KANSAS CITY, MO. — MLG Capital has acquired Summit Crossing, a 336-unit multifamily property in Kansas City. The purchase price and seller were undisclosed. The garden-style townhome and apartment community was built in 2019. Amenities include two heated pools, a clubhouse, fitness center, business center and pickleball courts. Summit Crossing marks MLG’s fourth acquisition in metro Kansas City and brings its total number of units owned in the market to 1,249.
INDIANAPOLIS — CBRE has negotiated the sale-leaseback of an industrial portfolio in Indianapolis for $12.7 million. Located on nearly 15 acres at 1220, 1254 and 1310 S. West St., the portfolio comprises three buildings and a truck and trailer lot. The seller, Sodrel Truck Lines Inc., will lease back all of the properties for at least one year. The property at 1310 S. West St. is home to a truck terminal building totaling 25,856 square feet that features 70 dock-height doors and four drive-in doors as well as five driver rest suites, a driver lounge, exercise facility and service garage. The two buildings at 1254 S. West St. feature one truck maintenance building (19,180 square feet) and a truck wash and fueling building (4,358 square feet). The last parcel includes a 6.1-acre paved and fenced truck and trailer lot. The site houses more than 180 trailers. Kevin Foley, Austin Wolitarsky, Anthony DeLorenzo, Bryan Johnson, JD Graves and Sarah Greer of CBRE represented the seller. A private high-net-worth investor was the buyer.
EDINA, MINN. — Cushman & Wakefield has arranged an $11.3 million take-out refinancing package for The E, a boutique office building in the Minneapolis suburb of Edina. Located at 7201 Metro East Blvd., The E totals 108,000 square feet. Constructed in 1981 and fully renovated and rebranded in 2021, the property is 94 percent occupied by 11 tenants. More than 97,000 square feet of new tenancy followed a $6.7 million renovation of the asset. Adam Hoffman, Jeff Altenau, Zach Yarnoff and Avery Ticer of Cushman & Wakefield represented the owner, City Center Realty Partners/Contrarian Capital Management, in securing the bank financing.
CHICAGO — Rhaeos has relocated and expanded its headquarters and laboratory to a 7,344-square-foot space at Fulton Labs in Chicago. Trammell Crow Co. (TCC) owns the life sciences campus. Rhaeos, a clinical-stage medical device technology company, occupies space within a lab-ready graduation suite on the fifth floor of 400 North Aberdeen. The company’s previous headquarters was in Evanston, Ill. Born out of the Rogers Research Group at Northwestern University, Rhaeos is developing noninvasive wearable flow sensors for various chronic medical conditions for hospital and home use, starting with hydrocephalus. Dan Lyne of CBRE represented TCC, while Andria Winters and James Otto of CBRE represented Rhaeos. Additional tenants at 400 North Aberdeen include Portal Innovations, Mattiq, the Chan-Zuckerberg BioHub, the Chicagoland Climate Investment Alliance and the Illinois Institute of Technology.
BLOOMINGTON, ILL. — SVN Core 3 has brokered the sale of a fully leased office property at 205 N. Williamsburg Drive in Bloomington for $1.1 million. The asset features five units totaling 11,311 square feet along with a dedicated parking lot. Carrie Tinucci-Troll of SVN Core 3 represented both the buyer, Good Cos. Properties LLC, and the seller, Core-Williamsburg LLC. Both entities are based in Bloomington.
By Mike Stromberg, Opus Kansas City made the list of emerging industrial markets back in 2016, and over the last nine years has more than proven itself to be a viable, profitable and competitive environment for development. Many rightly attribute the market’s continued growth to its central location within the U.S. as well as its transportation infrastructure, which includes the city’s location on the largest navigable inland waterway, at the cross-section of three interstate highways and in the middle of cross-country rail corridors running from Canada to Mexico and from coast to coast. These are unquestionably appealing features for businesses that want and need to quickly distribute products and access customers. Other qualities often lauded include a strong skilled labor pool with an estimated 2.4 million people — nearly 23 percent between the ages of 18 to 34 — living within a 50-mile radius of the city; a cost of living up to 14 percent lower than the national average; a historically low unemployment rate; and increasing wages above the national average. What really puts Kansas City on the map for developers, though, is how the state of Missouri has created a pro-business environment that leverages and advances these strengths. …
Lee & Associates’ 2024 Q4 North America Market Report looks back at the tenant demand, absorption rates and vacancy trends for industrial, office, retail and multifamily sectors nationwide to extrapolate what might be on the horizon for 2025 and beyond. While net absorption in industrial and retail is down from the same period in 2023, the reasons — too much supply in the pipeline versus too little — are opposite for each sector. Similar mirroring due to reverse factors can be seen in the net positive absorption last quarter in office and multifamily. Net industrial absorption was down 45 percent in the last quarter of 2024, compared to the same quarter in 2023. However, vacancy rates are likely to decline this year due to a lower volume of construction starts completing in 2025. New in-office policies among prominent companies contributed to the office market’s second consecutive quarter of positive absorption, but overall, office vacancy numbers are expected to continue rising until 2026. Low vacancy and factors challenging development meant very few options for retail tenants seeking new, high-quality space. Retail tenants in the food and beverage arena have been taking advantage of increased national spending on food outside the home …
WHITE BEAR LAKE, MINN. — Kraus-Anderson has completed a $226 million renovation and addition at White Bear Lake Area High School – North Campus in White Bear Lake, a northern suburb of St. Paul. The project allowed for the former North Campus site to become the single high school site serving grades 9-12 for the White Bear Lake Area School District. Designed by Wold Architects and Engineers, the three-story, 595,000-square-foot high school features a 250,000-square-foot addition with new classrooms, a 37,000-square-foot performing arts center and a 92,000-square-foot athletic facility with track and field house. Kraus-Anderson also completed 216,000 square feet of renovations to existing classrooms, the media center, gym and union space. Construction began in June 2021. The high school project is part of a long-range facilities plan that in total includes 16 district projects, all funded by a 2019 $326 million school bond referendum. The former White Bear Lake Area High School – South Campus has been converted into Mariner Middle School.
CHICAGO — Q Investment Partners (QIP) and Melrose Ascension Capital have begun leasing efforts for Straits Row, an 18-story rental tower combining traditional apartment units with co-living units in Chicago’s South Loop. Located at 633 S. LaSalle St. within the Printers Row neighborhood, the 132-unit building will offer 358 private, fully furnished residential spaces. Rents at Straits Row are expected to average 20 percent less than competing Class A rental towers, according to the development team. Floor plans will range from studios to four-bedroom units. In the co-living units, residents will share a kitchen and living area but have their own private bedroom and bathroom. All residences come fully furnished. Residents at Straits Row can enjoy 15,000 square feet of amenity space, including a lobby-level “Printers Room” coworking space that nods to the history of Printers Row and features three private study rooms, a printer center, coffee station with cold brew on tap, lounge seating and adjacent outdoor patio. The tower’s 17th-floor amenity level features a resident lounge, fitness center, multiple clubrooms and a private dining room. Outside, there is a panoramic pool deck, grilling stations and outdoor dining areas. Straits Row serves as QIP’s flagship residential development in the …
WEST MILWAUKEE, WIS. — An affiliate of Phoenix Investors has purchased a 56-acre industrial campus totaling approximately 750,000 square feet in West Milwaukee. The property, located at 4701 W. Greenfield Ave., was previously owned by industrial giant Regal Rexnord. The campus, which is available for lease, features numerous dock doors, clear heights up to 47 feet, heavy power infrastructure and ample trailer and car parking. The nine buildings were constructed between 1920 and 1973. The site also has surplus land available for new residential and commercial development. Jeff Cartwright of First Financial Bank originated senior financing.
