Midwest Real Estate News November 2016 : Page 1

MINNESOTA | MISSOURI | NEBRASKA | OHIO | TENNESSEE | WISCONSIN NOVEMBER 2016 VOLUME 30 ISSUE 12 Directories begin on page 36: Asset/Property Management Firms, Construction Companies, Multifamily Finance PAGE 41 THE DAKOTAS | ILLINOIS | INDIANA | IOWA | KANSAS | KENTUCKY | MICHIGAN WWW .REJOURNALS.COM Women REAL IN COMMERCIAL ES TA TE Some projects? They just mean more than others A look at some of the developments that have meant the most to the CRE pros behind them By Dan Rafter, Editor RETAIL Building the perfect strip center? It takes patience and the right mix of retailers D The Scott at Brush Park evelopers and brokers work on plenty of commercial real estate projects during their careers. Some of these office towers, apart-ment buildings and industrial facilities necessarily blend together. But there are some that stick out. These are the projects that make or have the potential to make a true difference in a community. It might be a center that helps the victims of domestic violence rebuild their lives, or a mixed-use project that can pump new energy into a previously struggling part of the city. Midwest Real Estate News recently spoke with brokers and developers about those CRE projects of which they are most proud. Here’s what they said. NEW LIFE IN DETROIT: THE SCOTT AT BRUSH PARK The Scott at Brush Park is an important project for downtown Detroit. The $65 million, 200,000-square-foot five-story mixed-use development will bring 199 new apartment units to the city when it opens later this year. For Todd Sachse, chief executive officer and founder of Detroit-based Sachse Construction, the project is yet more proof that this Midwest city is in the middle of a turnaround. Sachse, whose firm led the construction efforts, said that the Scott at Brush Park is the first institution-al-grade mixed-use development in Detroit in several decades. FEATURE (continued on page 8) T By Dan Rafter, Editor here are strip malls that seem cursed. Half their stores are vacant at all times. Their parking lots are crumbling. Busi-nesses open one week and are gone by the following month. There are others that lead a seemingly charmed life. They attract big-name tenants, boast parking lots that are always packed and retain the same high-performing retail-ers for decades. Why is this? Why do some strip malls thrive while others struggle? Jen Helm, senior director of retail at Cush-man & Wakefield/NorthMarq in Minneapolis, says it comes down to one key factor, pa-tience. Landlords who are patient enough to sign the right mix of retailers have the best chance of seeing their strip malls succeed. “Landlords need the first couple of retailers they get drive the rest of the center,” Helm said. “They need to start with the best quality of retailers that will fit in a particular market. FEATURE (continued on page 14)

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