Midwest

Office, Multifamily Sectors Lead Expansive Growth in Clayton Submarket of St. Louis

by Kristin Harlow January 12, 2017

An influx of new workers and residents is expected in the Clayton submarket of St. Louis thanks to more than $630 million in office, residential and mixed-use development that is in the planning stages or currently under way. Health insurer Centene Corp. has announced that it will build a new 16-acre, $450 million campus expansion on the east edge of downtown Clayton at Hanley Road, Forsyth Boulevard and Carondelet Plaza. The project, set to break ground early this year, stands to effectively shift the center of Clayton while adding a mixed-use, Class A office-anchored business and lifestyle development to the submarket. Delivery of the 500,000-square-foot Phase I tower is set for late 2019. At the opposite end of the submarket, Koman Group expects to break ground on its proposed 330,000-square-foot, 14-story office and retail project, situated at the corner of Forsyth and Brentwood boulevards. Just across the street is another $68 million, 233,000-square-foot office project likely to begin in 2018. Proposed by Jared Novelly and Apogee Associates, the project would bring the total proposed office development to a robust 1 million square feet of new Class A space in downtown Clayton. As the premier office submarket in St. Louis, Clayton …

January 12, 2017

Midwest Ohio Retail

Hines Global REIT II Acquires Retail Properties in Cincinnati for $190M

by Kristin Harlow January 11, 2017

CINCINNATI — Hines Global REIT II has acquired Rookwood Pavilion and Rookwood Commons in Cincinnati. The purchase price was $190 million, excluding transaction costs and working capital reserves, according to an SEC filing. The two shopping centers operate as a single property referred to as Rookwood. Rookwood Pavilion was built in 1993 and Rookwood Commons was built in 2000. The property consists of 600,071 square feet that is 97 percent leased to 73 retailers and restaurants, including Whole Foods, REI, Nordstrom Rack, T.J. Maxx, Joseph-Beth Booksellers, P.F. Chang’s and J. Alexander’s. Hines Global REIT II is a public, non-listed real estate investment trust sponsored by Hines. CLP-SPF Rookwood Commons LLC and CLP-SPF Rookwood Pavilion LLC were the sellers.

January 11, 2017

Industrial Midwest Missouri

Investor Group Purchases Five-Building Industrial Portfolio in St. Louis for $10.9M

by Kristin Harlow January 11, 2017

ST. LOUIS — An investor group, led by Mark Nelson of Nelson McBride Development and Nelson Grumney of Neland Investment Management, has purchased a portfolio of five industrial buildings in St. Louis County for $10.9 million. Chicago-based First Industrial Realty Trust Inc. was the seller. Totaling 474,000 square feet, the office/warehouse, distribution and light manufacturing buildings are located in the mid-county area and Hazelwood, Mo. The buildings range in size from 44,100 square feet to 145,000 square feet. The investor group is planning to invest approximately $250,000 in building and site enhancements at the properties, which were developed in the 1970s. Lead tenants in the buildings include Waters of America LLC, Demar Logistics Inc., Roha and Superior Pool Products. Nelson McBride will manage the buildings.

January 11, 2017

Illinois Midwest Office

The Missner Group Acquires 138,000 SF Office Property in Chicago Suburb

by Kristin Harlow January 11, 2017

LAKE FOREST, ILL. — The Missner Group has acquired Cadence at Conway Park in the Chicago suburb of Lake Forest. The sales price was not disclosed. The 138,000-square-foot Class A office building is located at 300 N. Field Drive along I-294. The building was originally constructed in 2007 and was developed by Duke Realty. The property features 34,500-square-foot floor plates with layouts including multiple conference and training spaces, a two-story atrium-style lobby, commercial kitchen, game room and Wi-Fi lounge. The Missner Group purchased the property from Hospira, which was acquired by Pfizer in 2015. Hospira purchased the property for $28.8 million in 2007. Jason Simon and Darryl Silverman of Colliers International will market the property on behalf of The Missner Group. Barry Missner and Ed Adler of The Missner Group led the acquisition for the firm. James Ward, Jonathan Metzl and Adam Showalter of Cushman & Wakefield represented the seller in the transaction.

January 11, 2017

Midwest Minnesota Office

Colliers Negotiates Sale of 32,799 SF Office Building in Edina, Minnesota

by Kristin Harlow January 11, 2017

EDINA, MINN. — Colliers International has negotiated the sale of a 32,799-square-foot office and warehouse facility located at 7625 Cahill Road in Edina, a southern suburb of Minneapolis. Apres Party and Tent Rental sold the facility to Buhl Investors LLC. Apres is relocating to a larger facility in Minnetonka. Buhl plans to redevelop the building into mini-storage and construct a second level of space. Nick Leviton and Brian Netz of Colliers represented Apres in the sale, while Brian Pankratz of CBRE represented Buhl. Leviton also assisted Apres with the acquisition of their new facility in Minnetonka.

January 11, 2017

Illinois Industrial Midwest

Realty Metrix Brokers Sale of 24,600 SF Industrial Building in West Chicago

by Kristin Harlow January 11, 2017

CHICAGO — Realty Metrix Commercial has brokered the sale of a 24,600-square-foot industrial building located at 450 Wegner Drive in West Chicago. The sales price was not disclosed. The property consists of a 24,600-square-foot industrial building situated on 1.3 acres. Siegwerk Environmental Inks, a German-based manufacturer of water-based inks, occupies the space. Dave Schmidt and Linda Kost of Realty Metrix represented the buyer, LMK LLC. Tom Bosshart of Norwood-O’Hare Realty Group Inc. represented the seller.

January 11, 2017

Illinois Midwest Multifamily Seniors Housing

CA Ventures, Pathway Open $28M Senior Living Community in Grayslake, Illinois

by Kristin Harlow January 10, 2017

GRAYSLAKE, ILL. — CA Ventures LLC and Pathway Senior Living have opened Travanse Living at Grayslake, a 96-unit senior living community. The building is located at 1865 E. Belvidere Road in Grayslake, about 40 miles north of downtown Chicago. The community features 68 assisted living suites and 28 memory care residences. The assisted living suites consist of 29 studios, 37 one-bedroom and two two-bedroom units. Located on the third floor, the 28 memory care residences consist of 20 studios and eight two-bedroom units. The community is located two miles from Northwestern Medicine Grayslake Outpatient Center. Chicago-based Worn Jerabek Wiltse Architects designed the community. CA Ventures was the project developer, and Pathway will operate the community. Travanse Living communities are also located in Olathe, Kan. and Wheaton, Ill.

January 10, 2017

Midwest Retail Wisconsin

Mid-America Real Estate Brokers Sale of 90,320 SF Grocery Store in Shorewood, Wisconsin

by Kristin Harlow January 10, 2017

SHOREWOOD, WIS. — Mid-America Real Estate Corp. has brokered the sale of Metro Market in Shorewood, about five miles north of Milwaukee. The sales price was not disclosed. The 90,320-square-foot store is located at 4075 N. Oakland Ave. Metro Market is a grocery chain owned by Kroger. Wes Koontz, Christian Tremblay, Ben Wineman and Dan Rosenfeld of Mid-America Real Estate represented the undisclosed seller. An institutional buyer purchased the property, which includes a parking garage.

January 10, 2017

Kansas Midwest Office

SelectQuote Signs 85,000 SF Office Lease in Overland Park, Kansas

by Kristin Harlow January 10, 2017

OVERLAND PARK, KAN. — SelectQuote has signed an 85,000-square-foot office lease at Overland Park Xchange (OPx) in Overland Park. The San Francisco-based life insurance company will occupy the space beginning in September 2017. Occidental Management, the owner of the Class A office building, added a second floor in the former Expo Hall to create two 55,000-square-foot floor plates to accommodate SelectQuote’s needs. SelectQuote plans to transform the exterior area on the ground floor into a large outdoor recreational space as well as offer amenities such as a coffee bar, fitness center and video games to employees. With the SelectQuote lease, the building is now 83.5 percent leased. Other tenants include UnitedHealth Group and Black & Veatch. SelectQuote currently occupies a Midwest office in Kansas City, Mo. and will consolidate the locations.

January 10, 2017

Loans Midwest Minnesota Multifamily

CBRE Arranges $3.8M Acquisition Loan for Multifamily Property in West St. Paul, Minnesota

by Kristin Harlow January 10, 2017

WEST ST. PAUL, MINN. — CBRE has arranged a $3.8 million acquisition loan for Emerson Hills Apartments in West St. Paul. The 35-unit multifamily property is located at 993 Robert St. The building, which was built in 2005, was 97 percent occupied at the time of sale. The financing was obtained through Freddie Mac’s small loan balance program and includes a 10-year, fixed interest rate of 3.6 percent and a 30-year amortization schedule. Ben Bastian and Mark Roos of CBRE represented the borrower, Emerson Hills Apartments LLC. The borrower is affiliated with Blackhawk Investment Group, a private real estate investment and development firm with a portfolio of approximately 300 apartment units in the Minneapolis and Chicago metro areas. The seller was an entity related to Sherman Associates Inc.

January 10, 2017

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