Midwest

Skender Completes Transformation of Former McDonald’s Campus in Suburban Chicago into New Headquarters for Ace Hardware

by Kristin Harlow October 12, 2023

OAK BROOK, ILL. — Skender has completed the transformation of the former McDonald’s corporate campus in the Chicago suburb of Oak Brook into the new headquarters for Ace Hardware. The 250,000-square-foot development is located at 2915 Jorie Blvd. Ace’s new headquarters consists of open workstations, 150 conference rooms, 12 café/pantry spaces and a variety of collaboration areas and amenities. Originally built in the 1970s and designed by Dirk Lohan, grandson of famed architect Mies van der Rohe, the former McDonald’s campus consists of three buildings across more than 80 acres. The campus has sat empty since 2019 when the fast food giant moved its headquarters to downtown Chicago. The renovation repurposed many of the main building’s original architectural elements, including a large atrium in the center. The first floor of the parking garage is now an amenity suite that includes a fitness center, conference center, multipurpose room and large cafeteria with commercial kitchen. The project team included CBRE Design Collective as architect and ESD, now named Stantec Consulting Services, as engineer.

October 12, 2023

Acquisitions Illinois Midwest Retail

JLL Arranges Sale of 54,120 SF Retail Center in Suburban Chicago

by Kristin Harlow October 12, 2023

OAKBROOK TERRACE, ILL. — JLL Capital Markets has arranged the sale of The Overlook at Oakbrook, a 54,120-square-foot retail center in the Chicago suburb of Oakbrook Terrace. Built from 2022 to 2023, the fully leased property consists of seven single-tenant and multi-tenant buildings. Some of the tenants include Guidepost, Lazy Dog, Panera and Vet Emergency Group. Alex Sharrin, Michael Nieder, John Detlaff and Noel O’Donnel of JLL represented the seller, GW Properties, and procured the buyer, MetLife Investment Management.

October 12, 2023

Acquisitions Midwest Nebraska Office

Investors Realty Brokers $6.2M Sale of Office Building in Omaha

by Kristin Harlow October 12, 2023

OMAHA, NEB. — Investors Realty Inc. has brokered the sale of a 66,011-square-foot office building in Omaha for $6.2 million. The property at 8420 W. Dodge Road is 76 percent leased to Senior Market Sales. Ember Grummons and JP Raynor of Investors Realty represented the seller, an entity doing business as 8420 LLC. Joseph Failla of Atrium Properties represented the buyer, an entity doing business as 5332 So. 138th St. LLC.

October 12, 2023

Industrial Leasing Activity Midwest Missouri

IDI Distributors Signs 30,000 SF Industrial Lease at Hazelwood Business Park in Suburban St. Louis

by Kristin Harlow October 12, 2023

HAZELWOOD, MO. — IDI Distributors, an insulation distribution company, has signed a roughly 30,000-square-foot industrial lease at Hazelwood Business Park in suburban St. Louis. Industrial Commercial Properties owns the new business park, which is a redevelopment of the former St. Louis Mills Mall. Dan Lesinski and Billy Spence of Newmark Zimmer are the leasing agents for Hazelwood Business Park. The development can accommodate tenants ranging in size from 30,000 to 700,000 square feet.

October 12, 2023

Development Indiana Midwest Multifamily

The Life Properties Underway on $6.1M Renovation at Indianapolis Apartment Community

by Kristin Harlow October 12, 2023

INDIANAPOLIS — The Life Properties, the property management and construction management affiliate of Olive Tree Holdings, is underway on a $6.1 million capital improvement program at The Life at Harrison Trails in Indianapolis. The project is currently 75 percent leased. Completion is slated for the fourth quarter of 2024. Upgrades include select interior renovations to 302 of the community’s 378 residences as well as upgrades to the office clubhouse and fitness center. Exterior improvements include new paint, repairs to the community’s sidewalk concrete, parking lot, dog park, resident pool, roofing, playground and signage. The project also includes the implementation of a new security system and significant landscaping improvements and cleanup. There are also sustainable upgrades, such as the installation of low-flow plumbing retrofits and LED lighting. The Life at Harrison Trails was built in 1973.

October 12, 2023

Market Reports Midwest Midwest Market Reports Nebraska Retail

Retailer Growth, Expansion in Metro Omaha Lead to Optimistic Outlook

by Kristin Harlow October 12, 2023

By Sara Hanke, The Lerner Co. Eternally optimistic is the state most commercial real estate brokers find themselves in, particularly when it comes to the retail sector. We must be, as the conditions of the retail market are quite often painted in negative broad strokes. The predictions that online sales would be the demise of physical retail proved wrong. Retailers that are digitally native continue to open brick-and-mortar locations after realizing the limits of online customer acquisition and growth. Most recently, the pandemic has shown us that retail can weather the storm of restrictions and limitations. Now we are in a post-pandemic world where the restrictions and upheaval of the way we consume has shifted our mindset. Shoppers have returned to their daily shopping, eating and entertainment needs. Navigating the complexities of the retail real estate market continues to keep us all on our toes. The first and third quarters were healthy with vacancy dipping below 5 percent. So far, the third quarter has proven strong due to new-to-market concepts looking to do multiple location rollouts as well as existing retailers looking to add additional locations. As the year progresses, we are not without challenge. There has been a shortage …

October 12, 2023

Acquisitions Content Partner Development Features Midwest NAI Northeast Self-Storage Southeast Texas Western

Following Pandemic-Fueled Run-Up in Acquisition Prices, Where Is Self-Storage Headed?

by Sarah Daniels October 12, 2023

Self-storage has had an amazing run since just before the pandemic. Cap rates started near 6 percent, with buildings starting at $150 per square foot. Then came the flood of pandemic capital pushing prices — by mid-2022 prices jumped to a point no one had previously experienced. “In some of the bigger markets, we were seeing per-square-foot prices of $300 and above for the first time,” says Denise Nunez, executive managing director with NAI Horizon. Cap rates fell to as low as 4 percent. “The low cap rates had gotten to such a point where many brokers were not even pricing deals because they didn’t want to miss that extra that they could get on the sale.” But rising interest rates have had an impact on self-storage, as they have had on every other commercial real estate asset class, with prices reversing again. Investors are still unsure of what the Federal Reserve will be doing in the near term with monetary policy. Building costs are high — final delivery construction costs are still higher by 40 percent or more than pre-pandemic. That reality has resulted in investors alternating between cold feet and, with some signs that the Fed may plan …

October 12, 2023

Development Midwest North Dakota

Kraus-Anderson Completes $45.2M Football Practice Facility for North Dakota State University

by Kristin Harlow October 11, 2023

FARGO, N.D. — Kraus-Anderson has completed the third and final phase of the $45.2 million Nodak Insurance Football Performance Complex for North Dakota State University in Fargo. The new facility is located along University Drive adjacent to the Shelly Ellig Indoor Track and Field Facility and the Sanford Health Athletic Complex. The final phase of the project added football locker rooms, sports medicine with hydrotherapy pools, team meeting rooms and equipment and laundry rooms. Designed by Foss Architecture & Interiors and Crawford Architects, the 144,400-square-foot complex features a 90,000-square-foot multi-sport indoor practice facility, regulation sized outdoor field with a 4,600-square-foot equipment warehouse and a nearly 50,000-square-foot operations and training building. The indoor practice facility, large enough to hold a full football field, provides a state-of-the-art training facility for the football program as well as for women’s soccer, men’s and women’s golf, baseball, softball and men’s and women’s track and field. The indoor field has multiple netting systems to accommodate various sports.

October 11, 2023

Acquisitions Midwest Ohio Retail

Midland Atlantic Properties, Next Realty Acquire 160,000 SF Shopping Center in Cincinnati

by Kristin Harlow October 11, 2023

CINCINNATI — A joint venture between affiliates of Midland Atlantic Properties and Next Realty has acquired Waterstone Center, a 160,000-square-foot shopping center in Cincinnati. The purchase price and seller were undisclosed. The fully leased property is home to Best Buy, Ross Dress for Less, Michaels, Old Navy, Petco and Verizon. BWE arranged acquisition financing through Goldman Sachs.

October 11, 2023

Illinois Leasing Activity Midwest Retail

Picklemall Leases 46,000 SF in Metro Chicago for Flagship Location

by Kristin Harlow October 11, 2023

VERNON HILLS, ILL. — Picklemall Inc. has leased 46,000 square feet at 5555 Town Line Road in the Chicago suburb of Vernon Hills. The site will serve as a flagship location for the startup, which aims to establish 50 pickleball facilities nationwide within the next two years. Transwestern’s sports and entertainment group, led by Tim Katt and Larry Serota, is the exclusive real estate provider for Picklemall. Led by CEO West Shaw and backed by billionaire financier and Major League Pickleball founder Steve Kuhn, Picklemall is an indoor pickleball concept that capitalizes on vacant mall space. Picklemall’s Vernon Hills location takes the space formerly occupied by Toys “R” Us. The build-out of the facility is slated for completion in the first quarter of 2024.

October 11, 2023

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