Property Type

Brown Commercial Group Negotiates Two New Industrial Leases in Hodgkins, Illinois

by Kristin Harlow November 17, 2022

HODGKINS, ILL. — Brown Commercial Group has negotiated two new leases totaling 131,605 square feet at 7335 Santa Fe Drive in Hodgkins, a southwest suburb of Chicago. Pioneer Service Inc. leased 61,355 square feet and M&M Quality Grinding Inc. leased 70,250 square feet. The distribution building is being renovated into a fully operational manufacturing facility with individual spaces for the two businesses. Completion is slated for mid-2023. Mike Antonelli of Brown Commercial Group represented the tenants. Adam Stokes of NAI Hiffman represented the landlord, UBS Realty Investors. Pioneer Service manufactures precision machining parts, while M&M produces metal bar stock.

November 17, 2022

Alabama Development Industrial Southeast Top Stories

First Solar Plans $1.1B Solar Module Manufacturing Facility in Northern Alabama

by Katie Sloan November 17, 2022

DECATUR, ALA. — First Solar Inc. (NASDAQ: FSLR) has announced plans to develop a $1.1 billion solar module manufacturing facility within Mallard Fox Industrial Park in Decatur, located near the Tennessee River southwest of Huntsville. The factory will contribute 3.5 gigawatts (GWDC) of renewable power each year and create over 700 new jobs for the state of Alabama upon its completion in 2025, according to the developer. First Solar hopes to expand its American manufacturing footprint to over 10 GWDC and a total investment of $4 billion in the coming years. The company currently has two factories operating in the state of Ohio with a third scheduled for completion during the first half of 2023, and several research and development (R&D) centers in California and Ohio. First Solar recently said it would expand its operations in the United States following passage of the Inflation Reduction Act (IRA), which provides tax credits for domestically produced clean energy equipment. “The passage of the Inflation Reduction Act of 2022 has firmly placed America on the path to a sustainable energy future,” says Mark Widmar, CEO of First Solar. “Our Alabama facility, along with its sister factories in Ohio, will form part of the …

November 17, 2022

Industrial Market Reports Midwest Midwest Market Reports Wisconsin

Tenants Turn to Third-Party Logistics in Milwaukee Market

by Kristin Harlow November 17, 2022

By David Hodge, NAI Greywolf The demand for commercial industrial real estate was exceedingly strong in the Milwaukee market leading up to the onset of COVID-19. The economy and labor markets were also strong and incentives for onshoring spurred on this growth. Post-pandemic commercial industrial product continues its upward trend. The catalyst for this, however, is international supply chain disruptions. The reaction to this unfortunate circumstance is the accumulation of higher inventories of raw material and finished goods. The resulting impact is high demand, especially for warehouses, in an extremely low vacancy rate environment. Demand beating inventory According to Catylist, in the second quarter of 2022, the Milwaukee market’s vacancy rates were 3.3 percent for all commercial industrial products. This is largely due to the continued lack of available inventory. High demand in part has spurred increases in rental rates to approximately $5.98 per square foot triple net. While this is good news for landlords who look to capitalize, it presents challenges for tenants who are expanding their operations. The other factor driving rental rates is the rapid increase in interest rates. The upcoming election may also affect the rates in the later part of the fourth quarter of …

November 17, 2022

Acquisitions Indiana Midwest Multifamily

CBRE Arranges Sale of 151-Unit Apartment Complex in Indianapolis

by Kristin Harlow November 16, 2022

INDIANAPOLIS — CBRE has arranged the sale of The Coil, a 151-unit apartment complex in Indianapolis. The sales price was undisclosed. Built in 2017, the property is situated within the Broad Ripple Village entertainment district. Floor plans average 887 square feet. Steve LaMotte Jr. and Dane Wilson of CBRE represented the seller, Promus Realty Properties. The Connor Group was the buyer.

November 16, 2022

Affordable Housing Development Midwest Multifamily Ohio

NRP Group Opens 88-Unit Affordable Housing Community in Cleveland

by Kristin Harlow November 16, 2022

CLEVELAND — The NRP Group has opened 5115 at The Rising, an affordable housing community in Cleveland’s Broadway-Slavic Village. The project consists of 78 apartment units and 10 townhome units, all of which are affordable residences that will be reserved for low- to moderate-income renters. Supported by the Ohio Housing Finance Agency’s Housing Tax Credit program, the community currently has a waitlist of potential residents and has received more than 2,200 inquiries. Additional funding came from KeyBank, Ohio Capital Corp. for Housing, City of Cleveland and Third Federal Foundation. University Settlement, which provides community, family, youth and senior programs, is relocating its offices to the building, occupying 20,000 square feet on the first floor. Another 5,000 square feet of commercial space will serve as a food pantry and a Cuyahoga Community College Access Center.

November 16, 2022

Industrial Leasing Activity Midwest Missouri

Reaction Auto Parts Signs 265,393 SF Industrial Lease in St. Peters, Missouri

by Kristin Harlow November 16, 2022

ST. PETERS, MO. — Reaction Auto Parts Inc. has signed a 265,393-square-foot industrial lease at Premier 370 Business Park in St. Peters, a western suburb of St. Louis. The company will occupy space at the final building within the industrial park, which is slated for completion before the end of the year and will span 366,916 square feet. To date, the development is home to 4.2 million square feet and tenants such as Reckitt Benckiser, Best Buy, Grove Collaborative and Amazon. In 2021, Panattoni Development purchased the last two lots available from Duke Realty and developed a 423,000-square-foot building earlier this year as well as the final building. Geoff Orf and Chad Burkemper of Colliers and Matt Hrubes of CBRE represented Panattoni.

November 16, 2022

Affordable Housing Indiana Loans Midwest Multifamily Seniors Housing

Merchants Capital Provides $15.5M HUD-Insured Loan for Construction of Affordable Seniors Housing Property in Indiana

by Kristin Harlow November 16, 2022

EAST CHICAGO, IND. — Merchants Capital has provided a $15.5 million HUD 221(d)(4) loan for the construction of Lakeshore Manor in East Chicago. Designed to replace the former John B. Nicosia senior building, the development will consist of two four-story buildings that will house 206 units. The residences will be reserved for seniors age 62 and older who earn up to 60 percent of the area median income. Merchants also structured a $13.5 million equity bridge loan through its parent company, Merchants Bank of Indiana. Cinnaire, the property’s equity investor, provided a $21.7 million low-income housing tax credit investment (LIHTC) for the project. Total development costs are estimated at $51 million. DTM Real Estate is the developer. Completion is slated for February 2024.

November 16, 2022

Development Healthcare Illinois Midwest

IMPACT Strategies Begins Construction of 20,000 SF Outpatient Clinic in Godfrey, Illinois

by Kristin Harlow November 16, 2022

GODFREY, ILL. — IMPACT Strategies has begun construction of the new BJC Outpatient Center in Godfrey, about 30 miles north of St. Louis. The 20,000-square-foot outpatient clinic marks IMPACT’s eighth project for BJC HealthCare. St. Louis-based SCOUT Capital Group is the developer and Archimages Architects is the project architect. Midwest BankCentre provided funding. Completion is slated for summer 2023.

November 16, 2022

Acquisitions Office Texas

BDP Holdings Acquires 265,942 SF Sabre Headquarters Office Building in Southlake, Texas

by Taylor Williams November 16, 2022

SOUTHLAKE, TEXAS — New Jersey-based investment firm BDP Holdings has acquired a 265,942-square-foot office building in Southlake, located north of Fort Worth, that houses the headquarters of Sabre. The travel software and technology firm has occupied the five-story building, which offers a cafeteria, outdoor courtyard and a fitness center, since 2002. JLL represented the seller, a joint venture between Dallas-based Cawley Partners, Staubach Capital and Los Angeles-based PCCP LLC, in the transaction. JLL also arranged an undisclosed amount of acquisition financing through Wells Fargo on behalf of BDP Holdings.

November 16, 2022

Acquisitions Retail Texas

CBRE Arranges Sale of 214,625 SF Lake Air Shopping Center in Waco

by Taylor Williams November 16, 2022

WACO, TEXAS — CBRE has arranged the sale of Lake Air Shopping Center, a 214,625-square-foot retail property in Waco. At the time of sale, the center was 85 percent leased to tenants such as Dollar Tree, Melrose, Tuesday Morning, Twin Liquors, AT&T, Starbucks Coffee and Domino’s Pizza. Blaine Dozier, Jim Batjer, Chris Cozby, Mark Witcher and Harrison Tye of CBRE represented the undisclosed seller in the transaction. Clay Fuller of Coldwell Banker Commercial assisted in closing the deal. The buyer was also not disclosed.

November 16, 2022

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