Midwest

Raising Cane’s to Open in Belton, Missouri

by Kristin Harlow April 9, 2019

BELTON, MO. — Raising Cane Restaurants LLC has received approval from the Belton Planning Commission to build a 3,160-square-foot restaurant near I-49 in Belton. The $1.5 million development will consist of a one-story drive-thru restaurant on a 1.7-acre lot at 1599 E. North Ave. The Raising Cane’s Chicken Fingers restaurant will include an indoor dining room with 80 seats, a covered outdoor area with 25 seats and 36 parking spaces. PM Design Group is the architect and Premier Design Group is the project engineer. The restaurant is slated for a 2020 opening.

April 9, 2019

Development Midwest Missouri Multifamily

Cohen-Esrey Begins Conversion of Kansas City Office Building into Luxury Apartments

by Kristin Harlow April 8, 2019

KANSAS CITY, MO. — Cohen-Esrey Development Group is converting a seven-story office building in Kansas City into a luxury apartment project. The first phase of construction, Midtown Plaza, will add 107 luxury one- and two-bedroom units to the Midtown area. Additional phases of construction call for retail and office space and a rooftop restaurant, as well as additional apartments and townhomes. California-based Kartel Capital purchased the property in 2008. Cohen-Esrey is the project developer and Construction Technologies is the general contractor. John Perlik and Don Coleman of CBRE Capstone arranged construction financing through Arvest Bank.

April 8, 2019

Leasing Activity Midwest Office Wisconsin

Serendipity Labs Coworking to Open Near Madison, Wisconsin

by Kristin Harlow April 8, 2019

MADISON, WIS. — Serendipity Labs Coworking will open a shared workplace on the sixth floor of 525 Junction Road in Middleton, about six miles west of Madison. Franchisee Ryan Jacobson will own and operate the 23,000-square-foot location. The Lab will feature offices, team rooms, focus rooms, wellness rooms, a lounge and café. Michael Berman, David Pudlosky and Nick Hepner of JLL represented Serendipity Labs in the lease transaction. Brett Rieman of JLL represented Artis REIT, the landlord and property manager.

April 8, 2019

Development Midwest Minnesota Multifamily

Doran to Break Ground on 175-Unit Apartment Community in Minnetonka, Minnesota

by Kristin Harlow April 8, 2019

MINNETONKA, MINN. — Doran Cos. will break ground later this month on a new luxury apartment community in Minnetonka. The 175-unit property will be located at the intersection of Wayzata Boulevard and Fairfield Road near I-394. The project is the first Doran project led by Doran RE Partners LLC, a new independent development venture that pursues joint venture development deals relying on capital independent of Kelly Doran. At more than 20,000 square feet, the amenity space will feature a pool, spa, sauna, entertainment suite, clubroom, game area, fitness center, coworking space and outdoor grilling area. The community will include 35 income-restricted units at 50 percent of the area median income. The city of Minnetonka provided $4.8 million in tax-increment financing for the affordable units.

April 8, 2019

Loans Midwest Minnesota Multifamily

Dougherty Provides $12.8M Acquisition Loan for Multifamily Property in Brooklyn Center, Minnesota

by Kristin Harlow April 8, 2019

BROOKLYN CENTER, MINN. — Dougherty Mortgage has provided a $12.8 million HUD 221(d)(4) loan for the acquisition and rehabilitation of Unity Place in Brooklyn Center. The multifamily property consists of 11 two-story buildings. The property will undergo $5.2 million in renovations, including the construction of a new clubhouse building with a new management office, community room, fitness center, conference room and patio. In addition to the 40-year loan, the borrower, Unity Limited Partnership, utilized 4 percent low-income housing tax credits and tax-exempt bonds. Dougherty & Co. LLC underwrote the bonds.

April 8, 2019

Acquisitions Midwest Restaurant Retail Wisconsin

Quantum Brokers $2.8M Sale of Popeyes-Occupied Property in Fitchburg, Wisconsin

by Kristin Harlow April 8, 2019

FITCHBURG, WIS. — Quantum Real Estate Advisors Inc. has brokered the $2.8 million sale of a Popeyes-occupied property in Fitchburg, just south of Madison. The 4,442-square-foot building is located at 2844 Fish Hatchery Road. Popeyes has approximately 20 years left on its lease. Chad Firsel and Zack Hilgendorf of Quantum brokered the transaction. A private buyer based in Seattle purchased the property from a Chicago-based developer.

April 8, 2019

Illinois Industrial Midwest Multifamily

Decennial Group Launches Targeted $1B Opportunity Zones Fund

by Kristin Harlow April 5, 2019

CHICAGO — Farpoint Development, Clayco and CRG have launched Decennial Group, a national Opportunity Zones (OZ) real estate and energy investment and development fund based in Chicago. The joint venture is targeting investment of $1 billion in development projects and is designed to leverage the OZ tax incentives created through the 2017 tax reform legislation. A formal fundraising campaign will be announced soon. The OZ marketplace is generating interest around the country for its potential to positively transform economically distressed communities. Decennial Group derived its name from its 10-year approach to investment and development, which positions neighborhoods for transformative, long-term and inclusive growth. The platform focuses on commercial, industrial, multifamily and energy projects located in OZs throughout America’s heartland. A differentiator from other OZ funds is Decennial’s renewable energy strategy, led by David Pavlik of 11 Million Acres, which has structured over $2 billion in renewable energy and infrastructure projects. Decennial includes Scott Goodman of Farpoint, Bob Clark of Clayco and Shawn Clark of CRG, Clayco’s real estate development and investment company. Steve Glickman of Develop LLC will serve as senior advisor to the management team. Decennial’s team also includes Dan Gilman, a private equity veteran who heads investments for …

April 5, 2019

Acquisitions Michigan Midwest Multifamily

CAPREIT Acquires 310-Unit Apartment Community in Fenton, Michigan

by Kristin Harlow April 5, 2019

FENTON, MICH. — CAPREIT has acquired Silver Lake Hills, a 310-unit apartment community near Silver Lake Park in Fenton. The purchase price was not disclosed. Floor plans range from 700 to 1,810 square feet. CAPREIT plans to renovate the community with new flooring, appliances, countertops and fixtures. Upgrades will also be made to the clubhouse, fitness center, pool and dog park. This is CAPREIT’s second community in Michigan, joining Kensington at Beverly Hills in Southfield.

April 5, 2019

Development Industrial Midwest Ohio

Messer Construction Buys Cincinnati Development Site, Plans to Construct 73,000 SF Industrial Building

by Kristin Harlow April 5, 2019

CINCINNATI — Messer Construction has purchased one-third of a development-ready industrial site from The Port of Greater Cincinnati Development Authority. In partnership with Terrex Development and Construction, Messer plans to build a 73,000-square-foot building. A groundbreaking is slated for this summer with completion in 2020. The project team also includes BHDP Architecture, Colliers International and Fifth Third Bank. The project represents a $6.5 million investment, according to Tim Steigerwald, Messer CEO. The site was formerly home to the Cincinnati Gardens property, which The Port purchased in July 2016.

April 5, 2019

Illinois Leasing Activity Midwest Retail

Tide Cleaners to Open Seventh Chicagoland Location

by Kristin Harlow April 5, 2019

LIBERTYVILLE, ILL. — Tide Cleaners will open its seventh Chicagoland location at Red Top Plaza in Libertyville. The property is situated at the southeast corner of Milwaukee Avenue and Red Top Drive. Allen Joffe of Baum Realty Group represented Tide in the lease transaction with the landlord, IRC. Tide offers 24-hour drop-off and pickup and has more than 128 locations nationwide.

April 5, 2019

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