ALTON, ILL. — Marcus & Millichap has brokered the $9.3 million sale of Oakwood Plaza, a 16-suite retail property in Alton. Built in 2005, the 45,400-square-foot center sits on nearly 9 acres and is home to tenants such as Panera, Spectrum, Dollar Tree and Great Clips. Chris Garavaglia, Alex Perez and Steven Weinstock of Marcus & Millichap represented the seller, Commonwealth Commercial. Buyer information was not provided.
CHASKA, MINN. — Peavey Road Partners LLC has purchased a 42,886-square-foot industrial property at 4024 Peavey Road in Chaska for $3.1 million. The buyer plans to position the site for one of Minnesota’s first “mezzobusiness” cannabis cultivation, manufacturing and retail operations. The tenant will be Blom Inc., a Minnesota-based cannabis company pursuing a mezzobusiness license, the state’s most vertically integrated license type that allows for cultivation, manufacturing, processing, packaging and retail operations within a single platform. United Prairie Bank provided acquisition financing for the transaction. In addition, Peavey Road Partners plans to invest approximately $4 million for building improvements to convert the former industrial facility into a state-compliant cultivation and retail operation. Kai Thomsen, principal at Lee & Associates Twin Cities, and Wade Shatzer of Equimax created Peavey Road Partners to address the unique real estate and capital challenges specific to Minnesota’s cannabis industry. Hudson Brothen of Cushman & Wakefield represneted the seller of the property, Highland Development.
CLEVELAND — Cosm, along with Bedrock and Rock Entertainment Group, have broken ground on a new entertainment venue located at the intersection of East 4th Street, Prospect Avenue and Huron Road in downtown Cleveland. Dubbed Cosm Cleveland, the venue will sit directly across from Rocket Arena (formerly Rocket Mortgage Fieldhouse), home of the NBA’s Cleveland Cavaliers and AHL’s Cleveland Monsters. The two professional sports franchises are owned by Dan Gilbert, founder of Rocket Mortgage, Bedrock and Rock Entertainment Group. Spanning approximately 64,000 square feet and rising three stories, Cosm Cleveland will comprise two programmatic elements: The Dome and The Hall. Through Cosm’s proprietary technology called Shared Reality, the venue will merge a stadium-like atmosphere with state-of-the-art visuals in a communal setting. Rossetti Architects designed Cosm Cleveland, and Bedrock is leading the development. The venue, which will anchor Bedrock’s Rock Block mixed-use development, is slated to open in 2027. “This is a major milestone for our downtown Gateway District, and the arrival of Cosm is a testament to our community’s spirit and resilience,” says Cleveland Mayor Justin Bibb. “This incredible venue will enhance our city’s reputation as a hub for sports and entertainment, drawing visitors from near and far to experience a …
LAKE BLUFF, ILL. — Marquette Cos. has acquired Forest Pointe, a 236-unit apartment community in Lake Bluff within Chicago’s North Shore. Marquette Management will serve as property manager for the community at 29533 N. Waukegan Road. Forest Pointe features seven three-story buildings with a clubhouse and leasing center at the hub of the property. Marquette will undertake renovations to unit interiors to update finishes and appliances throughout, and the amenity offerings will be enhanced with a new grilling area, seating area with a fire pit and pergola, dog park and updates to the fitness center.
LOCKPORT, ILL. — Core Industrial Realty has arranged the sale of a 120,000-square-foot industrial building in Lockport. The single-tenant building is fully leased to a company in the specialty plastics industry. Constructed in 2000, the property features 8,000 square feet of office space, 11 exterior loading docks, ceiling heights of 26 and 30 feet, over 5,000 amps of power a heavy crane system throughout. Matthew Lee and Nick Krejci of Core represented the buyer, TradeLane Properties.
MISSION, KAN. — Block & Co. Inc. Realtors has completed the lease-up of Mission West Shopping Center in Mission. Recent deals with Atlas Autism Health, Levant Bakery and a golf simulation lounge completed the final phase of leasing at the property, which had more than 20,000 square feet of vacant space. Other tenants at the center include Planet Fitness, Dollar Tree, Rally House and Slim Chickens. The leasing team included Block & Co.’s Grant Summers, Paul Massali, Max Kosoglad and David Block.
CHICAGO — The Harold E. Eisenberg Foundation hosted its 16th Annual Real Estate Challenge on Saturday, April 11. Roosevelt University took first place in the graduate division, while Marquette University won first place in the undergraduate division. The Roosevelt team included Lissette Zarco, Theresa Jurgus, Kenya Hunter, Brittany Pointer and Eliseo Elizarraraz. The Marquette team consisted of Matt Waters, Charlie Pfefferle, Maeve Kelly, Charlie Clark and Mickey Simi. Overall, 27 university teams competed in the event. The Eisenberg Foundation selected The 78 Chicago as the featured development site for this year’s event. Student teams from across the nation presented their redevelopment plans for an 8-acre section, incorporating the 22,000-seat, open-air stadium and hospitality offerings that the Chicago Fire FC’s new stadium will bring to The 78. Related Midwest is the developer for The 78, which will transform 62 acres of undeveloped riverfront land on the Near South Side into what will be “The 78th” neighborhood in Chicago. The Eisenberg Foundation has two primary focuses: to raise awareness and funds to support gastrointestinal research and to continually inform and educate the next generation of real estate industry professionals.
By Jesse Tollison, Transwestern When analyzing the Minneapolis-St. Paul (MSP) metro area, urbanicity plays a deep role in understanding the opportunities for making a significant impact and profit in the commercial real estate markets. This is not a story unique to Minnesota’s largest metropolitan area, where roughly half of the state’s inhabitants live, but MSP serves as an illuminating case study as to how widely opportunity can vary between urban and suburban markets. Indeed, many areas across the country exhibit stark differences between their urban and suburban commercial real estate markets, but those differences cannot be uniformly applied to each metro. The qualitative and quantitative analysis of local minutiae lends tremendous insight when evaluating opportunities. Developers, investors, tenants, brokers and every other player in the commercial real estate world are paying close attention to the diverging urban and suburban trends as they assess the market for opportunities. In such a fragmented market, decision-makers are using more data than ever to inform their strategies. High-level views aren’t enough to benchmark a property’s performance, and it’s important to understand the localized trends when evaluating an opportunity. Industrial history As the historical industrial hub of Minnesota, the Twin Cities’ urban core has many …
LIBERTY, MO. — Metrobloks, a developer of AI-ready, low-latency data center infrastructure in major metropolitan markets, has formed a joint venture with Lincoln Property Co., a full-service real estate firm with an established data center platform. The partnership will focus on the co-development of a high-performance data center campus in Liberty within metro Kansas City. The newly acquired site totals 30 acres and is already zoned and powered for data center use. It sits within 10 miles of the GPC Missouri Internet Exchange Point. Plans call for a multi-phase, 568,000-square-foot campus designed to support hyperscale, AI and enterprise data center workloads, with flexibility to scale over time beyond the initial 150MW total utility power.
MINNEAPOLIS — Colliers has arranged the $9 million sale of Anderson Plaza Apartments, a 100-unit multifamily community in Minneapolis. The transaction marks the first time the asset has changed ownership. The property was developed in 1963 on a former quarry site and family-owned since its inception. Mox Gunderson, Dan Linnell, Adam Haydon, Devon Dvorak and Drew Jackson of Colliers represented the seller. The buyer, Quarry Apartments LLC, plans to make targeted renovations and operational enhancements. The property was 86 percent occupied at the time of sale.
