WEST DES MOINES, IOWA — Co-op Solutions, a southern California-based financial services company, has signed a 99,700-square-foot office lease at the Palisade Building in West Des Moines. The new office will become a flagship center for Co-op to serve its credit union clients. R&R Realty Group owns the property, which has received new brick stain and other exterior enhancements. The Palisade Building will also undergo tenant improvements and other renovations.
GLENVIEW, ILL. — Marcus & Millichap has brokered the $10.2 million sale of Shops at Glen Pointe in Glenview, about 15 miles northwest of the Chicago Loop. Located at 3700 Willow Road, the retail center consists of three buildings and is home to tenants such as Chipotle, Starbucks, Naf Naf Grill and AT&T. The property serves as an outlot to Mariano’s and LA Fitness. Sean Sharko and Austin Weisenbeck of Marcus & Millichap represented the seller, a limited liability company based in Chicagoland. An Iowa-based investment group was the buyer.
CHICAGO — A joint venture between Gencom and GD Holdings has acquired the 192-room St. Regis Chicago. The luxury hotel, which opened this week, is centrally located in the city’s Lakeshore East Loop community where the Chicago River meets Lake Michigan. While the sales price was undisclosed, JLL arranged $76 million in acquisition financing on behalf of the buyers through Värde Partners. The five-star hotel occupies the first 11 floors within a property that also houses 393 condominium units. Studio Gang Architects designed the 101-story tower, which is the third tallest in the city. Room rates start at $711 per night at the hotel, which is the first new luxury hotel to open in Chicago since 2013. Chicago-based Magellan Development Group oversaw development of the hotel, which is also part of Magellan’s 28-acre Lakeshore East master development. Magellan is retaining a partial ownership interest in the hotel. Located at 401 E. Wacker Drive, the St. Regis Chicago features nearly 12,000 square feet of meeting space, including the 5,000-square-foot Astor Ballroom. There are also 7,000 square feet of executive function rooms with views of landmarks such as the Magnificent Mile, Navy Pier, and Grant and Millennium parks. More than 21,000 square …
CLEVELAND HEIGHTS, OHIO — Flaherty & Collins Properties has broken ground on The Marquee at Cedar Lee, a $60 million luxury apartment complex in Cleveland Heights, an eastern suburb of Cleveland. Plans call for 204 units and 8,534 square feet of retail space. The parking garage will hold 225 parking spaces and there will be 42 surface lot spaces surrounding the property. Amenities will include a saltwater pool, courtyard, outdoor sky lounge, pet spa, bark park, fitness center, coworking suites and a 24-hour market. Completion is slated for spring 2025. Flaherty & Collins is developing the project as a public-private partnership with the City of Cleveland Heights. First National Bank of Omaha provided a construction loan. The project team includes general contractor Snavely Group as well as City Architecture and Project Management Consultants.
MICHIGAN — Fast-casual restaurant Slim Chickens has inked a deal to open 25 new locations throughout Southeast Michigan. Business partners Brad and Todd DeLange along with Doug Broadright are spearheading the expansion. Currently, Slim Chickens operates more than 225 locations across the United States and the United Kingdom with more than 1,100 locations in development. Slim Chickens offers 17 different dipping sauces and a variety of menu items such as chicken tenders, salads, sandwiches, chicken and waffles, chicken wings and various sides. The first Slim Chickens opened in 2003 in Fayetteville, Ark. A timeline for the opening of the Michigan locations was not provided.
BLOOMINGTON, MINN. — MLG Capital has acquired Hampshire Technology Center in the Minneapolis suburb of Bloomington for an undisclosed price. The Class B flex industrial property totals more than 144,000 square feet across 14 acres. MLG acquired the asset in partnership with Hoyt Properties and plans to make interior renovations. Hampshire Technology Center marks MLG’s 25th investment in metro Minneapolis and the 11th acquisition within its MLG Private Fund VI, which launched in May 2022.
MOKENA, ILL. — Marcus & Millichap has arranged the $4.1 million sale of a single-tenant industrial building in Mokena, a southern suburb of Chicago. The 39,816-square-foot property is located at 9860 Clearvue Court in Will County. Built in 2006, the facility features a clear height of 28 feet, seven drive-in doors and one dock. Colony Hardware, a national provider of tools, equipment, supplies, products and rental/repair services to commercial construction and industrial industries, fully occupies the property. Brent Holder and Peter Doughty of Marcus & Millichap represented the seller, a private investor. Buyer information was not provided.
BROOKFIELD, WIS. — Caribou Coffee has signed a lease to open as the inaugural tenant at a new mixed-use development in the Milwaukee suburb of Brookfield. The project is a redevelopment of a former Pepino’s restaurant and a tax preparation office located at the intersection of Capitol and Calhoun roads. Construction is underway, and Caribou Coffee is slated to open this summer. Bill Quinlivan of Colliers | Wisconsin is marketing the property for lease.
CHICAGO — Molson Coors Beverage Co. has signed an 83,848-square-foot office lease for floors 34 through 36 at 320 South Canal in Chicago. The brewer anticipates moving its Americas headquarters from 250 S. Wacker Drive when the lease commences in summer 2024. Riverside Investment and Development and partner Convexity Properties own the building, which is also known as BMO Tower. The new space for Molson Coors will feature an open concept with an internal staircase connecting the three floors. A pub and private outdoor patio will be available for employees. Matt Gautreau, Nick Pavlakovich, Dan Maslauski and Michael Sessa of Cushman & Wakefield represented the tenant. Drew Nieman and Christy Domin represented Riverside on an internal basis. Rising 52 stories, 320 South Canal is situated immediately south of Chicago’s Union Station. The Green, a 1.5-acre privately owned outdoor park, sits on the west side of the building.
WILMETTE, ILL. — Optima Inc. has begun leasing Optima Verdana, a 100-unit luxury apartment complex in the Chicago suburb of Wilmette. The community is scheduled to welcome its first residents in July and is currently more than 30 percent leased. Optima Verdana offers one-, two- and three-bedroom units as well as penthouse residences ranging in size from 660 to 2,790 square feet. Monthly rents will range from $2,950 to nearly $12,000. Optima’s CEO and founder, David Hovey Sr., designed the community. Residents will have access to Optima’s complimentary concierge program, Optimized Service, which provides in-home package delivery, grocery delivery and plant watering. Residents can also schedule on-demand services through the Optima Verdana mobile app such as housekeeping, pet care, fitness classes, massage service and a private chef. Optima Verdana gets its name from “verdure,” which means lush green vegetation. The community features several sustainable initiatives, including the Chicago area debut of Optima’s proprietary exterior vertical landscaping system. The self-contained irrigation and drainage system uses plants to promote evaporative cooling, reoxygenate the air, reduce dust and smog levels, decrease ambient noise and detain stormwater. Indoor amenities at the property include a 24-hour front door person, pickleball/basketball court, fitness center, yoga room, …
