WEST CHICAGO, ILL. — NAI Hiffman has arranged the $4.2 million sale of a 4-acre industrial outdoor storage property at 2351 Powis Road in West Chicago. The asset includes 11,000 square feet of shop/fabrication space in two buildings, a concrete yard, mobile office trailer and truck scale. Kelly Disser, Michael Freitag, Bill Byrne and TJ Feeney of NAI Hiffman represented the seller, a private investor group. The Disser/Freitag team also brokered the September 2023 sale, when the property traded for $2.4 million. Constructed in 1993, 2351 Powis Road is zoned for office, research and light industrial uses with a planned unit development overlaid that permitted certain outdoor storage uses. The buyer is relocating from Villa Park, Ill.
CHICAGO — Glenstar and a high-net-worth private investor have acquired 200 South Wacker, a 40-story office tower in Chicago’s West Loop. According to Crain’s Chicago Business, the duo bought a non-performing $151 million loan backed by the property from lender Bank of China and simultaneously took control of the building from Toronto-based owner Manulife Financial via a deed-in-lieu of foreclosure. The news outlet also reports that the purchase price was close to $68 million. Designed by Harry Weese Associates and constructed in 1981, the building totals 761,775 square feet. Glenstar has taken over as the building’s asset and property manager, and The Telos Group will serve as the leasing agent. Glenstar and its equity partner are allocating approximately $30 million to build fully furnished move-in ready spec suites, modernize common areas, enhance amenities and fund other capital improvements. Current amenities include a rooftop deck, tenant lounge, conference center, fitness facility and a Mojo Coffee shop in the lobby.
UNIVERSITY CITY, MO. — Subtext has begun development of LOCAL on Delmar, a 259-unit apartment complex in the St. Louis suburb of University City. Completion of the five-story project, located at 6650 Delmar Blvd., is slated for summer 2026. The 398,225-square-foot building will feature a mix of studio, one-, two- and three-bedroom layouts, including townhomes that walk out onto Delmar Boulevard. There will also be 399 parking spaces in a five-story garage and approximately 7,100 square feet of street-level retail space. Amenities will include a clubroom, vinyl listening station, work-from-home hub, wellness suite, gym, yoga studio, pool terrace and grilling area. Situated in the Loop, the project site is located within a 12-minute walk from Washington University. Project partners include Brinkmann Constructors, ESG Architecture & Design, Larson Capital Management, Stock and Associates Consulting Engineers Inc. and First Mid Bank & Trust.
HOFFMAN ESTATES, ILL. — Colliers has negotiated a 35,000-square-foot headquarters lease for Arjo North America, a supplier of medical devices, at Bell Works Chicagoland in Hoffman Estates. Arjo will relocate from 62,000 square feet at 2349 W. Lake St. in Addison when it moves in the fourth quarter. David Burden, Tom Beraducci and Andy Gooliak of Colliers represented the tenant, while Darryl Silverman and Steve Kling of Colliers represented ownership. Bell Works Chicagoland is the redevelopment of the former AT&T headquarters property, which totals 1.6 million square feet and was built in 1990. AT&T vacated the asset in 2016.
ST. LOUIS — Tacos 4 Life is slated to open its new location at the Element Hotel at 3763 Forest Park Ave. in Midtown St. Louis on Tuesday, Feb. 11. St. Louis-based hotel development firm Midas Hospitality owns the property. The Midtown Tacos 4 Life marks the third franchise to open in the region, with other locations in Ballwin and O’Fallon, Mo. The retail space at Element Hotel is now fully leased. The 153-room extended-stay hotel opened in 2020. Midas Hospitality will own and operate the Tacos 4 Life Midtown franchise, which is located in a 4,200-square-foot space. Founded in Arkansas in 2014, Tacos 4 Life is a fast-casual taco restaurant with 29 locations. For every meal purchased, the restaurant donates a meal to a child in need through its Meal 4 Meal program.
ELMHURST, ILL. — FlashCo Manufacturing Inc., a manufacturer of roof flashings and accessories, has signed a 20,987-square-foot industrial lease at 849 N. Church Court in the Chicago suburb of Elmhurst. The institutionally owned and managed building in DuPage County is located less than one mile from access to I-290 and I-294 via Lake Street and Route 83. Chris Nelson of Lee & Associates of Illinois represented the tenant, while Al Caruana of Cushman & Wakefield represented the owner, TA Realty.
By Garrett Cohoon, Block & Co. Inc. Realtors The commercial real estate activity in the Kansas City metropolitan area showed substantial growth in 2024 for the retail, multifamily and industrial sectors. The office sector is still seeing record vacancy rates, but the annual loss over 2023 is slowing down. According to CoStar, the office vacancy rate for 2024 is up 11.8 percent in Kansas City while the national index is at a 13.9 percent increase. That’s only 0.5 percent higher than last year in Kansas City and we expect to see that trend turn around in the next year. The retail sector saw new brands like Aritzia grow into the Kansas City market. Whataburger opened its 14th location in the past two years as drive-thru restaurants have continued to be a preference for consumers and investors alike. Wellness-based businesses and health clinics have also made good strides in the market. Kansas City has seen an increase in new experiential attractions this year, including national businesses like Puttery minigolf, Andretti indoor karting and SandBox VR. These new attractions have been key to many new development complexes and redevelopments of existing strip centers. Mattel also announced a new adventure park to be …
INDIANAPOLIS — Barings and affiliates of Apollo have jointly originated a $113 million debt package to refinance the Westin Indianapolis hotel. An affiliate of KSL Capital Partners has owned the downtown property since 2019. The loan was structured with mezzanine and senior mortgage components. Barings funded the mezzanine component of the loan, with Apollo affiliates originating the senior portion. Originally built in 1989, the hotel was fully renovated from 2020 to 2022. The property features 575 guestrooms, 48,300 square feet of total event space, a new food and beverage outlet and a recently renovated fitness center. Eastdil Secured advised the borrower.
WHEATON, ILL. — JLL Capital Markets has arranged $41.6 million in financing for Danada Square West, a 314,819-square-foot shopping center in the Chicago suburb of Wheaton. Constructed in 1988, the grocery-anchored property was 92.7 percent leased at the time of the loan closing. The anchor tenant, Jewel-Osco, has occupied space at the property for over 37 years. Additional retailers include TJ Maxx, HomeGoods, Burlington, The Paper Store, Ulta and Five Below. Scott Aiese, Christopher Knight and Alex Staikos of JLL arranged the five-year, fixed-rate loan on behalf of the borrower, DLC.
PACE Loan Group Provides $15.8M C-PACE Loan for Office-to-Multifamily Conversion Project in St. Paul
ST. PAUL, MINN. — PACE Loan Group has provided a $15.8 million C-PACE loan for the conversion of the former Ecolab office building in downtown St. Paul into multifamily units. Developers Kaeding Development, Ron Clark and Inland Real Estate began construction in July. The 197,692-square-foot property will be transformed into 174 apartment units and will be named Stella. The C-PACE assessment is part of a total $68 million capital stack, which also includes federal and state historic tax credits of $18 million. Inland Real Estate Group of Cos. purchased the project site for $17.9 million in 2022. The PACE proceeds will be used to finance qualifying energy conservation measures, including building envelope, windows, HVAC, plumbing, lighting systems, mechanical and domestic hot water pumps. The renewable and energy conservation measures are expected to save $1.2 million annually in the payback period of 13.6 years. Matthew McCormack of PLG originated the loan. When complete, the project will include 2,339 square feet of retail space, a coffee lounge, mailroom and leasing office on the main floor. The lower levels will include tenant storage, bike storage and a pet run. The second floor will feature a fitness area, three “Zoom room” coworking rooms, a …