NEWS & NOTABLES

CHICAGO—JLL recently released data on its third quarter revenues, showing earnings per share of $1.05 and adjusted earnings per share of $1.42. The company reported $1.705 billion in revenue, up from $1.501 billion in the third quarter of last year. Since the start of 2016, JLL reported $4.646 billion in revenue, up from $4.078 billion for the same period last year. Company officials say this growth was broad-based and across geographic segments and service lines. “We achieved record third-quarter revenue driven by recent acquisitions and strong organic growth in the Americas and Asia Pacific,” says Christian Ulbrich, JLL chief executive officer. “We expect to deliver strong operating performance during the fourth quarter of 2016 and be well positioned for further growth in 2017.”

DEALTRACKER

KALAMAZOO, MI—CPA^®:17 – Global, a non-traded REIT, has just completed the sale-leaseback of four existing distribution facilities and build-to-suit financing for one additional facility. The facilities will be master leased on a long-term, triple-net basis to Concordance Healthcare Solutions, a healthcare distribution company offering medical supplies, equipment and supply chain solutions to healthcare providers. The existing facilities, located in Kalamazoo, MI, Tiffin, OH, Andersonville, TN and Shelbyville, IN, represent a substantial portion of its revenue and earnings. It expects to have the build-to-suit facility, located in Millwood, WV, completed this month. All five properties will be combined under a long-term, single triple-net lease fixed annual rent increases.

ST. PAUL—Minneapolis-based Fair State Brewing Cooperative recently signed a new 42,000 square foot lease in the Midway area of St. Paul. A Cushman & Wakefield NorthMarq team of Todd Hanson, Jason Sell and Chris Weirens negotiated the lease for space at the Midway Distribution Center, located at 2075 Ellis Ave. The property is just north of University Ave. and about a five-minute drive from the University of Minnesota. Weirens represented Fair State in lease negotiations, while Hanson and Sell represented landlord Colony Capital's Colony Industrial Fund. The lease marks an expansion for Fair State, which operates a tap room in Northeast Minneapolis. The company will use new space for production, storage, tours and other events. It expects begin operating the location by early 2017.

YPSILANTI, MI—Pillar recently originated a $54.8 million HUD 223(f) fixed-rate, 35-year term loan for Lake Shore Apartments. The 1,028-unit multifamily property is located on Ford Lake in Ypsilanti, MI. The development features dog runs, pet washing stations, nature trails and monthly community activities. The property is fully leased at market rates. David Wilkins, managing director of Pillar in the Bloomfield Hills office, originated the financing. The borrower is LITW, LLC, a private real estate investor. The transaction closed on October 27. “This transaction is the largest single HUD refinancing loan originated to date in Michigan,” says Wilkins. “The current owner and leadership of the management company have delivered a high-quality residential experience, positioning the property for its tenants' enjoyment.”

DETROIT—Friedman Integrated Real Estate Solutions recently helped complete the sale of four contiguous parcels of land totaling .5 acres located on the northwest corner of Division and Beaubien Sts. in the historic Brush Park neighborhood of Detroit. The seller, JPJ Development, LLC, sold the property at auction through Ten-X.com to the Brooklyn-based development firm, Astral Weeks Development. The sale also included several existing structures that total 29,000 square feet. As reported in GlobeSt.com, the downtown and adjacent neighborhoods such as Brush Park have recently seen robust growth as new residents flock to the city's core. Once home to Detroit's elite, the historically significant neighborhood of Brush Park has new or renovated multifamily, single-family, commercial, retail and education spaces. Rich Deptula, national director, investment advisory services at Farmington Hills, MI-based Friedman, represented both the seller and the purchaser.

FARIBAULT, MN—Officials from X Team International, an international alliance of retail real estate advisors, recently said that its Dallas-Fort Worth-based partner Venture Commercial has represented Northern Tool + Equipment Inc. in a sale leaseback of their Faribault, MN manufacturing facility. Northern Tool signed a 15-year lease and will continue to use the 261,159-square-foot building at 2050 Airtech Rd. as its main manufacturing facility for its Northstar products. Venture Commercial's Clay Mote, who serves as master broker for Northern Tool, represented the seller. The buyer, Realty Income Corp., was self-represented.

BUILDING BLOCKS

CHICAGO—Dermody Properties recently broke ground on a 381,600-square-foot industrial facility in the Central DuPage submarket of Chicago. The facility, known as LogistiCenter^SM at North Avenue, is located at 365 North Ave. in Carol Stream, IL. Carol Stream Mayor Frank Saverino and several village officials celebrated the groundbreaking with Dermody on November 3. The new facility, set for completion in Spring 2017, will feature 36' clear height, abundant car parking stalls and sophisticated LED lighting systems. “LogistiCenter^SM at North Avenue will be an ideal home for companies in need of a premier industrial facility in the Chicago market with excellent access and exposure on the North Avenue Corridor,” says Michael Dolan, a partner in Reno, NV-based Dermody's Midwest Region Office.

NEWS & NOTABLES

DEALTRACKER

BUILDING BLOCKS

Instant Insights /

Middle Market Digest-The Midwest

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