Sunday, April 27, 2025
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AcquisitionsIndianaMidwestOffice

McColly Bennett Commercial Advantage Brokers $3.9M Sale of Indiana Office Property

by Kristin Harlow

VALPARAISO, IND. — McColly Bennett Commercial Advantage has brokered the $3.9 million sale of Belden Center, a two-building office property in Valparaiso, a city in Northwest Indiana. Located on Eastport Centre Drive, the property totals 27,959 square feet on five acres. Jeff Bennett and Ken Williams of McColly Bennett represented the seller, George Uzelac, a private investor and developer. Uzelac developed the asset in 2008 and his real estate tax firm occupied space on the first floor. The buyer, Haresa Prithyani, plans to redevelop portions of the two buildings into a Montessori School. The buyer currently owns and operates a Montessori School in Chesterton, Ind. Additional tenants at Belden Center — Tech Credit and NYAP — will remain in their spaces. Ryan Peters of Streetfront Real Estate represented the buyer. Dan Duncan of People’s Bank structured an SBA 504 loan for the acquisition.

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DevelopmentIndianaIndustrialMidwest

HSA Commercial Begins Development of Two Spec Warehouses Totaling 497,540 SF Near Indianapolis Airport

by Kristin Harlow

PLAINFIELD, IND. — HSA Commercial Real Estate has begun development of two speculative warehouses totaling 497,540 square feet in Plainfield near the Indianapolis International Airport. Named Terminus at Hobbs Station, the project is slated for completion in the fourth quarter of this year. Building 1 will total 233,618 square feet with 36 dock doors, three drive-in doors, 163 parking spots and 48 trailer parking stalls. Building 2 will span 263,922 square feet with 31 dock doors, three drive-in doors, 187 parking spaces and 30 trailer stalls. Both buildings will feature a clear height of 32 feet and 60-foot loading bays. The project team includes architect Curran Architecture, general contractor Meridian Design Build and civil engineer Kimley-Horn. Jimmy Cohoat and Andrea Hopper of Colliers will market the project for lease.

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AcquisitionsIllinoisMidwestOffice

CBRE Arranges Sale of 116,500 SF Office Building in Waukegan, Illinois

by Kristin Harlow

WAUKEGAN, ILL. — CBRE has arranged the sale of a 116,500-square-foot office building located at 2100 Norman Drive in the Chicago suburb of Waukegan. The sales price was undisclosed. The property is net leased to UCC Environmental, a provider of environmental solutions for power generation and industrial application worldwide. The asset was constructed in 1989 as a build-to-suit for the company. Gary Nussbaum and Maury Vanden Eykel of CBRE represented the seller, Woodlark Investments LLC. A partnership between ICP Funds and Fulcrum Asset Advisors was the buyer. 

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IllinoisLeasing ActivityMidwestOffice

Thornton Tomasetti to Relocate Chicago Office to Fulton Market

by Kristin Harlow

CHICAGO — Global scientific and engineering consulting firm Thornton Tomasetti has signed a new lease for 18,943 square feet on the seventh floor at 600 West Fulton, a nine-story office building totaling 214,000 square feet in Chicago’s Fulton Market district. Parkside Realty Inc. owns the building. Thornton Tomasetti is relocating its Chicago-based operations from 330 N. Wabash St. in River North. Molly Carroll and Andy Strand of JLL represented the tenant, while Barb Schenberg of Parkside Realty represented ownership. Originally built in 1895 to house Sears & Roebuck’s original warehouse, 600 West Fulton was converted to loft-style office space in 1982. The building was completely renovated in 2021.

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AcquisitionsIndustrialMidwestWisconsin

Blue West Capital Brokers Sale of 46,862 SF Industrial Building in Appleton, Wisconsin

by Kristin Harlow

APPLETON, WIS. — Blue West Capital has brokered the sale of a single-tenant industrial building totaling 46,862 square feet in Appleton for an undisclosed price. Located at 3009 N. Zuehlke Drive, the property is fully leased to Hajoca Corp., which operates as Able Distribution at this location. The tenant is a wholesale distributor of plumbing, heating and cooling, pool and industrial supplies. Carly Kelly of Blue West Capital represented the buyer, a private real estate investment fund based in the Midwest. A Wisconsin-based real estate company was the seller.

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AcquisitionsIllinoisMidwestRetail

SRS Negotiates $2.8M Sale of US Bank-Occupied Property in Chicago’s Chinatown Neighborhood

by Kristin Harlow

CHICAGO — SRS Real Estate Partners has negotiated the sale of a single-tenant retail property occupied by US Bank in Chicago’s Chinatown neighborhood for $2.8 million. Constructed in 1991, the 5,400-square-foot building is located at 2131 S. China Place. US Bank has more than nine years remaining on its lease at the property, which is situated within Chinatown Square, a nearly 162,000-square-foot outdoor mall that offers authentic cuisines, stores and traditional artwork. Sean Lutz and Dan Elliot of SRS represented the seller, a California-based private investor. Zoe Zhu of Century 21 represented the buyer, a Chicago-based private investor. The transaction represented a cap rate of 4.6 percent.

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DevelopmentIllinoisMidwestMultifamily

McShane Completes Construction of 285-Unit Domain CityGate Apartment Complex in Suburban Chicago

by Kristin Harlow

NAPERVILLE, ILL. — McShane Construction Co. has completed Domain CityGate, a 285-unit luxury apartment complex in the Chicago suburb of Naperville. Located in the town’s CityGate Centre, the project rises four stories and features a parking garage with 430 spaces. Atop the parking garage is a 38,000-square-foot rooftop event space. Amenities include a resident lounge, remote workspaces, a fitness center, bike lounge, pool and cabanas, fire pits, private pickleball court and dog run. Units come in a mix of studio, one- and two-bedroom floor plans. Monthly rents start at $1,775 for one-bedroom units, according to the property’s website. Lincoln Property Co. and Calamos Real Estate were the co-developers. Callison RTKL served as architect.

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DevelopmentIndustrialMidwestNebraska

Darland Breaks Ground on 408,332 SF Spec Warehouse in Gretna, Nebraska

by Kristin Harlow

GRETNA, NEB. — Darland Construction Co. has broken ground on a 408,332-square-foot speculative warehouse near the Nebraska Crossing Outlets in Gretna, about 20 miles southwest of Omaha. NewStreet Properties is the developer and plans to build the larger Gretna Logistics Park, which will feature nearly 2 million square feet upon full build-out. The first warehouse will feature a clear height of 36 feet, 41 docks and four drive-in doors. Completion of the building is slated for March 2024. Cushman & Wakefield/Lund Co. is handling leasing for the new development.

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AcquisitionsMidwestOhioRetail

Cooper Group Brokers $6.4M Sale of Shopping Center in Canton, Ohio

by Kristin Harlow

CANTON, OHIO — The Cooper Commercial Investment Group has brokered the $6.4 million sale of Hillsdale Shopping Center in Canton, about 20 miles south of Akron. The 78,010-square-foot property is 90 percent leased to tenants such as Siffrin, Hallmark, Inspire Performing Arts, Aunt Susie’s Cancer Wellness Center and Giddy’s 24/7 Fitness. Dan Cooper of Cooper Group represented the seller, a private West Coast-based investor. The undisclosed buyer purchased the asset at a cap rate of 7.98 percent and roughly 98 percent of the list price.

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