Midwest

GoodVets to Open 2,656 SF Location at Optima Lakeview Apartments in Chicago

by Kristin Harlow September 14, 2023

CHICAGO — GoodVets, a Chicago-based full-service veterinary care provider, has leased ground-floor retail space at Optima Lakeview, a 198-unit luxury apartment community in Chicago’s Lakeview neighborhood. The tenant is scheduled to open the 2,656-square-foot location in December. GoodVets offers a comprehensive range of veterinary services, including preventive care, surgery, dentistry and wellness programs. The Lakeview location represents the sixth Chicago-area office for GoodVets and its second within an Optima Inc. apartment building. Designed by David Hovey Sr. and completed in 2022, Optima Lakeview occupies the site of a shuttered Treasure Island Foods grocery store.

September 14, 2023

Industrial Market Reports Midwest Midwest Market Reports Missouri

National, Regional Developers Eye St. Louis Industrial Market

by Kristin Harlow September 14, 2023

By Mary Lamie, Bi-State Development The industrial real estate market continues to show its strength in the St. Louis region as new investments by industrial developers hold steady. Coming off a record year in 2022, with more than 7 million square feet of completions entering the market and 6.5 million square feet absorbed, the region’s new construction has leveled off a bit, with 1.1 million square feet of industrial space delivered so far in 2023 and 3.6 million square feet of space still under construction, according to the latest numbers from Colliers. Speculative construction rates remain high, with 65 percent of construction since 2019 being speculative builds. This growth in industrial construction is being fueled by national and regional developers who believe St. Louis has the industrial activity levels needed to drive construction investments. Data included in the “St. Louis Regional Industrial Real Estate Market Indicators & Workforce Report,” released by the St. Louis Regional Freightway in May, shows the St.Louis region now has 182 million square feet of space available. According to the report, the region offers the largest amount of manufacturing space available on the market compared to other Midwestern cities, along with one of the lowest triple …

September 14, 2023

Development Illinois Industrial Midwest

Peak Construction Underway on 219,041 SF Spec Warehouse in Joliet, Illinois

by Kristin Harlow September 13, 2023

JOLIET, ILL. — Peak Construction Corp. is underway on Rock Run Crossing 2 within Rock Run Crossings Business Park in Joliet. The 219,041-square-foot speculative warehouse will feature a clear height of 36 feet, 24 dock doors, two drive-in doors, parking for 209 cars, 63 trailer parking stalls and 2,000 square feet of office space. Completion is slated for the end of the year. The project team includes architect Ware Malcomb, civil engineer Jacob & Hefner Associates Inc. and developer IDI Logistics.

September 13, 2023

Acquisitions Illinois Industrial Midwest

Clear Height Properties, Harbert Acquire 103,686 SF Industrial Property in Park City, Illinois

by Kristin Harlow September 13, 2023

PARK CITY, ILL. — A joint venture between Clear Height Properties and Harbert US Real Estate has acquired an industrial property located at 700-750 Chestnut Ave. in Park City, a far north suburb of Chicago. The purchase price was undisclosed. The property consists of two buildings totaling 103,686 square feet that are leased to Reyes Coca-Cola Bottling. In addition to the two buildings, the property also features gated outside parking and storage for semi-truck cabs, semi-truck trailers and fleet delivery vehicles. Paige Gunn of Stream Realty Partners represented the buyer. Jason Lev, John Suerth and Jimmy Kowalczyk of CBRE have been retained for leasing.

September 13, 2023

Development Illinois Industrial Midwest Office

Summit Breaks Ground on Farm Foundation’s Innovation, Education Center in Suburban Chicago

by Kristin Harlow September 13, 2023

LIBERTYVILLE, ILL. — Summit Design + Build has broken ground on Farm Foundation’s Innovation and Education Center located on the Casey family farm in Libertyville. The nonprofit will occupy a 4,000-square-foot educational barn on a 14-acre site. The project will be home to a media room, demonstration kitchen and office space. There will also be various educational programs aimed to address the critical issues shaping the future of agriculture and food systems. Kahler Slater is the architect, and JLL is the property manager.

September 13, 2023

Acquisitions Hospitality Midwest Minnesota

Marcus & Millichap Brokers Sale of 58-Room Hotel in Baxter, Minnesota

by Kristin Harlow September 13, 2023

BAXTER, MINN. — Marcus & Millichap has brokered the sale of the AmericInn Baxter Brainerd, a 58-room hotel in Baxter, a city in central Minnesota. The sales price was undisclosed. Built in 1973, the property is located at 7836 Fairview Road. The hotel was rebranded to AmericInn in 2017. Jake Erickson, Joseph Ferguson, Jared Plamann and Jon Ruzicka of Marcus & Millichap represented the seller. Erickson procured the buyer, which plans to refresh and renovate the property.

September 13, 2023

Acquisitions Illinois Industrial Midwest

Venture One Buys 37,601 SF Industrial Building in Elmhurst, Illinois

by Kristin Harlow September 13, 2023

ELMHURST, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial VI LP, has acquired a 37,601-square-foot industrial building in Elmhurst for an undisclosed price. The acquisition was structured as a sale-leaseback. Built in 1969, the property features a clear height of 18 feet, two docks, two drive-in doors and parking for 45 cars. Ted Gates and David Prell of CBRE represented the undisclosed seller. VK Industrial VI is co-sponsored by Venture One and Kovitz Investment Group. The fund targets industrial acquisitions in the Chicago, Northeast and Florida markets.

September 13, 2023

Acquisitions Midwest Minnesota Multifamily

Weidner Acquires 253-Unit Apartment Tower in Minneapolis

by Kristin Harlow September 12, 2023

MINNEAPOLIS — Weidner has acquired The Nic on Fifth, a 253-unit apartment tower in Minneapolis. The property is located at 465 Nicollet Mall near the Nicollet Mall Station and provides direct access to the Minneapolis Skyway System. The 26-story building features amenities such as a community gourmet kitchen, pool, Zen garden, outdoor kitchen, spa, indoor pickleball court, yoga studio, fitness center and 25,404 square feet of commercial space. Abe Appert, Keith Collins and Ted Abramson of CBRE represented the seller, AEW Capital Management. The sales price was undisclosed.

September 12, 2023

Acquisitions Midwest Office Wisconsin

CBRE Brokers $28.7M Sale of 435,000 SF Office Building in Milwaukee

by Kristin Harlow September 12, 2023

MILWAUKEE — CBRE has brokered the $28.7 million sale of 100 East, a 435,000-square-foot office building in Milwaukee. An entity doing business as 100 East PropCo LLC purchased the property from Michael Polsky, the court-appointed receiver for Hertz Milwaukee 100 East Wisconsin LLC. Patrick Gallagher, Matson Holbrook, Bill Bonifas and Matt Cariello of CBRE represented the seller. The new ownership intends to convert 100 East into a multifamily property. The 35-story building is located at 100 E. Wisconsin Ave. and was originally built in 1989. It was 46.5 percent occupied at the time it was marketed for sale.

September 12, 2023

Acquisitions Development Hospitality Illinois Midwest

Waterton Launches Outbound Hotels Brand

by Kristin Harlow September 12, 2023

CHICAGO — Chicago-based real estate investor and operator Waterton has launched its new Outbound Hotels brand, a collection of hotels for travelers seeking outdoor-inspired experiences in boutique settings. The vision for Outbound Hotels began with Waterton’s acquisition of The Virginian Lodge in Jackson Hole, Wyo. Waterton acquired the property in partnership with Wyoming-based Orion Cos. and has since rebranded it as The Virginian Lodge, an Outbound Hotel. The Outbound portfolio, operated by Springboard Hospitality, was expanded in 2021 with the acquisition of Outbound Mammoth (formerly the Sierra Nevada Resort) in Mammoth, Calif., and Towne and Country Stowe in Stowe, Vt., in March 2023. Most recently, Waterton partnered with Argosy Real Estate Partners to for a redevelopment project on a 17-acre Qualified Opportunity Zone site in Oakhurst, Calif., just south of the main gate to Yosemite National Park. The property will be developed as Outbound Yosemite Resort, a 135-key hotel consisting of 108 vacation rental cabins and 14 hotel rooms located above a 12,500-square-foot clubhouse in addition to a 13-key boutique hotel currently on the site.

September 12, 2023

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