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AcquisitionsMidwestMinnesotaRetail

Hanley Investment Group Arranges $11.9M Sale of Grocery-Anchored Shopping Center in Metro Minneapolis

by Kristin Harlow

BROOKLYN PARK, MINN. — Hanley Investment Group Real Estate Advisors has arranged the $11.9 million sale of Edinburgh Festival Centre in the Minneapolis suburb of Brooklyn Park. The 91,563-square-foot shopping center was 96 percent occupied at the time of sale. A 54,476-square-foot Festival Foods store anchors the property, which is located on Edinburgh Centre Drive. Bill Asher and Jeff Lefko of Hanley, in association with ParaSell Inc., represented the seller, LS Capital Inc., and the buyer, a private investor from northern California.

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AcquisitionsIndustrialMichiganMidwestSelf-Storage

Marcus & Millichap Brokers Sale of 500-Unit Self-Storage Facility in Traverse City, Michigan

by Kristin Harlow

TRAVERSE CITY, MICH. — Marcus & Millichap has brokered the sale of Empire Self Storage, a 71,350-square-foot self-storage facility in Traverse City. The sales price was undisclosed. Built in 2015, the property consists of 500 non-climate-controlled units. Approvals are in place to build an additional six buildings totaling 300 units. Brian Kelly, Brett Hatcher, Gabriel Coe and Nathan Coe of Marcus & Millichap represented the buyer and seller, both of which were limited liability companies.

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DevelopmentIllinoisMidwestMultifamily

Marquette Cos. Completes Conversion of Former Mary Thompson Hospital in Chicago into Apartments

by Kristin Harlow

CHICAGO — Marquette Cos. has completed The Thompson at Fulton Market, a 210-unit apartment building located at 150 N. Ashland Ave. in Chicago’s Fulton Market district. The project transformed the former Mary Thompson Hospital into apartments. Named for Dr. Mary Thompson, Chicago’s first female doctor and the first woman known to have performed major surgery, The Thompson is comprised of a new 12-story building that is integrated with an original five-story building that was constructed in the 1920s as part of the hospital. Units range from 502 to 2,098 square feet, with monthly rents ranging from $2,155 to $5,350. In addition to the market-rate apartments, there are 32 affordable housing units. Amenities include The Collaboratory, a 24-hour coworking space; The Parlor, a social hub featuring a resident bar and lounge; a fitness center; and dog wash station. An outdoor courtyard features grill stations, seating and a covered terrace. The penthouse level includes an indoor lounge and a rooftop deck overlooking Union Park. Chicago-based artist Lefty Out There created several murals for the common areas. Marquette Management is the property manager, ParkFowler Plus served as the architect and Power Construction was the general contractor.

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AcquisitionsMidwestMissouriOffice

Sentinel Net Lease Sells 268,413 SF Chase Operations Center in Springfield, Missouri

by Kristin Harlow

SPRINGFIELD, MO. — Sentinel Net Lease has sold the Chase Operations Center, a 268,413-square-foot office building in Springfield, a city in southwest Missouri. The sales price was undisclosed. A local healthcare operator purchased the property. Holding the asset for less than two years, Sentinel generated an internal rate of return of 45 percent and produced a return on invested capital of 1.9 times. The sale marks one of the most profitable office transactions nationwide over the past several years, according to Sentinel. Ross Murray of R.B. Murray Co. brokered the transaction.

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DevelopmentIllinoisMidwestRetail

McHugh Construction Restores Chicago’s Historic Ramova Theatre with $30M Project

by Kristin Harlow

CHICAGO — McHugh Construction has completed the $30 million transformation of the historic Ramova Theatre in Chicago’s Bridgeport neighborhood. The long-shuttered, single-screen cinema is now an 1,800-person concert hall. The 36,000-square-foot project also included the build-out of a space for Other Half Brewing, an independent craft brewery and taproom; Ramova Grill, an 18-seat diner; and Ramova Loft, a second-floor, 200-person event venue. Ramova Theatre originally opened in 1929 and closed in 1985. After sitting dormant for nearly 40 years, the theater was added to the National Register of Historic Places in 2021. McHugh began the building’s restoration that same year. McHugh worked with O’Riley Office, Baum Revision and historic preservation specialists to restore the building’s architectural details with its original Spanish courtyard-style lobby and auditorium. Project funding came from investments from the local populace, tax-increment financing subsidies from the City of Chicago, a state grant and a Historic Places loan.

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IllinoisLeasing ActivityMidwestOffice

Mintel Signs 30,000 SF Office Lease in Chicago’s Central Loop

by Kristin Harlow

CHICAGO — Mintel has signed a 30,000-square-foot office lease at 203 N. LaSalle, a 27-story office tower totaling 624,724 square feet in Chicago’s Central Loop. The global market intelligence agency has relocated from its 26,000-square-foot office at 333 W. Wacker Drive in the West Loop. The Chicago office is the only address that the organization maintains in North America. Kathleen Bertrand, Eric Myers and John Nelson of Transwestern represented ownership, Sumitomo Corp. of Americas. Transwestern handles leasing and management of the building. Michelle Wiedman of Wiedman Real Estate represented Mintel.

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IllinoisIndustrialLeasing ActivityLee & AssociatesMidwest

Snyder’s-Lance Renews 72,956 SF Industrial Lease in Bedford Park, Illinois

by Kristin Harlow

BEDFORD PARK, ILL. — Food manufacturer Snyder’s-Lance Inc. has renewed its 72,956-square-foot industrial lease at 5025 W. 73rd St. in the Chicago suburb of Bedford Park. Jeff Janda and Brian Vanosky of Lee & Associates represented the undisclosed landlord. Sally Macoicz of Cushman & Wakefield represented the tenant.

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AcquisitionsDevelopmentMidwestMinnesotaOffice

Ryan Cos., Thomson Reuters Ink Purchase, Sale Agreement for 179 Acres in Eagan, Minnesota

by Kristin Harlow

EAGAN, MINN. — Ryan Cos. US Inc. has entered into a purchase and sale agreement with Thomson Reuters for 179 acres of the company’s 263-acre campus in Eagan, a suburb of Minneapolis. Financial terms of the transaction were not disclosed. The campus includes a 1.1 million-square-foot office building, three data centers totaling 333,912 square feet and 90 acres of undeveloped land. Ryan will work with the City of Eagan, Thomson Reuters and other area stakeholders to explore redevelopment options for the site. The Minneapolis-St. Paul office of Thomson Reuters will remain in Eagan, but will relocate to its new site, The Landing, in the coming months. The company’s print manufacturing facility was not for sale and will continue operating at its current location. The project marks the third major redevelopment that Ryan has undertaken in the past year. All three are in Minnesota. Canada-based Thomson Reuters is a global content and technology company.

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AcquisitionsIllinoisMidwestMultifamily

Berkadia Brokers Sale of 141-Unit Mondial River West Luxury Apartment Tower in Chicago

by Kristin Harlow

CHICAGO — Berkadia Institutional Solutions has brokered the sale of Mondial River West, a 141-unit luxury apartment tower in Chicago’s River West neighborhood. Barings sold the property for $42 million, down from the $57.5 million that it paid for the asset a decade ago, according to Crain’s Chicago Business. The newspaper reports that Illinois-based Exposition Capital was the buyer. Pete Evans and Richard Evans of Berkadia represented the seller. Located at 910 W. Huron St., the 15-story building was constructed in 2009. Units average 1,088 square feet. The property is situated near Bally’s $1.7 billion casino project.

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AcquisitionsMidwestMinnesotaMultifamily

JLL Arranges Sale of 258-Unit Cosmopolitan Apartments in St. Paul

by Kristin Harlow

ST. PAUL, MINN. — JLL has arranged the sale of The Cosmopolitan Apartments in St. Paul’s Lowertown neighborhood for an undisclosed price. The 258-unit multifamily building has an estimated market value of about $45 million, according to the Minneapolis/St. Paul Business Journal. Formerly the Finch, Van Slyck and McConville Dry Goods Co. building, The Cosmopolitan Apartments was originally a Neoclassical building from 1911 that was transformed into apartments in 1989. Since then, the eight-story building has undergone $8 million in upgrades. The property features studio, one- and two-bedroom floor plans averaging 805 square feet. Amenities include a fitness center, spin/yoga room, internet lounge, barbecue and picnic area, fire pit, media room, clubhouse, courtyard and bocce court. Josh Talberg, Mox Gunderson, Dan Linnell, Adam Haydon and Devon Dvorak of JLL represented the seller, AEW Capital Management. Ken Dayton and Pat McMullen of JLL originated Fannie Mae acquisition financing on behalf of the buyer, Bigos Management. Will Tansey of law firm Felhaber Larson represented Bigos.

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