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Midwest

AcquisitionsMidwestMissouriRetail

Marcus & Millichap Negotiates $4.2M Sale of Walgreens-Occupied Property in Jefferson City, Missouri

by Kristin Harlow

JEFFERSON CITY, MO. — Marcus & Millichap has negotiated the $4.2 million sale of a 14,820-square-foot retail property occupied by Walgreens in Jefferson City. The net-leased building, constructed in 2010, is located at 900 Eastland Drive. Nicholas Kanich and Mitch Grant of Marcus & Millichap represented the seller, an investor from Kansas City. A local broker procured the buyer, a local group completing a 1031 exchange. Walgreens has operated at the property for more than 14 years and has over 10 years remaining on its lease. Neighboring retailers include Gerbes Supermarket, Dollar General, McDonald’s and Taco Bell.

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AcquisitionsIllinoisIndustrialMidwestSelf-Storage

Newmark Brokers $1.6M Sale of Self-Storage Portfolio in Illinois

by Kristin Harlow

FARMINGTON AND CANTON, ILL. — Newmark has brokered the $1.6 million sale of a self-storage portfolio in Farmington and Canton, about 25 miles west of Peoria. The four-building portfolio totals 35,650 square feet and includes a primary facility as well as three satellite buildings. Kris Parker of Newmark represented the seller, Simple Self Storage LLC, and the buyer, Prime Space Storage LLC.

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DevelopmentIllinoisMidwestMultifamilyOffice

Lamar Johnson Collaborative Unveils First Renderings of $130M LaSalle Residences Adaptive Reuse Project in Chicago

by Kristin Harlow

CHICAGO — Lamar Johnson Collaborative (LJC) has revealed the first renderings of The LaSalle Residences, an office-to-multifamily adaptive reuse project at 208 S. LaSalle St. in Chicago’s Loop. The project is part of the city’s LaSalle Corridor Revitalization initiative. Led by Chicago-based developer The Prime Group Inc., the project calls for the repurposing of 222,500 square feet of office space on floors 13 to 16 into 226 apartment units in studio, one- and two-bedroom floor plans. The development will feature a new ground-floor lobby as well as amenities such as a fitness facility; tenant lounge spaces for coworking, meetings and social events; and penthouse-level community terraces with an outdoor pool and gathering areas overlooking the central atrium. The project will also upgrade all older mechanical systems with energy-efficient equipment and replace the existing single-pane windows with high-performance insulated glass. Of the 226 units, 30 percent will be set aside for residents earning an average of 60 percent of the area median income. Completed in 1914, the 1.2 million-square-foot, 22-story building was initially designed by Chicago architect D.H. Burnham & Co. in the classical revival style for the Continental and Commercial National Bank. The property was listed on the National Register …

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DevelopmentIndustrialMidwestWisconsin

Dermody Properties Breaks Ground on LogistiCenter at Pleasant Prairie in Wisconsin

by Kristin Harlow

PLEASANT PRAIRIE, WIS. — Dermody Properties has broken ground on LogistiCenter at Pleasant Prairie, a rail-served logistics park in southeast Wisconsin. WestRock, a sustainable packaging company, has signed a build-to-suit lease to occupy more than 580,000 square feet within the park. The project site was previously home to a power plant and sits adjacent to substations that can deliver power capacity and provide freshwater service from Lake Michigan. LogistiCenter at Pleasant Prairie is expected to include three buildings totaling 2.4 million square feet with the flexibility to accommodate build-to-suits ranging from 250,000 to 1.8 million square feet.

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Affordable HousingDevelopmentIllinoisMidwestMultifamily

Skender Completes Rehabilitation of 272-Unit Affordable Housing Community in Chicago

by Kristin Harlow

CHICAGO — General contractor Skender has completed a full interior and exterior revitalization of the Barbara Jean Wright Court Apartments in Chicago’s University Village neighborhood. The affordable housing property features 272 units across 27 buildings. Jonathan Rose Cos. purchased the asset from the Chicago Community Development Corp. in 2022 with the intent to preserve the property’s affordability status. In addition to Skender, the project team included architect Grund & Riesterer, mechanical engineer WT Group, civil engineer RTM Engineering and structural engineer Rockey Structures. Skender teamed up with Tandem Ventures to manage regulatory compliance, maximize community engagement and create local employment opportunities on the project. The 18-month project involved an occupied rehab where residents needed to be relocated during 27 phases of energy-efficiency and quality-of-life upgrades. Externally, the buildings received enhanced landscaping, energy-efficient windows, new roof shingles, brick masonry repairs and tuckpointing, new concrete sidewalks and asphalt parking lots, and new entry gates tied to a security and campus entry system. The renovated units provide dishwashers, updated bathrooms and new plumbing fixtures, new floor finishes, energy-efficient lighting fixtures and HVAC plant upgrades. The project also included the ground-up construction of a 5,000-square-foot clubhouse that features a leasing office, conference rooms, computer …

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AcquisitionsIllinoisMidwestRetail

Inland Sells 101,157 SF Retail Property in Downers Grove, Illinois

by Kristin Harlow

DOWNERS GROVE, ILL. — Inland Private Capital Corp. (IPC) has sold a 101,157-square-foot retail property occupied by Best Buy and Golf Galaxy in the southwest Chicago suburb of Downers Grove. IPC, through its subsidiary that serves as an asset manager, facilitated the sale of the property on behalf of Downers Grove Retail DST, one of IPC’s 1031 investment programs. The sale resulted in an equity multiple to investors of 1.75, according to IPC, which purchased the asset in 2013. Best Buy occupies 62,860 square feet, while Golf Galaxy leases 38,297 square feet. Chad Firsel and Daniel Waszak of Quantum Real Estate Advisors Inc. represented the seller. A Florida-based REIT purchased the asset for $14.6 million.

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KansasLeasing ActivityMidwestRetail

Burlington Opens 22,547 SF Store in Garden City, Kansas

by Kristin Harlow

GARDEN CITY, KAN. — Burlington has opened a 22,547-square-foot store in Garden City, a city in western Kansas. The Woodmont Co. owns the property. Burlington occupies a portion of the space that formerly housed Sears. The expansion of the shopping center also included the entry of Kohl’s with an in-store Sephora. David Adams and Kendall Graff represented Woodmont on an internal basis in the lease with Burlington. Rickey Hayes of Retail Attractions LLC facilitated the identification of the project on behalf of the Finney County Economic Development Corp. he also helped facilitate the project’s development and obtained city approvals. Mike Clements of Embree Capital Markets Group Inc. arranged project financing through Dream First Bank, represented by Brandon Mumgaard. Good Neighbor Coffee, spearheaded by Andy Hooper of Hooper Hospitality, is proposed to be the latest addition to the shopping center.

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IllinoisLeasing ActivityMidwestOffice

American Dental Association Relocates Headquarters to 401 North Michigan Avenue in Chicago

by Kristin Harlow

CHICAGO — The American Dental Association (ADA) is relocating its headquarters to 401 North Michigan Avenue in Chicago. In the first quarter of 2025, the tenant will begin occupying the top three floors of the building and a portion of the 32nd floor for a total of 69,574 square feet. ADA’s lease encompasses 9.4 percent of the building’s total rentable space, bringing the occupancy to 88.4 percent. Tenants at the property have access to an outdoor work park, direct access to University of Chicago Gleacher Center conference facilities, a tenant lounge and conference center, Pine Street Kitchen, a 7,500-square-foot professionally managed fitness center and indoor valet parking. ADA’s move comes after spending 60 years at its previous headquarters at 211 East Chicago, which was sold to Lurie Children’s Hospital. Erica Marshall of Stream Realty Partners and Howard Meyer of Zeller represented ownership, Walton Street Capital. Jeff Liljeberg and Jaime Fink of JLL represented ADA.

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Affordable HousingDevelopmentLoansMidwestMinnesotaMultifamily

Wells Fargo Provides $65.5M in Construction Financing for Affordable Housing Project in South Minneapolis

by Kristin Harlow

MINNEAPOLIS — Wells Fargo has provided $65.5 million in construction financing for Opportunity Crossing. The 110-unit affordable housing project marks the first mixed-use affordable housing development to be built in South Minneapolis since the 2020 social uprisings, according to a news release. In addition to the units, the six-story property will feature first-floor commercial space for small businesses and a new Wells Fargo branch. Wells Fargo’s Community Lending and Investment Group provided $29.5 million in total construction financing, a $6.5 million permanent loan commitment and a $24.5 million Low-Income Housing Tax Credits equity investment. The redevelopment at 3030 Nicollet Ave. is the result of a community outreach process that included eight community listening sessions hosted by the developer, Project for Pride in Living, as well as the Cultural Wellness Center and Wells Fargo.

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IndianaIndustrialLeasing ActivityMidwest

Marathon Electric Inks 233,618 SF Industrial Lease Near Indianapolis International Airport

by Kristin Harlow

PLAINFIELD, IND. — Marathon Electric LLC has signed a full-building industrial lease totaling 233,618 square feet at Terminus at Hobbs Station in the Indianapolis suburb of Plainfield. The owner and developer, Chicago-based HSA Commercial Real Estate, recently completed the two-building speculative development near the Indianapolis International Airport. The 497,540-square-foot project is now 45 percent leased. Marathon Electric expects to take occupancy in September following an interior build-out. The manufacturer of motors and generators will use most of the space for warehousing and distribution. The building features a clear height of 32 feet, 36 dock doors, three drive-in doors, 163 car parking spots and 48 trailer parking stalls. The adjacent building, which is still available for lease, spans 263,922 square feet. Andrea Hopper of Colliers represented ownership in the lease with Marathon Electric. Jimmy Cohoat and Darren Ross of Colliers represented the tenant.

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