Property Type

Do it Best Corp. to Anchor $440M Electric Works Project in Fort Wayne, Indiana

by Kristin Harlow February 25, 2020

FORT WAYNE, IND. — Do it Best Corp. has signed on as the anchor tenant of Electric Works in Fort Wayne. The company will relocate its headquarters and all 440 of its employees to a nearly 200,000-square-foot space within the campus as well as add up to 90 new jobs. The Electric Works project is a $440 million office redevelopment of the abandoned GE campus in Fort Wayne. Construction is expected to begin later this year. The 1.2 million-square-foot project is approximately 60 percent pre-leased. Besides office space, plans call for a coffee shop, restaurant and health and educational facilities. The 39-acre campus once employed 40 percent of the city’s population at its peak in the 1920s. Do it Best Corp. is a hardware, lumber and building materials cooperative, which is a type of organization that is both owned and controlled by its members.

February 25, 2020

Development Illinois Industrial Midwest

Trammell Crow Breaks Ground on 1.6 MSF Industrial Development for Ferrara in DeKalb, Illinois

by Kristin Harlow February 25, 2020

DEKALB, ILL. — Trammell Crow Co. has begun development of a 1.2 million-square-foot distribution center and a 466,000-square foot packaging facility at ChicagoWest Business Center in DeKalb, about 70 miles west of Chicago. Ferrara Candy Co. will occupy the two buildings. The new development is expected to be fully operational in the second quarter of 2021. Ferrara expects to bring approximately 500 jobs to the city. The project team includes Krusinski Construction Co., Harris Architects Inc. and Jacob & Hefner Associates Inc. Joe Grimes of Trammell Crow will oversee the design and construction. Matt Mulvihill and Kevin Segerson of CBRE represented Ferrara in the negotiations.

February 25, 2020

Illinois Loans Midwest Retail

Associated Bank Provides $17.7M Loan for Land Acquisition, Construction of Shopping Center Near Chicago

by Kristin Harlow February 25, 2020

GLENVIEW, ILL. — Associated Bank has provided a $17.7 million loan for the acquisition of land and development of a 62,540-square-foot shopping center in Glenview, about 20 miles northwest of Chicago. Known as Willows Crossing, the multi-tenant center will be located at the southwest corner of Willow and Pfingsten roads. Previously signed leases at the project include Mission BBQ, First Watch Café and an undisclosed 35,000-square-foot grocery tenant. Completion is slated for spring 2021. Daniel Barrins of Associated Bank managed the loan and closing on behalf of the borrower and developer, GW Properties.

February 25, 2020

Illinois Industrial Loans Midwest Office Ohio

NorthMarq Arranges $16.9M in Acquisition Financing for Two Flex Industrial Properties in Illinois, Ohio

by Kristin Harlow February 25, 2020

DES PLAINES, ILL. AND DUBLIN, OHIO — NorthMarq has arranged $16.9 million in acquisition financing for two flex industrial properties in Illinois and Ohio. Jeff Frankel of NorthMarq arranged both fixed-rate loans with Ready Capital Structured Finance. The first is a three-building property spanning 140,134 square feet in Des Plaines, a northwestern suburb of Chicago. The second is a three-building property totaling 124,929 square feet in Dublin, a northern suburb of Columbus. The Des Plaines property was 94 percent occupied at the time of acquisition, while the Dublin asset was 80 percent occupied.

February 25, 2020

Acquisitions Illinois Midwest Retail

Marcus & Millichap Brokers $3.2M Sale of Family Dollar-Anchored Retail Center in South Holland, Illinois

by Kristin Harlow February 25, 2020

SOUTH HOLLAND, ILL. — Marcus & Millichap has brokered the $3.2 million sale of a Family Dollar-anchored retail center in South Holland, about 20 miles south of Chicago. The 36,389-square-foot property is located at 1000 E. 162nd St. All tenants operate under net leases at the fully leased center. Six of the 15 tenants have occupied their space for an average of 25 years. Adrian Mendoza, Austin Weisenbeck and Sean Sharko of Marcus & Millichap represented the seller, a limited liability company. The team also procured the buyer, a limited liability company.

February 25, 2020

Affordable Housing Finance Insight Midwest Multifamily Northeast Southeast Texas Thought Leadership Video Western

Berkadia: Affordable housing concerns require local solutions

by Sarah Daniels February 25, 2020

David Leopold, Senior Vice President and Head of Affordable Housing at Berkadia, speaks with reporter Nellie Day about the ever-growing need for affordable housing and the challenges of meeting increasing demand. As Leopold discusses the differences between subsidized affordable housing and “organic,” workforce housing that is not driven by subsidies, he looks at the short- and long-term impacts of each approach. “Like all real estate, affordable housing challenges are very local. And the solutions to affordable housing are also local,” Leopold says. Developers have different tools available to them depending on where they are doing deals. Watch the video to hear more from Leopold about the challenges of affordable housing and how Berkadia is helping to tackle the issue. This video is posted as part of REBusinessOnline’s Finance Insight series, covering MBA CREF 2020. Click here to subscribe to the Finance Insight newsletter, a four-week newsletter series, followed by video interviews from MBA CREF.

February 25, 2020

Development Illinois Midwest Multifamily Top Stories

CMK, Greystar Begin Leasing 31-Story Apartment High-Rise Underway in Chicago’s South Loop

by John Nelson February 25, 2020

CHICAGO — CMK Cos. and Greystar Real Estate Partners have begun preleasing units at Imprint Apartment Homes, a new 349-unit high-rise community underway along the historic Printer’s Row in Chicago’s South Loop neighborhood. Local media outlets report the tower will rise 31 stories. CMK is the project’s developer, and Greystar is providing property management services. Chicago-based RL Accelerated is handling Imprint’s leasing services and has secured the property’s first lease. Imprint will feature floor plans ranging from 478-square-foot studio apartments to 3,276-square-foot, four-bedroom penthouses. According to Imprint’s home page, rents range from $1,745 for a studio to $8,100 for a penthouse. Move-ins will begin in mid-April and conclude this fall. The property is situated at 717 S. Clark St., the site of the former Palmer Printing building. Nearby transit options include the Harrison L Stop on Chicago Transit Authority’s (CTA) Red Line and the LaSalle L Stop on CTA’s Blue Line. Community amenities will include a fitness center, resident lounge, coworking spaces, dog grooming station, bike storage, community terrace with fire pits, top-floor observation deck, library and 24-hour concierge services. Designed by Hartshorne Plunkard Architecture, Imprint has received the Green Globes certification from the Green Building Initiative for the project’s …

February 25, 2020

New Jersey Northeast Northeast Market Reports Pennsylvania Retail

Philadelphia Retail Market Embraces Change in ’20s

by Alex Patton February 25, 2020

As our economy fades out of one decade and cruises into the next, a look in the rearview mirror reveals more than 10 years of expansion and 10-year GDP growth in excess of 26 percent. Sean Beuche, Marcus & Millichap The Philadelphia and Northeastern retail investment sales markets should be both thankful for progress made and road bumps navigated and mindful of several current trends affecting transactions and challenges looming on the horizon for owners and tenants of single and multi-tenant retail assets alike. Savvy Investors enter 2020 with the wind at their backs in many respects while also facing some familiar and unconventional challenges ahead. The 3.7 percent unemployment remains near a 50-year low, meaning that consumers are gainfully employed with money to spend. Mixed-use developments that capture the live-work-play lifestyle are ubiquitous and keep placemaking everywhere they spring up. Millennials and baby boomers alike are demanding walkable communities and opportunities to spend more of their money closer to home via dining out, signing up for memberships at gyms and fitness centers. Both these groups are enjoying the experiential retail that every landlord desires in their centers and portfolios. Stocks of publicly traded retailers like Target, Walmart, and Home …

February 25, 2020

Development Mixed-Use Texas

De La Vega Development Completes Demolition Work for 27-Acre Mixed-Use Project in Dallas

by Taylor Williams February 24, 2020

DALLAS — Locally based firm De La Vega Development has completed demolition of the former Affiliated Computer Services building at 2828 N. Haskell Ave. in Dallas. The property was temporarily known as The Leaning Tower of Dallas following a failed demolition attempt on Feb. 16 that left part of the building standing at a sharp angle. The site is the future home of The Central, a 27-acre mixed-use development that will feature about 5 million square feet of residential, hospitality, retail, restaurant and entertainment space, as well as a 3.5-acre park. Lloyd D. Nabors Demolition LLC is the contractor that handled the demolition work.

February 24, 2020

Development Multifamily Texas

Presidium Opens 354-Unit Edison Apartments Near Downtown Austin

by Taylor Williams February 24, 2020

AUSTIN, TEXAS — Presidium, an investment and development firm with offices in Dallas and Austin, has completed Edison Apartments, a 354-unit multifamily community located in the East Riverside Corridor near downtown Austin. Units at the property feature hardwood floors, vaulted ceilings and private balconies and patios. Amenities include a pool, fitness center, resident clubhouse, rooftop lounge, outdoor grilling stations and two parking garages totaling 468 spaces. Page Southerland Page served as the project architect, and Cadence McShane was the design-build firm.

February 24, 2020

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