Midwest

CAPREIT Purchases Two Apartment Communities in Suburban St. Louis

by Kristin Harlow November 9, 2018

O’FALLON AND WENTZVILLE, MO. — CAPREIT has purchased two apartment communities in St. Charles County within suburban St. Louis. The purchase price was $45 million, according to the St. Louis Business Journal. The properties include the 256-unit Peine Lakes in Wentzville and the 266-unit O’Fallon Lakes in O’Fallon. Peine Lakes is home to 205 affordable housing units and 5 market-rate units. Both properties feature units that range in size from 802 to 1,157 square feet. The seller was not disclosed.

November 9, 2018

Development Illinois Industrial Midwest

Cushman & Wakefield to Complete Lease-Up of 1 MSF Industrial Development in Chicago

by Kristin Harlow November 9, 2018

CHICAGO — Cushman & Wakefield has been selected by Hilco Redevelopment Partners to complete lease-up of Exchange 55, which is currently under development. The 1 million-square-foot warehouse is the largest new industrial development available in Chicago, according to Cushman & Wakefield. The planned development is a fully entitled and zoned for industrial use. Hilco plans to break ground immediately, with completion slated for the first quarter of 2020. The development is intended to attract a variety of users from e-commerce and manufacturing to food and cold storage and rail users. The project, located within Chicago’s Little Village neighborhood, will feature a clear height of 40 feet, 70-foot speed bays, multiple access points and options for parking expansion.

November 9, 2018

Illinois Industrial Loans Midwest Self-Storage

Associated Bank Provides $3.8M Loan for Self-Storage Conversion in Cicero, Illinois

by Kristin Harlow November 9, 2018

CICERO, ILL. — Associated Bank has provided a $3.8 million loan for the acquisition of two industrial buildings in Cicero. The borrower, JSM Venture Inc., plans to convert a 115,379-square-foot building into a 693-unit self-storage facility. The property, located at 1309 S. Cicero Ave., was formerly home to Brad Foote Gear Works. The self-storage facility will be climate-controlled and span 63,587 net rentable square feet. JSM’s acquisition also includes a 28,000-square-foot building that will either be demolished and paved for parking or improved and leased at a market rate. JSM is a Northfield, Ill.-based self-storage development company headed by John S. Mengel. Daniel Barrins of Associated Bank originated the loan, terms of which were not disclosed.

November 9, 2018

Acquisitions Indiana Midwest Retail

Baum Arranges $3.6M Sale of Retail Building in Elkhart, Indiana

by Kristin Harlow November 9, 2018

ELKHART, IND. — Baum Realty Group LLC has arranged the sale of a retail building leased to MOD Pizza and McAlister’s Deli in Elkhart for $3.6 million. Newly constructed, the 7,305-square-foot property is located 15 miles east of South Bend. Patrick Forkin of Baum represented the seller, a national retail developer. A Canadian-based institutional buyer purchased the asset.

November 9, 2018

Acquisitions Midwest Minnesota Office

Artemis, Eagle Ridge Acquire 374,942 SF Office Portfolio in Suburban Minneapolis

by Kristin Harlow November 8, 2018

GOLDEN VALLEY AND HOPKINS, MINN. — A joint venture between Artemis Real Estate Partners and Eagle Ridge Partners has acquired a four-building office portfolio in suburban Minneapolis. The purchase price was not disclosed. The properties include the three-building Golden Hills Business Park in Golden Valley and Westside Business Park in Hopkins. Together, the buildings span 374,942 square feet and are 93 percent leased. Judd Welliver, Ryan Watts, Sonja Dusil and Tom Holtz of CBRE represented the seller, a private real estate fund.

November 8, 2018

Acquisitions Illinois Midwest Net Lease Retail

Boulder Group Arranges $16M Sale of Property Net Leased to Jewel-Osco in Oak Lawn, Illinois

by Kristin Harlow November 8, 2018

OAK LAWN, ILL. — The Boulder Group has arranged the $16 million sale of a single-tenant property net leased to Jewel-Osco in Oak Lawn, a southwest suburb of Chicago. The 47,370-square-foot property is situated on 3.6 acres at 4650 W. 103rd St. Randy Blankstein and Jimmy Goodman of Boulder represented both parties in the sale. A Southwest-based private real estate investment company sold the asset to an investor based in Australia.

November 8, 2018

Acquisitions Midwest Ohio Retail

Alterra Buys 82,946 SF Shopping Center in Johnstown, Ohio for $3M

by Kristin Harlow November 8, 2018

JOHNSTOWN, OHIO — Alterra Real Estate Advisors has purchased Johnstown Village Square for $3 million. The 82,946-square-foot shopping center is located at 633-759 W. Coshocton St. in Johnstown, about 25 miles northeast of Columbus. The property sits on 10.7 acres and is currently 67 percent occupied. Tenants include Tractor Supply, Goodwill, Dollar Tree and H&R Block. Alterra plans to make improvements to the property. The firm will lease and manage the property.

November 8, 2018

Illinois Leasing Activity Midwest Office

Puratos Signs 6,668 SF Lease at Office Development Under Construction in Chicago’s Pilsen Neighborhood

by Kristin Harlow November 8, 2018

CHICAGO — Puratos, a Belgium-based international food science company, has signed a 6,668-square-foot lease to occupy space at Mural Park. The office will operate as an innovation center to expand the company’s U.S. footprint and service its Midwest clients. Jeff Dowdell, Katie Steele and William Briggs of Transwestern represented the landlord, Condor Partners, in the lease transaction with Puratos. Mural Park is a 200,000-square-foot creative office project in Chicago’s Pilsen neighborhood that involves the transformation of two existing industrial buildings from the early 1900s. The project is now 18 percent pre-leased. Anchor tenant 5 Rabbit Cerveceria is slated to open in early 2019. Maverick Commercial Mortgage Inc. arranged $33.7 million in construction financing. An East Coast-based mortgage REIT provided the financing.

November 8, 2018

Acquisitions Midwest Minnesota Retail

Marcus & Millichap Negotiates $4.6M Sale of Retail Property in Minnesota

by Kristin Harlow November 8, 2018

APPLE VALLEY, MINN. — Marcus & Millichap has negotiated the $4.6 million sale of a 5,511-square-foot retail property in Apple Valley, a suburb of the Twin Cities. Starbucks and Sleep Number fully occupy the building. Austin Weisenbeck, Daniel Dalmaso and Sean Sharko of Marcus & Millichap secured and represented the Minnesota-based buyer. Matthew Hazelton assisted in closing the transaction as the broker of record in Minnesota. The seller was not disclosed.

November 8, 2018

Indiana Market Reports Midwest Midwest Market Reports Office

Don’t Nap on Naptown: Indianapolis Office Market Is Actively Transforming

by Kristin Harlow November 8, 2018

You would be hard pressed to find another city more excited about transformation than Indianapolis right now. Previously known as “Naptown” by outsiders due to the sleepy feel the city exuded, those days are long gone. Indy has experienced incredible transformative activity in the past decade, and that extends to the commercial real estate office sector. For the 18th consecutive quarter, this sector has experienced positive net occupancy gains, and 14 of those quarters have fallen below the 10-year average vacancy rate of 18 percent. Average asking rental rates have experienced healthy growth, with five-year rental rate growth at nearly 14.3 percent. Changing ownership According to colleague Bennett Williams, director, the office landscape is really about change right now. “Long-term Indianapolis owners, such as Duke Realty, historically have developed and held their assets, but now that they are selling off their product, national and international firms are entering the market,” he says. “These new firms have been pushing all facets of the deal to maximize the return for their investors.” Within the past five years, Indy has experienced many ownership changes of large office assets both in the suburban markets and the central business district (CBD). Cushman and Wakefield research …

November 8, 2018

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