Trilogy Real Estate Group Buys 115-Unit Luxury Apartment Community in Suburban Chicago

PARK RIDGE, ILL. — Trilogy Real Estate Group, a Chicago-based real estate investment, management and development firm, has acquired Park 205 in the Chicago suburb of Park Ridge. Located at 205 Touhy Ave., the luxury apartment community features 115 units. Amenities include a fitness center, heated pool, firepit, grills and a parking garage. The property is situated adjacent to a Whole Foods Market. Trilogy Residential Management, Trilogy’s management company, will serve as property manager. …

July 29, 2021Acquisitions, Illinois, Midwest, Multifamily

DT Midstream to Open National Headquarters in Downtown Detroit

DETROIT — DT Midstream Inc. (NYSE: DTM), a natural gas pipeline, storage and gathering provider, will open a new corporate headquarters within Bedrock’s Ally Detroit Center downtown. DTM is slated to occupy 26,000 square feet on the 29th floor beginning in November. The office space will accommodate up to 84 employees and will be home to the company’s executive leadership team. The Detroit headquarters will oversee assets in Pennsylvania, West Virginia, Ohio, New York, Louisiana and …

July 29, 2021Leasing Activity, Michigan, Midwest, Office

Marcus & Millichap Brokers $5.6M Sale of Office Portfolio in Indianapolis

INDIANAPOLIS — Marcus & Millichap has brokered the sale of the Banta Trails office portfolio in Indianapolis for $5.6 million. The four-building portfolio spans 79,246 square feet. All of the buildings are located on the same street. Forest Bender and Joseph DiSalvo of Marcus & Millichap marketed the portfolio for sale and procured the buyer, a local ownership group. The portfolio had been owned by a single ownership group up until 2016 when Buildings III and IV were sold to an …

July 29, 2021Acquisitions, Indiana, Midwest, Office

Venture One Acquires 60,033 SF Industrial Building in Chicago

CHICAGO — Venture One Real Estate has acquired a 60,033-square-foot industrial building located at 6450 Cortland St. in Chicago for an undisclosed price. The property was vacant at the time of acquisition. Situated on nearly three acres, the building features seven docks, one drive-in door and parking for 63 cars. Venture One plans to undertake office renovations, add energy-efficient lighting, resurface the parking lot and build a new roof. Elise Couston and Jimena Sayavedra of Newmark …

July 29, 2021Acquisitions, Illinois, Industrial, Midwest

Adelphia Properties Arranges Sale of Value-Add Retail Building in Orland Park, Illinois

ORLAND PARK, ILL. — Adelphia Properties has arranged the sale of a 7,365-square-foot retail building in Orland Park, a suburb of Chicago. The sales price was undisclosed. Situated on one acre at 15845 S. Harlem Ave., the value-add property was 17 percent occupied at the time of sale. It was formerly home to Panera Bread. George Spirrison and Simeon Spirrison of Adelphia represented the seller, a Chicago-based private real estate investor. The buyer was also a local

July 29, 2021Acquisitions, Illinois, Midwest, Retail

Des Moines Office Market Is on the Rebound

By Chris Curran and Mark Mills, R&R Realty Advisors Would you rather earn more money or have a more flexible work/life balance? Before the pandemic, many employees gave the latter as their answer. But the amount of money employees claimed they would forego wasn’t exactly peanuts. According to a pre-pandemic study by career site Joblist, the average employee was willing to give up around $10,000 per year to have better work/life balance. Fast forward to the present day and employees …

July 29, 2021Iowa, Market Reports, Midwest, Midwest Market Reports, Office

DealPoint Merrill Acquires Former Richmond Town Square Mall in Suburban Cleveland, Plans $200M Redevelopment

RICHMOND HEIGHTS, OHIO — DealPoint Merrill has acquired the remaining portion of the former Richmond Town Square regional mall in Richmond Heights, a suburb just east of Cleveland. The purchase price was undisclosed. Built in 1966, the mall was once the largest enclosed shopping center in the state with over 90 stores. It closed this year.DealPoint previously owned 33 acres of the mall site and now owns a total of 69 acres. This acquisition clears the way for the development of Belle Oaks …

July 28, 2021Acquisitions, Midwest, Mixed-Use, Ohio

Ford Selects Romulus, Michigan, as Location for $100M Battery Center

ROMULUS, MICH. — Ford Motor Co. has selected Romulus, a southwest suburb of Detroit and home of the Detroit Metropolitan Wayne County Airport, as the location of its new global battery center named Ford Ion Park. The $100 million project will help accelerate research and development of battery and battery cell technology. Ford Ion Park is part of Ford’s $185 million investment in developing, testing and building vehicle battery cells and cell arrays. Ford will refurbish an existing …

July 28, 2021Development, Industrial, Michigan, Midwest

JLL Brokers $59M Sale of Apartment Community Near Minneapolis for $59M

FRIDLEY, MINN. — JLL Capital Markets has brokered the sale of The Cielo Apartments in the Minneapolis suburb of Fridley for $59 million. The 269-unit complex features floor plans that range in size from 586 to 1,345 square feet. Amenities include a fitness center, game room, community room, study area, walking paths and secured parking. Dan Linnell, Mox Gunderson, Josh Talberg and Adam Haydon of JLL represented the seller, Trident Development. Peak Capital Partners was the buyer. JLL also …

July 28, 2021Acquisitions, Midwest, Minnesota, Multifamily

Spirit Investment Partners, Bascom Group Purchase High-Rise Multifamily Property in Evanston for $49.1M

EVANSTON, ILL. — Spirit Investment Partners and The Bascom Group have acquired 415 Premier Apartments in Evanston for $49.1 million. Built in 2008, the 17-story property includes 221 luxury apartment units as well as a 245-space parking deck. Dan Cohen of CBRE represented the undisclosed seller. Peter Marino of CBRE arranged acquisition financing through Rialto Capital

July 28, 2021Acquisitions, Illinois, Midwest, Multifamily

Trilogy Real Estate Group Buys 115-Unit Luxury Apartment Community in Suburban Chicago

DT Midstream to Open National Headquarters in Downtown Detroit

Marcus & Millichap Brokers $5.6M Sale of Office Portfolio in Indianapolis

Venture One Acquires 60,033 SF Industrial Building in Chicago

Adelphia Properties Arranges Sale of Value-Add Retail Building in Orland Park, Illinois

Des Moines Office Market Is on the Rebound

DealPoint Merrill Acquires Former Richmond Town Square Mall in Suburban Cleveland, Plans $200M Redevelopment

Ford Selects Romulus, Michigan, as Location for $100M Battery Center

JLL Brokers $59M Sale of Apartment Community Near Minneapolis for $59M

Spirit Investment Partners, Bascom Group Purchase High-Rise Multifamily Property in Evanston for $49.1M

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