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AcquisitionsIndustrialIowaMidwestSelf-Storage

Marcus & Millichap Brokers Sale of 54,095 SF Self-Storage Facility Near Des Moines

by Kristin Harlow

URBANDALE, IOWA — Marcus & Millichap has brokered the sale of an Urban Heights Storage facility in Urbandale near Des Moines for an undisclosed price. The 54,095-square-foot self-storage property, built in 2020, features 257 climate-controlled units, 95 drive-up units, 51 indoor units and 28 parking spaces. George Kondracke, Brian Kelly, Brett Hatcher, Gabriel Coe and Nathan Coe of Marcus & Millichap, in partnership with Brad Vander Linden of The Linden Co., represented the seller, a limited liability company. Buyer information was not provided.

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AcquisitionsIllinoisIndustrialMidwest

Venture One Acquires 38,409 SF Industrial Building in Romeoville, Illinois

by Kristin Harlow

ROMEOVILLE, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial VI LP, has acquired a 38,409-square-foot industrial building in the Chicago suburb of Romeoville. Located at 1280 Lakeview Drive, the property is fully leased to one tenant. Constructed in 1995 and situated on three acres, the building features a clear height of 24 feet, two exterior docks, one drive-in door and parking for 52 cars. Terri Alexander and Michael Kraft of Transwestern represented the undisclosed seller. VK Industrial VI is co-sponsored by Venture One and Kovitz Investment Group.

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AcquisitionsMidwestOhioRestaurantRetail

Cooper Group Arranges $2M Sale of Starbucks-Occupied Property in Mentor, Ohio

by Kristin Harlow

MENTOR, OHIO — The Cooper Commercial Investment Group has arranged the $2 million sale of a single-tenant property occupied by Starbucks in Mentor, a northeast suburb of Cleveland. Constructed in 2022, the building features a drive-thru. Dan Cooper of Cooper Group represented the seller, a private investment group based in Ohio. The 1031 exchange buyer purchased the asset at a cap rate of 5.74 percent. There are approximately eight years remaining on the 10-year lease.

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AcquisitionsIndustrialMidwestOhio

Colliers Brokers Sale of 1.2 MSF Distribution Center in Metro Columbus for $94.1M

by Kristin Harlow

COMMERCIAL POINT, OHIO — Colliers has brokered the sale of Rickenbacker Exchange Building 2 in metro Columbus for $94.1 million. The 1.2 million-square-foot distribution center is located at 521 Exchange Way in Commercial Point. VanTrust Real Estate developed the building, which was fully leased to Hanesbrands Inc. prior to its completion in 2022. The property, located within the 875-acre Rickenbacker Exchange at Commercial Point industrial park, features a clear height of 40 feet, four drive-in doors, 120 docks and 728 parking spaces. Alex Cantu and Alex Davenport of Colliers brokered the transaction. VanTrust sold the asset to W. P. Carey Inc.

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Affordable HousingDevelopmentMidwestMinnesotaMultifamily

Sherman Associates Completes $34M Affordable Housing Development in Minneapolis

by Kristin Harlow

MINNEAPOLIS — Developer Sherman Associates has completed Ladder 260, a $34 million affordable housing development located at 260 Portland Ave. in the Mill District neighborhood of Minneapolis. Kraus-Anderson was the general contractor for the multi-phase project, which involved the redevelopment of an underutilized city block at Washington and Portland avenues. The first phase of the $161 million development involved a new $12 million fire station for the City of Minneapolis. The final phase, called O2, is a 22-story, 240-unit apartment tower that is slated for completion this fall. Designed by ESG Architects, Ladder 260 rises six stories with 90 units. Amenities include a fitness room, second-floor lounge, rooftop deck, bike storage and pet spa.

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DevelopmentIllinoisIndustrialMidwest

Northern Builders to Construct Two Industrial Build-to-Suits at Cherry Hill Business Park in Suburban Chicago

by Kristin Harlow

NEW LENOX AND JOLIET, ILL. — Northern Builders will serve as developer and general contractor for two industrial build-to-suits at Cherry Hill Business Park in New Lenox and Joliet. Agile Cold Storage will occupy a 202,759-square-foot facility on nearly 24 acres with expansion capabilities for an additional 150,000 square feet. The building is slated for completion in the second quarter of 2025. Illinois Truck Group (ITG) will utilize a 33,180-square-foot property as a truck maintenance and dealership facility. The project calls for nine maintenance bays, one wash bay, 5,000 square feet of office space and parking for 200 tractor cabs. Straddling both Joliet and New Lenox, Cherry Hill Business Park is located between I-55 and I-57 with immediate access to I-80 and I-355.

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Affordable HousingDevelopmentMichiganMidwestMultifamily

Cherry Health, Woda Cooper to Build 56-Unit Affordable Housing Community in Wyoming, Michigan

by Kristin Harlow

WYOMING, MICH. — Cherry Health and Woda Cooper Cos. Inc. have partnered to build Shea Ravines, a 56-unit affordable housing community in Wyoming near Grand Rapids. Michigan State Housing Development Authority has awarded housing tax credits for the $18.2 million development. The project will be located at 2929 Burlingame Ave. SW adjacent to Cherry Health’s Wyoming Community Health Center. The four-story building will offer one- and two-bedroom units for residents who earn up to 80 percent of the area median income. Of the 56 units, 20 will be reserved for people battling homelessness. Amenities will include a multipurpose room, playground and bike storage.   The Grand Rapids Housing Commission has awarded project-based rental assistance vouchers to support the 20 units for homelessness. Community Rebuilders will serve as the lead service agency to coordinate supportive services to assist these residents. The project team includes architect Hooker DeJong Inc. Woda Construction Inc. is the general contractor and Woda Management & Real Estate LLC will perform leasing and property management services.

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LoansMichiganMidwestRetail

District Capital Arranges $10M Loan for Refinancing of Retail Center in Oakland County, Michigan

by Kristin Harlow

OAKLAND COUNTY, MICH. — District Capital has arranged a $10 million loan for the refinancing of a 62,000-square-foot retail center in Oakland County within the Detroit metro area. Justin Hollis of District Capital arranged the loan through a life insurance lender. The interest rate was locked at application.

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IndustrialMarket ReportsMidwestMidwest Market ReportsOhio

Location, Business-Friendly Climate Propel Columbus Industrial Market

by Kristin Harlow

By Dan Wendorf, JLL The industrial landscape in Columbus is not just thriving — it’s breaking records. As highlighted in JLL’s fourth-quarter 2023 Columbus Industrial Insights Report, 2023 marked another milestone year for the market. With over 19 million square feet under construction and surpassing 2022’s nearly 7 million-square-foot total, Columbus has solidified its position as a national industrial hub.  The report also showed total vacancy increased 3.8 percent year over year due to 15.7 million square feet of speculative completions, which finished the year at 30 percent leased. Although a modest uptick, Columbus continues to diversify its industrial scene from exclusively being known as once a “logistics and parcel delivery hub” to now being recognized for its growth in advanced manufacturing and data centers.  As exemplified by investments from Facebook, Google and Meta, the market has evolved into a multifaceted industrial powerhouse. In particular, investments in microchip factories have stimulated the need for additional warehousing from suppliers, and this trend is expected to continue in the coming year. This article explores how Columbus has become a key player in industrial development, factors motivating businesses to move their operations to central Ohio and what’s in the pipeline to keep an …

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AcquisitionsIllinoisMidwestMultifamily

Wingspan Development Sells Sixteen30 Luxury Multifamily Property in Plainfield, Illinois

by Kristin Harlow

PLAINFIELD, ILL. — Wingspan Development Group has sold Sixteen30, a 284-unit luxury multifamily property in Plainfield, about 40 miles southwest of Chicago. Continental Properties was the buyer. The sales price was roughly $78 million, according to CoStar. Located at 14750 Wallin Drive and opened in August 2021, Sixteen30 features eight garden-style buildings surrounding a 7,500-square-foot clubhouse and pool. Designed by Eleni Interiors, the clubhouse features a great room, coffee bar, fitness center, yoga studio, coworking space, demonstration kitchen, pet spa and package room. Units range from 600 to 1,500 square feet. Sixteen30 was 95 percent occupied at the time of sale. The acquisition marks the 10th community in Illinois for Continental Properties.

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