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Midwest

Leasing ActivityMichiganMidwestRetail

LaundroLab Opens 4,000 SF Laundromat in Pontiac, Michigan

by Kristin Harlow

PONTIAC, MICH. — LaundroLab has opened a 4,000-square-foot laundromat within Oakland Pointe Plaza in Pontiac, a northern suburb of Detroit. Founded by local franchisees Leslie and Water Czarnecki, the Pontiac LaundroLab features high-tech washers and dryers, 24-7 attendant service, a child playroom and vending machine. The facility accepts both coin payments and digital payments through a mobile app. The Pontiac facility is one of five planned franchise locations by the Czarneckis. Carrie Weiss of NAI Farbman represented the tenant.

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Chicago-Prime
AcquisitionsIllinoisIndustrialMidwestTop Stories

CBRE Arranges Sale of 1.1 MSF Industrial Campus in West Chicago

by Taylor Williams

CHICAGO — CBRE has arranged the sale of a two-building, 1.1 million-square-foot industrial campus located at 4700-4800 Proviso Drive and 5000 Proviso Drive in Chicago. The properties are located in the Melrose Park neighborhood on the west side of the city. The site is located roughly 10 miles from O’Hare International Airport and is also near the Union Pacific Intermodal railway and the interchange of interstates 290 and 294. According to data from CBRE, the O’Hare submarket had an industrial vacancy rate of 2.4 percent as of the third quarter. Houston-based Hines purchased the campus for an undisclosed price. Zach Graham, Michael Caprile and Joe Horrigan of CBRE represented the unnamed seller in the transaction. The campus was fully leased at the time of sale, with a single logistics user that has been in place for approximately 20 years occupying each of the three spaces. Building features include 32- and 35-foot clear heights, one dock per 5,000 square feet of space, 159 trailer parking stalls and the capacity for dual rail loading. Hines plans to implement a value-add program to make improvements at the property. “This transaction represented a compelling opportunity given its strategic infill location in the densely populated …

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DevelopmentIllinoisMidwestMultifamily

Synergy Proposes 147-Unit Luxury Apartment Complex in Winfield, Illinois

by Kristin Harlow

WINFIELD, ILL. — Synergy Construction & Development Co. has proposed plans for a 147-unit luxury apartment complex in the Chicago suburb of Winfield. Named Winfield Reserve, the project will feature a mix of studio, one-, two- and three-bedroom units. Plans also call for a 142-space parking garage, 6,000-square-foot indoor amenity space and a large outdoor area with a pool. Synergy expects to break ground in August 2024 and complete the project in early 2026. The project is part of the Town Center revitalization plan. The project site spans 2.4 acres at the intersection of Jewell Road and Church Street, 0.7 acres of which are currently owned by Metra and 1.7 acres by Northwestern Medicine Central DuPage Hospital (NM-CDH). NM-CDH and Synergy have entered into a Letter of Intent for the sale and purchase of the hospital property for $2.5 million, contingent upon the village’s final approval of the development. To facilitate acquisition of the Metra-owned property, village officials worked closely with Metra on an arrangement to swap ownership of commuter parking lots, which allowed assembly of parcels necessary for the project. The Town Center redevelopment plan is based on an agreement the village negotiated with NM-CDH to provide funding and …

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DevelopmentIllinoisIndustrialMidwest

Industrial Outdoor Ventures Nears Completion of Phase I of Spec Development in Zion, Illinois

by Kristin Harlow

ZION, ILL. — Industrial Outdoor Ventures is nearing completion of the first phase of Trumpet Park, a speculative industrial service facility (ISF) in Zion, a city in Northeast Illinois. Completion is slated for early 2024. The first phase, which is part of a larger $35 million project, is situated on nine acres adjacent to a FedEx freight terminal. Construction on the first phase includes an 11,440-square-foot maintenance/service facility and a paved parking area that will feature 180 stalls. ISFs provide supply chain infrastructure solutions to essential industries such as transportation, bulk material distribution, last-mile logistics, heavy equipment and the utility industry. When completed, the property will include a secured storage yard with fencing, security lighting and keypad access. The second phase of Trumpet Park will involve a larger 47-acre parcel. The project team includes Spaceco for civil engineering and surveying services, and Arete Design Studio for architecture, planning and design services. Chris Volkert, Ned Frank and Pat Hake of Colliers are the leasing agents.

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AcquisitionsIllinoisMidwestMultifamily

Breneman Capital Purchases 47-Unit Ashland Place Apartment Property in Chicago

by Kristin Harlow

CHICAGO — Breneman Capital has purchased Ashland Place, a 47-unit apartment property located at 33 S. Ashland Ave. in Chicago. Built in 2018, the community is situated in the city’s West Loop neighborhood and features two one-bedroom units and 45 two-bedroom units. Breneman assumed a loan on the property that features a 73.5 percent loan-to-value ratio, a fixed interest rate of 4.6 percent and roughly five years of remaining term. Dwelle Properties will manage the asset. Breneman plans to improve efficiencies at the property. The purchase price and seller were undisclosed.

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IllinoisIndustrialLeasing ActivityMidwest

Cushman & Wakefield Negotiates 64,643 SF Industrial Lease in Woodridge, Illinois

by Kristin Harlow

WOODRIDGE, ILL. — Cushman & Wakefield has negotiated a 64,643-square-foot industrial lease at 2250 W. 75th St. in Woodridge, a southwest suburb of Chicago. Dan Wilkins and Lou Hall of Cushman & Wakefield represented the landlord, Molto Properties, while Jason West of Cushman & Wakefield represented the tenant, J&P Warehousing/Tardella Foods. The 101,871-square-foot building now has 37,228 square feet remaining available for lease.

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AcquisitionsHealthcareIndianaMidwest

Echo Real Estate Capital Acquires 33,000 SF Medical Office Building in Carmel, Indiana

by Kristin Harlow

CARMEL, IND. — Echo Real Estate Capital Inc. has acquired Three Penn Mark, a 33,000-square-foot medical office building located in the Penn Mark Plaza office park in Carmel, a suburb of Indianapolis. The purchase price was undisclosed. Tenants at the fully leased property include Ascension-St. Vincent, Turkle & Associates Center for Plastic Surgery and Abram’s Eyecare. Jackson Investment Group represented Echo in the purchase, while Colliers represented the undisclosed seller. FORUM Credit Union and T2 Capital Management provided acquisition financing. Echo plans to make capital improvements to the property. Echo’s Indianapolis-area portfolio now includes five buildings and nearly 200,000 square feet of hospital-anchored medical space.

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DevelopmentMidwestMissouriMixed-UseTop Stories

Intrinsic Development Breaks Ground on $900M Discovery Park Mixed-Use Project in Lee’s Summit, Missouri

by Kristin Harlow

LEE’S SUMMIT, MO. — Intrinsic Development has broken ground on Discovery Park, a $900 million mixed-use project in Lee’s Summit, a southeast suburb of Kansas City. The 3.9 million-square-foot development will span 268 acres near I-470 and Saint Luke’s East Hospital. Two hotels, a Marriott TownePlace Suites and a Home2 Suites by Hilton, are among the first properties to be built at Discovery Park. Combined, the hotels will offer 230 rooms and are slated for completion prior to when Kansas City hosts games for the 2026 FIFA World Cup. Plans also call for 2,791 luxury apartment units within a development named Alura, as well as Class A office space, medical office buildings and retail space. Among Discovery Park’s amenities will be a riverwalk district featuring access to more than five miles of trails connected to the Nature Trail at Unity Village and seven acres of recreational lakes for kayaking and paddle boarding. The Discovery Athletic Club will be a state-of-the-art fitness facility available to both residents and employees, as well as the Poolside Day Club. Construction of Discovery Park will take place in four phases from now until 2031. The first phase is The Village, which will include the two …

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IllinoisMidwestMultifamily

Origin Investments: Annual Class-A Multifamily Rent Growth Will Return to Positive Territory by January 2025

by Kristin Harlow

CHICAGO — Chicago-based Origin Investments forecasts that year-over-year national Class-A apartment rent growth will normalize by January 2025 and range from 2 to 3 percent, in keeping with historical rent growth averages. However, Origin also cautions that “unquantifiable risks” loom large over the market and could have broad implications for multifamily properties. The findings are from the company’s Multilytics Rent Growth Forecast Report. “The return to normalization has been expected because the rent growth levels of 2021 and 2022 were unsustainable. We are now paying for the distortions of the past,” says David Scherer, co-CEO of Origin. “The fact that many markets are returning to positive year-over-year growth is somewhat misleading,” says Ryan Brown, a data scientist with Origin. “While a given market may achieve 3 to 4 percent growth, you also have to consider the negative growth in 2023. As a result, the return of positive growth may only get you back to the peaks achieved in 2021 and 2022. It will take longer to move beyond that peak.” Origin also says that rent growth in 2024 faces numerous potential threats because of current economic conditions and uncertainties. For example, an increase in unemployment and lower wage growth trends, …

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DevelopmentIllinoisMidwestMultifamily

McShane Completes Construction of The Quin Apartments in Schaumburg, Illinois

by Kristin Harlow

SCHAUMBURG, ILL. — McShane Construction Co. has completed The Quin Apartments in Schaumburg, a northwest suburb of Chicago. The Finger Cos. developed the 373-unit luxury apartment complex. The 708,000-square-foot development rises four stories and features an 802-space parking garage. Units are offered in one- and two-bedroom floor plans, with select floor plans featuring a den. Amenities include two clubrooms, a fitness center, golf simulator, guest suite, catering kitchen, business center and dog spa. Outdoors, tenants can enjoy lap and recreational pools, fire pits, grill stations, two gated dog parks and walking paths. Niles Bolton Associates provided architectural services. Monthly rents start at $2,010. Residents can now earn up to five weeks of free rent on select floor plans, according to the property’s website.

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