FLAT ROCK, MICH. — Ford has unveiled plans to begin producing battery electric vehicles at its Flat Rock assembly plant in Southeast Michigan. Ford plans to invest more than $850 million in the Flat Rock assembly plant through 2023, adding a second shift and approximately 900 new jobs. The plant investment also includes funding to build the next-generation Mustang and is the bulk of a $900 million investment in Ford’s operations in Southeast Michigan. Ford also said it will begin building an all-electric SUV starting in 2020 at its Cuautitlan, Mexico plant. Production of Ford’s first autonomous vehicles will begin in 2021 for deployment in commercial use.
CHICAGO — Clayco is nearing completion of a new 149-unit apartment project known as Upshore Chapter in Chicago. Pre-leasing will begin in May and the first residents are expected to move into the property in July. Amenities include a rooftop terrace, 24-hour fitness center, coffee bar, dog run, bike storage and a Luxer One package system. Monthly rental rates start at $1,460. Approximately 5,300 square feet of ground-floor retail space is available for lease.
OMAHA, NEB. — NorthMarq Capital has arranged a $5.2 million loan for the acquisition of a 61,120-square-foot office property in Omaha. A single tenant occupies the building, which is located at 10802 Farnam Drive. Bob Chalupa of NorthMarq arranged the 10-year loan, which features a 22-year amortization schedule. A life insurance company provided the loan.
CHICAGO — Cawley Chicago has brokered the sale of a 70,000-square-foot industrial building in Chicago for an undisclosed price. The property is located at 3950 S. Karlov Ave. Frank Melchert and Stevan Arandjelovic of Cawley represented the seller, PanHellenic Scholarship Foundation. The buyer was not disclosed.
STRONGSVILLE, OHIO — Hand & Stone Massage and Facial Spa has signed a 3,264-square-foot lease to open in Strongsville, a suburb of Cleveland. The company will occupy the space at Ledgewood Plaza. Sherrie Mendenhall of Coldwell Banker Commercial/Emmco Realty Group represented the tenant in the lease transaction.
Stakes are rising in the war for talent, and employers are using amenity-rich real estate to win the hearts and minds of the brightest young recruits. Determined to outflank the competition, companies are increasingly focused on occupying buildings with the best available on-site features, proximity to nearby amenities, and the elusive “cool” factor. Competition escalates To heed the call for better offerings, landlords in Minneapolis have begun to offer unconventional amenities including golf simulators and nap pods. As owners of traditional Class B and C buildings undertake renovations and amenity package upgrades to compete with Class A properties, lines between building classes are starting to blur. Tenants will likely start taking a more cautious approach to real estate, reflecting an increase in business uncertainty and projections for slower growth. This mindset will decrease appetites for relocations, prompting more renewals in 2019. Despite this trend, there will be a healthy number of relocations for those tenants that have not yet right-sized by employing modern furniture systems, single-sized offices, more natural light and more collaborative space. Within tenants’ spaces, private offices will grow increasingly scarce, and those that remain will move to the interior to provide more light, greater flexibility and better …
CHICAGO — JLL has acquired Corporate Concierge Services, a national provider of onsite tenant amenity and concierge solutions for retail, office, residential and hospitality properties. JLL says the acquisition is in line with its mission to bring the level of service that guests experience in the hospitality sector to the office, retail and residential sectors. Corporate Concierge Services adds more than 200 employees to JLL. The majority will continue to work in the buildings where they provide services for their tenants. Founded in 2001 by Tom Larance, Corporate Concierge Services has employees in 15 markets across the country. Services include conveniences in office buildings such as TSA Pre-Check, dry cleaning and pickup delivery, flu shots and yoga classes as well as concierge services in retail and multifamily buildings.
MINNEAPOLIS — Briggs and Morgan, a full-service law firm, has signed a 93,000-square-foot lease renewal at IDS Center in downtown Minneapolis. The firm plans to fully renovate its space, which is located on floors 22 through 25. Plans call for a more modern, open and collaborative space. Briggs and Morgan employs 250 people. Paul Donovan, Jaclyn May, Jeremy Striffler, Jennifer Stumm and Sherry Cushman of Cushman & Wakefield brokered the lease transaction. MP Johnson Construction Inc. and NELSON make up the project team. Completion is slated for mid-2020.
ST. PAUL, MINN. — Money360 has provided an $8.6 million bridge loan for the refinancing of a mixed-use property in St. Paul. The building spans 156,671 square feet. The three-year, recourse loan features a loan-to-value ratio of 58.8 percent. The borrower was not disclosed.
CHICAGO — InnerWorkings Inc. has signed a 41,443-square-foot lease for its global headquarters to be located at 203 N. LaSalle St. in downtown Chicago. InnerWorkings is a marketing execution firm serving Fortune 1000 brands across a range of industries. The company is relocating from 600 W. Chicago Ave. in the River North submarket. Jeff Dowdell, Eric Myers and William Briggs of Transwestern Commercial Services provided office leasing services on behalf of the landlord, a publicly traded international holding company. Brandon Glick, Chris Bargowski and Sam Picchiotti of Mohr Partners Inc. represented the tenant. The 625,000-square-foot office property is now 71 percent leased.