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Midwest

AcquisitionsHospitalityMidwestWisconsin

Marcus & Millichap Arranges Sale of 107-Room Home2 Suites Hotel in La Crosse, Wisconsin

by Kristin Harlow

LA CROSSE, WIS. — Marcus & Millichap has arranged the sale of a 107-room Home2 Suites by Hilton hotel in La Crosse, a city in southwest Wisconsin on the Mississippi River. The sales price was undisclosed. Built in 2016, the four-story property features an indoor pool, business center and fitness center. Ebrahim Valliani, Michael Klar and Dan Danielak of Marcus & Millichap represented the seller, while Valliani and Klar procured the buyer. Both the buyer and seller were regional hotel ownership groups. Chris Gomes and Allan Miller of Marcus & Millichap provided additional support for the transaction, and Todd Lindblom, broker of record in Wisconsin, assisted in closing the sale.

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IllinoisIndustrialLeasing ActivityLee & AssociatesMidwest

TA Cabinets Signs 52,922 SF Industrial Lease in Des Plaines, Illinois

by Kristin Harlow

DES PLAINES, ILL. — TA Cabinets has leased two contiguous units totaling 52,922 square feet of industrial space at 2050 S. Mount Prospect Road in the Chicago suburb of Des Plaines. The facility is located north of O’Hare International Airport with immediate access to I-90 via Elmhurst Road. Chris Nelson and Calvin Gunn of Lee & Associates represented the landlord, MapleTree Investments. Marat Safir of TMG Real Estate Advisors represented TA Cabinets, which is a professional kitchen cabinet designer and manufacturer.

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IllinoisIndustrialLoansMidwest

Associated Bank Provides $2.2M Loan for Refinancing of Industrial Outdoor Storage Facility in Metro Chicago

by Kristin Harlow

SCHILLER PARK, ILL. — Associated Bank has provided a $2.2 million loan for the refinancing of an industrial outdoor storage facility near O’Hare International Airport in Schiller Park. O’Hare Blue Sky Parking leases the property and operates it as an offsite parking facility servicing O’Hare. The asset includes a 16,562-square-foot building. Daniel Barrins of Associated Bank originated the loan on behalf of the borrower, The Missner Group, which acquired the property in February 2023.

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IllinoisIndustrialLeasing ActivityMidwest

Entre Commercial Realty Negotiates 11,790 SF Build-to-Suit Lease at Chicagoland Truck Center

by Kristin Harlow

MATTESON, ILL. — Entre Commercial Realty has negotiated a long-term build-to-suite lease with a national tank rental company at the Chicagoland Truck Center in Matteson. The new facility will consist of an 11,790-square-foot maintenance building with six drive-in doors on eight acres of secured outside storage. Entre assisted in designing a custom-built headquarters facility along with obtaining village approval for equipment rental and maintenance. Cory Kay and Mike DeSerto of Entre represented the landlord, Bike Road LLC. JLL represented the tenant.

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DevelopmentIllinoisIndustrialMidwestOffice

Related Midwest, CRG to Develop 128-Acre Quantum Innovation Campus in Chicago

by Kristin Harlow

CHICAGO — Related Midwest and CRG have unveiled plans to co-develop the Illinois Quantum & Microelectronics Park (IQMP) at 8080 S. DuSable Lake Shore Drive in South Chicago. The quantum innovation campus marks the first phase of a broader 400-acre master plan. PsiQuantum, a quantum computing technology company, will anchor IQMP. The project site is located on the former U.S. Steel South Works site along the Lake Michigan shoreline. IQMP will occupy 128 acres on the southern end of the site. In addition to PsiQuantum, the campus will house cryo facilities and equipment labs as well as research and office spaces for private companies and universities to collaborate. The first phase, designed by Lamar Johnson Collaborative, will occupy approximately 30 acres and is scheduled for completion in 2027. Clayco will serve as the general contractor for the initial phase.

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AcquisitionsMidwestMissouriMultifamily

Hamilton Zanze Acquires 222-Unit Crossroads Westside Apartment Complex in Downtown Kansas City

by Kristin Harlow

KANSAS CITY, MO. — Hamilton Zanze has acquired Crossroads Westside, a 222-unit apartment complex in downtown Kansas City. The purchase price was undisclosed. Mission Rock Residential, an affiliate of Hamilton Zanze, has assumed management of the property. Crossroads Westside was built in 2018 and features one- and two-bedroom units ranging in size from 614 to 1,252 square feet. Amenities include a saltwater pool, dog spa, fitness center, sundeck, private art garden, business center, coworking spaces, fire pit and entertainment lounge. The property is situated within the historic Crossroads Art District. The transaction marks Hamilton Zanze’s fourth acquisition in 2024.

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AcquisitionsIndianaIndustrialMidwest

Northmarq Arranges $40.7M Sale of 401,474 SF Industrial Property in Bedford, Indiana

by Kristin Harlow

BEDFORD, IND. — Northmarq has arranged the $40.7 million sale of a 401,474-square-foot industrial property in Bedford, a city in southern Indiana. The single-tenant asset is net leased to Science Applications International Corp. (SAIC) and is situated on 74 acres at 3120 16th St. SAIC has occupied the property since 2009 and has expanded its footprint on seven separate occasions, including a new 16,000-square-foot build-to-suit. SAIC is a provider of technical, engineering and enterprise information technology services primarily to the U.S. government. Colin Couch, Jason Powell, Brian Ritchie and Tyler McCain of Northmarq represented the undisclosed seller. The buyer was an institutional investor.

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AcquisitionsIllinoisMidwestRetail

Colliers Brokers Sale of Two Retail Strip Centers in Metro Chicago

by Kristin Harlow

MOKENA AND WOODRIDGE, ILL. — Colliers has brokered the sale of two retail strip centers in metro Chicago. The first property totals 16,482 square feet and is located in Mokena. Five of the tenants have been onsite since 2015, while the sixth has occupied space since 2003 when the property was developed. The second asset in Woodridge is anchored by a food mart and service-oriented tenants. Peter Block and Rachel Patten of Colliers represented the seller, Armco Properties. The buyer, a private investor, purchased the properties at close to asking price, which was $6.8 million.

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AcquisitionsIllinoisMidwestMultifamily

Essex Realty Group Negotiates $2.3M Sale of Multifamily Portfolio in Chicago

by Kristin Harlow

CHICAGO — Essex Realty Group has negotiated the sale of a four-building, 38-unit multifamily portfolio in Chicago’s Austin neighborhood for $2.3 million. Robert Berman, Michael Anguiano, Daniel Shabsin, Jeremy DeMarco and Joe Kahlhammer of Essex represented the long-term, local seller. A local investor purchased the properties with plans to update units. The assets are located at 44 N. Mason Ave., 60 N. Mason Ave., 112 N. Mason Ave. and 150 N. Mayfield Ave.

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Ascension Resurrection Hospital, Chicago
AcquisitionsHealthcareIllinoisMidwestSeniors HousingTop Stories

Prime Healthcare Agrees to Acquire 14 Ascension Healthcare Properties in Metro Chicago, Plans $250M in Improvements

by Jeff Shaw

CHICAGO — Prime Healthcare has agreed to acquire nine hospitals and associated physician practices in Illinois, as well as five post-acute and senior living facilities, from St. Louis-based Ascension. The properties are largely located in Chicago and its surrounding suburbs. The transaction is expected to close in the first quarter of 2025, subject to standard regulatory and canonical approvals. The price was not disclosed. The acquisition includes the following Ascension hospitals: Prime Healthcare also acquired multiple post-acute and senior living facilities operated by Ascension Living: Fox Knoll Village in Aurora; Villa Franciscan Place in Joliet; Heritage Village and Heritage Lodge in Kankakee; and Resurrection Place in Park Ridge. Prime Healthcare plans to invest $250 million in facility upgrades, capital improvements, technology investments and system upgrades to the properties.  According to Prime Healthcare, the company has all available funding for the renovations. No debt will be put on the hospitals to complete the transaction. Additionally, the buyer has agreed to make offers of employment to substantially all associates. “Our agreement with Ascension reflects our decades-long mission of saving, improving and investing in community hospitals,” says Sunny Bhatia, president and chief medical officer of Prime Healthcare. Prime Healthcare is based in Ontario, …

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