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Midwest

AcquisitionsIowaMidwestMultifamilyStudent Housing

ARTISAN, EOS Residential Acquire 537-Bed Student Housing Community Near Iowa State University 

by Kristin Harlow

AMES, IOWA— A joint venture between ARTISAN Capital Group and EOS Residential Investors has acquired Union on Lincoln Way, a 537-bed student housing community located near the Iowa State University campus in Ames. Built in 2018, the property offers 177 fully furnished units in studio through five-bedroom configurations. Shared amenities include a swimming pool, fitness center, business center and study rooms. The development also features 11,000 square feet of retail space. Haverkamp Properties has been tapped to manage the community, which will be rebranded 2700 Lincoln. Improvements to the property’s amenity and common spaces are planned by the new ownership. Peter Katz of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller, Greystar. The acquisition involved Freddie Mac financing.

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DevelopmentHealthcareMidwestSouth Dakota

Kraus-Anderson Completes $7.6M Renovation Project for Prairie Lakes Healthcare in South Dakota

by Kristin Harlow

WATERTOWN, S.D. — Kraus-Anderson has completed a $7.6 million critical care unit (CCU) and kidney dialysis unit renovations for Prairie Lakes Healthcare at 401 9th Ave. NW in Watertown, a city in eastern South Dakota. Designed by BWBR Architects, the 15,000-square-foot project was constructed in two phases. The first phase included the second-floor CCU, featuring eight new patient rooms and a dedicated air handler. The second phase featured the new kidney dialysis unit with 10 new infusion bays, including two isolation rooms.

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IllinoisIndustrialLeasing ActivityMidwest

Beverage Distributor Signs 22,500 SF Industrial Lease in Dupo, Illinois

by Kristin Harlow

DUPO, ILL. — An unnamed beverage distributor has signed a 22,500-square-foot industrial lease at 729 Prairie Dupont Drive in Dupo, about 10 miles south of St. Louis. The warehouse features 2,400 square feet of office space, one recessed dock door, two drive-in doors and clear heights ranging from 24 to 28 feet. The Class B building, constructed in 2008, is situated near I-255 and the St. Louis Downtown Airport. George Cibula and Luke Ferzacca of DarwinPW Realty/CORFAC International, along with Joel Meyer and Ben Bacino of Intelica/CORFAC International, represented the tenant, which has begun occupying the space. Steve Zuber of Barber Murphy Commercial represented ownership.

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AcquisitionsIndustrialMidwestMinnesota

Transwestern Arranges Sale of 13,095 SF Industrial Building in Bloomington, Minnesota

by Kristin Harlow

BLOOMINGTON, MINN. — Transwestern Real Estate Services has arranged the sale of a 13,095-square-foot industrial building in Bloomington for an undisclosed price. Russ Crawford of Transwestern represented the buyer, Pickle O LLC, which plans to occupy the building with the option to divide space for additional tenants. Brian Netz and Lucas Long of Newmark represented the seller, Common Ground Properties LLC. Numerous property improvements were completed prior to the sale, including LED lighting upgrades, new office finishes and ADA-compliant restrooms.

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AcquisitionsMidwestRestaurantRetailWisconsin

Marcus & Millichap Brokers $1.4M Sale of Taco John’s-Occupied Property in Milwaukee

by Kristin Harlow

MILWAUKEE — Marcus & Millichap has brokered the $1.4 million sale of a Taco John’s-occupied restaurant property in Milwaukee. The net-leased building, constructed in 2023, is located at 4650 S. 5th St. adjacent to the Milwaukee International Airport. Carson Breshears and Hank Wolfer of Marcus & Millichap represented the buyer and seller, both of which were limited liability companies. Todd Lindblom assisted in closing the transaction as the broker of record in Wisconsin.

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AcquisitionsIllinoisMidwestRetail

Mid-America Brokers Sale of 108,412 SF Iroquois Center in Naperville, Illinois

by Kristin Harlow

NAPERVILLE, ILL. — Mid-America Real Estate Corp. has brokered the sale of Iroquois Center, a 108,412-square-foot retail center in the Chicago suburb of Naperville. Northpond Partners purchased the asset for an undisclosed price. Some of the tenants at the value-add property include Planet Fitness, Duly Health and Care, Illiana Financial Credit Union and Cookies by Design. Joe Girardi, Rick Drogosz and Bine Wineman of Mid-America represented the seller, IRC Retail Centers/DRA Advisors. Pine Tree managed the property.

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IllinoisLeasing ActivityMidwestOffice

Lessen to Relocate Chicago Office to 77,000 SF Space in Central Loop

by Kristin Harlow

CHICAGO — Lessen, a company for outsourcing real estate property services, has signed a lease to relocate its Chicago office to a 77,000-square-foot space at 203 North LaSalle Street in the city’s Central Loop tech district. Last year, Lessen acquired SMS Assist, a facilities maintenance technology company headquartered in Chicago, marking Lessen’s corporate entry into the market. The company’s Chicago office is currently located at 130 E. Randolph St. Lessen expects to move into its new office in the first quarter of 2025. The new office is located adjacent to Google’s forthcoming Chicago office in the Thompson Center. Sumitomo Corp. owns 203 North LaSalle Street, which rises 17 stories.

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DevelopmentIllinoisMidwestRetail

Summit Design + Build Completes Two Burdeen’s Jewelry Locations in Chicago’s Gold Coast

by Kristin Harlow

CHICAGO — Summit Design + Build has completed an adaptive reuse project for Burdeen’s Jewelry at 120 E. Oak St. in Chicago’s Gold Coast as well as interior renovations to the existing Burdeen’s Jewelry store at 11 E. Walton St. at the base of the Waldorf Astoria. The 120 E. Oak St. project consisted of the interior build-out for Burdeen’s as well as two luxury flagship stores situated on either side. The two-story luxury jewelry store totals more than 10,000 square feet and shares an outer structure with Panerai and IWC. Project highlights include a watchmaking studio, transparent glass floor and large skylight. The location marks Burdeen’s fourth in the Chicago area. Hirsch MPG served as the architect. The renovated space at 11 E. Walton St. features individual luxury brand spaces for Jaeger-LeCoultre, Roger Dubuis and Piaget. Dunne Kozlowski was the architect.

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AcquisitionsAffordable HousingMidwestMinnesotaMultifamilySeniors Housing

JLL Arranges Sale of 96-Unit Affordable Seniors Housing Community in Stillwater, Minnesota

by Kristin Harlow

STILLWATER, MINN. — JLL Capital Markets has arranged the sale and financing of Rivertown Commons, a 96-unit Section 8 affordable seniors housing community situated along the St. Croix River in Stillwater. The seven-story building totals 55,800 square feet. Amenities include a game room, library and private garden patio. Josh Talberg and Doug Childers of JLL represented the seller, Dominium Management, and procured the buyer, Standard Communities. The buyer plans to refresh the units and common areas in addition to extending the existing affordability restrictions. C.W. Early, Ken Dayton and Pat McMullen of JLL arranged acquisition financing through Freddie Mac.

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Leasing ActivityMichiganMidwestRetail

LK Esthetics Leases 1,400 SF at Beck Village Plaza in Novi, Michigan

by Kristin Harlow

NOVI, MICH. — LK Esthetics has leased 1,400 square feet of retail space at Beck Village Plaza in Novi. The property is located at the southeast quadrant of Beck Road and Pontiac Trail. Jack Melton and Michael Murphy of Gerdom Realty & Investment represented the undisclosed landlord, while Haley Kelly of Keller Williams Showcase represented the tenant.

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