Midwest Real Estate News Aug/Sept 2015 : Page 1

MINNESOTA | MISSOURI | NEBRASKA | OHIO | TENNESSEE | WISCONSIN AUG/SEPT 2015 VOLUME 30 ISSUE 05 WWW .REJOURNALS.COM Directories begin on page 33: THE DAKOTAS | ILLINOIS | INDIANA | IOWA | KANSAS | KENTUCKY | MICHIGAN Developers, Finance, Top Project/ Construction Management Firms, Real Estate Law Firms G Multifamily boom slowing? Not anytime soon By Dan Rafter, Editor up on waiting lists for new apartments due to come online soon in downtown Cleveland. That’s an impressive number. “This is despite the number of units that have been added already to downtown Cleveland,” Cooper said. “There is allure with living in downtown Cleveland now. It’s not unlike what you’re probably seeing with other markets: People today want to live in the downtown areas. They like that urban lifestyle. I’m not seeing any changes in this trend anytime soon.” Cooper points to the Ivory on Euclid as an exampe of just how hot multifamily is today in downtown Cleveland. This new multi-family project, under construction now, was formerly known as the Truman buiding, and ranks as a contributing building to the city’s Euclid Avenue Historic District. When it opens, Ivory on Euclid will feature 29 one-and two-bedroom luxury apartments ranging from 665 to 1,185 MULTIFAMILY FEATURE (continued on page 8) RETAIL FEATURE ary Cooper doesn’t worry that developers are build-ing too many apartment buildings in Cleveland or its suburbs. Cooper, senior vice president and principal with the Cleveland office of Colliers International, says that there are plenty of submarkets in the Cleve-land area that don’t yet have enough apartment units to meet the demand for them. Cleveland is far from unique. The major cities across the Midwest are still in the middle of a multifamily boom. Blame it on the bad memories that young adults have from the housing bust. Or just credit the allure of living a walkable life in the cen-ter of an urban hub, but consumers who would otherwise be taking out mortgage loans are today signing up for apartment living in the downtowns across the Midwest. Cooper says that more than 1,800 future residents are signed S What do investors love? Strip centers anchored by grocery stores … still By Dan Rafter, Editor tability. That’s the word Joe Girardi uses when talking about the retail strip centers across the Midwest that are anchored by a Trader Joe’s, Whole Foods Market, Meijer or other grocery stores. These are the retail centers that investors most eagerly target, Girardi says. And he should know. Girardi, principal with Mid-America Real Estate Corporation, recently led the investment sales team that brokered the sale of Heritage Commons in Lakeville, Minnesota. Austin, Texas-based Epic Real Estate Partners purchased the 138,690-square-foot grocery-an-chored neighborhood center in the Minneapolis market earlier this year. Though the center in-cludes tenants such as Subway, Papa Murphy’s and Great Clips, the real star of the deal was the Cub Foods grocery store that anchors the center. Why? Investors know that grocery stores are one of the safest businesses in the United FEATURE (continued on page 10)

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