Midwest

Upland Arranges $4.6M Sale of PetSmart-Occupied Property in Lakeville, Minnesota

by Kristin Harlow August 13, 2018

LAKEVILLE, MINN. — Upland Real Estate Group Inc. has arranged the $4.6 million sale of a retail property occupied by PetSmart in Lakeville, a southern suburb of Minneapolis. The 18,007-square-foot building is located at the southeast corner of 160th Street and Pilot Knob Road. Nearby retail stores include a HyVee supermarket and Target. Keith Sturm, Deborah Vannelli and Amanda Leathers of Upland represented the undisclosed seller. The California-based buyer completed a 1031 tax-deferred exchange.

August 13, 2018

Acquisitions Industrial Midwest Wisconsin

Colliers Brokers $4.3M Sale of Industrial Building in Hartland, Wisconsin

by Kristin Harlow August 13, 2018

HARTLAND, WIS. — Colliers International has brokered the $4.3 million sale of a 58,828-square-foot industrial building in Hartland, a western suburb of Milwaukee. Printing company JTS Direct LLC fully occupies the property, which is located at 1180 Walnut Ridge Drive. Tom Shepherd, Jennifer Huber-Bullock and Steve Sewart of Colliers represented the seller, SH 1180 Walnut Ridge LLC. Kashou Brothers LLC purchased the asset.

August 13, 2018

Illinois Leasing Activity Midwest Office

Spaces Real Estate Opens New Office in Chicago’s West Loop

by Kristin Harlow August 13, 2018

CHICAGO — Spaces Real Estate has opened a new 4,000-square-foot office in Chicago’s West Loop. This is the second and largest office for the full-service real estate brokerage firm, which specializes in apartment leasing. The company, which also assists in buying and selling single-family homes, will maintain its 2,000-square-foot office in Lakeview. Spaces worked with Rieke Office Interiors on the design of the West Loop location, which is a loft office with open lounge areas and a central kitchen. The new office will serve as the headquarters for the Elevated Spaces division, which was launched nearly two years ago to serve the high-end downtown rental market.

August 13, 2018

Development Illinois Midwest Mixed-Use

RMK Begins Residential Pre-leasing at Development Near Wrigley Field, Signs New Retail Tenants

by Kristin Harlow August 10, 2018

CHICAGO — RMK Management Corp. has begun pre-leasing at The Residences at Addison & Clark, a 148-unit luxury rental development across the street from Chicago’s Wrigley Field. The Residences occupies the upper floors of the mixed-use development known as Addison & Clark. Floor plans, including a mix of studios through two-bedroom units, range from 501 to 1,409 square feet. Monthly rental rates range from $1,980 to $4,510. In keeping with the sports history of the neighborhood, The Residences at Addison & Clark features baseball-themed amenities such as the Upper Deck, an 8,746-square-foot outdoor rooftop space featuring a pool, hot tub and grilling stations; the Training Zone, a cardio and strength training facility; the Dugout, a conference room and shared technology space; the Bullpen, an outdoor dog park on the fifth floor; and the Diamond Lounge, a community kitchen and event space. Additional amenities include a concierge, dry cleaning and pick-up service and a package delivery system. The building will also have a separate space for oversized deliveries, as well as a refrigerator and freezer for perishable items. New retail leases at the property include: Beerhead Bar & Eatery, a craft beer bar franchise slated to open in spring 2019; and Do-Rite Donuts & Chicken, a …

August 10, 2018

Loans Michigan Midwest Multifamily

Citi Real Estate Funding Arranges $80M Refinancing for Multifamily Portfolio in Metro Detroit

by Kristin Harlow August 10, 2018

DETROIT — Citi Real Estate Funding has arranged an $80 million CMBS loan for the refinancing of a five-property multifamily portfolio in metro Detroit. National real estate investor and developer Lightstone was the borrower. The properties total 1,179 units and are located in cities such as Royal Oak, Canton and Livonia. The garden-style communities include a mix of one-, two- and three-bedroom units. Amenities include clubhouses, fitness centers, yoga studios, outdoor pools, business centers and game rooms. Property names were not disclosed.

August 10, 2018

Leasing Activity Midwest Office Ohio

NRP Group Relocates Headquarters to Downtown Cleveland

by Kristin Harlow August 10, 2018

CLEVELAND — The NRP Group has relocated its headquarters to the Halle Building at 1228 Euclid Ave. in downtown Cleveland. The developer, builder and manager of multifamily housing was previously based in Garfield Heights, Ohio, a southern suburb of Cleveland. The company now occupies the entire fourth floor, or 43,000 square feet, of the 380,000-square-foot Halle Building. Approximately 130 employees have moved to the new headquarters. NRP Group has 700 employees nationwide and has delivered more than 33,000 residential units in 15 states.

August 10, 2018

Acquisitions Michigan Midwest Self-Storage

Marcus & Millichap Brokers Sale of 94,115 SF Self-Storage Facility in Suburban Detroit

by Kristin Harlow August 10, 2018

ROCHESTER HILLS, MICH. — Marcus & Millichap has brokered the sale of Rochester Mini Storage in Rochester Hills, about 25 miles north of Detroit. The sales price was not disclosed. The 94,115-square-foot self-storage facility includes units that range in size from 25 to 400 square feet. Both climate-controlled and non-climate-controlled options are available. Brian Kelly, Brett Hatcher and Gabriel Coe of Marcus & Millichap brokered the transaction. An out-of-state buyer purchased the asset. The seller was a local owner.

August 10, 2018

Leasing Activity Michigan Midwest Retail

NAI Wisinski Negotiates 7,000 SF Lease for Discount Retailer in Grand Rapids, Michigan

by Kristin Harlow August 10, 2018

GRAND RAPIDS, MICH. — NAI Wisinski of West Michigan has negotiated a 7,000-square-foot retail lease on behalf of B2 Outlet Stores in Grand Rapids. B2 stands for “benefit twice.” The retailer offers merchandise at a discounted rate and then invests 51 percent of the profits back into the local community. This store, located at 3343 Alpine Ave., is the company’s 12th location in Michigan. The original B2 store opened in Hudsonville in 2014.

August 10, 2018

Acquisitions Illinois Midwest Multifamily

CIM, Golub Sell 40-Story Apartment Tower in Chicago’s South Loop

by Kristin Harlow August 9, 2018

CHICAGO — CIM Group and Golub & Co. have sold a 40-story apartment tower located at 1001 S. State St. in Chicago’s South Loop neighborhood. The companies jointly developed the 397-unit building, which was completed in August 2016. Amenities include a communal workspace, game room, outdoor pool, fitness center, yoga studio, dog run and services such as dry cleaning. Neither the sales price nor the buyer was disclosed, but Crain’s Chicago Business reports that an investment arm of the Mormon church was the buyer.

August 9, 2018

Acquisitions Illinois Midwest Retail

SRS Negotiates Sale of Small-Format Target Store in Chicago’s Oak Park

by Kristin Harlow August 9, 2018

OAK PARK, ILL. — SRS Real Estate Partners has negotiated the sale of a 22,000-square-foot retail real estate property occupied by Target in Chicago’s Oak Park. The small-format Target features a full-service CVS Pharmacy and a Starbucks. Built in 2017, the store is the ground-floor retail component of The Emerson, a mixed-use development that includes 271 residential units. Britt Raymond, Matthew Mousavi, Patrick Luther and Kyle Fant of SRS represented the New York-based buyer, who completed a 1031 tax-deferred exchange. Ben Wineman and Wes Koontz of Mid-America represented the seller, a Chicago-based developer. Target launched its new small-format concept three years ago and now has eight stores open in Chicago, with two more slated to open this year and four scheduled to open in 2019.

August 9, 2018

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