Midwest

Johnson County, Kansas: A Midwest Hub for Industry and Innovation

by Kristin Harlow January 17, 2019

Once referred to by developers as a “well-kept secret,” the Kansas City metro area is quickly developing a global reputation for skilled workforce, strong infrastructure, affordable housing and competitive overhead costs like transportation and utilities. “Kansas City is a region rising. We are dispelling the notion that Kansas City is a well-kept secret,” says Tim Cowden, president and CEO of Kansas City Area Development Council. “There is growing recognition among site locators and corporate executives that the Kansas City region is an excellent option for any number of business types, including financial services, technology centers, animal health, e-commerce or industrial.” I-35 corridor As one of the most populous counties in the metro area, Johnson County, Kansas, appeals particularly to business and industry seeking to locate outside the downtown Kansas City core. The county has added an average of 6,500 residents each year for the past decade, and private development is keeping pace. Residential and retail projects dot the I-35 corridor northeast of Olathe, Kansas, the Johnson County seat. Southwest Johnson County, meanwhile, has become an industrial heavyweight with two parks located just off the interstate. “Johnson County has a formula for success with the quality of the workforce, infrastructure that’s …

January 17, 2019

Features Midwest Multifamily Northeast Southeast Student Housing Texas Western

NKF Multifamily: Student Housing Sector Outlook for 2019

by Katie Sloan January 17, 2019

To ring in the New Year, Student Housing Business — sister publication to REBusinessOnline — sat down with Ryan Lang, executive managing director and head of Newmark Knight Frank’s student housing division, to discuss his outlook for the year ahead. SHB: What challenges will your market face in 2019? Where are the opportunities within these challenges? Lang: It appears volatility on the capital markets side will continue to be closely monitored heading into 2019 and beyond. There remains great opportunity as the student market, as a whole, is fundamentally sound and viewed as a risk averse asset class within the larger investment community. SHB: Which submarkets will surprise people in 2019? Lang: While average occupancy at major Tier I universities continues to be stable near 95 percent, we believe several markets that have been supply constrained over the past few academic year cycles will begin making noticeable recoveries. Of note, we believe Texas Tech (Lubbock), Ole Miss (Oxford), and Michigan State (Lansing) have the potential to outperform investor expectations. SHB: What market shifts are you noticing that others haven’t? What would you whisper to clients and prospects? Lang: Along with newer construction product, there are clearly more opportunistic assets hitting the market and more yield driven …

January 17, 2019

Illinois Midwest Retail

Edward Lampert Wins Bid, Sears to Keep 400 Stores Open

by Kristin Harlow January 16, 2019

HOFFMAN ESTATES, ILL. — Former Sears CEO Edward Lampert has won a bankruptcy auction for Sears Holdings Corp., according to The Wall Street Journal and other media reports. The billionaire hedge-fund manager upped his offer to about $5.3 billion from $4.4 billion. The offer, which will keep roughly 400 stores open, beat out a bid to close all the stores and sell the inventory. The plan must still be approved by the bankruptcy judge at a sale hearing set for Friday, Feb. 1. Last week, REBusinessOnline reported on Sears’ temporary deal to avoid liquidation.

January 16, 2019

Acquisitions Midwest Missouri Office

TCM Acquires 258,441 SF Office Building in Suburban St. Louis

by Kristin Harlow January 16, 2019

TOWN AND COUNTRY, MO. — Ten Capital Management (TCM) has acquired 575 Maryville, a Class A office building in Town and Country, a suburb of St. Louis. The 258,441-square-foot building includes a fitness center, two conference rooms, on-site dining and parking. The property is currently 97 percent leased to four tenants, including anchor Cushman & Wakefield. Neither the seller nor the sales price was disclosed.

January 16, 2019

Loans Midwest Missouri Multifamily

Berkadia Arranges $30M Acquisition Financing for Apartment Building in Kansas City

by Kristin Harlow January 16, 2019

KANSAS CITY, MO. — Berkadia has arranged $30 million in acquisition financing for 909 Walnut, a high-rise apartment building in Kansas City. Located at 909 Walnut St., the property includes 152 apartment units. The bottom four floors consist of office space. Amenities include a rooftop garden and fitness center. The purchase included both the office and apartment portions of the property as well as the parking garage. John Schorgl of Berkadia arranged the financing on behalf of the borrower, Worcester Investments. Fannie Mae provided the 12-year permanent financing, which features an interest-only period and a 30-year amortization schedule. Daniel Burkons, Michael Barron, Joshua Wintermute and Max Helgeson of Marcus & Millichap’s Institutional Property Advisors represented the seller, a Dallas-based private investor.

January 16, 2019

Acquisitions Hospitality Midwest Missouri

LCP, Blue Vista Purchase Hilton Hotel Near Kansas City Airport

by Kristin Harlow January 16, 2019

KANSAS CITY, MO. — The LCP Group LP and Blue Vista Capital Management have acquired the Hilton Kansas City Airport hotel for an undisclosed price. The 347-room hotel is located less than three miles from the Kansas City International Airport. The hotel recently underwent renovations to its guest rooms, public spaces and meeting rooms. In addition to a fitness center and pool, the property features an on-site restaurant, Asado Urban Grill. HEI Hotels & Resorts will manage the hotel.

January 16, 2019

Loans Michigan Midwest Multifamily Seniors Housing Walker & Dunlop

Walker & Dunlop Secures $24.8M Construction Loan for Seniors Housing Complex in Michigan

by Kristin Harlow January 16, 2019

WYOMING, MICH. — Walker & Dunlop Inc. has secured a $24.8 million loan for the construction of Traditions at Rivertown, a seniors housing complex in Wyoming, just south of Grand Rapids. The 150-unit property will include independent living, assisted living and memory care units. Slated for completion in November, the property will feature a library, bar, theater, fitness center, coffee bar, lounge and underground parking. Benjamin Krosin, Jeff Schmidt, Tim Cotter and Russell Dey of Walker & Dunlop partnered with Kari Zapolski of Inner Circle Holdings to structure the five-year loan with three years of interest-only payments. A regional bank provided the loan on behalf of the borrower, Redstone Group Management Inc.

January 16, 2019

Development Healthcare Michigan Midwest

Granger, HED Complete $24M Renovation of Cancer Center in Ann Arbor, Michigan

by Kristin Harlow January 15, 2019

ANN ARBOR, MICH. — Granger Construction and architect Harley Ellis Devereaux (HED) have completed the renovation of the Robert H. and Judy Dow Alexander Cancer Center at the St. Joseph Mercy Ann Arbor’s hospital campus. The $24 million project involved the expansion of the cancer center to 66,000 square feet in order to provide space for the hospital’s growth and to enhance the facility’s cancer research and treatment facilities. Home to 38 exam rooms, the expanded facility offers a separate entrance and exit for patients. The existing building’s main atrium was also replaced, and significant exterior improvements were added. A new infusion center overlooks a healing garden. St. Joseph Mercy Hospital owns the facility and served as project developer.

January 15, 2019

Loans Midwest Minnesota Multifamily Seniors Housing

Dougherty Provides $20.9M Construction Loan for Seniors Housing Apartment Complex in West St. Paul

by Kristin Harlow January 15, 2019

WEST ST. PAUL, MINN. — Dougherty Mortgage LLC has provided a $20.9 million HUD-insured loan for the construction of Darts Senior Apartments, a 172-unit affordable seniors housing property in West St. Paul. All units will be restricted to persons age 62 and older who earn up to 60 percent of the area median income. Dougherty arranged the 40-year loan on behalf of the borrower, WSP Senior Housing I LLLP. In addition to the HUD-insured first mortgage, the project will receive equity from the sale of low-income housing tax credits and funds from the Dakota County Community Development Agency Housing Opportunities Enhancement program. Dougherty & Co. LLC also underwrote tax-exempt bonds for the development, which is expected to open in summer 2020.

January 15, 2019

Illinois Loans Midwest Retail

Cushman & Wakefield Arranges $12M Refinancing for Retail Property in Naperville, Illinois

by Kristin Harlow January 15, 2019

NAPERVILLE, ILL. — Cushman & Wakefield has arranged a $12 million loan for the refinancing of River Square in Naperville. The 58,677-square-foot retail property, located at 22 E. Chicago Ave., is 96 percent leased. Jeffrey Cohen of Cushman & Wakefield arranged the fixed-rate loan on behalf of Clarion Partners and a large overseas pension fund. Voya Investment Management provided the loan. NARE, a local real estate investor, sold the property to Clarion in October 2018.

January 15, 2019

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