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DevelopmentMidwestMultifamilyWisconsin

Wingspan Development Group, BCDC Begin Development of 300-Unit Apartment Project Near Milwaukee

by Kristin Harlow

OAK CREEK, WIS. — Wingspan Development Group and Batson-Cook Development Co. (BCDC) have begun development of Hub13, a 300-unit apartment project in Oak Creek, which is located just south of Milwaukee. The 34-acre garden-style community will be situated at 781 S. 13th St. Plans call for nine buildings with units ranging in size from studios to three bedrooms. Amenities will include a fitness center, yoga studio, clubhouse, pool, Zen garden, dog park, coworking space, wine room and package system. The property will border an 11-acre nature preserve. First Merchants Bank provided project financing. JLA Architects is the architect, Ayres Associates is the civil engineer and Nicholas & Associates is the general contractor. The first units are scheduled for completion by the end of the year.

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DevelopmentIllinoisIndustrialMidwest

IDI Logistics Plans to Build 178,000 SF Industrial Facility on Nearly 12-Acre Site in Chicago

by Kristin Harlow

CHICAGO — IDI Logistics has purchased an 11.7-acre land site located at 3700 S. Morgan St. in Chicago’s Stockyards Industrial Park. The purchase price was undisclosed. IDI plans to build a 178,000-square-foot industrial facility on the site with parking for 212 cars. Completion is slated for the second quarter of 2022. The site provides convenient access to I-55, I-290 and I-90, and is within four miles of the BNSF Intermodal. Matthew Stauber, Evan Djikas, Tom Rodeno and Patrick Turner of Colliers International represented the seller, Joslyn Manufacturing Co., which is a subsidiary of Danaher Corp. IDI has retained Colliers to market the new development for lease.

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AcquisitionsMidwestMinnesotaMultifamily

Colliers Brokers $1.7M Sale of Multifamily Development Site in Rogers, Minnesota

by Kristin Harlow

ROGERS, MINN. — Colliers MSP has brokered the $1.7 million sale of a 14.8-acre land site in Rogers, a northwest suburb of the Twin Cities. The buyer, Rachel Development Inc., plans to build a 134-unit apartment complex as well as 56 townhomes. Andy Heieie and Rob Brass of Colliers represented the seller, WJD II & Co. LLP. The Colliers team also worked with the owners of the adjacent Caribou Coffee and Culvers to redesign their access points and drive-thru lanes for the project.

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Samanea-New-York
DevelopmentLeasing ActivityNew YorkNortheastRetail

Empire Adventure Park to Open 35,572 SF Entertainment Center on Long Island

by Taylor Williams

WESTBURY, N.Y. — Empire Adventure Park, an entertainment concept that features trampolines, climbing walls, ropes and obstacle course and augmented reality games, will open a 35,572-square-foot center in the Long Island village of Westbury. The center will be situated within Samanea New York, a new, 750,000-square-foot shopping, dining and entertainment destination. The lease with Empire Adventure Park brings the property’s occupancy to 60 percent. Empire Adventure Park joins a tenant roster at Samanea New York that includes Dave & Buster’s, The Cheesecake Factory, Bloomingdale’s Furniture Outlet and 99 Ranch Supermarket. Dominic Coluccio represented the landlord, Lesso Mall Development, in the lease negotiations on an internal basis along with Colliers International brokers Matthew Kucker and Jordan Barch. Construction of the Empire Adventure Park center is scheduled to begin in January, with a target opening date of late 2022.  

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LoansMultifamilyNew YorkNortheast

Urban Standard Capital Provides $8.7M Construction Loan for Brooklyn Multifamily Project

by Taylor Williams

NEW YORK CITY — Urban Standard Capital has provided an $8.7 million construction loan for the completion of a 24-unit multifamily project in the Bedford-Stuyvesant neighborhood of Brooklyn. The project is a redevelopment of a three-story building previously owned by Grace Baptist Church. The borrower, Spencer Developers, expects to complete the redevelopment in about three months. Seth Weissman, Charlie Brosens and Robert Levine of Urban Standard Capital originated the financing.

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AcquisitionsMultifamilyNew JerseyNortheast

Kislak Negotiates $10.5M Sale of Office Complex in Parsippany, New Jersey

by Taylor Williams

PARSIPPANY, N.J. — The Kislak Co. Inc., a New Jersey-based brokerage firm, has negotiated the $10.5 million sale of Troy Office Center, a 126,000-square-foot complex located in the Northern New Jersey community of Parsippany. The four-building property sits on a 10.5-acre site that includes 670 feet of frontage along U.S. Highway 46. Tom Scatuorchio of Kislak represented the seller, a private investor, in the transaction. Scatuorchio also procured the buyer, Shree Parsippany Developers LLC.

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Panera-NextGen-Exterior-Front
RestaurantTop Stories

Panera Bread Unveils New Restaurant Design Catered to Changing Post-Pandemic Consumer Needs

by Katie Sloan

ST. LOUIS — Panera Bread has unveiled a new restaurant design featuring increased drive-thru and pick-up access, technological offerings including contactless meal pick-up and an updated dine-in experience in response to COVID-19. The company is the latest chain to announce a refreshed design adapted to the changing needs of consumers during the pandemic. The first next-generation Panera Bread is set to open in the St. Louis suburb of Ballwin this November and will include:  An open kitchen with ovens in full view of restaurant guests; dual drive-thru and dedicated rapid pick-up lanes in order to enhance the dine-out process; the addition of contactless dine-in and delivery options with mobile notifications to guests when their meals are prepared; updated ordering kiosks and automated loyalty identification; a fully-digitized menu;  the introduction of an updated Panera Bread logo; and an enhanced interior design with increased wayfinding to exterior seating at the cafe.  “We’re doubling down on what has always made Panera unique — creating human connection through caring associates and a warm, inviting environment filled with the smell of freshly-baked bread — while continuing to be a leader in digital access for the off-premise world,” says Eduardo Luz, chief brand and concept officer at …

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IndustrialMarket ReportsMidwestMidwest Market ReportsNebraskaOfficeRetail

Solid Fundamentals Uphold Lincoln Real Estate Market

by Kristin Harlow

By Tom Graf, NAI FMA Realty Over the past decade, Lincoln has experienced sustained growth and earned a reputation as a place to be in the Midwest. Its low unemployment, stable economy, low cost of living, prospering tech scene as well as lifestyle and entertainment fitting of a big city with the feel of a small community has insulated Lincoln better than many cities of its size. Perhaps this is most compelling with the number of cranes spotted in the skies back in 2008 and again in 2020. Just as many cities were struggling, Lincoln built its way out of the Great Recession in 2008 and 2020 was no exception. Retail Throughout the economic uncertainty brought on by the COVID-19 pandemic, Lincoln’s retail landscape fared well with vacancy holding at 7.1 percent for the year in 2020. New construction was active throughout the market despite store closures and bankruptcies making the national headlines. For some opportunistic retailers, vacant spaces opened the door to take advantage of the market and negotiate better terms for new locations. Retailers thriving in today’s market are the “daily needs” retailers — grocery, home improvement and discount concepts. Some niche online businesses, which have grown through …

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Theory-Wellness-Bridgewater-Massachusetts
FeaturesIndustrial

Flower Power: Commercial Architecture & Cannabis Facilities

by Taylor Williams

By Jennifer Luoni, director of operations and architecture, and Lauren Nowicki, chief communications officer, Dacon Corp. From cultivation to curing, manufacturing cannabis is an exacting art that requires a careful, calibrated approach from selection, atmospheric, extraction and curing perspectives. The rapid rise in proposed health benefits from cannabis products has sparked interest in both pharmacological properties and extraction of phytocannabinoids. Former, free-flowing growing methods of the 1960s have been replaced with an exacting discipline amalgamating scientific rigor with natural farming practices and technological innovation. While seemingly antithetical in principle, this shift can result in a profitable, high-growth business model.  Science Mimicking Nature Cultivation rooms — whether for leaves or flowers — are designed to mimic seasons via extensive control systems. High-growth rooms, such as those for leaves, create temperature and hydration conditions that simulate the summer climate. This is designed for volume production with leaf propagation stimulated within one month. Set between 70 to 80 degrees Fahrenheit, plants are exposed up to 18 hours of light and watered by pressure compensated drippers so that irrigation systems deliver oxygen directly to roots. For labs dedicated to flower cultivation, environmental conditions mimic autumn, with growth cycles falling between 60 to 70 days …

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Duke Energy
DevelopmentLeasing ActivityNorth CarolinaOfficeSoutheast

Duke Energy to Consolidate Charlotte Offices, Signs Anchor Lease at 40-Story Uptown Tower

by Julia Sanders

CHARLOTTE, N.C. — Duke Energy will open its new corporate headquarters at Duke Energy Plaza, a 40-floor office tower currently under construction in Uptown Charlotte. Formerly known as Metro Tower, Duke Energy Plaza will house approximately 4,400 employees. Childress Klein Properties is the developer of Duke Energy Plaza, which will have 25,000 square feet of retail square footage and seven levels of above-ground parking totaling 1,100 spaces. Construction on the new Duke Energy Plaza is on schedule to be completed by the end of 2022 with interior work extending into 2023. Approximately 1,000 craftsman and trade workers will be employed during the three-year construction period. Duke Energy plans to exit its Charlotte offices, including Duke Energy Center located at 550 South Tryon St. and Piedmont Town Center in South Park. Once the new tower is complete, the company plans to sell its 526 Church St. and 401 College St. facilities and exit the 400 South Tryon St. facility. The plan is to consolidate the spaces the company occupies in the Charlotte area from approximately 2.5 million square feet to approximately 1 million square feet. The company expects this decision will result in $85 million to $90 million in savings over …

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