Midwest

Law Firm Renews 99,756 SF Lease at Office Tower in Chicago

by Kristin Harlow May 9, 2017

CHICAGO — Law firm Barack Ferrazzano Kirschbaum & Nagelberg LLP has renewed its 99,756-square-foot office lease at 200 W. Madison in Chicago’s West Loop. The firm is the largest tenant within the 928,040-square-foot building and will occupy the space through 2032. Barack Ferrazzano Kirschbaum & Nagelberg moved into the space 10 years ago, replacing Hyatt Hotels Corp. as the anchor tenant. Kyle Kamin, Cal Wessman and Mark Cassata of CBRE represented the tenant in the lease transaction. Jeff Dowdell, Katie Steele, Courtney Rosoff and Michael Lirtzman of Transwestern brokered the lease on behalf of the owner, Bentall Kennedy’s U.S. core fund. Transwestern has managed the property since 2011. A recent $5 million renovation included an updated lobby, modernized elevators, new tenant lounge and expanded fitness center with yoga room.

May 9, 2017

Midwest Multifamily Nebraska

Marcus & Millichap Brokers $10.3M Sale of Apartment Property in Grand Island, Nebraska

by Kristin Harlow May 9, 2017

GRAND ISLAND, NEB. — Marcus & Millichap has brokered the sale of Continental Gardens in central Nebraska for $10.3 million. The 150-unit apartment property is located at 3111 College St. Built in 1977 with 120 units, the property was expanded in 2016 with an additional 30 units. Bradley Barham and Max Helgeson of Marcus & Millichap represented the seller, a private investor, and procured the buyer, a local private investment partnership.

May 9, 2017

Midwest Office Wisconsin

CBRE Negotiates $8M Sale of Two Office Buildings in West Allis, Wisconsin

by Kristin Harlow May 9, 2017

WEST ALLIS, WIS. — CBRE has negotiated the sale of Lincoln Center II and III in suburban Milwaukee for $8 million. The two office buildings total 121,388 square feet. Lincoln Center II is located on a three-acre site at 2514 S. 102nd St., while Lincoln Center III is located at 10150 W. National Ave. The buildings were more than 87 percent occupied at the time of sale with tenants including Verizon, Acuity, Cognex and Eye Care Specialists. Eric Rapp and Patrick Gallagher of CBRE represented the seller, Somerset Properties. Sara Investment Real Estate LLC purchased the properties.

May 9, 2017

Illinois Midwest Retail

Baum Arranges $4.5M Sale of Chase Bank Ground Lease in Chicago

by Kristin Harlow May 9, 2017

CHICAGO — Baum Realty Group has arranged the sale of a Chase Bank ground lease in Chicago for $4.5 million. The 4,195-square-foot retail property is located at 7180 W. Grand Ave. and includes four drive-thru lanes. Patrick Forkin and Brad Teitelbaum of Baum brokered the sale on behalf of the seller, a private West Coast investor. An institutional buyer purchased the property.

May 9, 2017

Midwest Ohio Retail

Cooper Group Brokers $1.4M Sale of Property Net Leased to AutoZone in Chesterland, Ohio

by Kristin Harlow May 9, 2017

CHESTERLAND, OHIO — The Cooper Commercial Investment Group has brokered the sale of a single-tenant property net leased to AutoZone in Chesterland, about 30 miles east of Cleveland, for $1.4 million. The lease has approximately 10 years remaining. Dan Cooper of Cooper Group represented the buyer, a private investor based in Ohio. The seller was a Louisiana-based private investment group.

May 9, 2017

Industrial Kansas Midwest

Copaken Brooks Begins Development of 500,000 SF Industrial Property in Edgerton, Kansas

by Kristin Harlow May 8, 2017

EDGERTON, KAN. — Copaken Brooks has begun development of Midwest Gateway, a 500,000-square-foot industrial property near the BNSF intermodal facility in Edgerton. The property will include two speculative buildings of 301,603 square feet and 186,107 square feet. The project is designed to meet the needs of warehouse, distribution and manufacturing users of smaller footprints. The buildings will feature 32-foot clear heights, motion sensor lighting, docks, truck parking and trailer storage. Construction is slated for completion in February 2018. Midwest Gateway is the closest development site to the BNSF intermodal, according to a press release. Bucky Brooks of Copaken Brooks, along with Nathan Anderson and Russel Pearson of NAI Heartland, are marketing the property for lease. Project team members include GMA Architects, ARCO National Construction, Shafer, Kline & Warren, Krudwig & Associates and Metro Air.

May 8, 2017

Michigan Midwest Office

Dembs Development Acquires Former Federal-Mogul Corp. Headquarters in Southfield, Michigan

by Kristin Harlow May 8, 2017

SOUTHFIELD, MICH. — Dembs Development has acquired the former Federal-Mogul Corp. headquarters in Southfield, a northern suburb of Detroit. The purchase price was not disclosed. The 360,000-square-foot office building, located on Northwestern Highway, has been vacant for over a year. The property was built in the early 1970s. Amenities include an underground parking garage, collaborative workspaces, auditorium, restaurant and outdoor seating. The property most recently sold for $12.7 million in July 2004, according to CoStar Group. Dembs Development purchased the property in a joint venture with Pitt Investments.

May 8, 2017

Midwest Missouri Retail

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

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