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AcquisitionsIllinoisMidwestOffice

Colliers Arranges Sale of 183,428 SF Office Building in Oak Brook, Illinois

by Kristin Harlow

OAK BROOK, ILL. — Colliers has arranged the sale of a 183,428-square-foot office building in the Chicago suburb of Oak Brook. The sales price of $10 million is 71 percent less than the price that the asset traded for a dozen years ago, according to Crain’s Chicago Business. The buyer, Ashley Capital, plans to relocate its Chicago office to the property at 2001 York Road later this year. The Class A building features a covered parking deck, onsite café, conference facilities, a tenant lounge, fitness center and electric vehicle charging stations. The asset is positioned near I-294 and I-88. Ashley Capital is planning a series of capital improvements and will roll out creative leasing packages to attract new tenants. The project will be fully self-funded until the building reaches a critical occupancy threshold, at which point rental income is expected to support conventional financing. The top four floors offer approximately 120,000 square feet of contiguous space available for lease. Colliers served as the court-appointed receiver, property manager and leasing agent for the building. Alissa Adler and John Homscher of Colliers represented the buyer. Francis Prock and David Florent of Colliers represented the lender, Varde Partners, and have been retained as …

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AcquisitionsMichiganMidwestRetail

Mid-America Brokers Sale of 34,431 SF Retail Property in Detroit’s Midtown District

by Kristin Harlow

DETROIT — Mid-America Real Estate Corp. has brokered the sale of The Ellington Retail, a 34,431-square-foot, grocery-anchored property in Detroit’s Midtown neighborhood. The property sold to a private investor and included a leasehold interest in the adjacent parking structure. The center is fully leased to Whole Foods Market, Bank of America, Chase Bank, FedEx Office, Great Expressions Dental, Pure Barre and Qargo Coffee. Ben Wineman and Daniel Stern of Mid-America represented the seller and original master plan developer of the site, Detroit-based The Platform. Jon Kouza of AQRE Advisors represented the buyer.

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AcquisitionsIllinoisIndustrialMidwest

Marcus & Millichap Negotiates $5.8M Sale of Industrial Property in Wheeling, Illinois

by Kristin Harlow

WHEELING, ILL. — Marcus & Millichap has negotiated the $5.8 million sale of a 72,000-square-foot industrial property in the Chicago suburb of Wheeling. Built in 1990, the asset is situated on nearly 4 acres at 100 Chaddick Drive, four miles from a full I-294 interchange. Peter Doughty of Marcus & Millichap represented the seller, a private owner, and procured the buyer, a private out-of-state investor. The building provides immediate, stable cash flow but also offers a value-add opportunity, according to Doughty.

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DevelopmentIllinoisMidwestRetail

NewMark Merrill to Complete $1.5M Remodel of Bricktown Square Shopping Center in Chicago

by Kristin Harlow

CHICAGO — NewMark Merrill Cos. Inc. has unveiled plans for a $1.5 million renovation of Bricktown Square, a 292,309-square-foot shopping center in Chicago. Improvements will include combining two existing spaces into a single larger space for a new Skechers location; completing façade renovations and new paint to the buildings occupied by ATI, Harbor Freight and LA Fitness; adding new signage and wayfinding; and painting the entire property with a new color scheme. Two new tenants, Okini Buffet and Kinship Health, are slated to open later this year. Since acquiring the property in June 2021, NewMark Merrill has renewed four tenants and generated a 39 percent increase in customer foot traffic, according to Placer.ai. Bricktown Square is now 98 percent leased.

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AcquisitionsIllinoisIndustrialKansasMichiganMidwest

Lineage to Acquire Four Tyson Foods Warehouses for $247M, Plans $1B Growth Pipeline

by Kristin Harlow

NOVI, MICH. — Lineage Inc. (NASDAQ: LINE), a Novi-based cold storage REIT, has entered into a definitive agreement to acquire four cold storage warehouses from Tyson Foods Inc. for $247 million. At or prior to closing the acquisition agreement, Lineage will enter into an additional, multi-year agreement under which it will design, build and operate two next-generation, fully automated cold storage warehouses in major U.S. distribution markets that Tyson will occupy as an anchor tenant. Under the same agreement, Tyson will begin storing product at Lineage’s newly developed property in Hazelton, Pa., which utilizes LinOS, Lineage’s proprietary warehouse execution technology. Lineage says it expects to deploy approximately $1 billion of capital over the coming years on the acquisitions and the new greenfield developments. The existing Tyson warehouses that sold in the transaction total roughly 49 million cubic feet and are located in Pottsville, Pa., Olathe, Kan., Rochelle, Ill. and Tolleson, Ariz. Following the acquisition, Lineage plans to onboard over 1,000 Tyson employees. Over time, the acquired warehouses will be transitioned to public warehouses as part of Lineage’s global footprint. The transaction is subject to customary closing conditions and is expected to close in the second quarter. Lineage expects to deploy …

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DevelopmentIllinoisIndustrialMidwest

Meridian Completes 400,112 SF Headquarters Project for RIM Logistics in Bartlett, Illinois

by Kristin Harlow

BARTLETT, ILL. — Meridian Design Build has completed a 400,112-square-foot corporate headquarters development for RIM Logistics Ltd. in the Chicago suburb of Bartlett. The project involved the renovation of a recently constructed, speculative industrial building that RIM acquired in early 2024. Dan Smolensky of TMG Real Estate Advisors assisted RIM in the acquisition. Michael Androwich Jr., John Cassidy and Chris Nelson of Lee & Associates represented the seller, Midwest Industrial Funds. Meridian collaborated with RIM, CBRE/Turner & Townsend, Heitman Architects, V3 Cos. and the Village of Bartlett to take the project from concept to completion in less than 12 months. The multi-phase project involved enhancements to the building façade and construction of a second floor to support roughly 40,000 square feet of office space. Employee amenities include a café, fresh market, bike storage room and fitness center. The building is adjacent to a naturalized wetland area. Reclaimed cargo containers and a salvaged semi-trailer were utilized to create unique architectural accents. Electric vehicle charging stations, lighting controls and other sustainable design elements helped RIM achieve its goal of LEED certification. Warehouse improvements included accommodations for storage mezzanines, automatic storage and retrieval systems, narrow aisle racking and hazardous materials/aerosol storage areas. The …

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Affordable HousingDevelopmentMidwestMultifamilyOhio

Woda Cooper, IMPACT Open 102-Unit Affordable Housing Community in Whitehall, Ohio

by Kristin Harlow

WHITEHALL, OHIO — Woda Cooper Cos. Inc. and co-developer IMPACT Community Action have opened The Enclave in Whitehall, six miles east of Columbus. The 102-unit affordable housing community is located at 3540 E. Main St. The $29.9 million development is reserved for renters who earn between 30 and 80 percent of the area median income. Rents range from $435 to $1,240 per month, depending on income restriction and size of unit. The City of Whitehall approved a Payment in Lieu of Taxes related to the real estate taxes for 15 years on 100 percent of the residential improvements. The development also received significant support from Franklin County. The Board of Commissioners approved a permanent mortgage loan through its Magnet Fund program. The project also benefits from a $25 million linked deposit fund created by the Franklin County Treasurer Brooks Sullivan. The four-story building features a large mural created by Ohio-based muralists Lucie Shearer and Thom Glick. Units at The Enclave offer one-, two- and three-bedroom layouts. Several units are adapted for those with mobility challenges and/or sight and hearing disabilities. Amenities include a community room with kitchenette and management office. The development is certified LEED Gold. The project also features …

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AcquisitionsMidwestMultifamilyWisconsin

Marcus & Millichap Arranges $5.8M Sale of Multifamily Portfolio in Western Wisconsin

by Kristin Harlow

ELLSWORTH AND BALDWIN, WIS. — Marcus & Millichap has arranged the $5.8 million sale of a 49-unit multifamily portfolio in western Wisconsin. The portfolio includes 25 units across five buildings in Ellsworth and two buildings in Baldwin with 24 units. Scott Anderson of Marcus & Millichap represented the seller and procured the buyer. Both parties were Wisconsin-based investors.

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AcquisitionsIllinoisIndustrialMidwest

DarwinPW Realty/CORFAC International Brokers Sale of 40,048 SF Industrial Building in Metro Chicago

by Kristin Harlow

ELMHURST, ILL. — DarwinPW Realty/CORFAC International has brokered the sale of a 40,048-square-foot industrial building located at 185 Industrial Drive in the Chicago suburb of Elmhurst. Built in 1975, the property features a clear height of 18 feet, 6,418 square feet of second-story office space, five exterior docks, two drive-in doors and an existing distribution infrastructure. The parking lot has space for 42 cars as well as an electric truck and van charging station. George Cibula and Luke Ferzacca of DarwinPW represented the buyer, 3 Flat LLC. DarwinPW is also marketing the building for lease. The seller was represented by its in-house attorney.

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Market ReportsMidwestMidwest Market ReportsRetail

What’s Driving Today’s Retail Leasing Decisions?  

by Kristin Harlow

The future of retail is bright for those willing to innovate, says Kathleen Brill, executive vice president and director of leasing and strategic partnerships for East Peoria, Illinois-based Cullinan Properties.  “It’s no longer about square footage — it’s about activation,” emphasizes Brill. “Mixed-use, walkability and experience will continue to shape leasing trends.” Grant Mechlin, executive director of retail and multifamily brokerage services for St. Louis-based Sansone Group, says the narrative of retail leasing has shifted from survival to strategy. “Retailers are being more selective about where and how they grow, but there is no slowdown in activity,” he says. “Physical stores remain critical to brand identity, customer acquisition and fulfillment. Looking ahead, we expect to see more hybrid uses, especially where retail blends with wellness, services and entertainment.” Today’s retailers are activating their storefronts and rightsizing their footprints at a time when the cost of construction is at a record high, and many national chains have announced store closures or bankruptcies.  The supply pipeline, already extremely thin by historical standards, will be further constrained by rising construction costs, helping limit fluctuations in vacancy rates, states Cushman & Wakefield in its first-quarter retail report. The brokerage firm reports a national vacancy …

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