AURORA, ILL. — Core Industrial Realty has arranged the sale of a 356,000-square-foot industrial property located at 2200 Sullivan Road in Aurora. The speculative building was developed by Panattoni in 2022 and was 75 percent leased at the time of sale. There are two tenants with leases totaling 260,000 square feet. Total consideration for the project, inclusive of both lease transactions and the sale of the building, exceeded $70 million. Noel Liston and Nick Krejci of Core brokered the sale. The buyer, Ares Management Corp., has retained Core as the leasing agent for the property.
Midwest
COLLINSVILLE, ILL. — Contegra Construction Co. has completed Eastport Commerce Center, a 75,000-square-foot office and distribution center in Collinsville, a northeast suburb of St. Louis. BHMG Engineers has leased 25,000 square feet at the property. The space replaces BHMG’s existing 5,000-square-foot office at 1902 Vandalia St. in Collinsville. The building features a clear height of 28 feet, four dock doors, three drive-in doors and 160 parking spaces.
KANSAS CITY, MO. — Revitalization Unlimited, a fund dedicated to preserving historically significant U.S. real estate and legacy industrial businesses, has unveiled plans to invest $3.2 million in the renovation of The Garment House, an historic office building in downtown Kansas City. Revitalization Unlimited is collaborating with property owner 10 Broadway LLC and Haith & Co. Inc. Revitalization Unlimited has committed $3.2 million to the restoration, with an additional $3 to $4 million allocated for renovations. Plans include modern upgrades and the creation of a diverse tenant mix featuring restaurants, bars, catering spaces and entertainment venues. Targeted rents are projected at $20 per square foot, with $1 million in tenant improvement allowances available for qualifying tenants.
BENSENVILLE, ILL. — Krusinski Construction Co. has completed an industrial redevelopment project for developer Dayton Street Partners in the Chicago suburb of Bensenville. Krusinski revitalized an existing building by completing selective demolition and enhancing the space with a more efficient layout. The original facility was converted into a 33,000-square-foot terminal with 37 newly installed dock doors and an attached 2,000-square-foot, two-story office. The interior refresh included new bathrooms, flooring, paint and mechanical, electrical and plumbing upgrades. Krusinski also completed upgrades to the storm systems, installed new concrete aprons and performed select paving improvements. The project team included Space Co and A+M Architects.
DECATUR, IND. — Block & Co. Inc. Realtors has brokered the sale of a 30,300-square-foot retail center in Decatur, about 20 miles southeast of Fort Wayne. The sales price was undisclosed. The Rural King-anchored property is located at the northwest quadrant of Nuttman Avenue and 13th Street. David Block and Phil Peck of Block & Co. represented the undisclosed seller, and the asset sold to a local buyer. The transaction marks the final sale in a 13-property shopping center portfolio, which was comprised of primarily Walmart Supercenter or Rural King-anchored properties in six Midwest states. Block & Co. was also the management and leasing company for all 13 shopping centers.
BROOKLYN PARK, MINN. — JLL Capital Markets has arranged the sale of 610 West Apartments, a 480-unit apartment complex in the Twin Cities suburb of Brooklyn Park. Built between 2016 and 2018, the property features four buildings with units averaging 1,003 square feet. Amenities include three swimming pools, two courtyards, a 22,000-square-foot clubhouse, fitness center, sauna, golf simulator and heated underground parking. Josh Talberg and Joseph Peris of JLL represented the seller, The Doran Group. Scott Loving, Ken Dayton and Pat McMullen of JLL originated acquisition financing through Fannie Mae on behalf of the buyer, Spyglass Capital Partners.
DAYTON, MINN. — States Manufacturing Corp. has signed a 503,440-square-foot industrial lease to occupy half of The Cubes at French Lake in Dayton, a suburb of Minneapolis. CRG developed the 1 million-square-foot facility, which marks the largest speculative industrial project ever completed in the state. Built in 2024, the cross-dock warehouse features a clear height of 40 feet, 169 dock doors, four drive-in dock doors, 60-foot speed bays, a concrete truck court with 185-foot depth, 231 trailer parking spaces and 652 car parking spaces. Dan Swartz, James DePietro and Austin Lovin of CBRE represented CRG in the lease, while Brent Masica and Danny McNamara of Cushman & Wakefield represented the tenant. The lease marks the largest industrial lease signed in the Twin Cities market in the past two years, according to CBRE. States Manufacturing has started building out its space to support the fabrication and manufacturing of custom electronic and metal products. The company will maintain its current headquarters in Champlin, Minn. CRG integrated partner Lamar Johnson Collaborative designed The Cubes at French Lake, and parent company Clayco served as general contractor.
CHICAGO — Berkadia has negotiated the $27 million sale of 1344 North Dearborn, a 94-unit multifamily property in Chicago’s Gold Coast neighborhood. Built in 1967, the asset had been converted into individual condominiums but then de-converted back to a fully rental community. Ralph DePasquale of Berkadia represented the seller, Illinois-based Ravinia Capital Group. The buyer was Bill Silverstein, owner of Beal Properties. The building was 95 percent occupied at the time of sale.
EAST PEORIA, ILL. — Boot Barn and Best Buy have joined the tenant lineup at The Levee District, a mixed-use center and shopping destination owned by Cullinan Properties in East Peoria. Both stores are expected to open in 2025. Best Buy is moving from its current location in metro Peoria. The Levee District is home to anchor retailers Target, Costco, Slumberland Furniture, Ulta and Ross Dress for Less. The development features a 137-room Holiday Inn & Suites hotel and is home to the City of East Peoria offices and the Fondulac Public Library.
MINOT, N.D. — Marcus & Millichap has brokered the sale of Candlewood Suites Minot, an 80-room hotel in North Dakota. The sales price was undisclosed. The four-story property is located just off U.S. Route 83. Ebrahim Valliani and Michael Klar of Marcus & Millichap represented the buyer and seller, both of which were private investors. The buyer plans to complete property renovations. The transaction received additional support from Allan Miller and Chris Gomes of Marcus & Millichap’s Miller-Gomes Hotel Team.