Midwest

Bradford Allen Underway on Redevelopment of 245,783 SF Headquarters Space for Andretti Global in Indianapolis

by Kristin Harlow March 5, 2025

INDIANAPOLIS — Bradford Allen has negotiated a lease for TWG Motorsports, parent company of Andretti Global, at the former IndyStar Pulliam Production Center located at 8278 Georgetown Road in Indianapolis. The firm is redeveloping the 245,783-square-foot space to serve as the headquarters of Andretti Global’s INDYCAR, INDY NXT and Formula E teams. The renovated facility will have both office and industrial space and accommodate approximately 300 employees. Construction has begun and will be coordinated concurrently with the removal of several three-story printing presses from the building. The project is expected to be completed by this summer. The facility marks Bradford Allen’s second project for TWG Motorsports, the first being a nearly 400,000-square-foot motorsports facility under construction in Fishers, Ind. Built in 1995, 8278 Georgetown Road served as a production facility for the Indianapolis Star until 2024. Bradford Allen will modernize the building’s technology, introduce tailored workspaces and fabrication zones, and incorporate employee amenities such as a fitness center, dining space and pit-stop performance area. Additional project partners include ABEL Construction Co. and Merriman Schmitt Architects. Both firms have experience with motorsports facilities.

March 5, 2025

Acquisitions Midwest Minnesota

Transwestern Arranges Sale of Bethany Global University Campus in Bloomington, Minnesota

by Kristin Harlow March 5, 2025

BLOOMINGTON, MINN. — Transwestern Real Estate Services has arranged the sale of the Bethany Global University campus in the Minneapolis suburb of Bloomington. Substance Church purchased the 32.7-acre campus, which features 341,036 square feet across 16 buildings, for an undisclosed price. Owner-user Substance Church is a mission-driven organization that intends to use the property for purposes similar to Bethany Global University. The land is zoned for institutional and religious purposes, and Substance Church plans to repurpose many of the existing apartment, dormitory, educational and support services buildings. The property, which had been under Bethany’s ownership since the 1940s, was made available for sale as part of a strategic restructuring initiative. The university recently shifted from an in-person learning environment to an online platform. Mike Salmen and Erik Coglianese of Transwestern represented Bethany Fellowship.

March 5, 2025

Illinois Leasing Activity Midwest Office

Lessen Opens New 76,932 SF Office in Downtown Chicago

by Kristin Harlow March 5, 2025

CHICAGO — Lessen, a tech-enabled solution for outsourced real estate property services, has opened its new 76,932-square-foot office at 203 North LaSalle Street in downtown Chicago. The 17-story building is situated in the city’s Central Loop tech district adjacent to Google’s forthcoming Chicago office in the Thompson Center. Lessen first entered the Chicago market in 2023 after its acquisition of technology company SMS Assist for $950 million, the largest proptech merger in U.S. history, according to the company. Lessen partners with residential and commercial owners and occupiers who collectively manage over 1 million locations.

March 5, 2025

Development Illinois Midwest Multifamily Seniors Housing

F.H. Paschen Breaks Ground on 80-Unit Seniors Housing Community in Franklin Park, Illinois

by Kristin Harlow March 5, 2025

FRANKLIN PARK, ILL. — General contractor F.H. Paschen has broken ground on an 80-unit seniors housing community in the western Chicago suburb of Franklin Park, which is part of Leyden Township. Evergreen Real Estate Group is the developer for the project, which is named Leyden Senior Apartments. The four-story residential building will also feature the new Carl Fiorito Senior Center, a one-story community center that will complement the apartments. Designed by Weese Langley Klein Architects and scheduled to open in summer 2026, the development is a collaborative effort between Leyden Township, Evergreen, owner Leyden Apartments LP and F.H. Paschen. Evergreen will also serve as property manager. The project site is 2.8 acres of vacant land located at the intersection of Mannheim Road and Nevada Avenue. The development is financed through multiple sources, including the Illinois Housing Development Authority, Bank of America, Hudson Housing, Leyden Township and the Cook County Department of Planning and Development. Mesirow Financial participated in the underwriting syndicate for the IHDA financing and served as the lead underwriter for Leyden Township’s General Obligation bond offering.

March 5, 2025

Acquisitions Midwest Missouri Retail

Hanley Investment Group Brokers Sales of Two Adjacent Retail Buildings in Metro Kansas City

by Kristin Harlow March 5, 2025

BLUE SPRINGS, MO. — Hanley Investment Group Real Estate Advisors has brokered the sales of two adjacent retail buildings in the Kansas City suburb of Blue Springs. The sales price was undisclosed, but the combined transaction size exceeded $5 million with a blended cap rate in the low 6 percent range. The single-tenant, net-leased properties are occupied by Heartland Dental (4,200 square feet) and Starbucks (2,312 square feet). Both were constructed in 2024. Jeff Lefko and Bill Asher of Hanley, in association with Jay Ferguson of Ferguson Properties Inc., represented the seller and developer of both buildings, Ferguson Properties and Foresight Real Estate. Peter Winterling of Kidder Mathews represented the buyer of the Heartland Dental-occupied property, a private 1031 exchange investor from California’s Central Valley. John Martin of Lee & Associates represented the buyer of the Starbucks-occupied asset, a private 1031 exchange investor from Southern California.

March 5, 2025

Loans Michigan Midwest Multifamily

Dwight Mortgage Trust Provides $88.5M Bridge Loan for Multifamily Property in Belleville, Michigan

by Kristin Harlow March 4, 2025

BELLEVILLE, MICH. — Dwight Mortgage Trust, the affiliate REIT of Dwight Capital, has provided an $88.5 million bridge acquisition loan for The Waverly on the Lake in Belleville, a western suburb of Detroit. Spanning 99 acres along the shores of Belleville Lake, the garden-style multifamily property features 1,046 units. The waterfront community offers residents exclusive access to a boat launch and 42 private boat slips in addition to a newly renovated clubhouse, fitness center, barbecue grills, firepits, a pool and picnic areas. The asset also features over two miles of walking trails and dedicated dog parks. Loan proceeds will facilitate the acquisition of the property, fund capital expenditures for unrenovated units and cover closing costs for Pepper Pike Capital Partners. David Scheer of Dwight originated the loan.

March 4, 2025

Acquisitions Midwest Ohio Retail

Axiom Realty Acquires 157,632 SF Shopping Center in North Canton, Ohio

by Kristin Harlow March 4, 2025

NORTH CANTON, OHIO — Axiom Realty has acquired The Venue at Belden, a 157,632-square-foot shopping center in North Canton, about 18 miles south of Akron. Situated in the heart of the Belden Village trade area, the property is home to anchor tenants Burlington, TJ Maxx, HomeGoods and Earth Fare, which collectively occupy more than 60 percent of the center’s gross leasable area. The asset has undergone significant redevelopment in recent years. Axiom says it plans to enhance the tenant mix, optimize operations and drive long-term value.

March 4, 2025

Acquisitions Illinois Midwest Multifamily

Marcus & Millichap Brokers Sale of Newly Built Apartment Complex in Darien, Illinois

by Kristin Harlow March 4, 2025

DARIEN, ILL. — Marcus & Millichap has brokered the sale of The Jade Residences of Waterfall Glen in Darien for an undisclosed price. Built in 2024, the apartment complex features 70 units and is situated on 2.8 acres at 2305 Sokol Court. Units average 977 square feet. Amenities include a fitness center, party room, dog park and barbecue area. Ryan Engle, Kyle Stengle and Andrean Angelov of Marcus & Millichap represented the seller, a private investor. Engle and Angelov procured the buyer, a private investor.

March 4, 2025

Development Midwest Missouri Retail

Holland, HDA Complete Exterior Renovation of 70,000 SF Lexus Dealership in Metro St. Louis

by Kristin Harlow March 4, 2025

MANCHESTER, MO. — Holland Construction Services and architect HDA have completed an exterior renovation of Mungenast Lexus of St. Louis, a 70,000-square-foot auto dealership in the western St. Louis suburb of Manchester. The project included metal cladding, dark column accents and a new entryway with a prominent Lexus logo. The building features a two-story showroom, 32 service bays, a café and car wash/detail area. HDA originally designed the facility in 2009 as the first LEED Silver-certified Lexus auto dealership in the country.

March 4, 2025

Acquisitions Illinois Midwest Office

SVN Chicago Commercial Arranges $1.9M Sale of Office Building in Wheaton, Illinois

by Kristin Harlow March 4, 2025

WHEATON, ILL. — SVN Chicago Commercial has arranged the sale of a 35,400-square-foot office building located at 330 S. Naperville Road in downtown Wheaton for $1.9 million. The transaction closed at 97.5 percent of the asking price. The property features 23 executive suites, and was 72 percent occupied at the time of sale. Karen Kulczycki of SVN represented the seller. Buyer information was not provided.

March 4, 2025

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