Midwest

Proper Title Opens New Office in Vernon Hills, Illinois

by Kristin Harlow July 15, 2024

VERNON HILLS, ILL. — Chicago-based Proper Title LLC, a full-service title insurance agency serving the residential and commercial real estate industries, has opened a new office in the Chicago suburb of Vernon Hills. Located at 175 E. Hawthorne Parkway, the office replaces Proper Title’s previous location in Libertyville. The company says it needed a larger space to accommodate increased business in the northwest suburbs. The new office totals 1,773 square feet and features three closing rooms, a large reception area and ample parking. Isabel Reyes, a senior escrow officer, will oversee the office along with additional staff as needed per closing.

July 15, 2024

Development Midwest Multifamily Ohio

The Bell Apartments Office-to-Multifamily Conversion Opens in Downtown Cleveland

by Kristin Harlow July 12, 2024

CLEVELAND — The Bell Apartments, an adaptive reuse project that involved the conversion of the former Ohio Bell Building into apartments, has opened at 45 Erieview Plaza in downtown Cleveland. Cross Street is handling leasing and marketing for the 367-unit luxury apartment building, while Peak Properties is the property manager. Formerly the Ohio Bell telephone headquarters, the property now features amenities such as a rooftop pool, coworking space, 10,000-square-foot fitness center, pet areas and 24-hour door attendant. Residents can choose from one- and two-bedroom floor plans. Monthly rents start at $1,224, according to the property’s website.

July 12, 2024

Development Illinois Industrial Loans Midwest

Associated Bank Provides $25.4M Construction Loan for 292,054 SF Industrial Project in Romeoville, Illinois

by Kristin Harlow July 12, 2024

ROMEOVILLE, ILL. — Associated Bank has provided a $25.4 million construction loan for Bridge Point I-55 Commerce Center in the southwest Chicago suburb of Romeoville. The speculative industrial project will total 292,054 square feet across two buildings. Bridge Industrial is the developer. The first building will total 120,012 square feet and feature a clear height of 36 feet, 25 exterior docks, two drive-in doors and 223 car parking stalls. The second building will span 172,042 square feet with a clear height of 36 feet, 43 exterior docks, two drive-in doors and 107 car parking stalls. The site also features an additional 3.8 acres to accommodate 75 more trailer parking stalls. Completion is slated for July 2025. Dan Leahy and Adam Roth of NAI Hiffman are marketing the project for lease.

July 12, 2024

Development Illinois Industrial Midwest

Sterling Bay Begins Development of Pulaski 55 Logistics Center in Chicago

by Kristin Harlow July 12, 2024

CHICAGO — Sterling Bay has begun development of Pulaski 55 Logistics Center, a 147,500-square-foot speculative industrial facility in Chicago’s Archer Heights neighborhood. Completion is slated for December. The 7.5-acre project site features direct interstate frontage on I-55. The development will feature up to 29 loading docks, a fully secured truck court, 36-foot ceiling heights and two overhead drive-in doors. Plans call for two electric vehicle charging stations, upgraded steel components for future solar panel integration, curated landscaping and energy-efficient fixtures in both the warehouse and office space. Sterling Bay acquired the property in August 2023 in partnership with Affinius Capital. First National Bank of Omaha provided the construction loan. Premier Design + Build Group is the general contractor.

July 12, 2024

Acquisitions Indiana Industrial Midwest

Colliers Brokers Sale of 163,654 SF Distribution Center in Suburban Indianapolis

by Kristin Harlow July 12, 2024

WHITESTOWN, IND. — Colliers has brokered the sale of Building 450, a 163,654-square-foot distribution center in the northwest Indianapolis suburb of Whitestown. The sales price was undisclosed. Located at 4921 E. 450 South and built in 2022, the Class A property is situated on more than 16 acres along I-65. Novo Logistics, a third-party logistics firm, fully occupies the facility on a six-year triple net lease. Building 450 features a clear height of 32 feet, 16 dock positions and ample auto and trailer parking. Alex Cantu and Alex Davenport of Colliers represented the seller, Citimark Management Co. Transwestern Investment Group was the buyer.

July 12, 2024

Acquisitions Indiana Midwest Restaurant Retail

Faris Lee Investments Arranges $2.4M Sale of Hardee’s-Occupied Restaurant Property in Bloomington, Indiana

by Kristin Harlow July 12, 2024

BLOOMINGTON, IND. — Faris Lee Investments has arranged the sale of a Hardee’s-occupied restaurant property in Bloomington for $2.4 million. The sales price represents a cap rate of 5.95 percent. The deal included a long-term triple net lease with Hardee’s, a subsidiary of CKE Restaurant Holdings Inc. Nick Miller of Faris Lee represented the buyer, a California-based 1031 exchange investor. The transaction closed simultaneously with a Longhorn Steakhouse-occupied property in Marietta, Ga.

July 12, 2024

Development Hospitality Illinois Midwest Mixed-Use Retail Top Stories

Bally’s Releases Updated Plan for $1.7B Casino Project in Chicago

by Hayden Spiess July 12, 2024

CHICAGO — Bally’s Corp. (NYSE: BALY) has released an updated permanent site plan for its $1.7 billion casino project in Chicago, a redevelopment of the former Chicago Tribune printing plant that will now be developed in a single phase. The property is located at 777 W. Chicago Ave. in the city’s River West neighborhood. Project plans now include a 34-story, 500-room hotel tower situated at the southern end of the 30-acre gaming and entertainment destination. The hotel — which was initially expected to be located elsewhere in the development — will feature a pool, spa, fitness center, sundeck and rooftop restaurant and bar. In addition to the hotel, the Bally’s Chicago Casino will include a 3,000-seat theater, six restaurants, a food hall and a two-acre public park. The casino will comprise 3,300 slot machines, 173 table games and VIP gaming areas. Additionally, a 2,000-foot extension of the riverwalk will connect the property to the riverbank. Design firm HKS prepared the new renderings. In May 2022, Bally’s was selected over competitors including Hard Rock International and Rush Street Gaming as the preferred developer of the project. Bally’s took possession of the land last week, and Brandenburg Industrial Service Co. is now preparing the …

July 12, 2024

Development Midwest Missouri Retail

Keystone Construction to Build $60M CarShield Sportsplex in Chesterfield, Missouri

by Kristin Harlow July 11, 2024

CHESTERFIELD, MO. — Keystone Construction Co. will build the new $60 million CarShield Sportsplex AAA Hockey & Futbol facility in the St. Louis suburb of Chesterfield. The development will accommodate the growing CarShield AAA Hockey & Futbol clubs, which serve more than 500 children and 45 teams in metro St. Louis. The 325,000-square-foot facility will offer four indoor turf soccer fields, two indoor ice rinks, team locker rooms, a pro shop, training and fitness spaces, a restaurant, bar, concessions and classrooms. Outside, there will be three turf soccer fields, concessions, a dining patio and children’s playground. Construction is scheduled to begin in October and wrap up in January 2026. The project team includes civil engineer Stock & Associates and architect Gray Design Group.

July 11, 2024

Acquisitions Midwest Missouri Multifamily

CBRE Brokers Sale of 316-Unit Apartment Complex in Suburban St. Louis

by Kristin Harlow July 11, 2024

O’FALLON, MO. — CBRE has brokered the sale of Avenue64, a 316-unit apartment complex in the St. Louis suburb of O’Fallon. The sales price was undisclosed. Built in 2022, the Class A property features a range of floor plans averaging 993 square feet. Amenities include a pool, hot tub, courtyard, coffee bar, fitness center, conference room, community grilling areas and outdoor game area. Hannah Ott, George Tikijian, Matt Bukhshtaber, Cam Benz, Claire Bullard and Ryan Stockamp of CBRE represented the seller, Thompson Thrift. Oregon-based Bonaventure was the buyer.

July 11, 2024

Development Illinois Industrial Midwest

Ryan Cos. Breaks Ground on 170,000 SF Spec Industrial Facility in Chicago

by Kristin Harlow July 11, 2024

CHICAGO — Ryan Cos. US Inc. has formed a joint venture with Washington Capital Management Inc. to build a 170,000-square-foot speculative industrial facility at Pullman Crossings in Chicago. Pullman Crossings is a 50-acre industrial park that is part of Pullman Park, a 180-acre mixed-use project being developed by Chicago Neighborhood Initiatives. The new facility marks Ryan’s third phase of Pullman Crossings with the fourth and final phase expected to kick off later this year. The 10-acre site is located in the historic Pullman neighborhood near I-57. The building will feature outdoor eating areas, exterior bike racks, ESFR fire protection and a clear height of 32 feet in the warehouse. Ryan is serving as developer and builder. Bankers Trust Co. is providing construction financing. Completion is slated for the first quarter of 2025. Since 2017, Ryan has developed and built three industrial facilities totaling 685,000 square feet at Pullman Crossings, including a Whole Foods Market distribution center, a SC Johnson warehouse and an Amazon last-mile distribution center.

July 11, 2024

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