Midwest

Woodborn Partners to Develop $16M Housing Project in Detroit

by Kristin Harlow March 28, 2019

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.

March 28, 2019

Acquisitions Midwest Minnesota Retail

Kraus-Anderson Purchases 324,430 SF Retail Center in St. Paul, Minnesota

by Kristin Harlow March 28, 2019

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.

March 28, 2019

Market Reports Midwest Midwest Market Reports Minnesota Multifamily

Twin Cities’ Apartment Market Poised for a Strong 2019

by Kristin Harlow March 28, 2019

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 …

March 28, 2019

Loans Midwest Office Retail Wisconsin

North Wells Capital Receives $26.6M Loan for Ongoing Redevelopment of Former Bon-Ton Headquarters in Milwaukee

by Kristin Harlow March 27, 2019

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.

March 27, 2019

Acquisitions Midwest Missouri Retail

Berengaria Acquires 226,000 SF Power Center in St. Joseph, Missouri

by Kristin Harlow March 27, 2019

ST. JOSEPH, MO. — Berengaria has acquired The Shoppes at North Village, a 226,000-square-foot retail power center in St. Joseph, about 55 miles north of Kansas City. The purchase price was not disclosed. The 98 percent-leased property is home to 25 tenants, including TJ Maxx, Best Buy, Michaels, Old Navy and Regal Cinema’s Hollywood Theaters. Berengaria partnered with the Africk Family Office on the transaction. This is the third asset the two groups have purchased together. Berengaria is the real estate platform of Marcus Investments.

March 27, 2019

Acquisitions Midwest Missouri Retail

Love’s Travel Stops Purchases 20 Acres for its First Kansas City Location

by Kristin Harlow March 27, 2019

KANSAS CITY, MO. — Love’s Travel Stops and Country Stores has purchased 20 acres from Hunt Midwest for its first Kansas City location. Love’s plans to build a 12,000-square-foot building, eight gas pumps, eight diesel bays and a Speedco service center. The property will have room for 80 cars, five RVs and 125 trucks. McDonald’s is expected to be the food concept. The property is expected to open in 2020.

March 27, 2019

Development Industrial Midwest Missouri Office

L. Keeley Construction, HDA Architects Complete Corporate Headquarters for ADB Cos. in Missouri

by Kristin Harlow March 27, 2019

PACIFIC, MO. — L. Keeley Construction and HDA Architects have completed a new corporate headquarters for ADB Cos. in Pacific, about 35 miles west of St. Louis. The project consists of a 36,852-square-foot office building and a 24,137-square-foot maintenance building. Features include exposed ceilings, concrete floors, wood-accent walls, a two-story lobby entrance and a lounge space. ADB Cos. provides solutions for the communications, utility and technology industries. ADB Cos. and L. Keeley Construction are part of St. Louis-based Keeley Cos.

March 27, 2019

Acquisitions Illinois Midwest Office

SVN | Chicago Commercial Brokers $5.3M Sale of Loft Office Building in Chicago’s Pilsen Neighborhood

by Kristin Harlow March 27, 2019

CHICAGO — SVN | Chicago Commercial has brokered the sale of a 100,544-square-foot loft office building in Chicago’s Pilsen neighborhood for $5.3 million. The property is located at 2201 S. Halsted St. Angelo Labriola and Paul Cawthon of SVN represented the seller. Stephen Cusano and James Mead of SVN represented the buyer.

March 27, 2019

Development Illinois Midwest Mixed-Use

Cullinan Properties Breaks Ground on Rock Run Crossings in Joliet, Illinois

by Kristin Harlow March 26, 2019

JOLIET, ILL. — Cullinan Properties Ltd. has broken ground on Rock Run Crossings, a 265-acre mixed-use project in Joliet. Cullinan is underway on clearing the site and plans to begin construction late this spring. A groundbreaking ceremony took place on Friday, March 22. Cullinan has also revealed the first anchor tenant at Rock Run Crossings. The 16-screen Regal Cinemas movie theater will span 70,000 square feet. The developer plans to announce more tenants later this year.

March 26, 2019

Acquisitions Hospitality Michigan Midwest

L. Mason Capitani CORFAC International Brokers Sale of Historic Hotel Property in Detroit

by Kristin Harlow March 26, 2019

DETROIT — L. Mason Capitani CORFAC International has brokered the sale of The Royal Palm/Park Avenue Hotel located at 2305 Park Ave. in Detroit. The sales price was not disclosed, but the asking price was $15 million. The 13-story, 180-room hotel was designed by Detroit architect Louis Kamper in 1925 and has been operational ever since. Downtown Hospitality Detroit LLC, which is owned by Mario Kiezi and Mike Abdulnoor, purchased the property. The buyers plan to fully restore the hotel and add two restaurants on the first floor as well as a rooftop bar. Completion of the project is slated for late 2020. Al Lafrate of L. Mason Capitani represented the buyer and the seller, Catharina Harrington, who had operated the hotel with her late husband Wilbur Harrington since 1967.

March 26, 2019

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