Midwest

Contegra Underway on $6M Retail Property Near St. Louis

by Kristin Harlow November 27, 2018

EDWARDSVILLE, ILL. — Contegra Construction is underway on a $6 million retail property in Edwardsville near St. Louis. Known as IronWorks, the property will connect to the Madison County Transit Trail. The first phase of the property will include a two-building, 22,000-square-foot retail and restaurant space that is currently 60 percent leased to Sugarfire Barbecue, Global Brew and Strange Donuts. A third building is planned at a later date. Completion of the first two buildings is slated for March 2019. Gray Design Group, civil engineer Thouvenot, Wade & Moerchen and structural engineer Alper Audi make up the project team.

November 27, 2018

Affordable Housing Development Midwest Minnesota Multifamily

Lupe Development to Break Ground on Affordable Housing Project in Minneapolis This Spring

by Kristin Harlow November 27, 2018

MINNEAPOLIS — Lupe Development Partners plans to break ground on an affordable housing project in the Whittier neighborhood of Minneapolis this spring. The start date for construction was unveiled after Lupe received a $1.2 million grant from the Metropolitan Council’s Livable Communities Demonstration Account and a $2.4 million loan from the Minneapolis City Council’s Affordable Housing Trust Fund. The first of the two buildings will be located at 410 W. Lake St. and will include 111 affordable housing units. Nine of the units will be reserved for homeless veterans. Construction of Phase II, an identical building, is slated for 2020. To be eligible for housing, residents must meet income restrictions of $30,000 to $42,000 per year. Located close to the Midtown Greenway, the development will feature a green roof, solar panels, a fitness facility, a business center, community rooms, outdoor decks and a bike room with a repair station.

November 27, 2018

Development Industrial Midwest Ohio

Kroger, Ocado Select Site for First Customer Fulfillment Center in Metro Cincinnati

by Kristin Harlow November 26, 2018

MONROE, OHIO — The Kroger Co. and Ocado, an online grocery retailer, have selected Monroe, Ohio, for the partnership’s first customer fulfillment center in the U.S. Subject to securing state and local incentives, Kroger’s first customer fulfillment center will consist of an automated warehouse facility with digital and robotic capabilities. Kroger is investing $55 million to build the first facility, which will span 335,000 square feet and is expected to generate more than 410 jobs. The company plans to open 20 such developments.

November 26, 2018

Development Illinois Midwest Multifamily

Related Midwest Opens 70-Story Apartment Tower in Chicago’s Streeterville Neighborhood

by Kristin Harlow November 26, 2018

CHICAGO — Related Midwest has opened One Bennett Park in Chicago’s Streeterville neighborhood. The 70-story apartment tower is the first residential tower designed by Robert A.M. Stern Architects. The property is anchored by Bennett Park, a 1.7-acre green space designed by Michael Van Valkenburgh Associates set to open in summer 2019. The tower includes 279 apartment units, located on floors four through 39. Four-bedroom penthouses are located on the top three floors. Monthly rents start at $3,705. One Bennett Park also includes 69 condominiums, which are located on floors 41 through 66. Purchase prices start at $2 million. The condos are slated for completion in spring 2019. Floors three and four include 7,000 square feet of fitness facilities, a 60-foot indoor pool, 10,000-square-foot outdoor deck, children’s play suite, lounge area and entertainment suite.

November 26, 2018

Loans Midwest Multifamily Ohio

KeyBank Provides $15.5M in Development Financing for Mixed-Income Property in Cleveland

by Kristin Harlow November 26, 2018

CLEVELAND — KeyBank Community Development Lending & Investment has provided $15.5 million for the development of Glenville Circle North in Cleveland. KeyBank provided $5 million in New Market Tax Credit (NMTC) equity in addition to a $10 million leverage loan and a $456,000 project loan. Cleveland Development Advisors and Enterprise Community Investments supplied the NMTC allocation. Glenville Circle North will offer 63 mixed-income units as well as 13,950 square feet of retail and commercial space. Sixteen of the units will be set aside as affordable housing, while the remaining units will be rented at market rate. The Cleveland Citywide Development Corp. plans to lease approximately 4,275 square feet of the commercial space to minority-owned startups at little or no fixed rent to help spur additional investment in the surrounding community. The developer, The Finch Group, will use the remaining 9,675 square feet to launch an “accelerator” space for small business incubation. Kyle Kolesar and Ryan Olman of KeyBank originated the financing.

November 26, 2018

Development Illinois Midwest Multifamily

Holladay Properties Opens 89-Unit Apartment Complex in Downers Grove, Illinois

by Kristin Harlow November 26, 2018

DOWNERS GROVE, ILL. — Holladay Properties has opened Burlington Station, an 89-unit luxury apartment complex in Downers Grove. The site, located at 5100 Forest Ave., previously housed a bank building. The property features an 8,000-square-foot outdoor amenity deck in addition to a fitness center, cyber café and covered parking. Monthly rents start at approximately $1,600.

November 26, 2018

Indiana Loans Midwest Multifamily

Dougherty Provides $5M Fannie Mae Loan for Acquisition of Multifamily Property in Indiana

by Kristin Harlow November 26, 2018

KOKOMO, IND. — Dougherty Mortgage has provided a $5 million Fannie Mae loan for the acquisition of First Flats in Kokomo. The multifamily property includes 121 units. Durham Hill Capital LLC served as a partner in arranging the 10-year loan, which features a 30-year amortization schedule. The borrower was not disclosed.

November 26, 2018

Development Indiana Industrial Midwest

Cabot Properties Purchases Land Site Near Indianapolis for Development of 440,000 SF Industrial Building

by Kristin Harlow November 21, 2018

MOUNT COMFORT, IND. — Cabot Properties has purchased a 27.9-acre land site in Mount Comfort near Indianapolis with plans to develop a 440,000-square-foot industrial building. Known as Velocity 70 Trade Center Building 4, the building will be developed on a speculative basis and feature a clear height of 36 feet, LED lighting, 205 car parking spaces, 56 trailer spaces and 32 dock positions. Alex Cantu of Colliers International brokered the sale of the land site. Jason Speckman and Brian Zurawski of Colliers will market the facility for lease on behalf of Cabot. Browning Construction has been hired to construct the building, with delivery slated for spring 2019. Velocity 70 is a logistics park with immediate access to I-70. The first three buildings house tenants such as Smithfield Foods Inc., Spectra Premium Corp. and Atkins Nutritionals.

November 21, 2018

Development Michigan Midwest Retail

Plum Market to Open 8,000 SF ‘Street Concept’ at Ally Detroit Center

by Kristin Harlow November 21, 2018

DETROIT — Plum Market has unveiled plans to open a location inside the Ally Detroit Center at 500 Woodward Ave. The 8,000-square-foot store will offer fast-casual dining options, grab-and-go items, select groceries and a full-service bar. Set to open in summer 2019, the store will be Plum Market’s first “street concept” location. Michigan-based Plum Market announced earlier this year that it would open a similar concept at the new Detroit Pistons Performance Center in spring 2019. Bedrock owns the Ally Detroit Center.

November 21, 2018

Industrial Leasing Activity Midwest Wisconsin

Fresenius Leases 83,000 SF at Business Park in Sturtevant, Wisconsin

by Kristin Harlow November 21, 2018

STURTEVANT, WIS. — Fresenius USA Manufacturing has leased 83,000 square feet at Enterprise Business Park in Sturtevant. Fresenius, a German medical care company with operations around the globe, manufactures medical devices and operates dialysis centers. Fresenius is the third company to occupy Enterprise II, along with West Logistics and Andis Corp. The 376,000-square-foot building has 84,000 square feet available for lease. Travis Tiede and Barry Chavin of MLG Commercial represented Fresenius in the lease transaction. John Sharpe of Lee & Associates and Terry McMahon and Cody Ziegler of Cushman & Wakefield-Boerke Co. represented landlord Ashley Capital. Ashley has three more building sites within the park and plans to develop a 438,309-square-foot industrial building known as Building IV in spring 2019.

November 21, 2018

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