Midwest

Matthews Real Estate Brokers $31.5M Sale of Pavilion Shopping Center in Beachwood, Ohio

by Kristin Harlow November 21, 2023

BEACHWOOD, OHIO — Matthews Real Estate Investment Services has brokered the $31.5 million sale of Pavilion Shopping Center in Beachwood, an eastern suburb of Cleveland. Located at 24055 Chagrin Blvd., the retail property features 207,000 square feet of leasable area and is fully occupied by 19 tenants. Anchor tenants include Giant Eagle, Ross Dress for Less, Big Lots and Michaels. The center was built in 1975 and renovated in 2013, according to LoopNet. Ben Snyder, Zachary Bates and Matthew Wallace of Matthews Real Estate represented the undisclosed seller. Marquee Capital was the buyer. The deal marked the second largest shopping center transaction in Ohio this year, according to the brokerage.

November 21, 2023

Acquisitions Illinois Industrial Midwest

Venture One Acquires 541,283 SF Industrial Portfolio in Suburban Chicago

by Kristin Harlow November 21, 2023

BUFFALO GROVE, ELGIN AND ROMEOVILLE, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial VI LP, has acquired a 541,283-square-foot industrial portfolio in suburban Chicago for an undisclosed price. The three-building portfolio is fully leased to five tenants. In Buffalo Grove, 351-355 Hastings Drive is a 68,735-square-foot building that was constructed in 1998. The property features a clear height of 24 feet, six exterior docks, six drive-in doors and 10,355 square feet of office space. In Elgin, 2770 Alft Lane is a 246,446-square-foot property that was built in 2015. The building features a clear height of 32 feet, 40 exterior docks, four drive-in doors and 7,423 square feet of office space. In Romeoville, 1881 Normantown Road totals 226,102 square feet and was built in 2017. The property features a clear height of 32 feet, 35 exterior docks, two drive-in doors, 3,179 square feet of office space and parking for 40 trailers. Jeff Devine, Steve Disse and Tyler Ziebel of Colliers represented the undisclosed seller. VK Industrial VI is co-sponsored by Venture One and Kovitz Investment Group.

November 21, 2023

Illinois Leasing Activity Life Sciences Midwest

Four Biotech Tenants Sign Leases at Sterling Bay-Owned Property in Chicago

by Kristin Harlow November 21, 2023

CHICAGO — Four biotech tenants have signed leases at 2430 N Halsted, a recently revamped scientific research facility owned by Sterling Bay in Chicago’s Lincoln Park. • Seq Biomarque is establishing its first location in Chicago. The company is developing a cost-effective, blood-based screening and diagnostic test for Alzheimer’s disease. • CeGaT Corp. is making its debut in the United States. Parent company CeGaT GmbH is based in Germany and works in genomics and personalized medicine. • EVOQ Therapeutics, spun out of the University of Michigan’s on-campus lab spaces, is working to reform autoimmune disease treatment with novel immunotherapies. • Cyclopure specializes in water purification and water treatment technologies. The firm has relocated and expanded its headquarters from the Illinois Science + Technology Park. Dave Gloor and Daniella Hemsley negotiated the leases for Sterling Bay on an internal basis. Jonathan Metzl and Jack Deroche of Cushman & Wakefield represented Cyclopure.

November 21, 2023

Development Indiana Midwest Restaurant Retail Top Stories

RH Opens 151-Acre Showroom and Dining Destination in Indianapolis

by John Nelson November 21, 2023

INDIANAPOLIS — RH (NYSE: RH), a home furnishings retailer formerly operating as Restoration Hardware, has opened RH Indianapolis, The Gallery at DeHaan Estate. Located at 4501 N. Michigan Road, the 151-acre property houses a 60-room, Palladian-style villa that RH has repurposed as a unique showroom and dining destination. RH Indianapolis carries home furnishing collections from the company’s Interiors, Contemporaries, Modern and Outdoor catalogues. The estate’s east and west wings include showrooms from the various RH collections, including bedroom suites on the upper level. The RH Interior Design Studio occupies the east wing’s former billiards room. Clients are able to receive professional design services via the interior design studio space, which features a private presentation room and libraries that carry RH’s various textile, furniture and lighting finishes. RH has advanced into the food-and-beverage industry in recent years, and RH Indianapolis is the latest showcase with The Dining Room restaurant and the Wine Bar and Terrace experiences. The two dining venues open onto the estate’s 35-acre private lake. The Dining Room occupies the villa’s former ballroom space, and the Wine Bar operates from the mansion’s west wing. The Terrace experience is located off the main house and includes RH Outdoor lounge spaces. …

November 21, 2023

Development Midwest Multifamily Student Housing Wisconsin

CRG Tops Out 534-Bed Chapter at Madison Student Housing Community in Wisconsin

by Kristin Harlow November 20, 2023

MADISON, WIS. — CRG has topped out Chapter at Madison, a 534-bed student housing community rising 10 stories near the University of Wisconsin-Madison. The property is nearly two-thirds preleased ahead of its completion date, which is slated for September 2024. Located at 802 Regent St. within the historic Greenbush neighborhood, Chapter at Madison will feature 165 units in a mix of studio, one-, two-, three-, four- and five-bedroom floor plans ranging from 395 to 1,633 square feet. Monthly rental rates per bed will range from $999 to $1,859. Amenities will include a fitness center, yoga studio, rooftop terrace, underground parking garage and private study spaces. The development will also house 2,200 square feet of ground-floor commercial space. Lamar Johnson Collaborative is the architect, and Madison-based Findorff is the general contractor.

November 20, 2023

Acquisitions Kansas Midwest Retail

RockStep Capital Acquires 367,000 SF Manhattan Town Center in Eastern Kansas

by Kristin Harlow November 20, 2023

MANHATTAN, KAN. — RockStep Capital has acquired Manhattan Town Center, a 367,000-square-foot shopping mall in Manhattan within eastern Kansas. The purchase price was undisclosed. Anchor tenants include Dillard’s, JC Penney and the AMC Dine-In IMAX Theater. There are more than 50 small shops and full-service restaurants at the regional mall, which was built in 1987. RockStep plans to make improvements to the property.

November 20, 2023

Illinois Leasing Activity Midwest Office

Lactalis Expands Office Lease to 48,000 SF in Chicago

by Kristin Harlow November 20, 2023

CHICAGO — Lactalis Heritage Dairy has expanded its office lease at 540 W. Madison St. in Chicago’s West Loop by an additional 13,000 square feet. The company, which manufactures and markets brands such as Kraft Natural Cheese, Knudsen, Breakstone’s and Cracker Barrel, now occupies 48,000 square feet at the building. Lactalis Heritage Dairy is part of Lactalis USA, which is under Lactalis Group, the world’s largest dairy company that is headquartered in France. By January 2024, the Chicago office of Lactalis expects to house 230 positions, representing more than 280 percent growth in positions since the office opened in late 2021. Lactalis is working with Savills on the lease agreement and office expansion.

November 20, 2023

Development Healthcare Illinois Midwest

McHugh Construction Completes Five-Story Healthcare Facility for Howard Brown in Chicago

by Kristin Harlow November 20, 2023

CHICAGO — McHugh Construction has completed a new five-story healthcare facility and medical office for Howard Brown, the Midwest’s largest LGBTQ healthcare organization, in Chicago’s Lakeview neighborhood. The property at 3501 N. Halsted St. offers primary care and dental services. The building, which features 38 exam rooms and 12 dental chairs, is expected to serve 23,000 patients per year. Eckenhoff Saunders was the architect. A two-story lobby features an open staircase that leads to the various offices, exam and consultation rooms located on the second through fifth floors. A Walgreens store and pharmacy occupies the building’s street-level retail space. A rooftop terrace is available for clinic events and functions. Howard Brown developed the project in partnership with Inland National Development Co. McHugh Concrete, a sister company of McHugh Construction, was the concrete subcontractor.

November 20, 2023

Illinois Leasing Activity Midwest Office

Gordon Rees Scully Masukhani Signs 29,839 SF Office Lease at One North Wacker in Chicago

by Kristin Harlow November 20, 2023

CHICAGO — Law firm Gordon Rees Scully Masukhani (GRSM) has signed a 29,839-square-foot office lease at One North Wacker in Chicago. The company currently occupies 24,182 square feet at One North Franklin and plans to relocate in August 2024. Completed in 2002, One North Wacker is a 51-story, 1.4 million-square-foot office tower in the city’s West Loop. In December, ownership will launch a refresh of the building’s amenity floor. Tenants will enjoy an expanded lounge with private work/phone rooms, new meeting and event spaces, a state-of-the-art fitness center and a new craft coffee bar. Completion is slated for summer 2024. Dougal Jeppe of Colliers represented the tenant, while Maggy Brophy of Irvine Co. represented the owner on an internal basis.

November 20, 2023

Leasing Activity Midwest Missouri Office

Academy Bank Moves into New Headquarters in Downtown Kansas City

by Kristin Harlow November 17, 2023

KANSAS CITY, MO. — Academy Bank has moved into its new headquarters at 1201 Walnut in downtown Kansas City. The bank occupies three contiguous floors of the building, which is owned by Copaken Brooks. Later this year, Academy Bank will open a retail banking center in the lobby of the building. Academy Bank is a full-service commercial and retail bank headquartered in Kansas City with more than 70 banking centers across Missouri, Kansas, Colorado and Arizona. Bryan Johnson of Colliers represented the tenant, while Jon Copaken represented the landlord on an internal basis. Rising 29 stories, 1201 Walnut features an attached parking garage and access to the amenities of 1111 Main.

November 17, 2023

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