DETROIT — Coyote Logistics, a UPS company and global third-party logistics provider, is creating a new tech hub in Detroit’s Corktown neighborhood. The facility is expected to open in the third quarter of this year. Coyote will be the anchor tenant in The Assembly, a Bedrock-owned building. The five-story property was formerly a warehouse. Coyote is expected to employ 500 people, with 350 of those being new positions. Coyote will occupy the entire second and third floors for a total of 58,000 square feet. The Assembly will span approximately 160,000 square feet. Bedrock is the real estate arm of billionaire businessman Dan Gilbert, founder and chairman of Quicken Loans.
Midwest
WEST JEFFERSON, OHIO — Hillwood, a Perot company, and Continental Real Estate Cos. have unveiled plans to develop an approximately 840,000-square-foot speculative distribution center in West Jefferson. Slated for delivery in early 2020, the property will be expandable up to 1.2 million square feet. The project will offer convenient access to I-70 and will be situated 20 miles west of the central business district. Building features include a clear height of 36 feet, cross-dock configuration, 130 trailer parking spaces and 200 car parking spaces.
WAUKESHA, WIS. — Bernard Financial Group has arranged a $22 million loan for the acquisition of a 331,541-square-foot retail property in Waukesha. Neil Gorosh of Bernard arranged the CMBS loan on behalf of the borrower, SBV Fox River LLC. ATI Physical Therapy is one of the tenants.
DETROIT — Tin Roof has unveiled plans to open at The District Detroit. The music joint and restaurant will occupy the space formerly home to Cheli’s Chili Bar and will be situated near Comerica Park, Ford Field and the historic Fox Theatre. The original Tin Roof opened in 2002 near Nashville’s famed Music Row. Popular menu items include Dixie biscuits, voodoo shrimp grinder and candy pig mac & cheese. Other recently announced tenants at The District Detroit include Sahara Restaurant & Grill, The M Den, Frita Batidos, the Detroit Medical Center Sports Medicine Institute, Warner Norcross + Judd LLP and Google. Scott Young and Ashley Ketko of CBRE represent the landlord, Olympia Development, in lease transactions for retail properties at The District Detroit.
DETROIT — H&M, a Swedish fashion retailer, has unveiled plans to open its first Detroit location this fall. The trendy clothing retailer has signed a lease with Bedrock, the real estate arm of billionaire businessman Dan Gilbert, founder and chairman of Quicken Loans. H&M will occupy a 25,000-square-foot space within three Albert Kahn-designed buildings on the west side of Woodward Avenue. The historic Woodward shopping district was once home to Detroit’s most prominent department stores, including J.L. Hudson’s.
OVERLAND PARK, KAN. — Hamilton Zanze has acquired the 272-unit Metcalf Village Apartments in Overland Park for an undisclosed price. The company plans to rebrand the community as Boulders at Overland Park Apartments. Built in 2017, the property spans 261,862 square feet. Amenities include a fitness center and a saltwater pool. Hamilton Zanze, a San Francisco-based real estate investment company, plans to improve outdoor lighting and landscaping. Mission Rock Residential will manage the asset. The seller was not disclosed.
OLATHE, KAN. — The Opus Group has signed two tenants at its recently completed 56 Commerce Center in Olathe. Gateway Classic Cars and Lanter Delivery Systems Inc. now occupy more than 85,000 square feet within the 230,000-square-foot speculative industrial building. Gateway Classic Cars is a seller of collectible and exotic automobiles. The company’s space includes a showroom for vehicles and storage. Lanter uses its space as a regional shipping hub for its local automotive, agricultural and industrial clients. The company provides specialized overnight delivery logistic services, ensuring deliveries reach their intended destinations by the following morning. Features of 56 Commerce Center include a clear height of 32 feet, a front parking lot and rear truck court. Joe Orscheln and Mike Mitchelson of CBRE marketed the property for lease. Mark Long of Newmark Grubb Zimmer represented Gateway Classic Cars while John Stafford of Colliers International represented Lanter.
WARRENVILLE, ILL. — Quantum Real Estate Advisors Inc. has brokered the sale of a multi-tenant retail building in Warrenville for $5.4 million. At the time of sale, the 18,000-square-foot property was 93 percent leased to Starbucks, Potbelly Sandwich Works, T-Mobile, Spotted Paw and Jazza Nails. Chad Firsel and Daniel Waszak of Quantum brokered the transaction. A Chicago-based private investor purchased the asset from a Chicago-based investment group.
ROCKFORD, ILL. — SVN Chicago Commercial has arranged the sale of a two-property multifamily portfolio in Rockford for $2.7 million. The properties, which total 79 units, include the neighboring Orchard Hills and Forest View. Cody Doran and Reid Bennett of SVN brokered the transaction. Buyer and seller information was not disclosed.
While Indiana is well known for the Indianapolis 500, the state’s economy is firing on all cylinders and experiencing noteworthy job growth. Indiana’s marketing campaign, “A State That Works,” has been successful in attracting investment to the state by touting its highly ranked business climate, competitive cost of doing business, pro-business tax climate, low cost of living, extensive logistical infrastructure and access to strong educational systems. In June 2018, Bloomberg ranked the Indiana cities of Elkhart (No. 1), Kokomo (No. 3) and Columbus (No. 13) for having the largest employment gains in the country since the recession. The Indianapolis metro area has created one of the nation’s top burgeoning tech scenes with a 68.1 percent increase in tech job growth from 2006 to 2016, landing No. 5 on Forbes’ list of “Cities Creating the Most Technology Jobs.” The state’s stable economy and encouraging unemployment rate have provided strength to the rapidly evolving retail industry. While national news is filled with retail bankruptcies and store closures, there has been tremendous retail activity backfilling vacancies and spurring new development from the following retail sectors: grocery, home living, health and wellness, beauty, fitness, off-price/discount, and dining and entertainment. Backfilling bankruptcies Following the bankruptcy …