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Midwest

AcquisitionsIllinoisMidwestRetail

Mid-America Brokers Sale of 317,006 SF Crystal Point Shopping Center in Suburban Chicago

by Kristin Harlow

CRYSTAL LAKE, ILL. — Mid-America Real Estate Corp. has brokered the sale of Crystal Point, a 317,006-square-foot shopping center in the Chicago suburb of Crystal Lake. The sales price was undisclosed. The grocery-anchored property is 87 percent leased and features a vacant Bed Bath & Beyond space. Tenants include TJ Maxx, Best Buy, Ross Dress for Less, The Fresh Market, Ulta, Steinhafels Furniture and Cost Plus World Market. Ben Wineman, Rick Drogosz and Joe Girardi of Mid-America represented the seller, IRC Retail Centers/DRA Advisors. PMAT Real Estate Investments was the buyer. The sale marks the 100th transaction for PMAT since its inception in 2003. The property was managed by Pine Tree.

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DevelopmentIndustrialMidwestMissouri

Vertical Cold Storage Breaks Ground on 300,000 SF Facility in Kansas City

by Kristin Harlow

KANSAS CITY, MO. — Vertical Cold Storage, a developer and operator of temperature-controlled distribution centers sponsored by real estate investment firm Platform Ventures, has broken ground on a 300,000-square-foot facility in south Kansas City. The facility is scheduled to be operational by the end of 2024 and employ up to 130 full-time team members. The project site is located adjacent to the CPKC intermodal terminal. The property will offer roughly 50,000 pallet positions, blast freezing technology and four rooms convertible to -20 degrees Fahrenheit. Primus Builders is the general contractor.

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AcquisitionsIllinoisMidwestMultifamily

JVM Purchases 113-Unit Luxury Apartment Complex in Des Plaines, Illinois

by Kristin Harlow

DES PLAINES, ILL. — JVM Realty Corp. has purchased Ellison Apartments in the Chicago suburb of Des Plaines for an undisclosed price. The 113-unit luxury apartment complex, built in 2019, features a variety of floor plans averaging 894 square feet. Amenities include a spa pool, sundeck, clubroom, business center, fitness center, pet spa, bike room and indoor garage parking. John Jaeger of CBRE brokered the deal, which marks the ninth Illinois property in JVM’s portfolio. The seller was undisclosed.

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AcquisitionsIndustrialMidwestOhio

Colliers Arranges Sale of 182,000 SF UPS Distribution Center Near Toledo, Ohio

by Kristin Harlow

ROSSFORD, OHIO — Colliers has arranged the sale of a 182,000-square-foot distribution center in Rossford near Toledo for an undisclosed price. UPS Mail Innovations Inc., a wholly owned subsidiary of UPS Inc., occupies the facility on a new seven-year double net lease with two five-year renewal options. Located at 29940 Glenwood Road directly off I-75, the newly built property features a clear height of 32 feet and 32 dock doors. Alex Cantu and Alex Davenport of Colliers represented the buyer, an entity doing business as Congaree River LLC. Scannell Properties, which developed the facility in 2022, was the seller.

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AcquisitionsIndustrialMidwestMinnesota

Clear Height, Harbert Acquire 121,684 SF Industrial Property in Bloomington, Minnesota

by Kristin Harlow

BLOOMINGTON, MINN. — A joint venture between Clear Height Properties and Harbert US Real Estate has acquired a 121,684-square-foot industrial property in the Minneapolis suburb of Bloomington. Located at 9201 E. Bloomington Freeway, the complex is home to 14 tenants. The facility features 20 dock-high doors and five drive-in doors. Bentley Smith and Judd Welliver of CBRE brokered the transaction. The sales price and seller were undisclosed.

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Leasing ActivityMidwestMinnesotaRetail

Toys ‘R’ Us Set to Open Flagship Store at Mall of America in Suburban Minneapolis

by Kristin Harlow

BLOOMINGTON, MINN. — WHP Global, the parent company of Toys ‘R’ Us, is set to open a flagship store at the Mall of America in Bloomington just before Thanksgiving. The store marks the first flagship store in partnership with Go! Retail Group. Additional flagship locations are opening next year. Currently, Toys ‘R’ Us maintains a global flagship store at American Dream, a shopping destination in New Jersey. Additionally, through a partnership with Macy’s, there are more than 452 Toys ‘R’ Us shop-in-shops located inside Macy’s stores nationwide. The new store at Mall of America spans more than 11,000 square feet and offers a wide assortment of toys and games. Beginning in 2024, the store will offer new features such as Geoffrey’s Café and ice cream parlor as well as interactive experiences and product demonstrations from popular toy vendors. Built in 1992 and totaling 5.6 million square feet, Mall of America is the largest shopping and entertainment complex in North America.

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DevelopmentMichiganMidwestMultifamilyStudent Housing

Brinkmann Constructors Breaks Ground on 729-Bed Student Housing Community in Ann Arbor

by Kristin Harlow

ANN ARBOR, MICH. — Brinkmann Constructors has broken ground on VERVE Ann Arbor, a 729-bed student housing community near the University of Michigan in Ann Arbor. St. Louis-based Subtext is developing the 13-story, 350,000-square-foot project. Amenities at the 217-unit development will include a fitness center, terrace, rooftop pool and coworking spaces. WDG Architecture is the project architect. A timeline for completion was not provided.

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AcquisitionsMichiganMidwestMultifamily

Friedman Brokers $25.7M Sale of Multifamily Property in Brownstown, Michigan

by Kristin Harlow

BROWNSTOWN, MICH. — Friedman Real Estate has brokered the $25.7 million sale of a 180-unit multifamily property in Brownstown, a southwest suburb of Detroit. The community is located at 21901 Stratford Place Blvd. Peter Jankowski and Rich Deptula of Friedman represented the undisclosed seller and the buyer, Four Corners Development Group.

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AcquisitionsIllinoisMidwestOffice

Marcus & Millichap Arranges $5M Sale of Office Property in Palatine, Illinois

by Kristin Harlow

PALATINE, ILL. — Marcus & Millichap has arranged the $5 million sale of Palatine Center, a 46,095-square-foot office property in the Chicago suburb of Palatine. Located at 865-909 E. Wilmette Road, the three-building property was fully leased at the time of sale to five tenants. Roughly 85 percent of the tenants have occupied the building for 17 to 27 years. A specialized school occupies 69.6 percent of the space. Tammy Saia and Tami Andrew of Marcus & Millichap represented the seller, a private investor. The duo also secured the buyer, a Texas-based limited liability company.

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DevelopmentMidwestMinnesotaRestaurantRetail

Kraus-Anderson Completes $2M Renovation for Modist Brewing in Minneapolis

by Kristin Harlow

MINNEAPOLIS — Kraus-Anderson has completed a $2 million renovation of the 7,000-square-foot headquarters and taproom for Modist Brewing Co. in Minneapolis. The project included new event space, a quality control lab and employee workplaces. The Minneapolis studio of Perkins & Will designed a two-story event space, mezzanine and catwalk that can accommodate 120 people for corporate and private events. The design aesthetic is “punk rock chic” and includes bold colors, neon sculpture lights, dichroic glass that changes colors, glitter concrete epoxy flooring and mirrored ceilings.

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