Des Moines Office Market Is on the Rebound

By Chris Curran and Mark Mills, R&R Realty Advisors Would you rather earn more money or have a more flexible work/life balance? Before the pandemic, many employees gave the latter as their answer. But the amount of money employees claimed they would forego wasn’t exactly peanuts. According to a pre-pandemic study by career site Joblist, the average employee was willing to give up around $10,000 per year to have better work/life balance. Fast forward to the present day and employees …

July 29, 2021Iowa, Market Reports, Midwest, Midwest Market Reports, Office

DealPoint Merrill Acquires Former Richmond Town Square Mall in Suburban Cleveland, Plans $200M Redevelopment

RICHMOND HEIGHTS, OHIO — DealPoint Merrill has acquired the remaining portion of the former Richmond Town Square regional mall in Richmond Heights, a suburb just east of Cleveland. The purchase price was undisclosed. Built in 1966, the mall was once the largest enclosed shopping center in the state with over 90 stores. It closed this year.DealPoint previously owned 33 acres of the mall site and now owns a total of 69 acres. This acquisition clears the way for the development of Belle Oaks …

July 28, 2021Acquisitions, Midwest, Mixed-Use, Ohio

Ford Selects Romulus, Michigan, as Location for $100M Battery Center

ROMULUS, MICH. — Ford Motor Co. has selected Romulus, a southwest suburb of Detroit and home of the Detroit Metropolitan Wayne County Airport, as the location of its new global battery center named Ford Ion Park. The $100 million project will help accelerate research and development of battery and battery cell technology. Ford Ion Park is part of Ford’s $185 million investment in developing, testing and building vehicle battery cells and cell arrays. Ford will refurbish an existing …

July 28, 2021Development, Industrial, Michigan, Midwest

JLL Brokers $59M Sale of Apartment Community Near Minneapolis for $59M

FRIDLEY, MINN. — JLL Capital Markets has brokered the sale of The Cielo Apartments in the Minneapolis suburb of Fridley for $59 million. The 269-unit complex features floor plans that range in size from 586 to 1,345 square feet. Amenities include a fitness center, game room, community room, study area, walking paths and secured parking. Dan Linnell, Mox Gunderson, Josh Talberg and Adam Haydon of JLL represented the seller, Trident Development. Peak Capital Partners was the buyer. JLL also …

July 28, 2021Acquisitions, Midwest, Minnesota, Multifamily

Spirit Investment Partners, Bascom Group Purchase High-Rise Multifamily Property in Evanston for $49.1M

EVANSTON, ILL. — Spirit Investment Partners and The Bascom Group have acquired 415 Premier Apartments in Evanston for $49.1 million. Built in 2008, the 17-story property includes 221 luxury apartment units as well as a 245-space parking deck. Dan Cohen of CBRE represented the undisclosed seller. Peter Marino of CBRE arranged acquisition financing through Rialto Capital

July 28, 2021Acquisitions, Illinois, Midwest, Multifamily

Contegra Construction Completes 40,800 SF Headquarters for icon Mechanical Near St. Louis

GRANITE CITY, ILL. — Contegra Construction Co. has completed the new 40,800-square-foot headquarters for icon Mechanical in Granite City, just north of St. Louis. icon Mechanical is a full-service mechanical contractor, engineering and construction firm specializing in the design, fabrication and installation of process piping, power piping, industrial ventilation and commercial HVAC. The company employs more than 150 people in addition to hundreds of trade workers on projects.The …

July 28, 2021Development, Illinois, Industrial, Midwest, Office

Old Second to Acquire West Suburban Bank for $297M

AURORA AND LOMBARD, ILL. — Old Second Bancorp Inc. (Nasdaq: OSBC) and West Suburban Bancorp Inc. have signed a definitive merger agreement under which Aurora-based Old Second will acquire Lombard-based West Suburban in a cash and stock transaction valued at $297 million. Under the terms of the merger agreement, which was unanimously approved by the boards of directors of both companies, Old Second will pay 65 percent of the purchase price in stock and the remainder in cash. According to a …

July 27, 2021Acquisitions, Illinois, Midwest, Retail

Hicks Ventures Sells Three Inpatient Rehabilitation Facilities Across States for $86.8M

INDIANA, NORTH DAKOTA AND TEXAS — Hicks Ventures, a Houston-based privately held development company, has sold three net-leased inpatient rehabilitation facilities for a combined $86.8 million. The PAM/Cobalt Rehabilitation Hospital in Fargo, N.D., sold to Dallas-based MedProperties. The Cobalt Rehabilitation Hospital in Clarksville, Ind., as well as the Cobalt Rehabilitation Hospital in El Paso, Texas, sold to Medical Properties Trust Inc. Hicks developed all three properties from 2018 to …

July 27, 2021Acquisitions, Healthcare, Indiana, Midwest, North Dakota

JLL Brokers $53M Sale of Apartment Community in Milwaukee

MILWAUKEE — JLL Capital Markets has brokered the sale of Vim + Vigor in Milwaukee for $53 million. Constructed in 2019, the 274-unit apartment community is located in the city’s Brewery District, which was once home to Pabst Brewing Co. The property comprises two buildings and was more than 90 percent leased at the time of sale. Units range from 376 to 1,340 square feet. The property features 7,050 square feet of ground-floor retail space, a 237-parking garage, courtyard, fitness center, …

July 27, 2021Acquisitions, Midwest, Multifamily, Wisconsin

Lou Malnati’s Pizzeria Selects 125,000 SF Facility in Buffalo Grove for Headquarters

BUFFALO GROVE, ILL. — Lou Malnati’s Pizzeria, famous for its Chicago deep-dish pizza, will consolidate several local properties and open a 125,000-square-foot headquarters in Buffalo Grove, a northern suburb of Chicago. The company will occupy space at 900-950 Busch Parkway in Lake County’s Corporate Grove Business Park. The property will serve as the company’s home office, e-commerce site, manufacturing plant and fulfillment center. Owned by The Missner Group, the building features …

July 27, 2021Illinois, Industrial, Leasing Activity, Midwest, Office

Des Moines Office Market Is on the Rebound

DealPoint Merrill Acquires Former Richmond Town Square Mall in Suburban Cleveland, Plans $200M Redevelopment

Ford Selects Romulus, Michigan, as Location for $100M Battery Center

JLL Brokers $59M Sale of Apartment Community Near Minneapolis for $59M

Spirit Investment Partners, Bascom Group Purchase High-Rise Multifamily Property in Evanston for $49.1M

Contegra Construction Completes 40,800 SF Headquarters for icon Mechanical Near St. Louis

Old Second to Acquire West Suburban Bank for $297M

Hicks Ventures Sells Three Inpatient Rehabilitation Facilities Across States for $86.8M

JLL Brokers $53M Sale of Apartment Community in Milwaukee

Lou Malnati’s Pizzeria Selects 125,000 SF Facility in Buffalo Grove for Headquarters

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