LOUISVILLE—Since the third quarter of 2014, six leases of more than 500,000 square feet in distribution warehouse buildings have been signed in the Louisville industrial market, according to a new report from CBRE. In addition, the market has seen 11 distribution warehouse leases over 200,000 square feet during the same time period. The region has attracted so many large distributors due to its centralized location, CBRE experts believe, along with an existing logistics infrastructure provided by a UPS ground sorting hub and the Worldport air hub. Louisville also has two Ford assembly plants and GE Appliances, a Haier Co.

CHICAGO—In the past decade, industrial developers have added more space to the Chicago market than any other in the US except for Inland Empire, according to new data from Yardi Matrix. In all, 322 buildings were built, with a total of 108.7 million square feet. Firing on all cylinders, the market expects another 5.5 million square feet by the end of the year. The most active city in the Chicago region development-wise is Joliet, ranking 11th overall with 12.1 million square feet added in the past 10 years; developers will also soon finish another six buildings which will total about 4.9 million square feet. Suburban Romeoville is a close second, with deliveries amounting to 10.9 million square feet in 26 buildings; Aurora and Pleasant Prairie, WI came in at positions 19 and 20, respectively, with additions amounting to 12 million square feet.

NEWS & NOTABLES

CHICAGO—HomeStar Bank & Financial Services, a Kankakee County-based financial institution with more than $1 billion in assets under management, has just named Chicago-based Gabe Beukinga as the president of its newly formed small business administration lending division. “For more than 70 years, HomeStar has focused on bringing the best of class products and services to clients to help them grow; to allow them to maximize their rewards for their hard work,” says William Smith, chief executive officer, HomeStar Bank. “When our customers grow and thrive, HomeStar grows and thrives.” And establishing a SBA lending division “is a logical extension of the programs and services we already provide, and a great fit for everyone.” Beukinga brings 12 years of experience in SBA lending, executive management and business development to his new role at HomeStar. His experience includes an eight-year tenure at SomerCor504, Inc., a Chicago-based financial services company.

DEALTRACKER

CHICAGO—Newmark Knight Frank has been appointed the exclusive leasing agent for a 186,000-square-foot industrial spec development at 1365-1395 Brewster Creek Blvd. within the Brewster Creek Business Park, a 486-acre master-planned industrial park in Bartlett, IL, a Chicago suburb. The groundbreaking for the new facility took place late last month with completion expected by the fourth quarter of this year. NKF's senior managing director Elise Couston, represents the contract purchaser, Barings Real Estate Advisers, acting on behalf of an institutional investor. The firm's senior managing director Adam Marshall, and director Mark Deady, represents the seller, Ridge Development, the industrial development arm of Transwestern Development Co. “Barings is seeking to invest in high quality, state-of-the-art, newly-constructed industrial assets with proximate access to the Elgin O'Hare Expressway, which will also benefit from the DuPage submarket's strong demand and low vacancy. We are confident that this property will provide a solid return for our client,” says Pam Boneham, managing director at Barings. Available for pre-lease as a single or multi-tenant facility, the building features 32' clear ceiling heights.

KENOSHA, WI—Majestic Realty Co. has acquired the site formerly known as Dairyland Greyhound Park and plans to convert it to an industrial and mixed-use business park. Transwestern principal Thomas Boyle represented the seller, Birmingham, AL-based Rime Investments LLP, in the transaction. The property was purchased for an undisclosed amount. “This transaction is significant for Southeast Wisconsin, because it will bring to the market new buildings and sites that companies relocating or expanding can occupy or build on,” says Boyle. “With the recent Foxconn Technology Group announcement to build an immense manufacturing facility, the employment and fiscal future for the region is very bright.” More recently known as the Midwest Innovation Center, the 228-acre site has room for two million square feet of development, including a one million-square-foot building. Located at 5522 104th Ave. in Kenosha, the site is just off I-94 nearly halfway between Milwaukee and Chicago.