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Midwest

DevelopmentHospitalityMidwestMissouri

207-Room AC Hotel Clayton Debuts in Suburban St. Louis

by Kristin Harlow

CLAYTON, MO. — Koplar Properties, Homebase Partners, Eagle Realty and Concord Hospitality Enterprises have opened the AC Hotel Clayton in the St. Louis suburb of Clayton. The $50 million project rises 11 stories with 207 rooms. The property features the AC Lounge and AC Kitchen along with High Bar Clayton, the area’s first rooftop bar. Concord Hospitality Enterprises manages the property. The project was built on the site of the former headquarters of the Clayton Police Department at 227 S. Central Ave. The city began seeking a way to repurpose the site in 2011. The hotel was proposed in 2018, and Midas Construction broke ground on the property in September 2022. Designed by DLR Group, the property features a fitness center and 3,000 square feet of top-floor meeting space.  

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IllinoisLeasing ActivityMidwestOffice

Transwestern Negotiates Two Office Lease Renewals Totaling 52,300 SF in Chicago

by Kristin Harlow

CHICAGO — Transwestern Real Estate Services has negotiated two long-term office lease renewals at 203 N. LaSalle St. in Chicago’s Central Loop. Kathleen Bertrand, Eric Myers and John Nelson of Transwestern represented ownership, Sumitomo Corp. of Americas. Transwestern also manages the 27-story, 624,724-square-foot tower. The Office of the State Appellate Defender renewed its lease for the entire 24th floor totaling 36,000 square feet. Masuda Funai, a law firm that represents foreign companies entering and operating in the U.S. market, signed a lease for 16,300 square feet and is relocating to the 17th floor. John Ziesmer of Transwestern Commerial Services represented Masuda Funai. Leasing activity year-to-date at the property is roughly 134,000 square feet.

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DevelopmentMidwestMinnesotaMultifamily

Trident Development Opens 112-Unit Apartment Complex in Chaska, Minnesota

by Kristin Harlow

CHASKA, MINN. — Trident Development is set to open The Plaza at Hazeltine on Wednesday, Oct. 30. The four-story, 112-unit apartment complex is located at 1130 Hazeltine Blvd. in the Minneapolis suburb of Chaska. Amenities include an outdoor patio, walking trails, children’s play area, putting green, dog park, pet wash, community room, coffee bar, package room, fitness room, golf simulator and rooftop patio. The property is situated near a retail area with Kohl’s, McDonald’s, Aldi, Chipotle and Starbucks. Lyon Contracting was the general contractor, and Village Green is the property manager. Residents can now receive 1.5 months of free rent, according to the property’s website. Monthly rents start at $1,334 for one-bedroom units.

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AcquisitionsIllinoisMidwestMultifamily

Marcus & Millichap Brokers $4.4M Sale of Multifamily Property in Peoria, Illinois

by Kristin Harlow

PEORIA, ILL. — Marcus & Millichap has brokered the $4.4 million sale of Oakridge Apartments in Peoria. Built in 1990 and 2013 by previous ownership, the 48-unit multifamily property consists of four 12-unit buildings. The asset is located at 2700 W. Willowlake Drive near I-74 and Illinois Route 6. David Tarnoff, Patrick Suffield and Yianni Mouflouzelis of Marcus & Millichap represented the seller, an Illinois-based limited liability company. Christopher Malay and Eric Bell of Marcus & Millichap represented the buyer, a California-based investment group.

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IndustrialLeasing ActivityMidwestMissouri

ANSCO Signs 43,000 SF Industrial Lease in St. Louis

by Kristin Harlow

ST. LOUIS — ANSCO & Associates LLC has signed a 43,000-square-foot industrial lease at 8801 Seeger Industrial Drive in St. Louis. The national telecommunications company offers comprehensive telecom services from system conceptualization to turnkey construction. Bruce Harper of Trinity Partners represented the tenant. The landlord was undisclosed.

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AcquisitionsMidwestMissouriMultifamilyStudent Housing

Preiss Co. Acquires 972-Bed Student Housing Community Near University of Missouri

by Kristin Harlow

COLUMBIA, MO. — A joint venture between The Preiss Co. and a private equity real estate fund advised by Crow Holdings Capital has acquired Elevate 231, a 972-bed student housing community located near the University of Missouri campus in Columbia. The development, which has been rebranded The Collective at Columbia, offers 318 cottage-style units in two- through four-bedroom configurations. Shared amenities at the 50-acre property include a newly renovated clubhouse, resort-style swimming pool, dog park, sand volleyball court and outdoor grilling and cornhole areas. The community was fully occupied at the time of sale. The new ownership plans to launch a comprehensive interior renovation for approximately half of the units imminently. Upgrades will include the installation of new cabinets, countertops, lighting and flooring, as well as the addition of modern furniture packages and smart home technology. Ben Roelke and Ian Walker of Newmark arranged $47.5 million in acquisition financing. An undisclosed life insurance company provided the five-year loan, which features a fixed interest rate of 5.56 percent and interest-only payments for the full term. Aspen Square Management was the seller.

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Affordable HousingDevelopmentIllinoisMidwestMultifamily

Skender Breaks Ground on Three-Building Affordable Housing Development in Chicago

by Kristin Harlow

CHICAGO — Skender has broken ground on United Yards, a three-building affordable housing development in Chicago’s Back of the Yards neighborhood. Celadon Partners and Blackwood Group are the developers, and DesignBridge is the architect. The project will consist of a 45-unit, six-story apartment building with a ground-floor business entrepreneur hub and youth programming space at 4703 S. Justine St. as well as two three-flat, modular apartment buildings at 1639 and 1641 W. 47th St. Completion is slated for October 2025. Tandem Ventures is managing regulatory compliance, maximizing community engagement and creating local employment opportunities on the project. Other partners include Virgilio & Associates as structural engineer and Element Energy as mechanical, electrical and plumbing engineer.

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AcquisitionsHealthcareIllinoisMidwest

IRA Capital Purchases 41,500 SF Medical Outpatient Facility in Chicago’s South Loop

by Kristin Harlow

CHICAGO — Southern California-based private equity firm IRA Capital has acquired a 41,500-square-foot medical outpatient facility in Chicago’s South Loop. The purchase price was $21.8 million, according to Crain’s Chicago Business. Located at 1411 S. Michigan Ave., the facility occupies five floors of a 15-story building and is fully leased to Rush University Medical Center. Constructed in 2018 as a build-to-suit for Rush, the facility is one of the healthcare provider’s largest outpatient centers, offering both adult and pediatric primary care as well as more than 20 medical specialties. The multispecialty clinic includes 61 exam and procedure rooms and is supported by a team of over 60 physicians.

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AcquisitionsMidwestMissouriRetail

STRIVE Brokers Sale of 45,260 SF Retail Center in Harrisonville, Missouri

by Kristin Harlow

HARRISONVILLE, MO. — STRIVE has brokered the sale of Harrisonville Crossing, a 45,260-square-foot retail center in Harrisonville, a southern suburb of Kansas City. The sales price was undisclosed. The property, located off Route 291, is 82 percent leased. Hudson Lambert of STRIVE represented the seller, a California-based investor, and procured the buyer, a Pennsylvnia-based investor.

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IllinoisLeasing ActivityMidwestRetail

Hyper Kidz Signs 26,941 SF Retail Lease at Main Street Plaza in Wheaton, Illinois

by Kristin Harlow

WHEATON, ILL. — Hyper Kidz has signed a 26,941-square-foot retail lease at Main Street Plaza in the Chicago suburb of Wheaton. Brad Belden and Chris Irwin of Colliers represented the landlord, RMS Properties Inc. Brendan Watt of Great Street Realty represented Hyper Kidz, which offers an indoor playground, attractions and play zones. The lease brings the 116,759-square-foot property to 75 percent occupancy. Jewel-Osco is the anchor tenant.

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