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January 30, 2014 | ISSUE 306
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Meijer Plans to Build $100M Dairy Facility in Suburban Dayton, Ohio
 | | Meijer is a Grand Rapids, Mich.-based retailer that operates 204 supercenters and grocery stores throughout the Midwest. |
TIPP CITY, OHIO -- Midwest supermarket chain Meijer has announced plans to build a $100 million dairy production facility in Tipp City, located about 15 miles north of Dayton, Ohio, according to the Dayton Business Journal. The 85,000-square-foot facility will be built in three phases during the next three years, with one phase set to open each year. Meijer plans to hire more than 100 people, who will prepare milk and other dairy products for the chain's Ohio stores. Meijer is a Grand Rapids, Mich.-based retailer that operates 204 supercenters and grocery stores throughout Michigan, Ohio, Indiana, Illinois and Kentucky.
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Joint Venture Sells Mariano's Store
in Downtown Chicago for $40.5M
 | | The newly constructed, 65,568-square-foot Mariano's store is located in downtown Chicago. |
CHICAGO -- Outlook Development, Bucksbaum Retail Properties and Simon Konover Development have sold a Mariano's Fresh Market grocery store in Chicago for $40.5 million. Clark 1625 LLC, a New York City-based private investor, purchased the newly constructed, 65,568-square-foot store. The property is located at 1615 S. Clark St. in the South Loop submarket of Chicago. Guy Ponticiello, Bruce Westwood-Booth, Brian Shanfeld and Matt Berres led the Jones Lang LaSalle's capital markets team, which represented the seller, in the transaction. Mariano's Fresh Market is part of Roundy's Supermarkets Inc.'s grocery store chain and it operates on a triple-net lease with 20 years of remaining on its lease.
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HFF Arranges Sale of $31.6M Loan Secured By Three Multifamily Complexes
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SOUTHFIELD, MICH. -- HFF has arranged the sale of a $31.6 million senior mortgage loan secured by three multifamily properties located in Southfield. Providence Green, Providence Tower and Providence Place total 1,312 units and were built between 1965 and 1968. HFF marketed the loan on behalf of a major financial institution. The lender originated the loan in 2006 to fund the acquisition of the three properties and an additional property that was later sold by the borrower. The loan is set to mature this May. As of August 2013, Providence Green (723 units), Providence Tower (242 units) and Providence Place (347 units) featured a combined occupancy of 65 percent. The properties are located near the intersection of West 9 Mile and Greenfield roads, approximately 10 miles northeast of downtown Detroit. Daniel O'Donnell, managing director, and Wickliffe Kirby, associate director, led the HFF team representing the seller.
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Fridley Market in Metro Minneapolis Undergoes $21M Renovation
 | | The 20-acre Fridley Market is located in Fridley, a northern suburb of MInneapolis. |
FRIDLEY, MINN. -- Tri-Land Properties Inc. is on track to complete the extensive renovation of the 20-acre Fridley Market in metro Minneapolis by September. The $21 million redevelopment of the 165,000-square-foot center will include significant building, infrastructure, lighting and paving improvements, along with new construction. Tri-Land negotiated new long-term leases with tenants Cub Foods and Fridley Liquor Store, as well as updated their store layouts. Cub Foods downsized its former 104,000-square-foot location to a new 65,000-square-foot store. New tenants at Fridley Market include Great Clips, McDonald's and Teppanyaki Grill.
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Opus Sells 128,000 SF Gavilon World Headquarters in Omaha
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OMAHA -- The Opus Group has completed construction of and sold Gavilon's new world headquarters in Omaha to an affiliate of Lexington Realty Trust, a single-tenant real estate investment trust. The purchase price was undisclosed. The 128,000-square-foot, build-to-suit office building includes a 50,000-square-foot, column-free trading floor featuring 22-foot ceilings, full-height glass walls and an open staircase connecting two levels. Opus Development Co. LLC was the developer, and Opus Design Build LLC served as the design-builder on the project. Open Studio Architecture designed the project, and Opus AE Group LLC served as the architect and engineer of record.
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Development Ramps Up in Omaha Apartment Market;
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By Ed Fleming,
Senior Vice President,
Colliers International
The strong performance of the Omaha apartment market is expected to continue in 2014 and beyond. According to MPF Research, Omaha's apartment occupancy stood at 95.8 percent in the third quarter of 2013, up from 95.5 percent at the end of 2012 and in line with Omaha's average occupancy rate of slightly under 96 percent since 2000.
On the new construction front, developers continue to bring new projects to the market. During the first 10 months of 2013, multifamily building permits totaled 1,454 units in metro Omaha, which was 47 percent above the 986 multifamily housing units permitted during the same period in 2012 and 19 percent above the 1,225 units permitted during all of 2012. The figure was also slightly above the upper end of my range of expectations of 1,300 to 1,400 units for all of 2013.
On a percentage basis, the addition of 1,454 units would increase the apartment housing stock by 1.6 percent based on an overall inventory of approximately 88,000 units.
More Shovels in the Ground
During 2014, I expect construction activity to continue to be strong. Indeed, we could see multifamily building permit issuance reach 1,300 to 1,400 units. Included in these new development numbers is the surging downtown/near downtown market, the focal point of multiple projects that have been announced.
To read the full report, click here.
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Midwest Idea Exchange & Illinois Alliance Program
When: March 12, 2014
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InterFace Healthcare Real Estate West
When: March 18, 2014
Where: PNC Arena, 1400 Edwards Mills Road in Raleigh, N.C.
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InterFace Net Lease Real Estate West
When: March 19, 2014
Where: Omni Los Angeles
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InterFace Student Housing Conference
When: April 9-11, 2014
Where: Hilton Austin, 500 E. 4th St. in Austin, Texas
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SIOR Spring World Conference
When: April 22-25, 2014
Where: Las Vegas
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CREW Cleveland Kickoff 2014: Dress to The Nines
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Overview: Kick off the 2014 CREW (Commercial Real Estate Women Inc.) Cleveland year in style with a presentation from Brooks Brothers with tips on the latest career-oriented fashion trends for women and men.
When: Thursday, Jan. 30, 2014, 5:30 p.m. - 7:30 p.m.
Where: 50 Public Square, Tower City Skylight Room in Cleveland, Ohio.
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CONTACT US
| Rachel Goff, Associate Editor
Heartland Real Estate Business
France Media, Inc.
404-832-8262
404-832-8260
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Copyright � 2014 France Publications, Inc., d/b/a France Media, Inc. All rights reserved. The opinions and statements made by authors, contributors and advertisers to Heartland Real Estate Business are not necessarily those of the editors and publishers. To unsubscribe, please click on the links at the bottom of this email.
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