Midwest

Construction of $54M Shopping Center Underway in St. Peters, Missouri

by Kristin Harlow May 8, 2017

ST. PETERS, MO. — Knoebel Construction Inc. has nearly completed shell construction of The Shoppes at Mid Rivers in St. Peters. The interior build-out is scheduled to begin in June. The 270,000-square-foot shopping center is the largest mall to be built in St. Charles County since 2008. The property includes 14 buildings on 28 acres. The $54 million project is slated to open this fall. Confirmed tenants include Academy Sports + Outdoor, Burlington, Ross Dress for Less, Marshalls, Home Goods, Ulta Beauty, Five Below and Famous Footwear. Aspen Dental will be located on one of the four outparcels. GBT Realty Corp. is developing the center.

May 8, 2017

Industrial Michigan Midwest

HP Pelzer Signs 90,000 SF Industrial Lease in Port Huron, Michigan

by Kristin Harlow May 8, 2017

PORT HURON, MICH. — HP Pelzer Automotive Systems has signed a 90,000-square-foot industrial lease in Port Huron, about 60 miles north of Detroit. The manufacturer of acoustic and thermal components for the automotive sector will occupy the entire building located at 2336-2356 Beard St. HP Pelzer maintains additional facilities in Port Huron. Jason Capitani and Joe DePonio of L. Mason Capitani CORFAC International brokered the lease transaction.

May 8, 2017

Illinois Midwest Retail

Namdar Realty Acquires 181,169 SF Shopping Center in Matteson, Illinois

by Kristin Harlow May 8, 2017

MATTESON, ILL. — Namdar Realty Group has acquired Matteson Town Center in Matteson, approximately 35 miles south of Chicago. The purchase price was in excess of $1 million, but the exact price was not disclosed. Developed in 1982 and expanded in 1990, the 181,169-square-foot shopping center is located at 104 Town Center Road. OfficeMax and Chuck E. Cheese’s anchor the center. Other tenants include FootLocker, GameStop, Check ‘n Go, Cricket Wireless, Hibachi Grill & Buffet and Subway. At the time of sale, 91,143 square feet of the center was vacant. Joel J. Gorjian of Namdar completed the acquisition on the company’s behalf. Derrick Almassy of CBRE represented the undisclosed seller.

May 8, 2017

Michigan Midwest Office Retail

Ford Land Begins Construction of Wagner Place Office and Retail Development in Dearborn, Michigan

by Kristin Harlow May 5, 2017

DEARBORN, MICH. — Ford Land Development Corp., the real estate arm of Ford Motor Co., has begun transformation of the Dearborn campus with the groundbreaking of Wagner Place, a development featuring office and retail space. The $60 million Ford investment will provide Ford employees and nearby residents with new retail and restaurant options, complemented by green space, outdoor seating and enhanced walkability. Ford is transforming about two blocks of largely vacant buildings into the 150,000-square-foot development. Wagner Place will feature two floors of workspace and a rooftop patio in addition to first-floor retail and restaurant space. Approximately 600 Ford global data insights and analytics employees will occupy the property. The development is part of the 10-year transformation of the company’s more than 60-year-old Dearborn facilities, which will relocate 30,000 employees from 70 buildings into primarily two sites: a product campus and a world headquarters campus. Wagner Place is scheduled for completion in mid-2018. With $3 million in support from the Michigan Strategic Fund, the city of Dearborn will construct a 373-spot public parking structure near the development at West Village Drive and Monroe Street for consumer and Ford employee parking. Dearborn is overseeing an $18 million investment for the west downtown area …

May 5, 2017

Healthcare Midwest Missouri

McCarthy Completes $40M Outpatient Building at Hospital in Chesterfield, Missouri

by Kristin Harlow May 5, 2017

CHESTERFIELD, MO. — McCarthy Building Cos. Inc. has completed construction of a new 106,000-square-foot outpatient services building on the west campus of St. Luke’s Hospital in Chesterfield. The $40 million St. Luke’s Outpatient Center Building B adjoins the hospital’s Mr. and Mrs. Theodore P. Desloge Jr. Outpatient Center. The five-story structure provides additional space for new physician offices as well as the expansion of St. Luke’s physical therapy and cardiac rehabilitation services. Other St. Luke’s services that have relocated to the building include EEG/EMG; the nutrition wellness and diabetes center; the anticoagulation clinic; and wound care and hyperbaric medicine. BSA LifeStructures Inc. designed the building.

May 5, 2017

Midwest Missouri Multifamily

Berkadia Negotiates Sale of 182-Unit Multifamily Property in St. Louis

by Kristin Harlow May 5, 2017

ST. LOUIS — Berkadia has negotiated the sale of Beau Jardin, a multifamily property located at 10347 Sannois Drive in St. Louis, for an undisclosed price. Built in 1963, the 182-unit property features one- and two-bedroom apartments. Community amenities include a resort-style swimming pool, tennis courts, playground, dog park and fitness center. Andrea Kendrick of Berkadia represented the seller, Corbeil Equities LLC. PC Beau-Jardin LLC was the buyer.

May 5, 2017

Illinois Midwest Office

Accesso Completes 3,000 SF Park at Office Property in Chicago

by Kristin Harlow May 5, 2017

CHICAGO — Accesso Partners LLC has completed a pocket park with seating for 50 between the office towers at 200 and 230 W. Monroe St. in Chicago’s West Loop. The 1.2 million-square-foot property has been renamed Monroe Plaza and is entering a second phase of upgrades. The new 3,000-square-foot park is open to employees and the public. Phase II renovations of the property will include enhancements to the lobbies, entrances, corridors and common areas of both buildings. Accesso has also named Cushman & Wakefield as the leasing broker for the office property. The leasing team consists of Andrea Saewitz, Ben Cleveland and Mark Baby.

May 5, 2017

Illinois Midwest Multifamily

SVN Arranges $1.9M Sale of Multifamily Portfolio in Rockford, Illinois

by Kristin Harlow May 5, 2017

ROCKFORD, ILL. — SVN | Chicago Commercial has arranged the sale of two multifamily buildings in Rockford for $1.9 million. Totaling 41 units, the properties are located at 902 and 948 N. Main St. Reid Bennett of SVN represented the seller, Windsor Apartments Limited Partnerships, while Cody Doran represented the buyer, Illinois FZ Property LLC.

May 5, 2017

Civic Illinois Midwest

Design Unveiled for Obama Presidential Center on Chicago’s South Side

by Kristin Harlow May 4, 2017

CHICAGO — The Obama Foundation released the conceptual vision and site map for the Obama Presidential Center (OPC) in Chicago at a community event hosted by Barack and Michelle Obama on Wednesday, May 3. The center will be integrated into Jackson Park, a historic park on the South Side of Chicago. The design concept includes three buildings: a museum, forum and library. The museum, the tallest of the three buildings, will hold exhibition space, public spaces, offices and education and meeting rooms. The forum will contain Obama Foundation offices, an auditorium, restaurant and public garden. The forum and library will be single-story structures with planted roof terraces and will serve as community resources. The total size of the center will range between 200,000 and 225,000 square feet, but the concept site plan imagines a reshaping of the park that will result in a total net increase in green space for Jackson Park. The center is slated to open in late 2021. The design team for the OPC is led by Tod Williams Billie Tsien Architects | Partners and Interactive Design Architects. The landscape design team is comprised of Michael Van Valkenburgh Associates, Site Design Group and Living Habitats. Ralph Appelbaum Associates …

May 4, 2017

Industrial Midwest Wisconsin

Marcus & Millichap Brokers $17M Sale of Self-Storage Portfolio in Greater Milwaukee

by Kristin Harlow May 4, 2017

MENOMONEE FALLS AND WAUKESHA, WIS. — Marcus & Millichap has brokered the sale of two self-storage facilities in the greater Milwaukee area for $17 million. The Vault of Menomonee Falls and The Vault of Waukesha are located 15 miles from each other and approximately 20 miles from Milwaukee. The sales price is the highest on record for a self-storage portfolio in the Milwaukee-Waukesha-West Allis metropolitan statistical area, according to a news release. Built in 2016, The Vault of Menomonee Falls opened with a total of 451 units and 39,573 rentable square feet. Phase II construction will be completed over the next 12 months and will expand the property to a total of 80,230 net rentable square feet and 768 units. The Vault of Waukesha was built in 2014. The 582-unit facility expanded to 64,648 rentable square feet in 2015. Sean Delaney and Michael Mele of Marcus & Millichap represented the sellers, private investors, and procured the buyer, the publicly traded parent company of U-Haul.

May 4, 2017

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