GERMANTOWN, WIS. — Mid-America Real Estate Corp. has negotiated the sale of Germantown Plaza in the Milwaukee suburb of Germantown for an undisclosed price. The 63,750-square-foot shopping center is home to Aldi, Petco and Michaels, which have all operated at the property since 2003. Rick Drogosz, George Ghattas and Dan Rosenfeld of Mid-America represented the seller, Crown Group. HJ Development was the buyer.
ROCHESTER, MINN. — Marcus & Millichap has arranged the sale of a Target-shadowed retail strip center in Rochester for $4.2 million. Located at 3801 Marketplace Drive NW just off Highway 52, the 8,780-square-foot property is fully occupied by Spectrum, Potbelly Sandwich Shop, Leann Chin and Infinity Nails. Jared Shapiro, Craig Fuller, Erin Patton and Scott Wiles of Marcus & Millichap represented the undisclosed buyer and seller.
HUDSON, WIS. — Transwestern Real Estate Services has brokered the sale of a 7.1-acre industrial outdoor storage property in Hudson, about 30 miles east of Minneapolis. The asset is located at 2310 O’Neil Road. Chris Weirens of Transwestern represented the seller, Rajean LLC. Interstate Development purchased the asset for an undisclosed price.
NOVI, MICH. — Novi-based cold storage REIT Lineage Inc. has launched its initial public offering (IPO) of 47 million shares of its common stock, valuing the company at around $19 billion. In addition, the underwriters of the offering will have a 30-day option to purchase from the company up to 7 million additional shares of its common stock at the IPO price, which is expected to be between $70 and $82 per share. The company expects its stock to be listed on the Nasdaq under the ticker symbol “LINE.” Morgan Stanley, Goldman Sachs & Co. LLC, BofA Securities, J.P. Morgan and Wells Fargo Securities are acting as joint lead book-running managers for the proposed offering. Lineage claims to be the world’s largest global temperature-controlled warehouse REIT with a network of more than 480 facilities totaling over 84 million square feet and 3 billion cubic feet of capacity across North America, Europe and Asia-Pacific.
LIVONIA, MICH. — Penske Automotive Group Inc. has acquired the Bill Brown Ford dealership in Livonia within southeast Michigan. The asset is the world’s largest Ford dealership by sales volume, according to Crain’s Detroit Business. Penske estimates the acquisition will add $550 million in annualized revenue. As part of the acquisition, Penske will acquire more than 200,000 square feet of existing facilities across 29 acres, including a main dealership premises, a pre-owned facility, fleet maintenance center and collision center. Year to date in 2024, Penske has completed acquisitions representing nearly $2 billion in estimated annualized revenue.
CHESTERFIELD, MO. — Tutera Senior Living & Health Care and Shelbourne Healthcare Development Group have opened The Lumiere of Chesterfield, a $55 million senior living community in the St. Louis suburb of Chesterfield. The 193,000-square-foot development, situated near Chesterfield Mall, features 96 independent living units, 37 assisted living units and 17 memory care units. The independent living units are now open, while the assisted living will open in late July and the memory care will follow in August. Amenities include libraries, bistros, a wine room, dog park, bocce ball, putting green, gardens and pedestrian pathways. Moseley Architects served as the project architect, while Faulkner Design Group was the interior designer. The project gets its name from the French word for light, “lumiere.” The development features large windows for letting in daylight.
BOLINGBROOK, ILL. — Chicago-based Invenergy, a privately held developer, owner and operator of sustainable energy solutions, has broken ground on its Center of Excellence, a $30 million clean energy training and manufacturing facility in the Chicago suburb of Bolingbrook. Located at 790 Remington Blvd., the property will total 135,000 square feet and is slated to open in the fourth quarter. The build-out of the site will employ over 250 local construction workers. The Center of Excellence will be comprised of four main components: a 35,000-square-foot machine shop designed to refurbish and assemble key clean energy components; a 30,000-square-foot central warehouse to manage and store infrastructure, including long-lead wind turbine and solar components; a 35,000-square-foot training center and learning lab with the capacity to support over 1,300 clean energy trainees annually; and a 20,000-square-fot generation control center to monitor and control Invenergy’s energy generation assets.
INDIANAPOLIS — Merchants Capital has provided $17.1 million in construction financing for The Marvetta & Anthony Grimes Family Center, a 36-unit supportive housing development in Indianapolis. The property will serve households recovering from addiction. Merchants Capital provided $9.5 million in Low-Income Housing Tax Credits (LIHTC) equity financing, and Merchants Bank provided a $7.6 million equity bridge loan. Financing from The Indiana Housing & Community Development Authority included a $750,000 Development Fund Loan in addition to 9 percent LIHTC financing as part of the Emerging Developer 2023 Rental Housing Tax Credit General Set-Aside. Additional partners included First Merchants Bank and The National Bank of Indianapolis. The developer, 2 Thirty-Eight Properties LLC, is building the project in collaboration with Seeds of Hope to accommodate a shortage of recovery centers in the area. RealAmerica Cos. is the development consultant and general contractor. RealAmerica Management will serve as the property manager. Volunteers of America Ohio and Indiana and Seeds of Hope will provide onsite services and support for families in recovery, and St. Mary’s Early Childhood Center will provide daycare services. The development will comprise two two-story buildings with 24 two-bedroom units, 12 three-bedroom units and an onsite daycare center. Tenants will be referred …
By Todd Pease, Michelle Klingenberg and Britney Aviles, JLL Since the Cincinnati office landscape upended during the pandemic, area businesses, building owners and broader leaders sought opportunities to help entice employees to return to the office, reclaim the area’s vibrancy and spur economic growth. These stakeholders realized that to entice employees back into the office, they would need to make it worth the commute. Throughout this evolution, one thing continues to drive tenants into office buildings: high-quality amenities. Amenity demands have changed over the last few years and there are new ways for building owners to create spaces that engage employees. Amenities of the past Up until 2020, the standard “five days in the office” model meant that office buildings strived to accommodate as many professionals as possible while maintaining efficiency. The space planner was the lead consultant on planning offices, and they would work with tenants to design spaces in a way that most efficiently accounted for their company headcount. Regarding office amenities, tenants most valued high parking ratios, conference facilities, gyms and locker rooms, and onsite food options. It was all about productivity and it didn’t matter if productivity took place in a gray cubical under florescent lighting. …
SUGAR GROVE, ILL. — Crown Community Development (CCD) has submitted its formal land development application to the Village of Sugar Grove for The Grove, a 760-acre, master-planned mixed-use project. Plans call for several housing options, a town center, over 200 acres of open space, public amenities and a variety of commercial uses. The Grove is proposed for land surrounding the I-88 and Route 47 interchange, about 45 miles west of Chicago. Named after the maple trees scattered across Sugar Grove, the new proposal for The Grove is the result of re-envisioning the plan CCD presented to the village in 2019 for the same parcel of land. The new plan includes an increase in green space and the preservation of existing tree groves, which were based on public feedback from community meetings held by CCD in 2023. As part of the land development application for The Grove’s updated master plan, which covers zoning, subdivision and annexation, CCD is proposing Planned Development District (PDD) zoning that will accommodate uses that meet market and community needs. Proposed land uses via the PDD zoning for The Grove include: multiple residential areas offering a variety of housing options, from single-family homes and active adult living …
