Property Type

JLL Brokers $72.2M Sale of Downtown Milwaukee Office Building

by Kristin Harlow August 12, 2021

MILWAUKEE — JLL Capital Markets has brokered the sale of the Rexnord Power Transmission Headquarters building in downtown Milwaukee for $72.2 million. The 150,950-square-foot office building traded at a cap rate just under 5 percent. The property was fully renovated in 2020 to serve as Rexnord Power Transmission’s new headquarters. The building includes a seven-story parking garage and is fully leased. Sam DiFrancesca, Brian Shanfeld, Jason DeWitt, Steven Okon, Jeff Bramson, Jaime Fink, Bruce Miller and Pat Shields of JLL represented the seller, Klein Development Inc. An undisclosed third party was the buyer.

August 12, 2021

Development Illinois Industrial Midwest

CRG Breaks Ground on 1 MSF Spec Industrial Project in Country Club Hills, Illinois

by Kristin Harlow August 12, 2021

COUNTRY CLUB HILLS, ILL. — CRG, the real estate development and investment arm of Chicago-based Clayco, has broken ground on The Cubes at Country Club Hills. The 1 million-square-foot speculative industrial project is located at the intersection of I-57 and I-80 in Country Club Hills, about 25 miles south of Chicago. Completion of the 70-acre project is slated for the second quarter of 2022. The development is CRG’s first industrial project in the Chicago area and the first under the firm’s new fund, U.S. Logistics Fund II. CRG’s integrated partner and architecture firm Lamar Johnson Collaborative designed The Cubes at Country Club Hills, and Clayco is serving as the general contractor. Larry Goldwasser, Colin Green and Ryan Klink of Cushman & Wakefield will market the project for lease. The property will feature a clear height of 40 feet, 239 trailer parking stalls, 128 exterior docks and 212 car parking spaces. The Cubes is CRG’s national industrial brand. There are roughly 18 million square feet of Cubes projects across the country, more than 10 million square feet of which has already been delivered.

August 12, 2021

Development Midwest Minnesota Multifamily

PCCP, Doran to Develop 350-Unit Apartment Project in Minnetonka, Minnesota

by Kristin Harlow August 12, 2021

MINNETONKA, MINN. — A joint venture between PCCP and Doran Cos. has unveiled plans to develop a 350-unit apartment project at 5959 Shady Oak Road in Minnetonka, a suburb of the Twin Cities. The developer is scheduled to break ground on the project within the next month and the first units are expected to be ready for occupancy in spring 2023. Of the 350 units, 57 percent will be one-bedroom floor plans. Amenities will include a dog park, community garden, clubhouse, outdoor patio, pool and garage parking. The project will be situated adjacent to Opus Park.

August 12, 2021

Affordable Housing Development Kansas Midwest Multifamily

Annex Group to Build $43M Affordable Housing Project in Lawrence, Kansas

by Kristin Harlow August 12, 2021

LAWRENCE, KAN. — The Annex Group has unveiled plans to develop Union at the Loop, a $43 million affordable housing project in Lawrence, about midway between Topeka and Kansas City. Located at 3250 Michigan St., the project will include 248 units for renters earning up to 60 percent of the area median income. In Lawrence, that translates to an income up to $57,300. Amenities will include a community room, exercise room, playground and computer room. The development will be within walking distance of public transportation, grocery stores and restaurants. Completion is slated for October 2022. Partners on the project include Hayes Gibson Property Services, Wallace Architects LLC, Summit LIHTC Consulting and Crocket Engineering. Kansas Housing Resources Corp. provided a 4 percent tax credit allocation alongside a tax-exempt bond issuance by Kansas Development Finance Authority. Merchants Capital provided a $35 million construction loan. Aegon Real Assets provided $16.7 million in tax credit equity.

August 12, 2021

Loans Michigan Midwest Multifamily

Dwight Capital Provides $32.8M HUD-Insured Loan for Refinancing of Apartment Complex in Clarkston, Michigan

by Kristin Harlow August 12, 2021

CLARKSTON, MICH. — Dwight Capital has provided a $32.8 million HUD 223(f) loan for the refinancing of Legends of Fox Creek in Clarkston, about 40 miles northwest of Detroit. The garden-style apartment complex includes 339 units across 14 buildings. Amenities include a clubhouse, business center, fitness center, swimming pool, picnic area and dog park. Josh Sasouness of Dwight Capital originated the loan, which benefitted from a Green Mortgage Insurance Premium reduction since the property qualifies as energy-efficient housing.

August 12, 2021

Industrial Market Reports Midwest Midwest Market Reports Ohio

Cincinnati Industrial Market Is Positioned for Even More Growth

by Kristin Harlow August 12, 2021

By Jeff Bender, Cushman & Wakefield Cincinnati and Northern Kentucky have the same logistical advantages they’ve always had, with their location within a day’s drive of two-thirds of the U.S. population, allowing reach and penetration to major metro areas. With those advantages, the region has enjoyed a robust industrial market, similar to most key markets in the country. Lessons learned from the pandemic, the pending opening of a nearly 1 million-square-foot e-commerce national air hub and growth of the Cincinnati/Northern Kentucky Airport (CVG) will truly differentiate the market from an occupier’s perspective. What’s more, that increased demand and Cincinnati’s topographical constraints, creating new supply limitations, will continue to make it a darling of institutional investors. Quick delivery model Amazon’s presence and $1.5 billion investment near the airport and Cincinnati’s central location place it in a prime spot for fulfillment, a big demand driver over the next decade. For example, let’s say you need to buy or repair a laptop, smart phone, tablet or any other electronic device. The order for a new computer could be fulfilled the next day most anywhere in the world even if the order is placed late in the evening. With a repair, you box it …

August 12, 2021

Illinois Midwest Multifamily Single-Family Rental Top Stories

JLL Income Property Trust Acquires 47 Percent Interest in Single-Family Rental Portfolio for $560M

by Katie Sloan August 12, 2021

CHICAGO — JLL Income Property Trust has acquired a 47 percent interest in a single-family rental portfolio assembled and managed by Amherst Residential for $560 million. The 4,000-home portfolio is valued in total at $1.2 billion. Properties within the portfolio are located in 14 major markets across 10 states, with nearly 80 percent located in Atlanta; Dallas; Nashville, Tenn.; Charlotte, N.C.; and Tampa, Fla. The portfolio is currently over 96 percent leased and is occupied with no displacement anticipated as a result of the transaction. “LaSalle’s Research & Strategy team has identified single-family rentals as a ‘near-core’ property sector poised for accelerating institutional capital inflows, along with an attractive risk-adjusted return profile,” says Allan Swaringen, president and CEO of JLL Income Property Trust. “Given the superior long-term tenant demand growth outlook, our research projects long-term expected rent and NOI growth above all other institutional property type averages,” he continues. JLL’s investment was funded with $205 million in equity and the assumption of its proportionate share of an existing in-place financing — a $761 million securitized loan. The debt, which features interest-only payments, has a fixed interest rate of 2.1 percent and matures at the end of 2025. At the current …

August 12, 2021

Conference Coverage Features Multifamily Seniors Housing

Design of Active Adult Properties Must Appeal to Multiple Generations, Say InterFace Panelists

by Taylor Williams August 12, 2021

By Taylor Williams As a concept, the term “active adult” supports the notion that age is just a number. As an evolving subcategory of seniors housing, active adult is a property type that means different things to different people. For that reason, designers and builders of this asset class face the unique challenge of visualizing and delivering communities that appeal to a broad range of renter profiles. Effective, consistent branding is one of the biggest challenges within the active adult sector, which is very much in its infancy relative to other commercial property types. As such, it’s critical that these properties, from their ambiances to their amenity packages, have a sense of versatility, a feel of a community in which 30- and 60-year-olds would feel equally at home. The ways and means through which that wide-ranging appeal can be achieved accounted for much of the discussion among a panel of architects, designers and a builder who spoke at the inaugural InterFace Active Adult conference on Aug. 4. Held at the Westin Galleria hotel in Dallas and hosted by Seniors Housing Business and the InterFace Conference Group, two business units of Atlanta-based France Media, the event drew more than 300 attendees …

August 12, 2021

Arizona Office Western

George Oliver Completes Sale of $56.5M Office Complex in Phoenix

by Madison Pettway August 11, 2021

PHOENIX — George Oliver, a Phoenix-based developer, has completed the sale of CASA, a Class A office complex in Phoenix for $56.5 million. At $312 per square foot, the sales price sets a new record for the Piestewa Peak submarket. The buyer was Macquarie Asset Management. JLL’s Benjamin Geelan and Brian Ackerman represented George Oliver in the transaction. New office amenities include co-working suites, a dog park, dedicated food truck parking and shaded outdoor dining and lounge areas. A final lease-up initiative this summer brought the building to being fully committed, notably the new Mediacom headquarters relocation from North Carolina and new offices for D.R. Horton and CrossCountry Mortgage. George Oliver purchased CASA, formerly known as Catalina Terraces, in 2018.

August 11, 2021

Acquisitions Colorado Industrial Western

IG Logistics Acquires Industrial Property in Denver for $21M

by Madison Pettway August 11, 2021

DENVER —IG Logistics LLC has acquired the Lipan Street Industrial Park in Denver from EP Investments LLC for $21 million. The 34-acre industrial site includes outside storage, trailer parking, a fueling station and a truck maintenance facility. Freeman Expositions, an event services provider, and System Transport, a West Coast-based flatbed trucking company, recently signed long-term leases to occupy the property. Existing tenant Mesilla Valley Transportation, a New Mexico-based transportation fleet, extended its lease for 3.5 acres. All Fleet Services, a Denver-based transport company, also leased the 22,000-square-foot shop and diesel station on the property. Each transaction was completed prior to the sale but were all contingent upon IG Logistics acquiring the property. Cushman & Wakefield negotiated the leases, excluding the Mesilla deal, and was retained to handle leasing following the acquisition. Lipan Industrial Street Park is located at 6045 Lipan Street, providing access to I-25 and I-76, Colorado’s main freeways. The property currently has a 14,000-square-foot freestanding office building available for lease and an additional 11-acre parcel to be used for trailer parking or as a potential industrial build-to-suit. IG Logistics is the industrial platform for Imperium Capital.

August 11, 2021

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