EDEN PRAIRIE AND EAGAN, MINN. — Arden Logistics Parks (ALP) has acquired a three-building light industrial portfolio totaling 361,428 square feet in metro Minneapolis for an undisclosed price. The portfolio consists of the Flying Cloud Business Centre in Eden Prairie and Oakview Business Centre I and II in Eagan. The transaction marks the first acquisition in the Minneapolis market for ALP. The Flying Cloud Business Centre totals 204,000 square feet and is fully leased to four tenants. Oakview Business Centre I and II total 157,428 square feet and are 96 percent leased to 10 tenants. The seller was not released.
TAYLOR, MICH. — KJ Commercial has brokered the $10.8 million sale of the Goddard Square shopping center in Taylor, just east of the Detroit Metropolitan Wayne County Airport. The property comprises a 77,340-square-foot shopping center, a 6,624-square-foot retail outlot building and an adjoining five-acre land parcel. Some of the tenants include Planet Fitness, Dunham’s Sports, Cattleman’s Grocery and Del Taco. Kevin Jappaya, David Jappaya and Preston Rabban of KJ Commercial represented the buyer in the transaction, which closed in 75 days. Buyer and seller information was not provided.
By Mike Mangan, Cresa We knew it would happen, it was just a matter of time: The industrial real estate market is currently experiencing a cooling trend in Chicago and across the country. The best-performing asset across all commercial asset classes for the past several years is finally coming back to earth due to higher borrowing costs and a slowdown in demand. Rental rates are beginning to level off and many economists are predicting a reduction in consumer spending. The industrial sector had been able to flourish despite economic headwinds, with demand during the pandemic heavily focused on e-commerce activity. The supply versus demand is shifting, and this should be welcome news to tenants in the market or who will be in the market in the next 12 to 24 months. Indicators are not pointing toward a crash landing, but a return to earth for the golden child of the commercial real estate asset classes. Tenants and occupiers will be able to utilize the additional supply coming to market to secure better economics and concessions. The facts Let’s first take a look at the national landscape. The U.S. unemployment rate in August was 3.8 percent — higher than predicted by …
BLOOMINGTON, MINN. — Kraus-Anderson has completed a $91.8 million expansion of Friendship Village, a senior living campus located at 8100 Highwood Drive in the Minneapolis suburb of Bloomington. Lifespace Communities owns the property. Designed by SAS Architects and Planners, the 380,294-square-foot project adds a new five-story independent and assisted living building with 93 units. The expansion also includes a new three-story skilled nursing building and a three-story health center with a physical and occupational therapy gym and memory care suites. Services and amenities for assisted living and memory care include 24-hour nursing care, dedicated dining spaces, a fitness center, salon and activity rooms. Extended-stay offerings are three meals per day prepared restaurant-style, 24-hour nursing care, transportation services, a dietitian, social worker and physical, occupational and speech therapists. Rehabilitation services include chef-prepared meals, access to all Friendship Village amenities, physician and nursing care, a social worker, dietitian, salon and therapy services. Construction began in August 2019, and the new expanded spaces are slated to open in November.
PATASKALA, OHIO — Red Rock Developments is underway on a 946,400-square-foot speculative industrial building in Pataskala, about 19 miles east of Columbus. The project is situated on 83 acres at 7409 Mink St. within Red Chip Farms industrial park. Completion is slated for May 2024. The facility will feature a clear height of 40 feet, 156 dock doors, four drive-in doors, 210 trailer parking spaces, office space and 200-foot truck courts. Shane Woloshan of Colliers is leading leasing efforts for the new building as well as build-to-suit opportunities within Red Chip Farms.
ST. CLOUD, MINN. — An affiliate of Phoenix Investors has acquired a 922,444-square-foot industrial facility in the Minneapolis suburb of St. Cloud for an undisclosed price. Constructed in 1950, the property was formerly home to Electrolux Group and its upright freezer manufacturing and production business until it closed in late 2019. The vacant building features 31 dock doors, nine drive-in doors, office space, 980 parking stalls and a clear height of 28 feet. Paul Danko of Savills brokered the sale. Phoenix intends to lease up the property with multiple tenants.
LENEXA, KAN. — Physician Aesthetic Specialists is opening a flagship location at 87 Quivira Plaza in Lenexa. Scheduled to open on Friday, Dec. 1, the office will total 4,200 square feet and feature 10 treatment rooms with a dedicated consultation space. In addition to aesthetic services and massage therapy, the offerings include advanced procedures such as non-surgical facelifts and body contouring, laser treatments, stem cell hair restoration, stem cell therapy for skin rejuvenation, hormone replacement therapy, neurotoxin treatments and weight loss injections. Dr. Dan Margolin, the founder of Physician Aesthetic Specialists, performs all patient consultations and participates in all contouring procedures. The company currently operates at The Healing Arts Center of Lenexa.
BEDFORD PARK, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial VI LP, has purchased a 63,382-square-foot industrial building in the Chicago suburb of Bedford Park. Located at 7333 Lockwood Ave., the property was vacant at the time of acquisition. The single-tenant building features six docks, one drive-in door, parking for 43 cars and a two-ton crane. Prior to closing, Venture One received a 6B tax incentive from Bedford Park. Venture One plans to make improvements to the property such as office renovations, warehouse paint, parking lot paving, energy-efficient warehouse lights, roof replacement and sprinkler system upgrades. Rown McDonnell, Traci Payette and Stephanie Park of CBRE represented the undisclosed seller and will be retained to complete lease-up. VK Industrial VI, which is co-sponsored by Venture One and Kovitz Investment Group, targets industrial acquisitions in the Chicago, Northeast and Florida markets.
Internet connectivity is the digital equivalent of a foundation for any multifamily property. Residents want access for communications, entertainment, business and personal needs. Property operators need connections for management and reporting software resources. Good and reliable connections to the Internet, and a dependable Wi-Fi network as a way of distributing that access, are essential. Looking three to five years into the future, these connectivity needs become even more demanding and complex. The Internet of Things (IoT) creates a layer of interesting application and use cases for property owners. IoT defines the collective network of connected technology that enables communication between devices (“things”) and the cloud and/or among the devices themselves. IoT devices are the technology that creates smart home and buildings. IoT devices also support and simplify functions such as rental property management, energy usage reduction, maintenance cost reduction and more. “Looking into the future, IoT applications can make the property more efficient in surprising ways,” says Eran Dor, vice president of technology products at Pavlov Media. Leak detectors can provide early warning of flooding and appropriately shut off water before any significant damage occurs. Trash cans can be equipped with sensors that indicate when to collect, rather than requiring …
CHICAGO — An affiliate of Chicago-based Rany Management has acquired the remaining owned condominium units of the building at 4180 N. Marine Drive in Chicago’s Buena Park neighborhood. The purchase price for the approximately 8.9 percent of remaining units not previously owned by Rany affiliate, 4180 Holdings, was not disclosed. Formerly known as Polo Towers Condominium Association, the property will be renamed Marine Terrace Apartments. The 16-story building features 190 units and was built in 1957. The fully occupied property is located at the intersection of Marine Drive and Gordon Terrace. Amalgamated Bank of Chicago has been a lending partner on the project since 2013.