BENSENVILLE, ILL. — Baum Realty Group LLC has brokered the $2.9 million sale of a PNC Bank ground lease in Bensenville adjacent to O’Hare International Airport. The 3,181-square-foot building is located at 1151 S. York Road. Brad Teitelbaum, Patrick Forkin and Graham Gold represented the seller, a local private investor. The buyer was also local.
Kansas City’s central business district (CBD) has received a great deal of media attention over the past two years for good reason. With over 3,000 new residential units delivered, the new KC Streetcar and the national trend of Millennials moving to urban areas, there has been plenty of momentum for the area and much discussion of the “live-work-play” environment. After a long period of decline, the urban core of Kansas City is experiencing a powerful revitalization. In all the excitement surrounding the CBD, however, another trend may be getting overlooked. Through the first three quarters of 2016, absorption in the CBD (the Downtown, Crossroads and Crown Center submarkets) was more or less flat after accounting for the conversion of office space to residential use and a unique listing in the Crown Center complex. Meanwhile, the suburban office market posted 580,000 square feet of positive absorption during the same period. Yes, Kansas City is in the process of rediscovering and reinventing the CBD, but the performance of the suburban market remains strong. Construction Boom The first indicator that tenants are still attracted to key suburban submarkets is the number of recent construction projects. Earlier this year, Burns & McDonnell completed a …
AURORA, ILL. — Amazon has unveiled plans to open two new fulfillment centers in Aurora, about 45 miles west of Chicago. The facilities will add more than 1,000 jobs. Amazon currently has fulfillment centers in Edwardsville, Joliet and Romeoville. A center is also under construction in Monee, about 40 miles south of Chicago. At the nearly 1 million-square-foot facility in Aurora, employees will pick, pack and ship small items to customers such as books, electronics and consumer goods. The other fulfillment center, spanning 400,000 square feet, will specialize in handling larger items.
BRIDGEVIEW, ILL. — Darwin Realty has arranged the sale of 9900 Industrial Drive in Bridgeview, about 17 miles southwest of Chicago. Welch Packaging Group Inc., a manufacturer of corrugated packaging, purchased the 215,000-square-foot building. The sales price was not disclosed. Welch will relocate from Countryside to the former crane facility to support its expanding Chicagoland operations. The facility offers heavy power, land for trailer parking and is located immediately off I-294. Welch also plans to add additional improvements to the building. Noel S. Liston and Kevin D. Cooney of Darwin Realty represented Welch in the transaction. Jeff Locascio of Transwestern represented the undisclosed seller.
BENSENVILLE, ILL. — Liberty Property Trust has acquired a five-acre industrial site in Bensenville in the O’Hare Airport metro area. Liberty plans to redevelop the site beginning in early 2017. The property is located at 350 N. York Road and includes a 60,000-square-foot building, which Liberty plans to replace with a 96,962-square-foot, high-efficiency building. Features will include 32-foot clear heights, 20 exterior docks and two drive-in doors. Shell completion of the $11.6 million project is expected to be completed in the third quarter of 2017. Matt Neumann of Liberty, along with Steve Stone and Eric Fischer of Cushman & Wakefield, will handle the leasing of the property.
BROWN DEER, WIS. — Colliers International has brokered a 40,370-square-foot office lease renewal for BMO Harris Bank in Brown Deer, a suburb of Milwaukee. The building is located at 4701 W. Schroeder Drive. Lyle Landowski, Scott Welsh and Mike Fardy of Colliers International brokered the transaction.
PEWAUKEE, WIS. — The Dickman Co. Inc./CORFAC International has arranged the sale of a 12,735-square-foot industrial building in Pewaukee, approximately 18 miles west of Milwaukee. The building is located at 633 Cecelia Drive. The buyer, James K. Ihn, purchased the building from Mainka Properties LLC. Cale Berg, Samuel M. Dickman Jr. and Samuel D. Dickman of the Dickman Co. brokered the transaction.
DEERFIELD, ILL. AND CAMP HILL, PA. — Walgreens Boots Alliance (NASDAQ: WBA) and Rite Aid Corp. (NYSE: RAD) have agreed to sell 865 Rite Aid stores and some assets related to store operations to Fred’s (NASDAQ: FRED) for $950 million in an all-cash transaction. The agreement came about due to concerns by the Federal Trade Commission (FTC) in its review of Walgreens Boots Alliance’s proposed acquisition of Rite Aid, which was announced in October 2015. That transaction is scheduled to close in early 2017. The 865-store sale would make Fred’s one of the largest drugstore chains in the United States, with a significant presence in the South and on the East and West coasts. If the sale is approved, Fred’s will continue to employ all store associates and certain field and regional associates related to the operations. The stores will also continue to operate under the Rite Aid banner. Fred’s has also agreed to purchase additional Rite Aid stores if the FTC mandates additional divestments for the proposed merger. BofA Merrill Lynch acted as Walgreens Boots Alliance’s financial adviser. Sidley Austin LLP acted as legal counsel on transaction legal matters and Weil, Gotshal & Manges LLP acted as its legal …
BENSENVILLE, ILL. — NAI Hiffman has arranged the sale of 516-554 N. York Road in Bensenville within the O’Hare submarket. The 100,000-square-foot industrial complex features 16-foot clear heights and approximately 1,500 to 3,000 square feet of built-in office space and one dedicated exterior dock per unit. At the time of purchase, the building was 85 percent occupied. John Whitehead of NAI Hiffman represented the buyer, Cordoba Properties. Whitehead and Josh Will of NAI Hiffman have been retained to lease the remaining 15,000 square feet of vacant space. The seller was not disclosed.
MILWAUKEE — The Dickman Co. Inc./CORFAC International has brokered the sale of a 33,000-square-foot industrial building located at 7878 N. 86th St. in Milwaukee. The sales price was not disclosed. Nick Keys of the Dickman Co. represented the buyer, 7878 North LLC. Scott Furmanski of CBRE represented the seller, 7878 Associates LLC.
