Midwest

JLL Arranges $59.9M Sale of Loyola University Outpatient Center in Burr Ridge, Illinois

by Kristin Harlow October 5, 2023

BURR RIDGE, ILL. — JLL Capital Markets has arranged the $59.9 million sale of Loyola Medicine Burr Ridge, an outpatient medical center totaling 104,912 square feet in the Chicago suburb of Burr Ridge. Built in 2010, the three-story property is fully leased to Loyola University Medical Center. The Chicago academic medical center is an affiliate of the national health system, Trinity Health. Loyola Burr Ridge is Loyola’s largest ambulatory care location and offers orthopedics, cancer care, neurology, cardiology and dermatology services. Mindy Berman, Sam DiFrancesca, Pat Shields and Matt Sykes of JLL represented the seller, Healthcare Realty Trust, and procured the buyer, Sila Realty Trust.

October 5, 2023

Acquisitions Build-to-Rent Indiana Midwest Single-Family Rental

Cushman & Wakefield Negotiates $21.5M Sale of Avalon Bluffs Build-to-Rent Community in Lafayette, Indiana

by Kristin Harlow October 5, 2023

LAFAYETTE, IND. — Cushman & Wakefield has negotiated the $21.5 million sale of Avalon Bluffs, a single-family build-to-rent community in Lafayette, about 63 miles northwest of Indianapolis. Hannah Ott, George Tikijian, Cameron Benz and Claire Bullard of Cushman & Wakefield represented the seller, Lafayette-based Tempest Homes. Hunter Properties was the buyer. Tempest Homes completed 93 units averaging 1,494 square feet each at Avalon Bluffs.

October 5, 2023

Acquisitions Industrial Midwest Minnesota

Arden Logistics Parks Acquires Three-Building Light Industrial Portfolio in Metro Minneapolis

by Kristin Harlow October 5, 2023

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.

October 5, 2023

Acquisitions Michigan Midwest Retail

KJ Commercial Brokers $10.8M Sale of Goddard Square Shopping Center in Taylor, Michigan

by Kristin Harlow October 5, 2023

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.

October 5, 2023

Illinois Industrial Market Reports Midwest Midwest Market Reports

Industrial Cooldown Hits Metro Chicago Market

by Kristin Harlow October 5, 2023

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 …

October 5, 2023

Development Midwest Minnesota Multifamily Seniors Housing

Kraus-Anderson Completes $91.8M Expansion of Friendship Village Senior Living Campus in Bloomington, Minnesota

by Kristin Harlow October 4, 2023

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.

October 4, 2023

Development Industrial Midwest Ohio

Red Rock Developments Underway on 946,400 SF Spec Industrial Building in Pataskala, Ohio

by Kristin Harlow October 4, 2023

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.

October 4, 2023

Acquisitions Industrial Midwest Minnesota

Phoenix Investors Acquires 922,444 SF Industrial Facility in St. Cloud, Minnesota

by Kristin Harlow October 4, 2023

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.

October 4, 2023

Healthcare Kansas Leasing Activity Midwest

Physician Aesthetic Specialists to Open Flagship Location in Lenexa, Kansas

by Kristin Harlow October 4, 2023

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.

October 4, 2023

Acquisitions Illinois Industrial Midwest

Venture One Purchases 63,382 SF Industrial Building in Bedford Park, Illinois

by Kristin Harlow October 4, 2023

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.

October 4, 2023

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