CHICAGO — RDG Funds LLC has acquired 156 N. Jefferson Street in Chicago’s West Loop for an undisclosed price. RDG plans to redevelop and restore the 37,172-square-foot historic timber and beam loft office building. Currently vacant, the property is located two blocks from the Ogilvie Transportation Center.
CHICAGO — Kiser Group has brokered the sale of a 41-unit multifamily property in Chicago’s Buena Park neighborhood for $3.6 million. The building, located at 4070 N. Kenmore Ave., was originally built as a hotel in the 1920s. All 41 units feature studio floor plans. Lee Kiser and Rick Ofman brokered the transaction. A local landlord purchased the asset from 4070 Kenmore Corp., which had owned the property for more than 30 years.
OVERLAND PARK, KAN. — Planet Fitness has opened an 18,052-square-foot gym at 9331 Quivira Road in Overland Park. Best Buy is the other tenant in the 65,000-square-foot building. The property is located across from Oak Park Mall. Block & Co. Inc. Realtors negotiated the lease transaction for Planet Fitness and will oversee the building’s property management.
MAYFIELD HEIGHTS, OHIO — Mohr Capital has acquired a 460,000-square-foot net leased office building in Mayfield Heights, a suburb of Cleveland, for $52 million. Rockwell Automation Inc., a provider of industrial automation and information products, fully occupies the property on a triple net lease. The location serves as the second largest employment center for Rockwell, with close to 2,000 employees involved in the company’s architecture and software operating branch. The building was constructed as a build-to-suit for Rockwell in 1995. Rodrigo Godoi of Mohr Capital represented the Dallas-based real estate investment company in the transaction. Normal Rockwell Ohio LLC was the seller.
CHICAGO — R2 Cos. has purchased Morton Salt Inc.’s iconic property on Elston Avenue with plans to redevelop the former packaging and warehousing operation into a mixed-use development. R2 purchased the 4.2-acre site for $15 million, according to local media reports. As part of the agreement, Morton Salt will retain its branded rooftop and relocate the company’s research and development center to the site from its current location in Elgin, Ill. The center will anchor the office portion of the development with 20,000 square feet. Morton Salt selected R2 in 2016 to re-imagine the riverfront site from heavy industrial use to commercial and retail use. Morton Salt is headquartered in Chicago.
NORTHBROOK, ILL. — Podolsky Circle CORFAC International has arranged the sale of 400 Skokie Boulevard in Northbrook, a northern suburb of Chicago, for $20.9 million. Built in 1984 and renovated in 2012, the 195,326-square-foot office building features a café, fitness center, conference center, on-site storage and two balconies. The property is currently 77 percent leased to multiple tenants. Alissa Adler, John Homsher and Paul Tesdal of Podolsky Circle represented the seller, Syndicated Equities. Ameritus Real Estate Investment purchased the asset. Podolsky Circle managed 400 Skokie Boulevard prior to the sale and has been retained by the new owner to continue property management.
LANSING, MICH. — Pillar Financial, a division of SunTrust Bank, has provided a $7.5 million Fannie Mae loan for the refinancing of The Outfield Apartments in Lansing. The 84-unit apartment property overlooks the Cooley Law School Stadium, home of the Lansing Lugnuts, a Class A minor league baseball team affiliated with the Toronto Blue Jays. Residents can view baseball games from their living rooms and balconies. The fully leased property is a combined development agreement between Gillespie Group, the city of Lansing and Michigan Economic Development Corp. David Wilkins and Charles Krisfalusi of Pillar originated the 30-year loan, which will refinance Gillespie Group’s construction loan.
MILWAUKEE — Grassroots Salad Co. has signed a 2,841-square-foot lease at Chase Tower in Milwaukee. The restaurant provides made-to-order salads, wraps and freshly pressed juices for people on the go. Slated to open in spring 2018, this will be the company’s second location. In addition to in-store dining for approximately 50 people, Grassroots will offer catering and delivery. Dedicated to offering locally grown ingredients including antibiotic- and hormone-free proteins, the company is a sustainable business, serving compostable bowls and biodegradable utensils. Chase Tower, owned by Southfield, Mich.-based Farbman Group, is located on the corner of East Wisconsin Avenue and North Water Street. The 22-story, 480,000-square-foot office building recently underwent renovations, including new lighting and painting of the parking garage, new carpet and fresh paint throughout the common areas and the addition of an amenity room.
INDIANAPOLIS — A partnership between two investment firms, Indianapolis-based Strategic Capital Partners (SCP) and Philadelphia-based Rubenstein Partners LP, has acquired The Precedent Office Park, a 1.1 million-square-foot, Class A office complex in Indianapolis, for $132.7 million. Chicago-based LaSalle Investment Management was the seller. The property is situated on 184 acres at the intersection of Keystone Avenue and East 96th Street, just off Interstate 465 on the city’s north side. It consists of 19 buildings positioned around a 38-acre central lake. The campus is also located near a shopping and dining destination, The Fashion Mall at Keystone. Current amenities include a 6,000-square-foot fitness center, daycare center, bike-sharing program and micro-market vending options in select buildings. The buyers will implement a capital improvement program focused on enhancing the on-site amenities and upgrading the building systems. The improvements will aim to bolster the lake’s role in the amenity package by improving the landscaping and walking paths around it. Other amenity upgrades will include the renovation of the fitness center and the development of a new tenant lounge and cafeteria. “The Precedent’s location and proximity to the Fashion Mall at Keystone and other amenities is why many great local and national companies have chosen …
Over the last five years, Kansas City has seen a flurry of activity in the industrial sector. Since 2012, we have seen approximately 22.7 million square feet of new Class A industrial space hit the market, with speculative development and build-to-suits. Considering that Kansas City had only about 14 million square feet of Class A industrial space prior to 2012, these additions have had a huge impact on our marketplace. Prior to big box speculative development in Kansas City, it was hard to land large users due to lack of available product. These users did not have the time to wait for build-to-suit projects to be completed, so if product wasn’t readily available, they would move on to a different market. As a result, developers began to introduce speculative buildings, meeting this demand for new Class A product. Kansas City has thus emerged as a major player competing for larger users and their requirements. This year alone we have seen record absorption numbers and are not showing any major signs of slowing down anytime soon. The two major drivers that are taking this space are e-commerce and logistics users. The new demand for larger spaces has increased the average size …