CAROL STREAM, ILL. — Brown Commercial Group has negotiated the sale of a 50,632-square-foot industrial building in the Chicago suburb of Carol Stream for an undisclosed price. IP Automation Inc. purchased the facility at 400 E. Fullerton Ave. for its new headquarters. The company plans to relocate from its existing location in Downers Grove this year. Mike Antonelli of Brown represented the buyer as part of a two-year site selection and market analysis that included evaluating existing buildings as well as new construction opportunities throughout the Chicago market. Savills represented the undisclosed seller.
SOUTHFIELD, MICH. — Dominion Real Estate Advisors LLC has arranged the sale of an 11,010-square-foot warehouse in the Detroit suburb of Southfield that was previously owned by the Motown Museum. The asset was sold as part of the museum’s strategic growth plan to support its ongoing expansion efforts in Detroit. Hitzville USA recently completed its $75 million museum expansion in Midtown Detroit. Eric Banks and Alex Tokarz of Dominion represented the Motown Museum in the sale. Chris Secontine of Signature Associates represented the buyer, Lucent Surgical.
MINNEAPOLIS — Onward Investors has acquired Ameriprise Financial Center, a 31-story office tower located at 707 2nd Ave. S in downtown Minneapolis. The 960,000-square-foot building has served as the corporate headquarters of Ameriprise Financial since its construction in 2000. Ameriprise Financial announced in 2022 that the company would be vacating the property in order to consolidate its headquarters at another building in downtown Minneapolis. Ameriprise Financial Center is soon to be vacant, according to Onward Investors. A sales price was not disclosed. However, locally based newspaper The Minnesota Star Tribune reported that the property sold for $6.3 million, a steep discount from the last time the building traded hands. Most recently in September 2016, a joint venture between Axar Capital Management and Morning Calm Management acquired the building for $200 million. Ameriprise Financial Center is located within the Minneapolis skyway system, a network of enclosed pedestrian bridges that provide direct access to buildings including the Minneapolis Club, Capella Tower, SPS Tower and Baker Center. The property also includes a four-story parking ramp that offers below-grade parking for roughly 300 vehicles. Onward Investors stated that it is exploring variety of options for the property, including converting portions of the building to uses other than …
CHANHASSEN, MINN. — Marcus & Millichap Capital Corp. (MMCC) has arranged $89.6 million in construction financing for Bennett Apartments and Harlow Apartments in Chanhassen, about 15 miles southwest of Minneapolis. Bennett will feature 184 units and 11,853 square feet of retail space, while Harlow will include 126 units and 3,029 square feet of retail space. The adjacent projects are both slated for completion in 2026. Gary Sefcik of MMCC arranged the financing on behalf of the borrower, Minnesota-based Roers Cos. Kayne Anderson provided $77.5 million in senior proceeds, and SteepRock Capital provided $12.1 million in mezzanine financing.
JEFFERSONVILLE, IND. — JLL Capital Markets has negotiated the $67.2 million sale of Lakeside Gardens, a 360-unit luxury apartment community in Jeffersonville within metro Louisville. Built in 2022, the property features units averaging 1,244 square feet. The community was 95 percent leased at the time of sale. Amanda Friant, Mark Stern and Colleen Watson of JLL represented the sellers, a joint venture partnership between Denton Floyd Real Estate Group, LDG Development and a private investor. Medina Spiodic, Matthew Schoenfeldt and Becca Brielmaier of JLL arranged $42.7 million in acquisition financing on behalf of the buyer, S&S Properties. The Fannie Mae loan featured a seven-year term and a fixed interest rate.
INDIANAPOLIS — Colliers has brokered the sale of 130 E. Washington Street in downtown Indianapolis for an undisclosed price. Built in 1922, the 211,995-square-foot historic office building is home to ANGI, USA Track & Field and T&M Associates. Rachel Patten, Matt Langfeldt and Rich Forslund of Colliers brokered the sale. The buyer, Indiana-based Holladay Properties, plans to convert the 12-story building into 180 apartment units with retail space beginning this spring.
GRANDVIEW, MO. — The City of Grandview has opened its newly renovated city hall and police department. The $5.3 million renovation project was completed over the course of 10 months and marked the largest renovation from Building Up Grandview, a $21 million bond package passed in April 2022. Hoefer Welker served as the project architect, and JE Dunn was the construction manager at risk. City hall improvements included relocating the Department of Motor Vehicles (DMV) to 1102 Main St. and adding offices, conference rooms, modern board chambers, updated technology and improved ADA compliance access. The police department now offers officers and detectives new locker rooms and workspaces as well as an employee kitchen and lounge. All renovation projects included in the Building Up Grandview bond package are now complete, including the Grandview DMV, which opened in February 2024, and two fire stations, which were completed in the fall.
WEST CHICAGO, ILL. — NAI Hiffman has arranged the $4.2 million sale of a 4-acre industrial outdoor storage property at 2351 Powis Road in West Chicago. The asset includes 11,000 square feet of shop/fabrication space in two buildings, a concrete yard, mobile office trailer and truck scale. Kelly Disser, Michael Freitag, Bill Byrne and TJ Feeney of NAI Hiffman represented the seller, a private investor group. The Disser/Freitag team also brokered the September 2023 sale, when the property traded for $2.4 million. Constructed in 1993, 2351 Powis Road is zoned for office, research and light industrial uses with a planned unit development overlaid that permitted certain outdoor storage uses. The buyer is relocating from Villa Park, Ill.
CHICAGO — Glenstar and a high-net-worth private investor have acquired 200 South Wacker, a 40-story office tower in Chicago’s West Loop. According to Crain’s Chicago Business, the duo bought a non-performing $151 million loan backed by the property from lender Bank of China and simultaneously took control of the building from Toronto-based owner Manulife Financial via a deed-in-lieu of foreclosure. The news outlet also reports that the purchase price was close to $68 million. Designed by Harry Weese Associates and constructed in 1981, the building totals 761,775 square feet. Glenstar has taken over as the building’s asset and property manager, and The Telos Group will serve as the leasing agent. Glenstar and its equity partner are allocating approximately $30 million to build fully furnished move-in ready spec suites, modernize common areas, enhance amenities and fund other capital improvements. Current amenities include a rooftop deck, tenant lounge, conference center, fitness facility and a Mojo Coffee shop in the lobby.
UNIVERSITY CITY, MO. — Subtext has begun development of LOCAL on Delmar, a 259-unit apartment complex in the St. Louis suburb of University City. Completion of the five-story project, located at 6650 Delmar Blvd., is slated for summer 2026. The 398,225-square-foot building will feature a mix of studio, one-, two- and three-bedroom layouts, including townhomes that walk out onto Delmar Boulevard. There will also be 399 parking spaces in a five-story garage and approximately 7,100 square feet of street-level retail space. Amenities will include a clubroom, vinyl listening station, work-from-home hub, wellness suite, gym, yoga studio, pool terrace and grilling area. Situated in the Loop, the project site is located within a 12-minute walk from Washington University. Project partners include Brinkmann Constructors, ESG Architecture & Design, Larson Capital Management, Stock and Associates Consulting Engineers Inc. and First Mid Bank & Trust.