Property Type

Torch.AI to Expand Operations in Metro Kansas City, Create Nearly 500 Jobs

by Kristin Harlow May 11, 2021

LEAWOOD, KAN. — Torch.AI, a global artificial intelligence firm, has unveiled plans to expand its operations in Leawood and create nearly 500 full-time jobs over five years as part of a $27 million tax incentive package awarded by the Kansas Department of Commerce. The firm plans to hire more than 100 new professionals this year alone. Torch.AI is also making a significant capital investment in collaborative workspaces for its employees. The announcement comes on the heels of Torch.AI’s $30 million raise in Series A funding to accelerate its overall growth strategy. WestCap Group, a San Francisco-based investment firm, led the funding.

May 11, 2021

Development Illinois Industrial Midwest

McShane Underway on 429,524 SF Industrial Expansion for Abt Electronics in Glenview, Illinois

by Kristin Harlow May 11, 2021

GLENVIEW, ILL. — McShane Construction Co. is underway on a 429,524-square-foot addition to the existing warehouse and showroom facility for Abt Electronics in Glenview, about 15 miles northwest of Chicago. The expansion will incorporate two three-story office blocks totaling 22,230 square feet and 407,294 square feet of warehouse space. The office buildout will include trucking offices, security offices, a breakroom and open office space. The warehouse will feature a clear height of 32 feet, and 39 semi-truck docks. Completion is slated for October. Camburas & Theodore is the project architect. Abt is an electronics, appliances and home goods retailer.

May 11, 2021

Acquisitions Affordable Housing Midwest Multifamily Ohio Seniors Housing

Evergreen Real Estate Group Acquires Affordable Seniors Housing Community in Cleveland, Plans $18M Renovation

by Kristin Harlow May 11, 2021

CLEVELAND — Evergreen Real Estate Group has acquired Carter Manor Apartments in downtown Cleveland. Evergreen plans to update the 270-unit historic community through an $18 million capital improvement program. Located at 1012 E. Prospect Ave., the 11-story property comprises a mix of studio, one- and two-bedroom units, all of which will be preserved as affordable housing for seniors and disabled individuals. Designed by architect Max Dunning, the building originally opened in 1917 as the 600-room Hotel Winton. The property was redeveloped into apartments in 1971. It also features three commercial tenants, Domino’s, Liberty Labor and Guardian Title & Guaranty Agency. Evergreen Construction Co., an affiliate of Evergreen Real Estate Group, will serve as general contractor on the renovation work. Construction is scheduled to begin in June. Both residential and commercial tenants will remain in place during the renovations. All apartments will receive upgraded kitchens, bathrooms and flooring. Additionally, 14 units will receive accessibility upgrades. Evergreen also plans to modernize three elevators, repair the building façade and parking garage, replace the roof and update major mechanical systems. The common areas will receive a community kitchen and new paint and flooring. Completion is slated for December 2022. The acquisition and renovation was …

May 11, 2021

Industrial Loans Midwest Wisconsin

Associated Bank Provides $13.2M Construction Loan for Industrial Project Near Milwaukee

by Kristin Harlow May 11, 2021

PEWAUKEE, WIS. — Associated Bank has provided a $13.2 million loan for the construction of a speculative industrial project in Pewaukee, about 15 miles west of Milwaukee. The 218,000-square-foot building will be located on Bluemound Road near I-94. Situated on 42.7 acres, the project will feature a clear height of 32 feet, parking for 158 cars and parking for 25 trucks. Completion is slated for the fourth quarter. The borrower was WRP Pewaukee LLC, an affiliate of Lake Forest, Ill.-based Westminster Capital LLC. Ted Notz of Associated Bank handled the loan closing.

May 11, 2021

Market Reports Multifamily Northeast Northeast Market Reports Pennsylvania

Pittsburgh Development Landscape Favors More Multifamily, Adaptive Reuse Projects

by Taylor Williams May 11, 2021

By Mark Fogel, president and CEO, ACRES Capital As the state’s second-most populous metro, the Pittsburgh MSA is the anchor of western Pennsylvania. Over the last 20 years, Pittsburgh has pivoted and evolved into a hub for the healthcare, education and technology industries, thus attracting an influx of young, high-earning millennials. Over the last 10 years, Pittsburgh has undergone an economic resurgence. Firms such as Google and Uber have opened regional headquarters in the city, lured by the strong base of talent graduating from Carnegie Mellon University’s (CMU) computer science and robotics programs. In fact, Pittsburgh has been the epicenter for autonomous vehicles (AVs) since the mid-1980s, when CMU’s Robotics Department developed the world’s first self-driving car. AV research, development and testing are expected to be catalysts of growth for the city in the coming years. In addition, the cutting-edge research at the University of Pittsburgh School of Medicine and the associated University of Pittsburgh Medical Center, which operates eight hospitals within the MSA and plans to build three more over the next several years, is attracting medical professionals from around the world. These factors, combined with a low cost of living and proximity to high-end amenities, have helped Pittsburgh …

May 11, 2021

Development Mixed-Use New York Northeast Office Retail Top Stories

Macy’s Proposes Overhaul of Herald Square Store in Manhattan, Including New Office Tower

by John Nelson May 11, 2021

NEW YORK CITY — Macy’s Inc. (NYSE: M) has unveiled plans to overhaul its flagship Herald Square store at the corner of 34th Street and Seventh Avenue in Midtown Manhattan. The plan would add a commercial office tower atop the store. The size and design features of the office component were not disclosed. The plan includes a private investment totaling $235 million by Macy’s that would modernize the public spaces around the flagship store, including upgraded subway access, improved transit connections and pedestrian-friendly and car-free streetscapes at Broadway Plaza and Herald Square. Macy’s would improve Herald Square Subway Station’s entrances and add publicly accessible elevators at Seventh Avenue, Broadway, 34th Street and 35th Street that are compliant with Americans with Disabilities Act (ADA). The renewal plan is expected to generate $269 million annually in new tax revenues for New York City, support 16,290 annual jobs and spark $4.29 billion in annual economic output, according to Macy’s. “Today’s announcement is a resounding vote of confidence for Manhattan and the entire state, and a strong indication that New York’s retailers and consumers will drive this economic recovery,” says Melissa O’Connor, president and CEO of the Retail Council of New York State, the …

May 11, 2021

Development Industrial Louisiana Southeast Top Stories

Amazon to Open 650,000 SF Fulfillment Center in Northwestern Louisiana, Create 1,000 Jobs

by Taylor Williams May 10, 2021

SHREVEPORT, LA. — Amazon Inc. (NASDAQ: AMZ) has planned a 650,000-square-foot fulfillment center in the northwestern Louisiana city of Shreveport. The Louisiana Economic Development (LED) organization claims the development will generate $200 million in capital investment and add more than 1,000 jobs to the local economy. The site of the multi-level building, which will feature automated inventory management and shipping technology, is located within Hunter Industrial Park, a 135-acre development situated within three miles of interstates 20,49 and 220. The property will also be LEED certified. The Shreveport Times reports that the fulfillment center will be Amazon’s first in northern Louisiana. The Seattle-based e-commerce giant announced a fulfillment center in Carencro, located outside of Lafayette in the southern part of the state, in December, and is also planning to convert the Cortana Mall in Baton Rouge into a fulfillment center, according to the local newspaper. Of the seven Amazon facilities that have been announced or are under construction in Louisiana, the Shreveport fulfillment center will be the largest. Construction is set to begin immediately with completion expected in September 2022. In addition to the 1,000 full-time jobs at the facility, development of the new fulfillment center is expected to create …

May 10, 2021

Development Illinois Industrial Midwest

Lion Electric to Invest $70M in Joliet, Build Electric Vehicle Manufacturing Facility

by Kristin Harlow May 10, 2021

JOLIET, ILL. — Lion Electric Co., a Canadian manufacturer of all-electric buses and trucks, has unveiled plans to build its first-ever U.S. manufacturing facility in Joliet. A minimum of $70 million will be invested to build a new facility dedicated to producing electric vehicles. The 900,000-square-foot project is expected to come online in the second half of 2022. Annual production capacity is estimated at 20,000 zero-emission vehicles per year, creating at least 745 jobs for Illinoisans. Lion is known for its production of electric school buses. The Illinois Department of Commerce and Economic Opportunity worked with the state’s public-private economic development partner, Intersect Illinois, to put together a site selection process that involved both virtual and in-person site visits, economic analysis and coordination with local officials and utilities. Lion has qualified for the state’s EDGE incentive program, a tool to support companies making large-scale capital investments that lead to significant job creation.

May 10, 2021

Midwest Ohio Retail

Phillips Edison & Co. Files Registration to Pursue Public Offering

by Kristin Harlow May 10, 2021

CINCINNATI — Phillips Edison & Co. Inc. (PECO) has filed a registration statement on Form S-11 with the U.S. Securities and Exchange Commission for a proposed public offering in conjunction with the listing of its stock on a national stock exchange. The number of shares to be offered and the price range for the proposed offering have not yet been determined. The Cincinnati-based retail REIT intends to list its stock under the ticker symbol “PECO.” Morgan Stanley & Co. LLC, BofA Securities and J.P. Morgan Securities LLC will be acting as joint book-running managers for the offering. PECO is an owner and operator of grocery-anchored shopping centers. As of March 31, the company owned equity interests in 300 properties, including 278 wholly owned assets and 22 owned through two unconsolidated joint ventures with institutional partners. PECO’s first-quarter results presentation will take place Wednesday, May 19.

May 10, 2021

Acquisitions Illinois Industrial Midwest

MAG Capital Partners Acquires 645,000 SF Industrial Property in Northwest Illinois

by Kristin Harlow May 10, 2021

ROCK FALLS, ILL. — MAG Capital Partners LLC has acquired a 645,000-square-foot industrial property in the Northwest Illinois community of Rock Falls for an undisclosed price. Cimco Recycling LLC leases the property, which is known as the I-88 Distribution Center. Cimco has occupied the facility since 2018. It previously served as the home of a Stanley Black & Decker plant. Mary Garnett and Jim Tuesley of Barnes & Thornburg LLP represented MAG Capital Partners in the transaction. Kent Williams, Matt Taylor and Steven Weinstock of Marcus & Millichap represented the undisclosed seller. Fort Worth, Texas-based MAG Capital Partners is led by principals Dax T.S. Mitchell and Andrew Gi.

May 10, 2021

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