Midwest

Midloch Investment Partners, Fountain Real Estate Capital Sell Last-Mile Industrial Facility in Metro Minneapolis for $15.4M

by Kristin Harlow June 1, 2023

BLOOMINGTON, MINN. — Midloch Investment Partners and Fountain Real Estate Capital have sold a 218,899-square-foot, last-mile industrial facility in the Minneapolis suburb of Bloomington for $15.4 million. Buligo Capital purchased the asset, which is located at 9231 Penn Ave. South. Midloch and Fountain acquired the property in January 2022 for $11.2 million, and invested in capital improvements to enhance leasing. Colin Ryan and Dave Berglund of JLL brokered the sale. Last-mile facilities are located close to urban areas and assist with the distribution of goods to consumers or retailers.

June 1, 2023

Acquisitions Michigan Midwest Retail

Marcus & Millichap Arranges $2.2M Sale of Starbucks-Occupied Property in Royal Oak, Michigan

by Kristin Harlow June 1, 2023

ROYAL OAK, MICH. — Marcus & Millichap has arranged the $2.2 million sale of single-tenant property occupied by Starbucks in the Detroit suburb of Royal Oak. Darin Gross, Ashish Vakhariya and Seth Haron of Marcus & Millichap represented the all-cash buyer and seller. The sales price equated to $1,208.79 per square foot. Starbucks exercised an early renewal option for the property.

June 1, 2023

Leasing Activity Midwest Retail Wisconsin

Hibbett Sports Signs 4,875 SF Retail Lease in Plattville, Wisconsin

by Kristin Harlow June 1, 2023

PLATTVILLE, WIS. — Hibbett Sports has signed a 4,875-square-foot retail lease at the Shoppes at Plattville. The property is located at 1845 Progressive Parkway in Plattville, a city in Southwest Wisconsin. Scott Satula of Mid-America Real Estate represented the landlord, an entity doing business as Prairie Sun Properties 1845 LLC.

June 1, 2023

Civic Development Midwest Wisconsin

Kraus-Anderson Begins $49.7M Renovation of Four Schools for Hayward Community School District in Wisconsin

by Kristin Harlow May 31, 2023

HAYWARD, WIS. — Kraus-Anderson (KA) has begun a $49.7 million renovation of four schools for Hayward Community School District in Hayward, a city in Northwest Wisconsin. Designed by DSGW Architects, the project includes Hayward’s high school, middle school, intermediate school and primary school. In April 2022, KA assisted the district in passing a $49.7 million referendum to improve safety and security, increase learning opportunities for students, and upgrade aging building systems. The high school will receive two additions totaling 36,000 square feet and a 164,000-square-foot renovation. Highlights include a new commons area, front office, gymnasium with elevated track and strength training area, and a new secure entry to control visitor access. The 87,000-square-foot remodel of the middle school will encompass new flooring, carpets, paint, doors, windows, chalkboards, whiteboards and interior wall reconfigurations. The cafeteria will be remodeled and the kitchen, band and music areas will be reconfigured for better flow. The 66,000-square-foot project for the intermediate school includes new gymnasium bleachers and lockers, countertops, doors, window blinds, carpet and marker boards. The 81,000-square-foot project for the primary school features an interior renovation and the addition of a new 8,526-square-foot gymnasium. The projects are slated for completion at various points in …

May 31, 2023

Illinois Loans Midwest Multifamily

Marcus & Millichap Arranges $10.6M Acquisition Loan for Multifamily Portfolio in Chicago

by Kristin Harlow May 31, 2023

CHICAGO — Marcus & Millichap Capital Corp. (MMCC) has arranged a $10.6 million loan for the acquisition of six multifamily properties totaling 118 units in Chicago. The portfolio includes buildings in the Beverly and Ashburn neighborhoods. Dean Giannakopoulos of MMCC arranged the 24-month loan, which features a fixed interest rate and a loan-to-cost ratio of 75 percent. The lender was not provided.

May 31, 2023

Illinois Leasing Activity Midwest Office

Thales Division Moves into 24,673 SF Office in Aurora, Illinois

by Kristin Harlow May 31, 2023

AURORA, ILL. — A U.S. division of global technology firm Thales has moved into its new office at 750 N. Commons Drive in Aurora. Stanton Road Capital owns the Class A office and industrial property, which totals 205,068 square feet and is fully leased. Thales moved from a previous location in Aurora and made the new space the home of its Visionix division, which develops helmet-mounted display and motion tracking technologies for aerospace and defense use. Using tenant improvement investments from Stanton Road Capital, Thales transformed its space to integrate office and meeting areas with advanced research and design features such as cockpit simulators. Francis Prock, David Florent and Brian Kling of Colliers are the exclusive leasing agents for the building. Kelleen Monti, Chris Bynum and Madelyn Farmer of JLL represented Thales.

May 31, 2023

Acquisitions Illinois Midwest Multifamily

Interra Realty Brokers $4.2M Sale of Three Apartment Buildings in Chicago’s Pilsen Neighborhood

by Kristin Harlow May 31, 2023

CHICAGO — Interra Realty has brokered the $4.2 million sale of a three-building multifamily portfolio in Chicago’s Pilsen neighborhood. The 14-unit building at 1924 S. Throop St. underwent recent capital improvements that included new exterior doors, freshly painted hallways and LED lighting. The property was 43 percent vacant at the time of sale. The building on South Oakley Avenue features 10 units with renovated kitchens, bathroom and flooring. The property also includes one ground-floor retail space and has received a new rear porch, window replacements, a new perimeter fence and electrical upgrades. Located at 2300 W. 23rd St., the third property in the portfolio features seven apartment units and one ground-floor retail space. Most of the units have undergone renovations such as updated kitchens, bathrooms and flooring. Additional improvements include in-unit electrical upgrades and new individual HVAC and tankless hot water systems. Jeremy Morton of Interra represented both the private buyer and seller.

May 31, 2023

Acquisitions Illinois Industrial Midwest

Colliers Arranges Sale-Leaseback of 49,793 SF Industrial Service Facility in Elk Grove Village, Illinois

by Kristin Harlow May 31, 2023

ELK GROVE VILLAGE, ILL. — Colliers has arranged the sale-leaseback of a 49,793-square-foot industrial service facility in the Chicago suburb of Elk Grove Village. The sales price was undisclosed. Located at 700 Chase Ave., the property is home to RT Group Logistics. The trucking company signed a lease to remain at the property, which includes a truck maintenance facility with parking for 40 trailers. Patrick Turner, Tom Rodeno and Joe Connor of Colliers represented RT Group in the sale. The undisclosed buyer plans to make improvements to the property when the tenant’s lease expires in three years.

May 31, 2023

Life Sciences Innovation Districts Danvers quote

Bohler Content Partner Development Features Life Sciences Midwest Multifamily Northeast Southeast Texas Western

Part 2: How to Promote Collaboration, Efficiency in Life Sciences Innovation Districts Via Design

by Sarah Daniels May 31, 2023

In the biotech and pharmaceutical sectors, life sciences innovation districts have become hubs not only for research and development but also for cooperation and inspiration between cohorts. These districts, often called innovation districts, collect together companies, research institutions, supporting entities, housing and more. Innovation districts necessitate meticulous planning and design strategies to promote scientific inquiry and efficiency. “Municipalities, schools, corporations and organizations that have close ties to their state are piloting life sciences innovation district development, allowing them to group otherwise separated uses — work, recreation, living areas and more — together. When you pair these institutions and include innovative site and building programming in a single location, you move beyond disconnected projects and amenities to a united innovation district that can magnify benefits across organizations,” explains Dan Danvers, a landscape architect project manager with Bohler, a land development consulting and site design company. This article is the design-focused component of our two-part series on life sciences innovation districts. If you would like to read about the planning component of these complex developments, please read our first article here. Moving Life Sciences Innovation Districts Forward Innovation districts must keep pace with evolving technologies and research. Life sciences industries are continually progressing, …

May 31, 2023

Acquisitions Industrial Midwest Ohio

Tempus Realty Partners Sells Ohio Industrial Building for $7.6M

by Kristin Harlow May 30, 2023

HILLIARD, OHIO — Tempus Realty Partners has sold a 114,485-square-foot industrial building in Hilliard, a northwest suburb of Columbus. An entity doing business as DP 149 LLC purchased the asset for $7.6 million. The property is fully leased to metal fabricator S&G Manufacturing and features seven dock doors, three overhead doors and clear heights ranging from 20 to 24 feet. Tempus, an Arkansas-based real estate investment partnership, acquired the building in December 2020 for $5.7 million.

May 30, 2023

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