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Midwest

DevelopmentIllinoisIndustrialMidwestOffice

PREMIER Design + Build Group Completes 113,000 SF Headquarters for Heathrow Scientific in Metro Chicago

by Kristin Harlow

VERNON HILLS, ILL. — PREMIER Design + Build Group has completed the new headquarters for Heathrow Scientific, a producer of laboratory supplies and instruments. The 113,000-square-foot facility in the Chicago suburb of Vernon Hills will serve as the central hub for the company’s manufacturing, laboratory and office operations. Following the demolition of an existing structure, PREMIER constructed the two-story building that features a large laboratory space dedicated to product design and quality control as well as an outdoor dining area. The project also includes 12 dock positions and two drive-in doors.

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Leasing ActivityMidwestMinnesotaOffice

Messerli Kramer Signs Full-Floor Office Lease at 50 South Sixth in Minneapolis

by Kristin Harlow

MINNEAPOLIS — Law firm Messerli Kramer has signed a full-floor office lease at 50 South Sixth, a 29-story office building in the central business district of Minneapolis. The firm, which plans to occupy the space in the third quarter, is upgrading its facilities. Trinette Wacker and Reed Christianson of Transwestern Real Estate Services represented the owner, Mapletree Investments. Transwestern also manages the building, which opened in 2001. David Buyse and Rory Johnson of Corporate Tenant Advisors represented Messerli Kramer.

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AcquisitionsIllinoisIndustrialLee & AssociatesMidwest

Lee & Associates Negotiates $4.2M Sale of Industrial Building in Buffalo Grove, Illinois

by Kristin Harlow

BUFFALO GROVE, ILL. — Lee & Associates of Illinois has negotiated the $4.2 million sale of a 51,088-square-foot industrial building in the Chicago suburb of Buffalo Grove. The property is located at 901 Deerfield Parkway. Tom Boyle of Lee & Associates represented the buyer, Paragon Micro Inc. Rick Hiton of Hiton & Associates represented the seller, Awaken CTTE LLC.

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LoansMichiganMidwestMultifamily

Bernard Financial Group Arranges $2.8M Loan for Refinancing of Multifamily Property in Suburban Detroit

by Kristin Harlow

FARMINGTON HILLS, MICH. — Bernard Financial Group (BFG) has arranged a $2.8 million loan for the refinancing of Botsford Place Terrace Apartments in the Detroit suburb of Farmington Hills. The multifamily property features 98 units. David Ruff of BFG arranged the loan with Genisys Credit Union on behalf of the borrower, Botsford Place Terrace Apartments LLC.

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AcquisitionsMidwestMultifamilyWisconsin

CBRE Arranges Sale of Two Multifamily Properties Totaling 674 Units in Fitchburg, Wisconsin

by Kristin Harlow

FITCHBURG, WIS. — CBRE has arranged the sale of The Pines and The Fairways, two multifamily properties totaling 674 units in Fitchburg, a southern suburb of Madison. FPA Multifamily LLC purchased the assets from E.J. Plesko & Associates Inc. affiliated entities for an undisclosed price. CBRE’s Gretchen Richards, Patrick Gallagher, Matson Holbrook, Sean Beuche, Abe Appert, Keith Collins and Ted Abramson represented the seller. The Pines is located at 2302 High Ridge Trail near the southeastern end of Nine Springs Golf & Disc Golf Course. Built in 1978, the 305-unit property features a range of one-, two- and three-bedroom floor plans. Of the 305 units, 120 are direct-entry townhomes. The Fairways is located at 2301 Traceway Drive near the northeastern end of Nine Springs Golf & Disc Golf Course. Built in 1970, the 369-unit property features a variety of one-, two-, and four-bedroom units.

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DevelopmentIllinoisIndustrialMidwest

PREMIER Design + Build Group Completes 1.2 MSF Phase I of Logistics Campus in Glenview, Illinois

by Kristin Harlow

GLENVIEW, ILL. — PREMIER Design + Build Group has completed Phase I of The Logistics Campus, a master-planned industrial campus in Glenview developed by Dermody Properties. Phase I consists of more than 1.2 million square feet across five buildings, all of which achieved LEED Silver certification. There is capacity for over 2 million square feet for future phases. As part of the project, nearly 400 trees were dug up and moved to a temporary nursery. A local landscaping company replanted the trees as trails were built.

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AcquisitionsMidwestMinnesotaMultifamily

Habitat Acquires 214-Unit Rental Townhome Community in Woodbury, Minnesota

by Kristin Harlow

WOODBURY, MINN. — Habitat has acquired Seasons Villas, a multifamily community with 214 townhome-style rental units in the Twin Cities suburb of Woodbury. The purchase price was undisclosed. Seasons Villas features 47 single-story units and 167 two-story units. Floor plans span 960 to 1,160 square feet. Habitat also assumed management of the property. In addition to performing routine asset preservation and maintenance improvements, Habitat plans to enhance the pet-friendly community with the addition of a dog park. The seller was Boston Capital Group, and Willow Bridge Property Co. previously managed the asset. Habitat’s acquisition team managed the purchase process, supported by the Middle-Income Affordable Preservation Fund, a $150 million joint venture between Enterprise Community Partners and Banc of America Community Development Co. The fund focuses on preserving “missing middle” housing by investing equity capital to develop and acquire properties with affordability generally between 80 and 120 percent of the area median income. CBRE’s Minneapolis team represented the seller.

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AcquisitionsMidwestOhioRetail

Cooper Group Brokers $7.1M Sale of Kruse Commons Retail Property in Solon, Ohio

by Kristin Harlow

SOLON, OHIO — The Cooper Commercial Investment Group has brokered the $7.1 million sale of Kruse Commons in Solon, a suburb of Cleveland. The two-building retail property is anchored by Panera Bread and ice cream shop Mitchell’s Homemade. Dan Cooper of Cooper Group represented the seller, a private investment group out of the Cleveland area. A Midwest-based fund purchased the asset at full price, representing a cap rate of 6.75 percent and $276 per square foot. Kruse Commons was 78 percent leased at the time of sale.

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AcquisitionsIllinoisMidwestRetail

Fortec Sells Early Childhood Education Facility in Suburban Chicago for $4.9M

by Kristin Harlow

BARRINGTON, ILL. — Fortec has sold an early childhood education facility on nearly 2 acres in the Chicago suburb of Barrington for $4.9 million. The developer purchased the property at 310 E. James St. in early 2024 for $695,000. Previously serving as the headquarters of the Barrington School District from the early 1970s until 2019, the property was redeveloped for The Nest Schools, an early childhood education operator with over 50 locations nationwide. At the time, Fortec signed a 17-year lease with The Nest Schools. The 12,413-square-foot building serves approximately 200 students from ages six weeks to 12 years old. As part of the project, Fortec invested $2.8 million to extensively renovate the existing structure and construct an adjacent playground. The lease will transition to the buyer, Autumn Ridge LLC. Milo Spector of Northmarq represented Fortec in the sale.

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DevelopmentMidwestMultifamilyStudent HousingWisconsin

Joint Venture Breaks Ground on 717-Bed Student Housing Development Near University of Wisconsin-Madison

by Kristin Harlow

MADISON, WIS. — A joint venture between Mortenson Development, Northwestern Mutual Real Estate and PeakMade Real Estate has broken ground on Theory Madison, a 717-bed student housing development located near the University of Wisconsin-Madison campus. The 12-story tower will offer 213 units in a variety of configurations. Shared amenities will include rooftop decks, a 24-hour fitness center, study rooms, a podcast room, pet spa and clubroom. The community is being developed through a public-private partnership with the city of Madison and will offer affordably priced units in collaboration with the University of Wisconsin’s department of financial aid. The property is targeting LEED Silver certification and is expected for completion in fall 2026. 

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