Midwest

Kraus-Anderson Set to Break Ground on New Hospital Wing at Hutchinson Health in Minnesota

by Kristin Harlow March 26, 2019

HUTCHINSON, MINN. — Kraus-Anderson is scheduled to break ground on a new hospital wing at Hutchinson Health in Minnesota on Monday, April 1. The one-year construction project will expand the hospital’s footprint by more than 17,000 square feet and will include 18 new patient rooms that are twice as big as the current rooms. Wold Architects and Engineers designed the expansion. Hutchinson Health, a part of HealthPartners, is located about 60 miles west of Minneapolis. The hospital currently has 66 beds and is classified as a Level 4 trauma center. It provides initial evaluation, stabilization, diagnostic capabilities and transfer to a higher level of care. A Level I trauma center offers the highest level of surgical care for trauma patients.

March 26, 2019

Loans Midwest Ohio Retail

Berkadia Arranges $19M Construction Loan for Retail Property in Strongsville, Ohio

by Kristin Harlow March 26, 2019

STRONGSVILLE, OHIO — Berkadia has arranged a $19 million loan for Royalton Collection, a 74,000-square-foot retail development in Strongsville. HomeGoods will anchor the property, along with Panera Bread and Outback Steakhouse outparcels. Dan Geuther of Berkadia arranged the loan with CIBC Bank on behalf of the borrower, New York-based Somera Road Inc. The three-year loan represents a 73 percent loan-to-cost ratio.

March 26, 2019

Acquisitions Midwest Missouri Retail

QuikTrip Purchases Site for New Location in North Kansas City

by Kristin Harlow March 26, 2019

NORTH KANSAS CITY, MO. — QuikTrip Corp. has purchased 2.9 acres at the southwest corner of I-35 and Amour Road in North Kansas City. QuikTrip plans to build a new facility at 1401 Armour Road to replace its existing store at 1010 Armour Road. Construction on the new store will begin soon and is a redevelopment of an old office building. David Block and Jody Minder of Block & Co. Inc. Realtors brokered the transaction.

March 26, 2019

Acquisitions California Florida Illinois Industrial Minnesota Top Stories Wisconsin

WPT Industrial REIT Acquires U.S. Logistics Portfolio for $226M

by John Nelson March 26, 2019

TORONTO — WPT Industrial Real Estate Investment Trust, a publicly traded company based in Toronto, has increased its U.S. holdings by agreeing to acquire a 13-property logistics portfolio for approximately US$226 million. The industrial buildings total 2.2 million square feet and are situated in infill submarkets across the United States. The property names and addresses were not disclosed, but WPT says the portfolio will increase its scale in Chicago, Milwaukee and Minneapolis. The portfolio also includes assets in three new markets for the REIT, including Los Angeles and Miami. Additionally, WPT has confirmed that eight of the assets are leased to a single tenant and the other five are leased to multiple tenants. “We are very pleased to source a high-quality portfolio acquisition that advances the REIT’s strategic priorities to add scale and diversification with a focus on markets and properties that have the greatest potential to drive long-term growth,” says Scott Frederiksen, CEO of WPT. WPT plans to fund the acquisition with cash on hand and proceeds from its senior unsecured credit facility. In anticipation of the purchase, WPT has received lender commitments to amend and extend the credit facility from US$300 million to $450 million. The REIT expects …

March 26, 2019

Development Industrial Michigan Midwest

GM to Invest $300M, Add 400 Jobs at Michigan Plant for Electric Vehicle Production

by Kristin Harlow March 25, 2019

ORION TOWNSHIP, MICH. — General Motors is investing $300 million in its Orion Township assembly plant to produce a new Chevrolet electric vehicle. The investment will bring 400 new jobs to the plant, which is located approximately 40 miles north of Detroit. The announcement is part of GM’s new commitment to invest a total of $1.8 billion in its U.S. manufacturing operations, creating 700 new jobs and supporting 28,000 jobs across six states. The Orion plant currently builds the Chevrolet Bolt electric vehicle, along with the Chevrolet Sonic and test vehicles for the Cruise autonomous vehicle.

March 25, 2019

Development Industrial Midwest Nebraska

Scoular to Open $50M Manufacturing Facility in Seward, Nebraska

by Kristin Harlow March 25, 2019

SEWARD, NEB. — Scoular, an Omaha-based company that offers supply chain solutions for grain, feed and food ingredients suppliers, has unveiled plans to build a new freeze-drying manufacturing facility in Seward. The facility will establish Scoular’s new freeze-dried pet food ingredients platform. Scoular will invest approximately $50 million to build the facility, which is expected to create nearly 100 new jobs. A groundbreaking ceremony is expected to take place in June. Construction of the 105,000-square-foot building will take approximately 14 to 16 months to complete and be operational by early fall 2020. An indirect, wholly owned subsidiary of the company will construct the facility.

March 25, 2019

Development Indiana Industrial Midwest

Joint Venture to Develop 338,520 SF Speculative Industrial Building in Plainfield, Indiana

by Kristin Harlow March 25, 2019

PLAINFIELD, IND. — A joint venture between Distribution Realty Group LLC and a private real estate fund advised by Crow Holdings Capital have unveiled plans to develop a 338,520-square-foot speculative industrial building in Plainfield. The property will be located at 9500 Bradford Road and known as Plainfield Distribution Center. The building will feature a clear height of 32 feet, LED lighting, up to 74 dock doors and 67 trailer stalls. Brian Buschuk and Steve Schwegman of JLL will market the property for lease. Arco Murray will serve as general contractor.

March 25, 2019

Development Michigan Midwest Retail

PREIT Adds Cheesecake Factory to Tenant Mix at Woodland Mall in Grand Rapids as Part of Redevelopment

by Kristin Harlow March 25, 2019

GRAND RAPIDS, MICH. — The Cheesecake Factory is coming to Woodland Mall in Grand Rapids as part of the repositioning of the shopping center, according to PREIT, the mall’s owner. This is the second location in the state of Michigan for The Cheesecake Factory. The first location in the state was in Novi. The restaurant will occupy 8,500 square feet at Woodland Mall and is expected to open in late October. Other new tenants include Black Rock Bar & Grill, Von Maur, Urban Outfitters, REI and Tricho Salon. Von Maur is set to open this fall in the former Sears space. As the second largest redevelopment underway in PREIT’s portfolio, Woodland Mall is expected to generate nearly 20 percent growth in net operating income (NOI) in 2020, according to the company.

March 25, 2019

Indiana Loans Midwest Retail

FM Capital Provides $6M Bridge Loan for Acquisition of Retail Center in Indianapolis

by Kristin Harlow March 25, 2019

INDIANAPOLIS — FM Capital has provided a $6 million bridge loan for the acquisition of a retail center in Indianapolis. The 182,056-square-foot property is comprised of two buildings and an outparcel. The asset is approximately 89 percent occupied. Tenants include Shoppers World, Dollar Tree and Dollar General. The borrower was not disclosed.

March 25, 2019

Acquisitions Healthcare Illinois Midwest

HFF Arranges Sale of 135,093 SF Medical Office Building in Chicago

by Kristin Harlow March 22, 2019

CHICAGO — HFF has arranged the sale of Lakeshore Medical Center in Chicago. Completed in 2008, the 135,093-square-foot, five-story medical office building is attached to the 236-bed Weiss Memorial Hospital. Tenants at the property include Walgreens, Fresenius Medical Care and University Dermatology and Vein Clinic. Ben Appel, Evan Kovac, Andrew Milne, Matt DiCesare, Jeffrey Bramson and Bryan Rosenberg of HFF represented the seller, a partnership between CarVal Investors and Zeller Realty Group. The team also procured the buyer, an institutional investor. MBRE Healthcare will manage the asset.

March 22, 2019

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