ALTOONA, IOWA — Sealy & Co. has acquired the newly constructed Altus Commerce Center in Altoona, a northeast suburb of Des Moines. The purchase price was undisclosed. The industrial facility totals 265,700 square feet and features a clear height of 32 feet, 135-foot truck court, 26 dock-high doors and two drive-in doors. Jason Gandy and Davis Gibbs of Sealy led the transaction. Mark Long and John Hassler of Newmark represented the seller, VanTrust Real Estate. In honor of VanTrust, Sealy is making a significant contribution to the Marine Corps Scholarship Foundation to commemorate the transaction.
BRANSON, MO. — Marcus & Millichap has brokered the $9.1 million sale of Lakeside Shoppes at Branson Landing, a 30,763-square-foot retail strip center in Branson. Built in 2015, the property is located directly adjacent to Branson Landing, a $435 million waterfront development situated on 95 acres along the banks of Lake Taneycomo. Tenants at the center include Qdoba Mexican Grill, Tropical Smoothie Café, Cold Stone Creamery and Pappo’s Pizzeria & Pub. Chris Garavaglia, Alex Perez and Austin Sweet of Marcus & Millichap represented the seller, a limited liability company. The buyer was a Louisiana-based private investor.
HAMMOND, IND. — Montecito Medical has acquired an 11,118-square-foot medical office building in Hammond, about 25 miles southeast of Chicago. The purchase price was undisclosed. The building is fully occupied by the Williams Eye Institute and serves as the group’s flagship location. The Williams Eye Institute provides a full range of eye care, from general ophthalmology to advanced cataract surgery. Montecito worked alongside Entheos Capital Partners in completing the transaction.
By Jamie Dunford, CBRE Outside of office product, Cleveland and Northeast Ohio haven’t historically been of interest for most out-of-town multifamily developers and investors. They viewed the region as a tertiary or secondary market with a declining population and a lackluster economy. Until recently, urban living in the central business district (CBD) and surrounding neighborhoods was rare — Cleveland was a commuter city with a strong office market from the 90s until the Great Financial Crisis (GFC) in 2008. At one point in time, Northeast Ohio boasted one of the highest concentrations of Fortune 500 companies with headquarters or other office space in the region, and the CBD had the largest job hub in the state of Ohio. Most office buildings in the CBD were owned by institutional capital or national developers. However, the GFC vastly altered this landscape as unemployment rose, companies left or downsized, and many office assets went back to the lender. This left an oversupply of office product in the market, and the older buildings suffered the most. However, this created a market opportunity that Cleveland developers seized, and the city eventually became a national leader in converting historic office assets to multifamily while taking advantage …
SCHAUMBURG, ILL. — Glenstar Properties has executed 12 office leases totaling 154,000 square feet at its Schaumburg Corporate Center in the Chicago suburb of Schaumburg. The lease signings include 89,000 square feet of new leases and 65,000 square feet of renewals. Schaumburg Corporate Center is a three-building office complex totaling 1 million square feet. Among the leases was global banking firm Citigroup’s new lease for 49,400 square feet across two floors. Citigroup will relocate from its current Northwest suburban office location in January. Additionally, an unnamed data analytics company signed a lease for 24,700 square feet and will relocate its 125 employees in November. The 10 additional lease signings were for spaces ranging in size from 834 to 27,000 square feet. Bill Saviski and Christian Domin of Glenstar represented ownership in the lease with Citigroup, while Gary Fazzio and James Otto of CBRE represented the tenant. On the lease with the data analytics company, Saviski represented ownership, while Fazzio and colleague Paul Diederich represented the tenant. About 76 businesses are located at Schaumburg Corporate Center. Some of the larger tenants include Misumi USA, American Agricultural Insurance Co., Pronto Finance and Munich RE Specialty Group NA Inc. Glenstar completed a $30 …
CHICAGO — Total Quality Logistics (TQL), a logistics company specializing in shipping needs and supply chain efficiencies, has signed a 36,322-square-foot office lease at The National, a 20-story office building totaling 600,830 square feet in Chicago’s Central Loop. Germany-based Commerz Real owns the property, which is located at 125 S. Clark St. TQL’s new lease represents a 5,000-square-foot expansion over its previous office at 328 S. Jefferson St. Eric Myers, Kathleen Bertrand and John Nelson of Transwestern Real Estate Services represented the landlord, while Jon Milonas and James Otto of CBRE represented the tenant. Originally built in 1907 and designed by Daniel Burnham, The National is designated as a Chicago landmark. The building was renovated in 2015 to include a new fitness center, tenant lounge and outdoor terrace. The renovation also included the addition of Revival Food Hall, a 24,000-square-foot dining marketplace that features local restaurants in a grab-and-go setting.
CHICAGO — Urban Innovations has negotiated seven office leases at its buildings in Chicago’s River North neighborhood. Altec Solutions Inc., a recruiter for manufacturing and engineering careers, signed a lease for 3,484 square feet at 325 W. Huron St. Michael Graham of CBRE represented the tenant. Aptus Architecture renewed a 2,394-square-foot lease at 325 W. Huron St. Jason Schulz of The J. Rich Co. represented the architecture firm. Blue Chip Marketing Worldwide signed a lease renewal for 6,784 square feet in 720 N. Franklin St. Chris Cummins of JLL represented the tenant. Challenger Logistics International Inc., a logistics and supply chain management firm, inked a 2,895-square-foot lease at 444 N. Wells St. Isabelle Montagne and Brian Means of JLL represented the tenant. Consulting firm Communication Research Associates Inc. leased a 1,500-square-foot space at 325 W. Huron St. Jaquis Covington of JLL represented the firm. Arts organization Ingenuity Incorporated Chicago renewed its lease at 440 N. Wells St. Michael Schneider of X10 Commercial represented the organization. NuHaus Corp. signed a 1,479-square-foot lease for a millwork showroom at 445 N. Wells St. Stephen Di Padua of Berkshire Hathaway represented the tenant. Aaron Zaretsky and Candice Marek represented ownership on an internal basis …
LAKE ST. LOUIS, MO. — Spellman Brady & Co. has completed the interior design for the clubhouse and leasing office of Citrine, a luxury apartment community in Lake St. Louis, a northwest suburb of St. Louis. Mill’s Properties owns the community. Spellman Brady was responsible for specifying and procuring the furniture, artwork and accessories for the clubhouse and leasing office. The 2,685-square-foot clubhouse features a fitness center, dog park, pet spa and community lounge with a bistro café. Spellman Brady collaborated with GMA Architects and ARCO Construction Co. on the project.
BENSENVILLE, ILL. — Apex Industrial Automation, an industrial equipment and motor supplier, has acquired a 14,400-square-foot industrial building in the Chicago suburb of Bensenville for an undisclosed price. Apex will occupy over half of the building, which is located at 222-224 Williams St. The remainder of the building will be occupied by an existing tenant. Jerry Sullivan of DarwinPW Realty/CORFAC International represented the buyer, while Robert DeSalvo of Sierra Realty represented the seller, a private trust.
ST. LOUIS — JLL Capital Markets has arranged a $47 million loan for the refinancing of Marlowe, a newly built apartment complex featuring 205 units in the Central West End neighborhood of St. Louis. Completed in 2022, Marlowe features studio, one- and two-bedroom units. Amenities include a pool, lawn with putting green, bark park, fitness studio and flex workspaces. Danny Kaufman, Philip Galligan, Mary Dooley and Rebecca Brielmaier of JLL represented the borrower, Keeley Properties. An insurance company provided the four-year, fixed-rate loan. Sound Mark Partners provided preferred equity for the deal.