Middle Market Digest-The Midwest

NEWS & NOTABLES

MINNEAPOLIS—Mid-America Real Estate – Minnesota, LLC has been named as the retail marketing and leasing firm for the Macy's redevelopment project on the Nicollet Mall in downtown Minneapolis. The face of American retail is changing, and the closing of this Macy's, once the iconic Dayton's department store, is good illustration of ongoing transformation. Located in the heart of downtown Minneapolis' CBD on the corner of South 7^th St. and Nicollet Mall, prospective uses for the space include; entertainment, food hall, restaurants and traditional retailers, a number of which are expected to be new to the market. The retail component will likely incorporate creative reuses of the lower street and skyway levels, tying them together visually and structurally, team members say. “It is an extremely exciting opportunity for all of us at Mid-America to be working with 601w and United Properties on this high profile and iconic repositioning in downtown Minneapolis,” says Doug Sailor, principal/managing director of Mid-America Real Estate.

CHICAGO—The Opus Group has just promoted Mike Yungerman to vice president and general manager, Opus Development Co., LLC., for the Chicago region. In this role, he will manage the Chicago office and team, which includes associates in both Chicago and Milwaukee; active projects and pursuit of development opportunities in IL, WI and MI; and the definition and execution of current strategies and future growth plans for the region. Yungerman brings over 23 years of commercial real estate experience to the table, having completed more than 21 million square feet of industrial, office and medical projects throughout his career, valued at over $1 billion. He joined the Opus family of companies in 2005, and in the past 12 years has delivered projects for numerous clients, as well as multiple spec buildings including Gateway Logistics Center, Airwest 12 and 14, Rickenbacker 7 and 8, Minooka Ridge Business Center and many others. DEALTRACKER

MONROE, MI—Mid-America Real Estate Corp.'s investment sales team recently brokered the sale of Telegraph Plaza in Monroe, MI, a town midway between Detroit and Toledo, OH. The 141,354-square-foot shopping center was purchased by a private investment group. Telegraph Plaza is located at the northwest corner of Telegraph Rd. and Mall Rd. The center is anchored by Kohl's, TJ Maxx and PetSmart. Ben Wineman and Carly Gallagher of Mid-America, in cooperation with Daniel Stern of Mid-America-Michigan, Inc. were the exclusive brokers in the transaction on behalf of the seller.

BUILDING BLOCKS

MINNEAPOLIS—Brooklyn Park, MN, a suburb of Minneapolis that hasn't seen a newly built hotel since 1998 – is getting ready to welcome two hotels. A groundbreaking ceremony was recently held for two Hilton hotels: a 100-room Hampton Inn and a 107-room Home2 Suites. The $28 million development will open in the summer of 2018. Midas Hospitality, a hotel management group, will develop and manage both hotels. The Hampton Inn, located at 9470 W. Broadway, is a 63,301-square-foot hotel that will feature an indoor pool, meeting room, and fitness center. Home2 Suites, located at 9490 W. Broadway, is a 57,977-square-foot hotel that will offer separate living and bedroom space, a fully-equipped kitchen, community living areas, laundry facilities, fitness center, and an indoor pool. The builder is MC Hotel Construction, a general contractor specializing in new hotel construction and renovations, and the sister company of Midas Hospitality. The architecture firm is Gray Design Group. All three companies are based in St. Louis.

NEWS & NOTABLES

MINNEAPOLIS—Mid-America Real Estate – Minnesota, LLC has been named as the retail marketing and leasing firm for the Macy's redevelopment project on the Nicollet Mall in downtown Minneapolis. The face of American retail is changing, and the closing of this Macy's, once the iconic Dayton's department store, is good illustration of ongoing transformation. Located in the heart of downtown Minneapolis' CBD on the corner of South 7^th St. and Nicollet Mall, prospective uses for the space include; entertainment, food hall, restaurants and traditional retailers, a number of which are expected to be new to the market. The retail component will likely incorporate creative reuses of the lower street and skyway levels, tying them together visually and structurally, team members say. “It is an extremely exciting opportunity for all of us at Mid-America to be working with 601w and United Properties on this high profile and iconic repositioning in downtown Minneapolis,” says Doug Sailor, principal/managing director of Mid-America Real Estate.

CHICAGO—The Opus Group has just promoted Mike Yungerman to vice president and general manager, Opus Development Co., LLC., for the Chicago region. In this role, he will manage the Chicago office and team, which includes associates in both Chicago and Milwaukee; active projects and pursuit of development opportunities in IL, WI and MI; and the definition and execution of current strategies and future growth plans for the region. Yungerman brings over 23 years of commercial real estate experience to the table, having completed more than 21 million square feet of industrial, office and medical projects throughout his career, valued at over $1 billion. He joined the Opus family of companies in 2005, and in the past 12 years has delivered projects for numerous clients, as well as multiple spec buildings including Gateway Logistics Center, Airwest 12 and 14, Rickenbacker 7 and 8, Minooka Ridge Business Center and many others. DEALTRACKER

MONROE, MI—Mid-America Real Estate Corp.'s investment sales team recently brokered the sale of Telegraph Plaza in Monroe, MI, a town midway between Detroit and Toledo, OH. The 141,354-square-foot shopping center was purchased by a private investment group. Telegraph Plaza is located at the northwest corner of Telegraph Rd. and Mall Rd. The center is anchored by Kohl's, TJ Maxx and PetSmart. Ben Wineman and Carly Gallagher of Mid-America, in cooperation with Daniel Stern of Mid-America-Michigan, Inc. were the exclusive brokers in the transaction on behalf of the seller.

BUILDING BLOCKS

MINNEAPOLIS—Brooklyn Park, MN, a suburb of Minneapolis that hasn't seen a newly built hotel since 1998 – is getting ready to welcome two hotels. A groundbreaking ceremony was recently held for two Hilton hotels: a 100-room Hampton Inn and a 107-room Home2 Suites. The $28 million development will open in the summer of 2018. Midas Hospitality, a hotel management group, will develop and manage both hotels. The Hampton Inn, located at 9470 W. Broadway, is a 63,301-square-foot hotel that will feature an indoor pool, meeting room, and fitness center. Home2 Suites, located at 9490 W. Broadway, is a 57,977-square-foot hotel that will offer separate living and bedroom space, a fully-equipped kitchen, community living areas, laundry facilities, fitness center, and an indoor pool. The builder is MC Hotel Construction, a general contractor specializing in new hotel construction and renovations, and the sister company of Midas Hospitality. The architecture firm is Gray Design Group. All three companies are based in St. Louis.