically to secondary and tertiary out-of-state markets as well, with minimal impact on underwriting standards. Agency lenders are able to provide relatively high leverage, longer-term, nonrecourse financing for all classes of apartments. Their ability to offer partial or full-term interest-only payments is a significant …
MILWAUKEE — North Wells Capital LLC has received a $26.6 million loan for the ongoing renovation and redevelopment of the former Bon-Ton headquarters in Milwaukee. Meridian Capital Group arranged the loan with A10 Capital. North Wells acquired the 429,000-square-foot property in May 2017 and renamed it HUB640 after its address at 640 N. 4th St. North Wells is gutting and renovating the building to provide offices for multiple companies, and is marketing the first floor to new retailers. The $26.6 million loan provides long-term financing for the company’s purchase of the property and secures money to build out interior spaces for future tenants. The 120-year-old building served as the corporate headquarters for The Bon-Ton Stores, and as the flagship site of one of its retail brands, The Boston Store, since completion. Bon-Ton filed for bankruptcy in 2018 and was sold and liquidated.