ILLINOIS — Alberici will build two utility-scale solar energy projects for Adapture Renewable Inc. (ARI) in central Illinois. The developments will be comprised of more than 232,000 solar panels each. Alberici is scheduled to break ground later this year, with commercial operation expected in early 2026. ARI anticipates that the projects will create more than 300 jobs during construction and over $250 million in economic impact to the local communities. Although the developments would include enough capacity to power more than 34,250 homes, the electricity generated by the solar plants will be procured by a social technology company through an Environmental Attributes Purchase Agreement. Coordination of the projects will be managed and executed by Alberici in conjunction with resources from its enterprise affiliate Flintco Renewable Energy.
MACHESNEY PARK, ILL. — Marcus & Millichap has brokered the $4.2 million sale of a 14,490-square-foot retail property net leased to Walgreens in Machesney Park, just north of Rockford. Constructed in 2008, the building is located at 1680 W. Lane Road. Joe Sparano, Dan Yozwiak and Darpan Patel of Marcus & Millichap represented the seller, a limited liability company. Steven Weinstock of Marcus & Millichap assisted in closing the transaction. The asset sold to a local buyer completing a 1031 exchange.
GARDEN CITY, MICH. — Vera Bridal has signed an 1,800-square-foot retail lease in Garden City, a western suburb of Detroit. The storefront is located at the intersection of Ford and Middlebelt roads. Michael Murphy and Joel Karboske of Gerdom Realty & Investment represented the landlord, Garden City Holdings LLC.
MOUNT PLEASANT, WIS. — Microsoft has unveiled plans to invest $3.3 billion between now and the end of 2026 in the development of a data center campus in Mount Pleasant, about 28 miles south of Milwaukee. The tech giant plans to expand its national cloud and artificial intelligence (AI) infrastructure capacity. The project is expected to bring 2,300 unionized construction jobs to the area by 2025, as well as to provide long-term employment opportunities over the next several years. Along with building a physical data center, Microsoft will partner with Gateway Technical College to construct a data center academy. This facility will serve to train and certify more than 1,000 students over the course of five years to work in the new data center and IT sector. U.S. President Joe Biden joined Microsoft President Brad Smith and Wisconsin Gov. Tony Evers at Gateway Technical College on Wednesday for the announcement. “This is a watershed moment for Wisconsin and a critical part of our work to build a 21st-century workforce and economy in the Badger State,” says Evers. Microsoft’s data center is being built where former President Donald Trump had previously announced a $10 billion investment from Taiwanese electronics manufacturer Foxconn. …
By Matt Hock, NAI Greywolf In the active landscape of Milwaukee’s commercial real estate market, several trends are reshaping the way businesses, both tenants and landlords, approach office spaces. From the enduring impact of remote work to the changing preferences of tenants, the market is currently witnessing a focus on quality, adaptability and talent retention. Flight to quality persists While the market continues to see the flight to quality we have experienced for the past few years, the Milwaukee office sector is now also experiencing what has been termed as “competing with the couch.” Companies are battling the challenge of bringing employees back to the office and with that they are looking to solve this issue with providing spaces that offer more than your standard office setup. Basically, they are looking for amenities and features within the office that entice workers to come back, compared with what remote workers have with their home office setup. So, competing with the comforts of home, or the couch, in these cases. This has catalyzed a “flight to quality,” where businesses are investing in premium office spaces designed to enhance the overall employee experience. In effort to attract and retain top talent, companies are …
CLAYTON, MO. — Berkadia has secured an $82.4 million loan for the refinancing of Clarendale Clayton, a seniors housing community in the St. Louis suburb of Clayton. The property offers the full continuum of care in a resort-style environment. Austin Sacco of Berkadia Seniors Housing & Healthcare arranged the financing through a national bank on behalf of the borrower, a joint venture between Harrison Street, Ryan Cos. US Inc. and Life Care Services. The floating-rate loan features five years of interest-only payments.
FRANKLIN AND WAUKESHA, WIS. — BMO’s Healthcare Real Estate Group has provided a $70.6 million bridge loan for the recapitalization of two senior living communities totaling 290 units in Franklin and Waukesha. The borrower is a joint venture between New Perspective Senior Living, Boldt Capital and Fengate Asset Management. Loan proceeds include capital allocated for future improvements and value enhancement.
CHICAGO — BWE has arranged a $17 million loan for the acquisition of 939 North Avenue, a Class A mixed-use property in Chicago’s Lincoln Park neighborhood. The asset features roughly 200,000 square feet of retail, fitness and medical office space as well as a 350-space parking garage. Daniel Rosenberg and Logan Petersmeyer of BWE arranged the loan on behalf of the borrowers, Farpoint Development and MCZ Development Group. A debt fund provided the loan, which features interest-only payments.
OAK BROOK, ILL. — Oak Brook, Ill.-based Devon Self Storage, a member of The Inland Real Estate Group of Cos. Inc., has been awarded the property management contract for six self-storage properties in Indiana, Colorado, Michigan, Nevada and Louisiana totaling roughly 361,000 square feet. The assets include a 603-unit property in Fort Wayne, Ind.; a 487-unit property in Northglenn, Colo.; a 459-unit facility in Waterford, Mich.; a 387-unit facility in Las Vegas; and a 595-unit property in Baton Rouge, La. To date, Devon manages 119 properties for 12 owners across the U.S. The firm expects to add approximately 100 additional self-storage facilities by year’s end.
CHICAGO — SVN Chicago Commercial has brokered the $3.4 million sale of an 11-unit apartment building in Chicago’s Pilsen neighborhood. The property is located at 1800 S. Carpenter St. Paul Cawthon and Angelo Labriola of SVN represented the buyer and seller. The out-of-state buyer secured a Freddie Mac SBL loan.