WEST LAFAYETTE, IND. — Argus Self Storage Advisors has arranged the sale of an Extra Space Storage facility in West Lafayette for $7.4 million. Located at 2575 Cumberland Ave., the property features 56,950 net rentable square feet. The transaction included expansion land for an additional 30,000 square feet. Rob Schick of Argus represented the undisclosed seller. The asset was 94 percent leased at the time of sale.
GRAYSLAKE, ILL. — Essex Realty Group LLC has brokered the $5.8 million sale of Glen Street Apartments in Grayslake, about 50 miles north of downtown Chicago. Built in 1984 and located on Glen Street, the asset consists of 40 units. Current ownership has recently made significant capital improvements, including a new parking lot and a full concrete catwalk replacement. Brian Karmowski of Essex represented the undisclosed buyer.
OLATHE, KAN. — Walmart will open its first owned and operated case-ready beef facility in Olathe on Friday, June 27. The Arkansas-based retailer says the 300,000-square-foot project will bring quality beef to customers in the Midwest while creating more resiliency in its supply chain, following its 2022 equity investment in Sustainable Beef LLC. The facility will create more than 600 jobs and will handle packaging and distribution of Angus cuts sourced directly from Sustainable Beef LLC to stores across the Midwest. During a grand opening celebration, Walmart and the Walmart Foundation will present $90,000 in grants to local nonprofit organizations in the community. With fiscal year 2025 revenue of $681 billion, Walmart employs approximately 2.1 million associates worldwide at its more than 10,750 stores. The retailer has pledged to invest $350 billion in U.S.-made products by 2031.
ARLINGTON HEIGHTS, ILL. — SRM Cos. and Pearlmark have acquired a data center and flex industrial facility located at 545 E. Algonquin Road in the Chicago suburb of Arlington Heights. The transaction marks SRM’s first acquisition in the Chicago market. The property is fully leased to two tenants and features robust power and infrastructure. According to a release, the buyers plan to maintain and enhance the facility’s long-term value through proactive asset management and continued investment. Wintrust Commercial Real Estate provided acquisition financing.
HUDSON, WIS. — Marcus & Millichap has brokered the $6.3 million sale of a 38-unit multifamily portfolio in Hudson, about 30 miles east of Minneapolis. The portfolio consists of 34 two-bedroom units and four one-bedroom units, with assigned garages for 10 residents. Scott Anderson of Marcus & Millichap represented the seller, a Wisconsin-based investment group, and procured the buyer, a Wisconsin-based syndication. The City of Hudson continues to command the highest rents in western Wisconsin due to its proximity to the Twin Cities and its favorable cost-to-value position compared with the Minnesota side of the border, according to Anderson.
BEMIDJI, MINN. — Kraus-Anderson has completed a $3.3 million physical therapy clinic for Sanford Health in Bemidji, a city in northern Minnesota. The 23,000-square-foot project involved the conversion of an existing call center into a fully equipped clinic with dedicated areas for rehabilitation and wellness. Designed by EAPC Architects Engineers, the facility features semi-private treatment rooms for individualized patient care; sensory and pediatric gyms designed for child-focused therapy and rehabilitation; an adult fitness area equipped for strength-building and mobility improvement; and a specialized cardio gym to enhance patient care and recovery. The project also includes physical therapy treatment and neuro therapy spaces, office workspaces and support staff areas. Exterior improvements will include a new playground and redesigned employee entrance.
JACKSON, MICH. — Howe Equipment has acquired a 4.5-acre property formerly occupied by AMC Theatres in Jackson, a city in southern Michigan. Bill McLeod and Tjader Gerdom of Gerdom Realty & Investment, in cooperation with Marla Chaliff and Mark Kaplan of Dimension Development Partners, represented the undisclosed seller. ERA Reardon Realty represented Howe.
CINCINNATI — In its first-quarter results, The Kroger Co. (NYSE: KR) unveiled plans to close approximately 60 stores over the next 18 months. The closures represent about 5 percent of the Cincinnati-based grocer’s stores, and come after Kroger’s attempt to acquire Albertsons was blocked. Kroger says it is taking a $100 million impairment charge related to the store closings and is committed to reinvesting the savings back into the customer experience. As a result, Kroger says the closures will not impact full-year guidance. The retailer will offer roles in other stores to all associates currently employed at affected stores. Total company sales were $45.1 billion in the first quarter, compared with $45.3 billion the same period last year. Excluding fuel, Kroger specialty pharmacy and adjustment items, sales increased 3.7 percent compared with the same period last year. Kroger’s first quarter ended on May 24. The grocer maintains roughly 1,200 stores across 16 states. The company’s stock price opened at $72 per share Monday, June 23, up from $50.02 per share one year ago.
CHICAGO — Habitat has fully leased the apartments in the second phase of 43 Green, a mixed-income community in Chicago’s Bronzeville neighborhood. Located at 4309 S. Prairie Ave., immediately west of the Chicago Transit Authority’s (CTA) 43rd Street Green Line stop, 43 Green Phase II rises 10 stories and features 80 units, 44 of which are designated as affordable housing. Bordering the east side of the CTA station is Phase I of 43 Green, a 10-story, 99-unit building that includes 50 affordable housing units. Phase I opened in June 2023 and was fully leased by December of that year. Residences at Phase II are offered in studio, one- and two-bedroom floor plans ranging from 465 to 1,092 square feet. Amenities include two outdoor terraces, a fitness center, laundry facilities, flex work-from-home spaces, surface parking for 13 vehicles and 56 bicycle parking spots. The 80,000-square-foot building also features retail space. Representing an investment of more than $100 million across the project’s three phases, 43 Green is the first equitable transit-oriented development (ETOD) on Chicago’s South Side, according to Habitat. Prior to the city adopting its ETOD Policy Plan, nearly 90 percent of TOD projects between 2016 and 2019 were concentrated on …
SHELBYVILLE, IND. — Prudent Growth Partners LLC has purchased Rivergate Shopping Center in the Indianapolis suburb of Shelbyville for $4.4 million. Built in 1985 and renovated in 1995, the 45,314-square-foot property is currently home to 10 tenants with staggered lease expirations. The center has been well maintained, and no significant deferred maintenance needs exist, according to Prudent Growth.