Midwest

Interra Arranges $16.5M Sale of Adjacent Mixed-Use Buildings in Chicago

by Kristin Harlow June 25, 2018

CHICAGO — Interra Realty has arranged the sale of two adjacent mixed-use buildings in Chicago’s Edgewater neighborhood for $16.5 million. Located on North Broadway Avenue, a 95,000-square-foot building is comprised of 42 apartment units and two street-level retail spaces, one of which is leased to a daycare center. The asset sold for $15.8 million. An adjacent mixed-use building includes two apartment units and 1,800 square feet of ground-floor retail space. The asset sold for $745,000. A private buyer purchased both of the properties. The seller was not disclosed. Craig Martin and Brian DiBasilio of Interra represented both parties in the sale.

June 25, 2018

Acquisitions Midwest Multifamily Ohio

Colliers Negotiates $2.1M Sale of Apartment Building in Columbus, Ohio

by Kristin Harlow June 25, 2018

COLUMBUS, OHIO — Colliers International has negotiated the sale of Cambridge Apartments in Columbus for $2.1 million. The apartment building, located at 3170 Cleveland Ave., includes 66 units. Will Mathews, Russ Williamson, Carter Brehm, Tyler Hague and Jack Maloney of Colliers represented the seller, AMG Mario LLC. Ravi Chenna, a private buyer, purchased the asset.

June 25, 2018

Acquisitions Illinois Industrial Midwest

Colliers Brokers Sale of 486,062 SF Industrial Portfolio in Metro Chicago

by Kristin Harlow June 22, 2018

CHICAGO — Colliers International has brokered the sale of a three-building, 486,062-square-foot industrial portfolio in metro Chicago for an undisclosed price. Built between 1972 and 1984, the properties have been updated with truck docking, trailer parking and new lighting. The facilities include a 212,728-square-foot warehouse in Batavia, a 204,586-square-foot warehouse in Alsip, and a 68,728-square-foot property in St. Charles. The buildings are fully leased to four tenants. Jeff Devine and Steve Disse of Colliers represented the seller, DCT Industrial Trust (NYSE: DCT). Cabot Properties was the buyer.

June 22, 2018

Development Industrial Midwest Minnesota

Opus to Construct 86,000 SF Speculative Industrial Building in St. Paul

by Kristin Harlow June 22, 2018

ST. PAUL, MINN. — The Opus Group has unveiled plans to construct an 86,000-square-foot speculative industrial building at the St. Paul Port Authority’s Beacon Bluff Business Center in St. Paul. Completion is slated for the end of this year. The building will feature a clear height of 24 feet. Opus Development Co. is the developer, Opus Design Build is the design-builder and Opus AE Group is the architect and structural engineer of record. Solutions Blue is the civil engineer. Todd Hanson and Jason Sell of Cushman & Wakefield will market the property for lease. Beacon Bluff Business Center will include both office and industrial space and is located near the Minneapolis-St. Paul International Airport.

June 22, 2018

Development Midwest Missouri Office

HDA Designs 36,000 SF Office Building for Desco Group in Frontenac, Missouri

by Kristin Harlow June 22, 2018

FRONTENAC, MO. — HDA Architects is designing a 36,000-square-foot office building on behalf of The Desco Group in Frontenac, a suburb of St. Louis. The property will feature underground parking, first-floor retail space and two floors of office space. The building is part of an $80 million mixed-use development that will include a Life Time Fitness and two stand-alone restaurants. The Desco Group is demolishing the Old Shriners Hospital in order to make way for the project. Completion is slated for fall 2019.

June 22, 2018

Development Midwest Mixed-Use Nebraska

Darland Begins Construction of Pinnacle Bank-Anchored Property in Omaha

by Kristin Harlow June 22, 2018

OMAHA, NEB. — Darland Construction Co. has broken ground on a new mixed-use development anchored by Pinnacle Bank in Omaha. Located at the northeast corner of 84th Street and West Dodge Road, the 16,600-square-foot building will feature a 7,500-square-foot main level with a retail bank branch and space for one additional tenant. A 9,000-square-foot second level will feature office space. The new bank will replace Pinnacle’s existing location at the southwest corner of the same intersection. Completion is slated for spring 2019. Avant Architects is the project architect.

June 22, 2018

Iowa Leasing Activity Midwest Retail

Old Navy to Open at Outlets of Des Moines This Fall

by Kristin Harlow June 22, 2018

ALTOONA, IOWA — Old Navy Outlet is set to open at the Outlets of Des Moines this fall. The men, women and kids clothing retailer will occupy 12,000 square feet. New England Development is the developer behind the 300,000-square-foot outlet center, which is located at 801 Bass Pro Drive near I-80. Current retailers at the property include LOFT Outlet, Nike Factory Store, Express Factory Outlet, Tommy Hilfiger and Under Armour.

June 22, 2018

Company News Illinois Midwest Top Stories

Cushman & Wakefield Files for IPO

by Kristin Harlow June 22, 2018

CHICAGO — Cushman & Wakefield has filed registration with the SEC for an initial public offering (IPO). The number of shares to be offered and the price range for the proposed offering have yet to be determined. Chicago-based Cushman & Wakefield is among the largest real estate services firms in the world with 48,000 employees in approximately 400 offices and 70 countries. The 101-year-old firm, which reported revenues of $6.9 billion last year, manages approximately 3.5 billion square feet of commercial real estate space on behalf of institutional, corporate and private clients. The company could seek to raise about $1 billion in the IPO and seek a valuation in excess of $5 billion, according to The Wall Street Journal. In its filing, Cushman & Wakefield states five strategies for growing revenue and profitability: hiring top talent; expanding margins; leveraging breadth of services; deploying capital around its infill M&A strategy; and utilizing technology. The decision is likely a move to better compete with CBRE and JLL, both of which are publicly traded entities. CBRE’s revenue for 2017 was $14.2 billion while JLL’s was $7.9 billion. Cushman & Wakefield ranked No. 3 on Lipsey’s 2017 Top 25 Commercial Real Estate Brand Survey. Cushman & …

June 22, 2018

Development Illinois Midwest Multifamily

CRG Breaks Ground on 12-Story Apartment Building in Chicago’s Uptown Neighborhood

by Kristin Harlow June 21, 2018

CHICAGO — CRG, Clayco’s real estate development group, has broken ground on a 12-story apartment building in Chicago’s Uptown neighborhood. The development, located at the intersection of Sheridan Road and Wilson Avenue, will feature 149 units, 5,000 square feet of retail space and 29 parking spots. Amenities will include a 2,000-square-foot rooftop deck, coffee bar, exercise facility, business center and dog salon. Completion is slated for July 2019. Clayco is serving as the design-builder and its subsidiary, BatesForum, is the project architect. Capital partners include POB Capital and Principal Real Estate Investors.

June 21, 2018

Acquisitions Illinois Industrial Midwest Self-Storage

U-Haul to Acquire, Repurpose Former Kmart Building in Alton, Illinois

by Kristin Harlow June 21, 2018

ALTON, ILL. — U-Haul plans to acquire an 84,180-square-foot building formerly occupied by Kmart in Alton, about 25 miles north of St. Louis, in August. U-Haul, which currently leases the property, will transform the space into 700 climate-controlled, self-storage units with truck and trailer sharing and towing equipment onsite. The building, which had previously been vacant for eight months, is located within the Seminary Plaza shopping center. Madison Plaza Associates was the seller. U-Haul’s acquisition of the property was driven by its corporate sustainability initiative. The company says the adaptive reuse of existing buildings reduces the amount of energy and resources required for new-building materials and helps cities reduce their unwanted inventory of unused buildings.

June 21, 2018

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