Midwest

Meridian Begins Construction of 307,850 SF Industrial Building in Mount Pleasant, Wisconsin

by Kristin Harlow February 8, 2018

MOUNT PLEASANT, WIS. — Meridian Design Build has started construction on a 307,850-square-foot speculative industrial building in Mount Pleasant in southeast Wisconsin. The facility will feature a clear height of 32 feet, 40 loading docks, four drive-in doors, 242 auto parking spaces and 94 trailer stalls. The building will be able to accommodate up to six tenants. Land and Lakes Development is the project developer. Partners in Design is providing architectural services while Pinnacle Engineering is completing civil engineering work. A timeline for construction was not disclosed. This is the second project Meridian has constructed within the 60-acre Mount Pleasant Business Park. Land and Lakes Development sold the first building, which is leased to Goodwill Industries, to Zilber Property Group last year.

February 8, 2018

Illinois Industrial Midwest

JLL Arranges Sale of 117,000 SF Industrial Facility in Lake Zurich, Illinois

by Kristin Harlow February 8, 2018

LAKE ZURICH, ILL. — JLL has arranged the sale of a 117,000-square-foot industrial facility in Lake Zurich, about 40 miles northwest of Chicago. The sales price was not disclosed. The facility is located on a 9.9-acre site at 800 N. Church St. The property features a clear height of 24 feet, 275 auto parking spaces, eight docks, fully air-conditioned warehouse space and 19,000 square feet of office space. Steve Trapp and Steve Steinmeyer represented the buyer, an affiliated entity of Midwest Industrial Funds (MIF). Nick Panarese of Van Vlissingen and Co. represented the undisclosed seller. The deal comes just months after MIF announced that the company had raised a new real estate investment fund, MIF Value Fund II LP, to purchase over $150 million of industrial properties over the next few years, according to JLL.

February 8, 2018

Hospitality Illinois Market Reports Midwest Midwest Market Reports

Chicago Hotel Supply Growth Is in Line With Other Markets

by Kristin Harlow February 8, 2018

Back in mid-2017, in a piece that was published right here in Heartland Real Estate Business, I talked about what might be in store for the remainder of the year. Specifically, I wrote that while “concerns about oversupply will likely persist in many [Midwestern] markets,” the outlook was not as grim as some industry analysts had been forecasting — a “second wind in the hotel sector” was “helping to calm the waters.” The general sense was that we would continue to see moderate growth. Happily for hoteliers across the Midwest, the market has played out fairly close to those predictions. A generally better-than-expected second half of the year didn’t allay everyone’s concerns, of course. I participated in an investor call recently with some of our lenders and their local analysts, and they were still talking about the threat of oversupply. They expressed some concerns about the prospect of the hotel boom in my home market of Chicago turning into a bust. Oversupply is a valid concern. From where I stand, however, the pattern over the past six to 12 months is not showing any real sign of changing. While the rate of growth has slowed slightly, the demand side of …

February 8, 2018

Midwest Multifamily Ohio

IPA Brokers $40M Sale of Apartment Building in Downtown Cleveland

by Kristin Harlow February 7, 2018

CLEVELAND — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Statler Arms in downtown Cleveland for $40 million. The 295-unit apartment building is located on the corner of East 12th Street and Euclid Avenue in the Theater District. The property was originally built in 1912 as the 700-room Statler Hotel. The building was then expanded in the 1930s, became an office building in the 1980s and was converted into apartments in 2000. Michael Barron, Joshua Wintermute and Daniel Burkons of IPA represented the buyer. According to The Plain Dealer, Millennia Cos. purchased the building from an affiliate of the California State Teachers’ Retirement System.

February 7, 2018

Illinois Loans Midwest Retail

Associated Bank Provides $14.5M Construction Loan for Three-Building Retail Project in Schaumburg, Illinois

by Kristin Harlow February 7, 2018

SCHAUMBURG, ILL. — Associated Bank has provided a $14.5 million refinancing and construction loan for a multi-tenant retail project in Schaumburg. Known as Woodfield Gatherings, the three-building project is located near Woodfield Mall. The 30,074-square-foot retail property was formerly home to a parking lot for a J.C. Penney store. Chuy’s, Naf Naf Grill, Mod Pizza and Honey Grow have all signed leases at the new development. Chuy’s is currently open for business, while the remaining tenants will open in April. Daniel Barrins of Associated Bank originated the loan on behalf of the borrower, Shorewood Development Group.

February 7, 2018

Midwest Minnesota Retail

Novak Completes 180,000 SF Remodeling of Sam’s Club Store in St. Cloud, Minnesota

by Kristin Harlow February 7, 2018

ST. CLOUD, MINN. — Novak Construction has completed the remodeling of a 180,000-square-foot retail store occupied by Sam’s Club in St. Cloud in central Minnesota. The property is located at 207 County Road 120. The interior now features a new grocery wing with deli, bakery, produce, meat and dairy departments. The remodeling also features new offices, a training room, pharmacy and Subway sandwich shop. The project also included the installation of new electrical, mechanical, refrigeration systems, flooring, wall finishes and landscaping. Paul Bergin, John Rudd, Sean Raby, Kelsey Green and Dave Baniewicz led the project team for Novak.

February 7, 2018

Illinois Industrial Midwest

National Express Signs 98,840 SF Industrial Lease in Chicago

by Kristin Harlow February 7, 2018

CHICAGO — National Express LLC has signed a 98,840-square-foot industrial lease on Chicago’s South Side. The transportation company will occupy the space at 2005 W. 43rd St. starting in the second quarter of this year. The company is relocating from the Fulton Market neighborhood in order to have more parking options. Mitch Adams and Nicole Mentone of CBRE represented the landlord, Avgeris & Associates, in the lease transaction. Chris Gary of NAI Hiffman represented the tenant.

February 7, 2018

Midwest Missouri Retail

Hanley Investment Group Arranges $2.4M Sale of Retail Building in Arnold, Missouri

by Kristin Harlow February 7, 2018

ARNOLD, MO. — Hanley Investment Group Real Estate Advisors has arranged the sale of a 3,500-square-foot retail building occupied by Aspen Dental in Arnold, a southern suburb of St. Louis, for $2.4 million. The newly constructed building is situated on slightly less than one-half acre at 1200 Big Bill Road. An 80-foot billboard enhances the property’s visibility from the highway. Jeff Lefko and Bill Asher of Hanley represented the seller, DLJ Properties LLC. Robert Gamzeh of Triple Net Investment Group represented the buyer, a Chicago-based private investor.

February 7, 2018

Midwest Ohio Retail Top Stories

UK-based EG Group to Buy Kroger’s Convenience Store Business for $2.1B

by Nellie Day February 7, 2018

CINCINNATI — United Kingdom-based EG Group has agreed to acquire Kroger’s (NYSE: KR) convenience store business for $2.1 billion. Kroger’s convenience store arm employs 11,000 workers in 18 states across 66 franchise operations. The stores operate under the brands Turkey Hill, Loaf ‘N Jug, Kwik Shop, Tom Thumb and Quik Stop. Kroger’s convenience store business generated $4 billion in revenue, including the sale of 1.2 billion gallons of fuel, in 2016. EG Group will establish its North American headquarters in Cincinnati and continue to operate the stores under their established brand names. It is the company’s first venture in the United States. Kroger’s supermarket fuel centers and its Turkey Hill Dairy are not included in the sale. Kroger plans to use net proceeds from the sale to repurchase shares and to lower its ratio of net total debt to adjusted EBITDA. Goldman Sachs & Co. LLC is acting as exclusive financial advisor to Kroger, with Weil, Gotshal & Manges LLP acting as legal advisor. Morgan Stanley, Bank of America Merrill Lynch and Barclays are acting as financial advisors to EG Group, while Allen & Overy is acting as legal advisor. EG Group was founded in 2001 by brothers Zuber and …

February 7, 2018

Illinois Midwest Office

GlenStar to Undertake $28M Redevelopment of 1 MSF Office Property in Schaumburg, Illinois

by Kristin Harlow February 6, 2018

SCHAUMBURG, ILL. — GlenStar Properties will undertake a $28 million redevelopment of Schaumburg Corporate Center in Illinois. Plans call for the construction of a new parking deck that can accommodate 500 autos and a temperature-controlled skybridge; nine modern speculative suites ranging in size from 1,700 square feet to 33,000 square feet; a 10,000-square-foot conferencing center; a club room with ping pong, pool and foosball tables; a new spiral staircase; and a new entry. GlenStar will also update the lobbies, elevators, deli and signage. The centerpiece of the complex, the 17,000-square-foot glass atrium, will be outfitted with new finishes, furniture and fixtures. The developer will also add a large video screen and update the ceilings and lighting. The project is slated for completion by the end of this year. GlenStar acquired Schaumburg Corporate Center in March 2017. Developed in the early 1980s, the property consists of three separate buildings for a combined 1 million square feet. The property is 74 percent leased by tenants such as Pepsi, Verizon Wireless, Motorola Employees Credit Union, American Agricultural Insurance Co. and Roanoke Insurance Group.

February 6, 2018

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