Midwest

Transwestern Arranges 26,208 SF Lease of Flex Property in Chicago

by Christina Cannon September 30, 2015

CHICAGO — Transwestern has arranged a 26,208-square-foot lease for Noil Petroleum Corp. The office/warehouse building located at 611 – 613 N. Union St. is 58,400 square feet. John Joyce of Transwestern represented the building owner, Gross Props. Noil Petroleum plans to build 15,000 square feet of offices and use the remaining 11,200 square feet for additional vehicle storage. AAA, a client of Noil Petroleum, occupies the building’s remaining 32,000 square feet. The lease brings the building to 100 percent occupancy. Noil Petroleum plans to relocate to the facility on Nov. 1.

September 30, 2015

Midwest Minnesota

Mortenson Construction Tops Out 1.7 Million SF Stadium for Minnesota Vikings

by Christina Cannon September 29, 2015

MINNEAPOLIS — Mortenson Construction has topped out the U.S. Bank Stadium, future home of the Minnesota Vikings. Topping out is a major milestone celebrated when the highest or last steel beam is placed in a building under construction. Mortenson broke ground on the project 21 months ago and the stadium is now 75 percent complete and is set to open in July 2016. More than 11,000 tons of steel help make up the roof of the facility, including the 989-foot-long, 1,700-ton ridge truss, which stands 214 feet above the playing field. The stadium will seat 65,000 people and span 1.7 million square feet. Mortenson Construction and Thor Construction are managing the building project. The Minnesota Sports Facilities Authority will own and operate the stadium. In early 2013, the Vikings and the University of Minnesota negotiated a use agreement allowing the Vikings to play the 2014 and 2015 seasons at TCF Bank Stadium on the university’s campus.

September 29, 2015

Michigan Midwest

CMU Undertakes $10.8M Renovation, Expansion of Business Administration Building

by Christina Cannon September 29, 2015

MOUNT PLEASANT, MICH. — A $10.8 million renovation and expansion of Grawn Hall at Central Michigan University in Mount Pleasant is in the preliminary stages. Exterior preparations for a two-story addition and renovation of the college’s business administration building began this past summer. The building was built in 1915 and is the oldest facility on campus. Recent renovation work included relocating an electrical transformer and adding a receiving space and dumpster enclosure. In summer 2016, work will start on the 6,600-square-foot, two-story addition. A new main entry and multifunctional space will be added. The renovation of 16,200 square feet of existing space will include updated corridors, the addition of a fire suppression system, window replacements as well as new student service and collaboration spaces. The project is slated for completion in 2017.

September 29, 2015

Illinois Midwest

Colliers International Brokers $1.2M Sale of Retail Property in Freeport, Illinois

by Christina Cannon September 29, 2015

FREEPORT, ILL. — Colliers International has brokered the $1.2 million sale of a 9,100-square-foot retail building leased to Dollar General in Freeport, approximately 30 miles west of Rockford. The property is located at 1645 S. Galena Ave. The store was built in 2013 and sits on 1.3 acres. Dollar General is leasing the property on a long-term basis. Jason Yale of Colliers International represented the developer in the transaction. A 1031 exchange buyer from California acquired the property at a capitalization rate of 6.67 percent.

September 29, 2015

Midwest Office Wisconsin

833 East Office Building in Milwaukee Adds New Tenants

by Christina Cannon September 29, 2015

MILWAUKEE — Irgens’ 833 East, an 18-story office building in Milwaukee scheduled to open in March 2016, is adding new tenants. Major League Baseball and Commissioner Emeritus Allan H. Selig, Heck Capital Advisors and Grace Matthews Inc. are some of the tenants to recently sign leases at the Class A office building under construction at 833 E. Michigan St. Jason Inc. will be expanding its lease from 12,506 square feet to 26,043 square feet. An undisclosed tenant will occupy 2,758 square feet. 833 East also has letters of intent for two additional tenants totaling more than 37,000. These three undisclosed tenants will comprise 65 percent of the building. Lyle Landowski of Colliers International brokered the deal with Jason Inc. Steve Palec of Colliers International brokered the deal with Heck Capital. David Pudlosky of JLL brokered the deal with Grace Matthews. Previously disclosed tenants include Colliers International, Godfrey & Kahn, Irgens, Catalyst, First American Title and Rare Steakhouse. The general contractor for the project is CG Schmidt. The architect is Kahler Slater Inc. The lenders are Private Bank, Associated Bank, Anchor Bank and Bank Mutual. Colliers International is responsible for the leasing and management of 833 East.

September 29, 2015

Kansas Midwest Retail

Inland REIT Acquires 84,981 SF Retail Property Near Topeka

by Christina Cannon September 29, 2015

LAWRENCE, KAN. — Inland REIT Inc. has acquired a newly constructed retail center in Lawrence, approximately 25 miles east of Topeka. The 84,981-square-foot property is located at 2727 Iowa St. and was acquired for $20.7 million. Mark Cosenza of Inland REIT facilitated the transaction on behalf of Inland. The center is 100 percent leased. Tenants include Dick’s Sporting Goods, PetSmart, Ulta Beauty and BootBarn. Dick’s Sporting Goods and PetSmart are currently open and operating, while the retail spaces for are Ulta Beauty and BootBarn are undergoing construction with an expected opening in the fourth quarter of this year.

September 29, 2015

Michigan Midwest

$95M Biosciences Building Takes Shape on Campus of Central Michigan University

by Christina Cannon September 28, 2015

MOUNT PLEASANT, MICH. — Construction is underway on a $95 million biosciences building at Central Michigan University in Mount Pleasant. Clark Construction Co. began working on the four-story, 169,000-square-foot building in July with a projected completion date of September 2016. The first academic classes are scheduled to begin in the new building in January 2017. The facility is the largest capital project ever in CMU’s 120-plus year history. The building will provide classrooms, laboratories and faculty offices. The research facilities will include equipment storage, prep areas, a laboratory to research infectious diseases, an isotope laboratory, imaging center, herbarium and vivarium to replicate aquatic conditions for research.

September 28, 2015

Illinois Midwest Multifamily Uncategorized

Marcus & Millichap Brokers $14.4M Sale of 140-Unit Apartment Complex Near Chicago

by Christina Cannon September 28, 2015

WILLOWBROOK, ILL. — Marcus & Millichap has arranged the sale of the 140-unit Willowbrook Apartment Homes located at 7440 Tennessee Drive in Willowbrook, approximately 20 miles west of Chicago. The property sold for $14.4 million, or $103,400 per unit. Scott Harris and Nick Hillard of Marcus & Millichap represented the seller and procured the buyer. The property consists of 56 one-bedroom/one-bath units, 68 two-bedroom/one-bath units, and 16 three-bedroom/two-bath units. Unit amenities include tile floors, ceiling fans, cable and broadband Internet access. Community amenities feature controlled building access, on-site management, 24/7 emergency maintenance, laundry facilities and package receiving.

September 28, 2015

Illinois Industrial Midwest Uncategorized

Lee & Associates Arranges Two Industrial Leases Totaling Approximately 100,000 SF in Elgin, Illinois

by Christina Cannon September 28, 2015

ELGIN, ILL. — Lee & Associates has arranged two industrial leases totaling nearly 100,000 square feet in Elgin, approximately 40 miles west of Chicago. Stockbridge Capital Group has leased 50,056 square feet of industrial space to Convenience Concepts Inc. The property is located at Northwest Corporate Park, 2300-2380 Galvin Drive. The lease brings the 219,000-square-foot building to 100 percent occupancy. John Sharpe and Steve Bass of Lee & Associates represented the landlord. John D’Orazio of Colliers International represented the tenant. Stockbridge Capital Group has leased 49,776 square feet of industrial space to PepsiCo Global Real Estate. The property is located at Northwest Business Park VI, 2790 Spectrum Drive. John Sharpe and Steve Bass of Lee & Associates represented the landlord. Ryan Bain of CBRE represented the tenant.

September 28, 2015

Midwest Minnesota Mixed-Use Uncategorized

Opus Group Begins Construction on Mixed-Use Property in St. Paul

by Christina Cannon September 28, 2015

ST. PAUL — The Opus Group has broken ground on a six-story, mixed-use luxury apartment and retail development located on West Seventh Street in St. Paul. The redevelopment replaces an 80-year-old former Seven Corners Hardware store as well as an adjacent church. Demolition work has already occurred. The property will include a combination of 191 studio, one- and two-bedroom units and three-bedroom townhouse-style residences, as well as 11,500 square feet of ground-level retail space. The residential development will include an outdoor courtyard featuring a pool, hot tub, bocce ball and grill areas, as well as a terrace-level patio and club room with river views. Opus Development Company LLC is the developer, Opus Design Build LLC is the design builder and Opus AE Group LLC is the architect and structural engineer. Elness Swenson Graham Architects Inc. is the design architect. The project is scheduled for completion in January 2017.

September 28, 2015

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