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Stars Are Aligned for Twin Cities’ Apartment Market to Remain Strong

Following the recession, demand for multifamily development took off in many areas of the country. We predicted it as significant economic and demographic changes were happening, spurring a shift from homeownership to renting. As a result, the multifamily sector experienced a resurgence that hadn’t been seen in decades. In some cities where an abundance of multifamily projects have been delivered, there is discussion of potential saturation. That’s not the case in the Twin Cities of..

March 23, 2017

Howard Hughes Corp. Unveils Plans for 51-Story Office Tower in Chicago

CHICAGO — The Howard Hughes Corp. has received unanimous approval from the Chicago Plan Commission for the development of 110 N. Wacker Drive, a 51-story office tower downtown. The company will again collaborate with Riverside Investment & Development, Goettsch Partners and CBRE, the team behind the recently completed 150 N. Riverside Plaza office tower. The 1.3 million-square-foot tower will be located between Wacker Drive and the Chicago River. Amenities will include retail and dining..

March 22, 2017

CBRE Brokers $77M Sale of Office Portfolio in Suburban Columbus, Ohio

DUBLIN, OHIO — CBRE has brokered the sale of the Columbus Office Portfolio, a seven-building office portfolio in Dublin. An affiliate of New York-based Group RMC Corp. purchased the portfolio for $77 million. The portfolio consists of 1.1 million square feet and includes the following properties: Atrium II, Parkwood Place, Emerald III, Blazer I & II, Parkwood II, 5515 Parkcenter Circle and 5555 Parkcenter Circle. The office buildings were constructed between 1991 and 2002. The portfolio..

March 22, 2017

ASC Arranges $11.1M Acquisition Loan for Mixed-Use Property in Chicago

CHICAGO — American Street Capital (ASC) has arranged an $11.1 million loan for the acquisition of a 40-unit mixed-use property in Chicago’s North Center neighborhood. Built in 2009, the building consists of six ground-floor retail units and 34 residential units with a mix of two- and three-bedroom apartments. Additional amenities include in-unit washers and dryers, balconies, rooftop decks and indoor parking. Igor Zhizhin of ASC originated the seven-year loan, which includes a 30-year..

March 22, 2017

A&G Realty to Manage Sale of 58 MC Sports Leases in Midwest

MELVILLE, N.Y. — A&G Realty Partners will handle the sale of 58 MC Sports leases in seven states across the Midwest following the retailer’s Chapter 11 bankruptcy filing. The locations range in size from 11,000 to 46,000 square feet. The stores are located in Iowa, Illinois, Indiana, Michigan, Missouri, Ohio and Wisconsin. Bids are due no later than the close of business on Friday, April 7. MC Sports filed for Chapter 11 bankruptcy protection on Feb. 14 in the U.S. Bankruptcy Court,..

March 22, 2017

Pinnacle Arranges $1.3M Sale of Dollar General Portfolio in Iowa

WAPELLO AND WILTON, IOWA — Pinnacle Real Estate Advisors LLC has arranged the sale of a net leased Dollar General portfolio in Iowa for $1.3 million. The portfolio consists of two properties located at 702 U.S. Highway 61 in Wapello and 1200 W. 5th St. in Wilton. Both buildings were constructed in 2004. Each of the leases feature over seven years remaining on the current term. Zach Wright and Jeff Johnson of Pinnacle represented the seller, a Midwest-based developer. A high-net-worth investor..

March 22, 2017

Acadia Strategic Opportunity Fund IV Acquires 272,060 SF Retail Center Near St. Louis for $35.4M

FAIRVIEW HEIGHTS, ILL. — Acadia Strategic Opportunity Fund IV has acquired Lincoln Place in Fairview Heights near St. Louis for $35.4 million. The 272,060-square-foot shopping center is located at 5905-6109 North Illinois St. Lincoln Place is nearly fully leased to a mix of national tenants, including Kohl’s, Ross, Old Navy, Marshalls, Famous Footwear, Five Below, Pier 1 Imports, Saint Louis Bread Co. and Mattress Firm, in addition to a separately owned Lowe’s, Chili’s and..

March 21, 2017

Essex Brokers $10.1M Sale of Multifamily Portfolio in Suburban Chicago

NAPERVILLE AND GENEVA, ILL. — Essex Realty Group Inc. has brokered the sale of two apartment properties in suburban Chicago for $10.1 million. The larger asset, 7-20 Simpson St., is a 56-unit apartment complex located in Geneva. The property consists of three two-story buildings. All units measure approximately 900 square feet and are two-bedroom units. The second property, 1330 E. Chicago Ave., is a 34-unit apartment building located in Naperville. The property consists of 31 one-bedroom..

March 21, 2017

XPO Logistics Signs 213,558 SF Industrial Lease in Hazelwood, Missouri

HAZELWOOD, MO. — XPO Logistics Supply Chain Inc. has signed a 213,558-square-foot industrial lease, occupying the entire distribution facility located at 1619 Park 370 Blvd. near St. Louis in Hazelwood. The company is scheduled to take occupancy in April after an interior build-out is completed. HSA Commercial Real Estate developed 1619 Park 370 Blvd. and an adjacent 340,000-square-foot distribution center after purchasing the 30-acre land site from TRiSTAR Properties in 2001. Both facilities..

March 21, 2017

Bridge to Develop 133,951 SF Build-to-Suit for Okabe in Grayslake, Illinois

GRAYSLAKE, ILL. — Bridge Development Partners LLC has unveiled plans to develop a 133,951-square-foot industrial facility for Okabe Co. in Grayslake. The metal working company will relocate its North American headquarters from Vernon Hills, Ill. The development, located at the intersection of Peterson and Midlothian roads, will feature 30-foot clear heights, 10 exterior truck docks, two drive-in doors, 4,000 amps of power and an ESFR sprinkler system. Okabe acquired the land site from the..

March 21, 2017